Elliott Advisors (UK), which holds an approximate 7.2% economic interest in NXP Semiconductors, is insisting that the take-out value for Qualcomm to acquire NXP should be higher than $135 per NXP share.
Elliot published a presentation in which it argues:
- NXP is currently one of the most attractive companies in the semiconductor sector
- NXP has a track record of consistent outperformance versus market expectations over the past year
- NXP top-line growth came in above consensus expectations in each of the past four quarters with growth in 2017 Q4 of 16.0% outpacing consensus by 5.8 percentage points;
- NXP's performance has been driven by impressive results of “Core NXP” (i.e., the Automotive and Secure Connected Devices segments contributing approximately 69%2 of NXP total revenues)
- In 2017 H2, NXP’s revenue growth was higher than the median growth for its peers, signaling NXP’s potential and giving credibility to consensus expectation that the company should grow faster than peers at 5.3% CAGR (1.5 percentage points ahead of the median for NXP’s peers);
- NXP is uniquely placed to radically enhance Qualcomm's long-term strategy
http://www.fairvaluefornxp.com/
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