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Semiconductor Sector Report

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Semiconductor Sector Report SEMICONDUCTOR SECTOR REPORT SAVVIAN, LLC 150 CALIFORNIA STREET, SAN FRANCISCO, CA 94111 | www.savvian.com | 415.318.3600 MARKET HIGHLIGHTS Inside this issue MARKETMARKET HIGHLIGHTSHIGHLIGHTS STMicroelectronics (NYSE:STM, Paris: STM.PA, Milan:STM.MI), Intel (NASDAQ:INTC) and Francisco Partners entered into a definitive agreement to create a new independent semiconductor company from the key assets of businesses which Market Highlights last year generated approximately $3.6Bn in combined annual revenue. The new company’s strategic focus will be on Summary Performance supplying flash memory solutions for a variety of consumer and industrial devices. Two Global Positioning Systems (GPS) related private companies were acquired, confirming the emerging significance of Observations GPS-related technology in the semiconductor industry. In early June, Broadcom (NASDAQ: BRCM) signed a definitive Trading Data agreement to acquire Global Locate, Inc for $226MM. In late June, GPS chipmaker SiRF Technology Holdings Inc. (NASDAQ: SIRF) announced the purchase of Centrality Communications for $283MM. Transaction Activity Early in the quarter, Linear Technology announced a $3Bn Accelerated Stock Repurchase in combination with $1.7Bn in Savvian Update privately placed convertible senior notes. This financing was noticed and emulated by numerous other large capitalization companies who are seeking to optimize their capital structures in light of increased shareholder pressure and private equity interest. Applied Materials (NASDAQ:AMAT) acquired HCT Shaping Systems, a Swiss solar company, for CHF 583MM ($475MM) in cash, extending the company’s reach in the solar industry. The acquisition advances AMAT’s strategy leveraging its semiconductor process capability into complementary adjacent markets. Zarlink (NYSE / TSX: ZL) signed a definitive agreement to acquire privately held Legerity Holdings for $135MM in cash. The combined company will target the growing voice-over-packet communication market. San Francisco Office Three high profile fabless IC companies successfully completed IPO’s, including Cavium (NASDAQ: CAVM), AuthenTec 150 California Street (NASDAQ:AUTH) and Spreadtrum (NASDAQ:SPRD), signaling renewed investor interest in semiconductor growth stories. San Francisco, CA 94111 Phone: (415) 318-3600 SUMMARY Q2 STOCK PERFORMANCE 116 New York Office 7 Times Square, 112 +13% Suite 2501 New York, NY 10036 Phone: (212) 999-7090 108 +8% +7% +5% Chicago Office 104 +5% 71 S Wacker Drive, Indexed Price Suite 1230 +1% Chicago, IL 60606 100 Phone: (312) 212-8210 96 4/02/07 4/13/07 4/27/07 5/09/07 5/22/07 6/01/07 6/15/07 6/29/07 NASDAQ SOX IC IP & EDA Equipment Services & Materials For further information, OBSERVATIONS please contact: Q2 demonstrated the continuance of a trend we highlighted last quarter with several divisional sales by IDMs who are realigning product portfolios around “fab-lite” strategies. In total, four such divestitures were announced involving LSI, Texas Instruments, NXP, and Infineon. Bryce Dakin Combining complementary product portfolios to increase scale was also a significant driver of several M&A transactions Director announced during the quarter including: Zarlink’s acquisition of Legerity, Magnum Semiconductor’s acquisition of LSI’s Phone: (415) 318-3673 Consumer Products business and Exar’s acquisition of Sipex. [email protected] While three semiconductor IPOs and several high-profile private company sales were announced during the quarter, VC investment maintains a cautionary stance on the sector with early and mid-stage private financings generally done at conservative valuations. A “selective” IPO market is however preferable to a “closed” market and has provided additional Mark Waissar leverage to top private companies who are simultaneously evaluating both M&A and IPO paths. Managing Director In the public markets, momentum shifted positive for many of the semiconductor sub-sectors. Discrete ICs, Packaging & Phone: (415) 318-3650 Testing Services, Analog ICs, Memory ICs, and Wireless ICs all outperformed the broader SOX, while equipment stocks [email protected] experienced cyclical softness. Overall, investors continue to have confidence in the industry and have applauded moves by some companies to optimize capital structures, return money to shareholders, and generally have better supply chain control. In total, 5 IPOs, 11 follow-ons, 6 PIPEs & Rule 144a financings (deal value greater than $10MM) were completed for a combined $9.2Bn. SEMICONDUCTOR SECTOR STOCK PERFORMANCE Sector 1 Month Sector 3 Month Sector 1 Year Packaging / Testing Services 9.9% Discretes 15.6% Packaging / Testing Services 62.0% Memory 6.6% Packaging / Testing Services 13.4% Intellectual Property 40.9% Discretes 6.5% Analog / Linear 9.1% Wafer and Materials 24.3% Metrology, Test and Packaging Equipment 6.0% Memory 8.7% Processors 20.6% SOX 4.1% Wireless 8.3% Memory 19.5% Wafer and Materials 3.7% SOX 7.6% Analog / Linear 18.2% Analog / Linear 3.6% Wafer Processing Equipment 6.6% PLD / ASIC 17.9% Multimedia 3.4% Metrology, Test and Packaging Equipment 6.3% EDA 17.1% Intellectual Property 3.2% Wafer and Materials 5.9% SOX 12.3% Processors 2.5% Multimedia 4.9% Wafer Processing Equipment 9.8% Wireless 1.3% Processors 4.8% Foundries 8.3% Foundries 1.0% Foundries 4.1% Discretes 8.2% Wireline 0.9% Intellectual Property 2.6% Wireless 7.0% Wafer Processing Equipment 0.4% PLD / ASIC 2.0% Wireline (7.1%) EDA (1.1%) Wireline 1.8% Metrology, Test and Packaging Equipment (11.9%) PLD / ASIC (1.3%) EDA 1.1% Multimedia (15.5%) Notes: Represents median price change for each category over specified time period. SOX represents index of semiconductor public companies. Q2 Best Performers – Large Cap Q2 Best Performers – S/M Cap LTM Best Performers – Large Cap LTM Best Performers – S/M Cap Richtek Technology 60% CSMC Tech 89% Mosel Vitalec 217% Elan Micro 307% Cree Inc. 57% Color Kinetics 72% Richtek Technology 189% Weltrend Semi 289% NVIDIA 44% Elan Micro 68% Realtek Semi 157% Wavecom SA 233% SunPower 39% Weltrend Semi 68% Faraday Technology 151% Pan Jit International 216% Large Cap consists of companies with current market capitalization greater than $1Bn as of June 29, 2007. Small / Mid Cap consists of companies with current market capitalization between $100MM and $1Bn as of June 29, 2007. Q2SEMICONDUCTORS and LTM as of June 29, 2007. PUBLIC COMPANY UNIVERSE SEMICONDUCTOR SECTOR TRADING MULTIPLES Combined EPS Market AV / Revenue AV / EBITDA Price / EPS CY 07E Price / Long Term Revenue Growth Cap (MM) CY 07E CY 08E CY 07E CY 08E CY 07E CY 08E PEG Book Growth 08E/07E Y/Y MRQ Median Multiples Processors $151,949 5.0 x 2.9 x 12.7 x 8.9 x 22.3 x 17.7 x 1.1 3.5 x 16.2% 16.9% (1.0%) Wireless 137,178 2.9 x 2.3 x 12.7 x 9.8 x 19.3 x 17.8 x 1.0 4.0 x 19.2% 19.1% 21.1% Foundries 81,279 2.2 x 1.7 x 7.8 x 5.9 x 24.1 x 19.2 x 0.8 1.4 x 20.0% 18.5% 2.6% Analog / Linear 80,784 3.3 x 2.8 x 13.6 x 11.7 x 23.8 x 19.5 x 1.2 3.4 x 17.3% 13.9% (1.3%) Wafer Processing Equipment 72,315 1.8 x 1.8 x 9.5 x 9.6 x 17.3 x 13.6 x 0.8 2.1 x 17.5% 12.8% 10.5% Memory 65,278 1.2 x 1.3 x 10.1 x 6.2 x 34.6 x 22.4 x 1.4 1.5 x 15.7% 14.2% 12.7% Multimedia 46,567 1.8 x 1.5 x 11.0 x 8.3 x 21.0 x 16.5 x 0.7 2.4 x 19.2% 15.2% (0.6%) Wireline 40,432 1.7 x 1.5 x 29.0 x 17.5 x 32.4 x 24.1 x 1.1 2.0 x 20.0% 16.6% (5.7%) PLD / ASIC 40,378 2.1 x 1.9 x 10.1 x 8.9 x 25.8 x 19.1 x 1.3 2.4 x 15.0% 13.5% (0.5%) Wafer and Materials 32,272 1.9 x 1.7 x 10.5 x 8.9 x 20.6 x 15.6 x 0.9 2.2 x 18.5% 12.0% 14.2% Metrology, Test and Packaging Equipment 23,152 1.5 x 1.5 x 10.5 x 9.9 x 22.3 x 16.6 x 0.8 2.1 x 16.4% 13.2% (10.5%) Packaging / Testing Services 19,272 1.9 x 1.6 x 6.5 x 5.6 x 14.5 x 11.6 x 0.8 2.5 x 16.3% 16.2% 4.4% Discretes 16,853 1.5 x 1.8 x 8.6 x 7.0 x 19.5 x 15.1 x 1.0 1.7 x 15.8% 8.3% 12.0% Intellectual Property 13,514 5.8 x 5.7 x 18.2 x 13.4 x 32.3 x 24.2 x 0.9 2.7 x 20.0% 21.0% 2.9% EDA 12,143 2.6 x 2.3 x 12.7 x 10.1 x 27.0 x 19.1 x 1.0 2.9 x 21.1% 9.6% 11.3% Mean 2.5 x 2.2 x 12.2 x 9.5 x 23.8 x 18.1 x 1.0 2.4 x 17.9% 14.7% 4.8% Median 1.9 x 1.8 x 10.5 x 8.9 x 22.3 x 17.8 x 1.0 2.4 x 17.5% 14.2% 2.9% Notes: Source: Reuters, FactSet and Street Estimates As of June 29, 2007.
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