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Semiconductor Update Semiconductor Update Q3 | 2016 CONTENTS 3 Market Highlights 4 Semiconductor Sector Summary 5 Integrated Device Manufacturers (IDMs) & Foundries 6 Fabless Semiconductor Manufacturers 7 Semiconductor Equipment 8 Electronic Design Automation & IP 9 Selected M&A Transactions 11 Corporate Finance Services 12 Contact 1 © ArmaninoLLP | armaninoLLP.com 2016 Top 25 Firm as ranked by Accounting Today 2015 Best of the Best Firm as ranked by Accounting Today 2014 Fastest Growing Firm as ranked by Inside Public Accounting Strategic Thinking. Sound Insights. Positive Action. ArmaninoLLP is the largest independent accounting and consulting firm based in California and one of the largest firms in the United States. Armanino provides an integrated set of audit, tax, consulting, business management and technology solutions to companies in the U.S. and globally. Armanino extends its global services to more than 100 countries through its membership in Moore Stephens International Limited—one of the world’s major accounting and consulting membership organizations. 2 © ArmaninoLLP | armaninoLLP.com Semiconductor Update Q3 | 2016 MARKET HIGHLIGHTS The semiconductor industry continued its strong The positive valuation momentum is continuing, with performance: With an increase of 18.3%, the increasing revenue multiples as well as EBITDA Semiconductor & Semiconductor Equipment multiples in all segments over the last quarter as well Index outperformed the S&P 500 over 3 months. as over the last year. However, valuation multiples in The index also outperformed the S&P 500 over 6, 12 the fabless segment may have peaked and are and 24 months. declining for a number of its constituents. All semiconductor sectors showed a median The semiconductor industry continues its path to stock price increase over the last 3 months. With consolidation, with several large deals an increase of 19.2% over 3 months, Fabless announced and closing: Analog Devices companies showed the highest increase, followed by announced its acquisition of Linear Technologies for IDMs & Foundries (17.6%), tool vendors (11.9%) $15.7 billion (10x trailing revenue), Renesas is and the EDA segment (9.7%). buying Intersil for $2.8 billion (5.5x trailing revenue). ARM’s acquisition by SoftBank for $30.8 billion (22.0 Within the IDM/Foundry segment, stock price x trailing revenue) and On Semiconductor’s changes ranged from +40.2% (STM) to -5.6% acquisition of Fairchild for $2.3 billion also closed in (UMC). Within the Fabless segment, NVIDIA the third quarter. continued its strong performance (+45.8%), with Mellanox trailing (-9.8%). The Semiconductor Equipment segment saw changes ranging from 31.2% (Disco) to -4.8% (KLA Tencor). The EDA/IP segment saw increases between 2.0% (Ansys) and 29.9% (PDF Solutions). 3 © Armanino3 LLP© |Armanino armaninoLLP.comLLP | armaninoLLP.com SEMICONDUCTOR UPDATE Q3 | 2016 Median % Change Price PEG Ratio Earnings Ratio MARKET SECTOR 3 mo 12 mo 2016E LTM 2016E Integrated Dev ice Manuf acturers (IDMs) & Foundries 17.6% 31.1% 1.2x 21.2x 14.6x Fabless Semiconductor Manuf acturers 19.2% 39.8% 1.0x 33.0x 16.8x Semiconductor Equipment 11.9% 39.4% 1.1x 22.2x 17.1x Electronic Design Automation & IP 9.7% 14.7% 2.1x 35.0x 25.3x EV/REVENUE MULTIPLES LTM NTM Median Median % Change Median MARKET SECTOR 9/30/16 3 mo 12 mo 9/30/16 Integrated Dev ice Manuf acturers (IDMs) & Foundries 2.5x 17.0% 30.0% 2.2x Fabless Semiconductor Manuf acturers 3.2x 19.2% 45.8% 2.6x Semiconductor Equipment 3.0x 12.3% 36.1% 2.6x Electronic Design Automation & IP 4.3x 6.2% 19.9% 3.9x EV/EBITDA MULTIPLES Median % Change NTM Median LTM EBITDA Multiples Median MARKET SECTOR 9/30/16 3 mo 12 mo 9/30/16 Integrated Dev ice Manuf acturers (IDMs) & Foundries 8.4x 17.5% 36.9% 8.2x Fabless Semiconductor Manuf acturers 17.8x 13.8% 50.2% 11.9x Semiconductor Equipment 11.0x 11.9% 56.3% 10.1x Electronic Design Automation & IP 17.9x 6.4% 24.9% 13.7x Price % Change INDICIES 9/30/16 3 mo 6 mo 12 mo 24 mo S&P 500 Index 2,168.27 3.3% 5.1% 12.9% 9.9% Dow Jones Industrial Av erage 18,308.15 2.1% 3.3% 12.4% 7.4% NASDAQ Composite Index 5,312.00 9.7% 9.1% 15.0% 18.2% Russell 2000 Index 1,251.65 8.7% 12.7% 13.7% 13.6% S&P Composite 1500 Inf ormation Technology (Sector) Index 826.35 12.3% 9.1% 20.9% 22.1% S&P Composite 1500 Semiconductor & Semiconductor Equipment (Industry ) Index 660.60 18.3% 22.0% 36.6% 26.5% S&P Composite 1500 - Semiconductors (Sub Ind) (30-APR-03) Index 647.56 18.7% 21.9% 34.3% 28.5% S&P Composite 1500 - Semiconductor Equipment & Products (30-APR-03) Index 448.92 15.4% 22.7% 54.7% 14.1% Source: Capital IQ. ($ in '000, except per share) 4 © ArmaninoLLP | armaninoLLP.com SEMICONDUCTOR UPDATE Q3 | 2016 Earnings PEG Price % Change 52-W eek Market Ent Val LTM NTM EPS Ratio Ratio COMPANY TICKER 9/30/16 3 mo 12 mo High Low Cap (TEV) Rev EBITDA Rev EBITDA 2015 2016E LTM 2016E 2016E Integrated Device Manufacturers (IDMs) & Foundries Samsung Electronics Co. Ltd. A005930 $1,453.02 17.6% 51.7% $1,540.31 $989.29 $198,400 $145,205 $ 187,052 $ 45,661 $188,595 $48,470 $106.83 $138.61 12.0x 10.1x 1.5x Intel Corporation INTC 37.75 15.1% 25.2% 38.05 27.68 178,595 189,631 56,614 22,532 60,791 23,428 2.33 2.59 18.3x 14.6x 1.5x Taiwan Semiconductor Manufacturing 2330 5.83 15.6% 47.7% 5.98 4.17 151,047 137,252 26,854 16,870 31,074 19,804 0.35 0.39 16.8x 13.9x 1.2x Company Limited Texas Instruments Inc. TXN 70.18 12.0% 41.7% 72.58 46.73 70,405 71,478 12,899 5,338 13,355 5,683 2.82 3.29 23.6x 20.8x 2.1x Sony Corporation 6758 32.52 11.8% 34.3% 35.23 21.71 41,028 48,310 78,113 6,345 75,824 7,452 (0.94) 1.02 49.0x NM NM NXP Semiconductors NV NXPI 102.01 30.2% 17.2% 104.64 61.61 34,603 42,350 7,717 2,019 9,718 3,387 6.10 5.72 33.1x 13.8x 0.7x SK H yni x Inc. A000660 36.55 30.1% 29.0% 38.19 23.32 25,806 26,648 15,401 6,478 15,424 7,000 5.10 2.32 10.8x 13.5x 0.9x Infineon Technologies AG IFX 17.85 23.9% 59.1% 17.85 10.93 20,101 19,765 7,189 1,759 7,671 2,013 0.61 0.85 21.2x 18.5x 1.2x Skyworks Solutions Inc. SWKS 76.14 20.3% (9.6%) 88.52 54.50 14,276 13,300 3,334 1,371 3,418 1,522 4.10 5.53 15.1x 12.3x 0.6x Toshiba Corporation 6502 3.31 22.9% 31.8% 3.55 1.53 14,005 25,160 54,567 (4,615) 53,606 3,855 (0.07) (1.08) NM NM NM Linear Technology Corporation LLTC 59.29 27.4% 46.9% 64.42 37.33 14,564 13,116 1,424 685 1,518 751 2.12 2.02 29.4x 24.1x 2.1x Maxim Integrated Products, Inc. MXIM 39.93 11.9% 19.6% 42.37 30.28 11,326 10,295 2,195 710 2,264 886 0.71 1.63 50.5x 23.3x 2.1x Renesas Electronics Corporation 6723 6.06 7.5% 15.0% 8.83 5.10 10,107 8,551 6,576 1,352 5,478 1,044 0.41 0.21 15.4x 23.5x 1.6x STMicroelectronics NV STM 8.17 40.2% 20.3% 8.23 5.04 7,042 6,677 6,806 882 7,055 1,047 0.12 0.24 96.2x 27.9x 0.7x United Microelectronics Corporation 2303 0.37 (5.6%) 12.5% 0.43 0.34 4,506 5,328 4,487 1,684 4,759 1,970 0.03 0.02 19.8x 16.7x 5.6x ON Semiconductor Corp. ON 12.32 39.7% 31.1% 12.55 6.97 5,120 8,028 3,439 611 4,645 943 0.48 0.85 31.6x 11.3x 1.1x Cypress Semiconductor Corporation CY 12.16 15.3% 42.7% 12.48 6.30 3,906 4,544 1,783 27 2,076 343 (1.25) 0.46 NM 23.2x 1.2x Median 17.6% 31.1% 21.2x 16.7x 1.2x EV/REVENUE MULTIPLES EV/EBITDA MULTIPLES TTM NTM TTM NTM Trailing % Change Trailing % Change COMPANY TICKER 9/30/16 3 mo 12 mo 3 mo 12 mo 9/30/16 3 mo 12 mo 3 mo 12 mo Integrated Device Manufacturers (IDMs) & Foundries Samsung Electronics Co. Ltd. A005930 0.8x 0.9x 0.6x (9.0%) 26.4% 0.8x 3.2x 3.5x 2.9x (10.0%) 10.1% 3.0x Intel Corporation INTC 3.3x 2.9x 2.6x 14.1% 30.0% 3.1x 8.4x 7.2x 6.0x 17.5% 39.5% 8.1x Taiwan Semiconductor Manufacturing 2330 5.1x 4.6x 3.5x 10.7% 44.8% 4.4x 7.8x 7.1x 5.4x 9.8% 45.5% 6.9x Company Limited Texas Instruments Inc.
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