Intel omsætning og indtjening op

[Occam]

Intel omsætning Q4 2019 op 8 % YoY. Bemærk, at Intel er en early indicator for elektronikindustrien.

EPS Q4 op 40%. Intel vover nu også en forecast på EPS i hele 2020: 4,71 USD. Ved eftermarkedets kurs på 66,85 USD er forward PE dermed kun 14,2.

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[tommycarstensen]

Occam Tak for link. Det var et ganske fornuftigt regnskab. Det skal maaske lige tages med et gran salt, at EPS for kvartalet steg med 40%; se punkt 1, 2a, 2b og 3 nedenfor.

1. Q4 i 2018 var ikke et staerkt kvartal paa grund af delvist tilfaeldelige fluktuationer i segmentet "Data Center Group", der udgoer en tredjedel af omsaetningen. Segmentet er oppe med 18,8% paa YoY-basis for Q4, men kun oppe med 2% paa TTM-basis. Se vedhaeftede.

2a) GAAP-modvind i 2018Q4 paa 508 USDmio (ud af 5.195 USDmio) takket vaere "Ongoing mark-to-market on marketable equity securities" .

2b) GAAP-medvind i 2019Q4 paa 690 USDmio takket vaere "(Gains) losses from divestiture".

3. De har nedbragt antallet af aktier med cirka 5,3% YoY via deres gigantiske tilbagekoebs-program paa mere end 20 USDmia. Dette tredje punkt er modsat de to andre ikke "kunstigt", men det forklarer dog en del af de 40%.

Non-GAAP indtjeningen steg "kun" 12,9% YoY for Q4.

Intel Can't Take Off Another Round in Chip Battle
https://www.bloomberg.com/opinion/articles/2020-01-23/intel-earnings-chipmaker-can-t-take-another-round-off
The semiconductor giant can weather lagging behind in process technology for only so long.

Intel signals 2020 will be a turnaround year for chip industry leader
https://www.reuters.com/article/us-intel-results/intel-signals-2020-will-be-a-turnaround-year-for-chip-industry-leader-idUSKBN1ZM30P

Intel Gains as Data Center Revival Fuels Revenue Growth
https://www.bloomberg.com/news/articles/2020-01-23/intel-s-bullish-sales-forecasts-powered-by-data-center-revival

Intel Shares Surge After Issuing Bullish Forecast
https://www.bloomberg.com/news/videos/2020-01-23/intel-shares-surge-after-issuing-bullish-forecast-video

Intel's Big Forecast Gives Chip Bulls Reason to Celebrate
https://www.bloomberg.com/news/articles/2020-01-23/intel-s-big-forecast-gives-chip-bulls-reason-to-celebrate

Intel: Spending Too Much On Buybacks
https://seekingalpha.com/article/4314280-intel-spending-too-much-on-buybacks

Morningstar:
"
Intel reported fourth-quarter results significantly ahead of its guidance, driven by broad-based outperformance in the firm's data-centric segments. For the quarter, data center, "Internet of Things", and Mobileye revenue all achieved double-digit growth. We continue to expect competitive headwinds to impact Intel's server and PC CPU strongholds over the next few quarters, as AMD continues its onslaught on Intel's hegemony with numerous product launches on TSMC's 7-nanometer process technology. However, we believe Intel has been ably navigating the headwinds, via concerted efforts to rein in non-essential spending while investing in critical process and design technologies (10- and 7-nm, 5G, Artificial Intelligence, and automotive). We are raising our fair value estimate for wide-moat Intel to $70 per share from $65, as we incorporate the stronger near-term performance and outlook. Shares were up during after-hours trading and look fairly valued at current levels.

Intel's fourth-quarter revenue was $20.2 billion, which was up 8% year over year and nearly $1 billion above guidance. Client computing group, or CCG, sales rose 2% mostly due to 4G modem sales for Apple's latest iPhones. With Intel selling its 5G modem business to Apple and the latter reconciling with Qualcomm, we expect the modem portion of CCG to decline considerably in 2020 for Intel as Apple introduces 5G iPhones. Desktop ASPs fell 4% year over year, which we attribute to competition from AMD. Data center group, or DCG, sales grew 19% year over year, led by strong cloud demand that grew 48%. Gross margins were effectively flat relative to the prior quarter at 58.8%, as a more favorable mix led by DCG offset 10-nm costs. For 2019, total sales grew 2% to nearly $72 billion, as flat CCG revenue was offset by modest growth in DCG and double-digit growth in IoT and Mobileye. Management expects 2020 sales to also be up 2% at $73.5 billion, with first-quarter revenue at $19 billion (up 18% year over year).
"

[Occam]

tommycarstensen, tak for grundig belysning af Intel. Vi er helt enige. Intel er ikke og bliver aldrig en raket. Intel er en stabil pengemaskine, der er markedsleder inden for sit felt. Som aktionærer skal vi bare nyde, at regnskab og forecast viser, at det går godt.

[tommycarstensen]

Intel vokser stoet og roligt; se vedhaeftede. Det er ikke en sektor, som jeg har stor forstand paa, og jeg ved ikke, hvor forudsigelig sektoren er, saa jeg holder mig lidt forsigtigt paa afstand. Jeg har kun en enkelt aktie i Intel af hensyn til at holde mig informeret. Sidste gang jeg kiggede kunne jeg bedre lide $TSM end $INTC. Jeg koebte vist foerstnaevnte i 2005 og solgte i 2007, fordi jeg mod forventning skulle bruge kontanter dengang

[tommycarstensen]

Jeg fik vedhaeftet en forkert figur for segmentet "Data Center Group". Jeg beklager. Se vedhaeftede.

[tommycarstensen]

Jeg kegler rundt i de figurer. Filerne har saa lange navne, at jeg ikke paa forhaand kan se, hvad pokker det er jeg uploader. Nu er det den rigtige figur.