QUALCOMM Incorporated (QCOM)

Industry: Semiconductors Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
NVDA	1	NVIDIA Corporation	187,142	46.96	24.49	39.11	20.76	32.33	21.81
TSFA.F	2	Taiwan Semiconduct	115,283	138.60	109.62	93.75	76.64	109.06	95.36
214310.KS	3	SL Vionics Co Ltd	68,132	-	-	-	-	17.11	-
AVGO	4	Broadcom Inc.	63,887	74.18	49.18	51.56	41.18	58.76	47.84
INTC	5	Intel Corporation	53,439	809.33	2,075.23	14.07	17.12	50.12	-
QCOM	6	QUALCOMM Incorpora	44,284	32.70	32.28	13.04	11.45	16.32	13.45
ASME.DE	7	ASML Holding N.V.	37,824	33.89	27.51	25.84	20.95	32.24	22.86
MU	8	Micron Technology,	37,378	15.94	12.65	7.75	6.68	9.44	11.32
AMD	9	Advanced Micro Dev	32,027	78.43	60.17	42.23	31.05	50.86	76.76
AMAT	10	Applied Materials,	28,368	26.25	23.00	18.96	16.48	26.72	19.42
066310.KS	11	QSI Co Ltd	21,747	39.24	39.74	14.77	14.38	1,100.11	167.10
3711.TW	12	ASE Technology Hol	19,992	18.15	16.80	6.85	6.44	15.12	16.42
0JT5.L	13	Lam Research Corpo	19,592	28.53	24.31	23.34	20.24	22.35	21.83
TXN	14	Texas Instruments	17,266	33.12	33.03	21.93	21.00	26.72	29.36
IFX.DE	15	Infineon Technolog	17,215	42.02	34.33	13.83	12.13	26.69	26.41
148250.KS	16	RN2 Technologies C	16,768	-	-	5.53	5.89	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	33.89	27.51	16.87	16.80	26.72	22.35
Full Range Median Multiple	39.24	33.03	20.45	18.68	29.48	24.64
Industry Multiple	106.51	194.62	27.11	22.21	112.69	46.37
Market Implied Multiple	31.53	31.13	12.60	11.06	15.77	13.00
Company (QCOM) Multiple	32.70	32.28	13.04	11.45	16.32	13.45
(*) Net Income / EBITDA / Revenue	5,541	5,612	14,603	16,632	11,672	14,157
Winsorized Enterprise Value	N/A	N/A	246,286	279,434	311,889	316,350
Full Range Median Enterprise Value	N/A	N/A	298,561	310,642	344,086	348,762
(-) Net Debt	9,291	9,291	9,291	9,291	9,291	9,291
Winsorized Equity Value	187,793	154,419	236,995	270,143	302,598	307,059
Full Range Median Equity Value	217,447	185,374	289,270	301,351	334,795	339,471
(/) Shares Outstanding	1,096	1,096	1,096	1,096	1,096	1,096
Winsorized Fair Value	$171.34	$140.89	$216.24	$246.48	$276.09	$280.16
Full Range Median Fair Value	$198.40	$169.14	$263.93	$274.95	$305.47	$309.74
Current Price	$159.42	$159.42	$159.42	$159.42	$159.42	$159.42
Upside / Downside	7.48%	-11.62%	35.64%	54.61%	73.19%	75.74%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$119.94	$98.63	$151.37	$172.54	$193.27	$196.11
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY