Over past 5 years...TSRA has collected ~$220M in episodic revenue (payments after lawsuits) with litigation costs totaling ~$160M...netting~$12M/year and #$%$ off the same company's they need for re-occuring revenues. If TSRA was so optimistic on their business, why did they cut OPEX from $50M/qtr to$20M/qtr? This is no $1..8B market value company with OPEX at $20M/qtr and $50M (if lucky) revenue/qty...SOOO overvalued.
I have looked at the patent example in the investor presentation...what a joke. Show me some real package innovation.
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Sentiment: Strong Sell
TSRA market cap is 1.8B versus Amkor 1.6B
TSRA sales of 275M versus Amkor 3B
TSRA EBITDA of 137M versus Amkor 716M
P/E 24 vs 9
Direct Competitor Comparison
TSRA ASX AMKR PVT1 Industry
Market Cap: 1.84B 9.60B 1.57B N/A 416.95M
Employees: 525 N/A 20,900 N/A 750.00
Qtrly Rev Growth (yoy): 1.51 0.17 0.06 N/A 0.07
Revenue (ttm): 275.31M 7.80B 3.03B 1.60B1 172.90M
Gross Margin (ttm): 0.99 0.20 0.20 N/A 0.37
EBITDA (ttm): 136.91M 1.67B 716.47M N/A 13.08M
Operating Margin (ttm): 0.41 0.11 0.09 N/A 0.06
Net Income (ttm): 28.97M 660.29M 157.54M -39.10M1 N/A
EPS (ttm): 1.48 0.42 0.67 N/A 0.01
P/E (ttm): 23.52 15.01 9.79 N/A 21.42
PEG (5 yr expected): 1.12 0.63 0.57 N/A 1.21
P/S (ttm): 6.63 1.20 0.50 N/A 1.76
ASX = Advanced Semiconductor Engineering Inc.
AMKR = Amkor Technology, Inc.
Pvt1 = STATS ChipPAC Ltd.
Industry = Semiconductor Equipment & Materials
1 = As of 2013
Sentiment: Strong Sell
Exercised 20k+ options at $25.78 and sold'em for $36.20 - guess he needed money to pay for Xmas presents ;-)
My post last week only included one of the Starboard entities selling out - the umbrella group still owns 2,269,362 Shares (4.3%) if you go to StreetInsider and look for the 13D/A SEC filing you'll find the info, and as I suggested the near 1M share sale was to capture profits for nice EOY results.
ain't no probelm finding insider data.( http://www.nasdaq.com/symbol/tsra/insider-trades ) just something i rarely check when deciding to invest in a company. shows he did sell but not on one day as you post. i was just pointing out the fact you mention 1M shares sold on dec 4th when only 800k passed the tape. hopeless...
anyway, i ain't a fan of those so-called activist investors. think they can use their money to influence a company's direction. why don't they just buy the company and direct it the way they want to run it?
me? i think the company should be split into two different entities.
Had a thought - could be Q4 window dressing for Starboard? Sell a huge winner to maybe balance some losers?
To "tommy", if you don't know how to find insider trade data.......hopeless....
It gets complicated--they won that contest, and appointed a majority of the directors. I strongly suspect that in the usual way of activist investors, they have left many routes by which they may profit from ongoing improvements. Their actual cash is headed for the next fight.
and, i don't blame the directors for taking some profits. christmas is coming!
where ya get your info? only show 800k shares crossing the tape yesterday. fwiw. don't let the door hit ya in yer #$%$ on the way out.
P.S. Looks like Starboard doesn't think that $128M Amkor was ordered to pay Tessera is coming any time soon, else they would have stayed in IMO. Someone pointed that out when I posted the lawsuit decision, that it might take years to collect.
Recall Starboard was the activist investor who demanded changes to BOD last year, had 6.7% ownership. Avg price paid was $18.7, avg sale price $34.6, a tidy 85% profit. If they've bailed, maybe time for us to bail too?
Tessera Technologies (NASDAQ:TSRA) Director Peter A. Feld unloaded 1,000,000 shares of Tessera Technologies stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $34.81, for a total transaction of $34,810,000.00. Following the completion of the sale, the director now directly owns 22,013 shares in the company, valued at approximately $766,273.
Craig Mitchell, CTO on Invensas, exercised 1,199 options and Sold $34.37 same day (10b5-1 planned sale).
Richard Hill, Director sold 5,458 shrs at $34.45 same day (direct sale)
Stock is being manipulated by market makers...no interest in this stock...they can drive price up.
TSRA is smoke and mirrors, completely overvalued, revenue/profits from Old patents for BGA's (must expire soon) I have been to the company and met with key people...company from semiconductor view is useless (except the optical stuff, but it's small $rev).
Do you think Amkor will want to do business with TSRA going forward??
Sentiment: Strong Sell
I don't see it. For that matter, I don't see Android as a reinvention of Google. But to present cases: Yahoo is positioned close to the consumer, putatively closer than Google. Tessera is positioned very deep in infrastructure, and has messed its pants every time it has tried to move closer. AOL / Time Warner, anyone?
Thanks for that Jacosa. What my thought was is are they going to try to have Yahoo buy TSRA since Starboard is an activist owner of both companies and Yahoo just got the big BABA windfall? Everyone clamoring for Yahoo to reinvent itself. GOOG did it successfully with Android over a period of time. Maybe this would be a good intellectual property fit for Yahoo??
Starboard already controls Tessera (They named more than half the BoD). They are unlikely to go for full ownership unless Tessera generates something comparable to the expired flexible connection patents. More likely, they'll try to get the company healthy and sell out.
Interesting that Starboard holds nearly 10% of TSRA. TSRA holds patents. Starboard is major holder of Yahoo. Yahoo just had cash windfall from BABA. Starboard trying to extract value from Yahoo BABA cash....TSRA takeover target??? BIG TSRA call positions bought in the last two weeks. Yahoo earnings tonight.