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Cypress Semiconductor Corporation Message Board

  • floppy_6 floppy_6 Jan 29, 2006 7:48 PM Flag

    CCD division's value

    As I said, T.J. fumbles on Psoc execution this Q. If he doesn't execute well on Psoc, it is really difficult for street to evaluate CY on break-up value.

    Separately, upon IDTI releasing the earning report, one anaylst try to analyze the comparative value on IDTI. Since IDTI purchased ICST, it becomes more a time and clock semi. company than NSE. So SMTC, MCRL are more the right comp. than NETL. The EV/S value of SMTC, MCRL and IDTI are respectively 4.6, 3.5 and 4. CY's CCD has the comparable gross margin north of 50. If we use the run-rate revenue times by 3.7 EV/S, then the value alone in CCD is $1,332 mils, that's $9.4 per share right there. You can count the rest, memory is cyclical, certainly not worthless imho.

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