In today’s briefing:
- ARM Holdings Pre-IPO – Thoughts on Valuations
- Globalfoundries Not Amused By TSMC’s European JV
- Intel Does A Surprising Side Deal With Tower Semi
- Medtronic (MDT US): Q1 Result Exceeds Forecast; FY24 Guidance Raised on Higher Surgery Volumes
- ARM Holdings IPO – Thoughts on Valuation – Still Very Demanding
- Aspira Women’s Health, Inc. – Signs Exclusive Agreement with University of Oxford
ARM Holdings Pre-IPO – Thoughts on Valuations
- Softbank Group (9984 JP) aims to raise around US$8-10bn via selling some of its stake in ARM Holdings‘ US IPO.
- ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
- In our earlier note, we looked at Arm’s past performance and undertook a peer comparison. In this note, we talk about valuations.
Globalfoundries Not Amused By TSMC’s European JV
- Globalfoundries may be considering filing a complaint regarding TSMC’s recently announced European JV with three of their customers, Bosch, Infineon and NXP
- Yet they just inked their own deal for a JV with ST Micro in France. What gives?
- In conjunction with their recent CFO hiring fiasco, one wonders if all is well with the GF leadership team.
Intel Does A Surprising Side Deal With Tower Semi
- Tower Semi will pay Intel $300 million to acquire and own equipment and other fixed assets to be installed in the New Mexico facility
- Intel’s termination fee on the failure of the proposed Tower Semi acquisition was $353 million
- It’s quite the clever move and doesn’t require China’s approval…
Medtronic (MDT US): Q1 Result Exceeds Forecast; FY24 Guidance Raised on Higher Surgery Volumes
- Medtronic Plc (MDT US) announced better-than-expected Q1FY24 result. Revenue of $7.7B increased 6% on organic basis, ahead of guidance of 4.5%. Each of four segments delivered 6% organic revenue growth.
- Adjusted EPS increased 6% YoY to $1.20, ahead of guidance of $1.10–1.12. Outperformance was driven by better-than-expected operational performance and lesser-than-expected unfavorable impact from foreign currency translation.
- The company increased FY24 organic revenue growth guidance to 4.5% versus the prior range of 4.0% to 4.5% and adjusted EPS guidance to $5.08–5.16, 7 cent increase at midpoint.
ARM Holdings IPO – Thoughts on Valuation – Still Very Demanding
- Softbank Group (9984 JP) aims to raisebetween US$4.5-4.9bn via selling some of its stake in ARM Holdings‘ US IPO.
- ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
- In our previous notes, we looked at the company’s past performance. In this note, we talk about valuation.
Aspira Women’s Health, Inc. – Signs Exclusive Agreement with University of Oxford
Agreement with University of Oxford. On August 31, 2023, Aspira Women’s Health announced that it has entered into a material transfer agreement with the University of Oxford for the procurement of serum samples to be used to verify and validate AWH’s endometriosis blood testing algorithms.
This means that AWH will be able to use the samples to support the launch of EndoCheckSM, its first-generation blood test to aid in the diagnosis of endometriosis.
Verifying the test. This involves taking a test and comparing known samples to run against the test, verifying the test actually works.
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