Actual

2008
2009
11,142
10,416
-7%

2010
10,991
6%

14,853.40

Total costs
% sales

(3,414)
31%

(3,181)
31%

(3,517)
32%

(4,753)
32%

R&D
% sales
Selling General and Administrative
% sales
Non recurring expense
Depeciation
% sales
Operating income
% margin

(2,281)
20%
(1,717)
15%

(2,440)
23%
(1,786)
17%
(783)
(635)
6%
2,226
21%

(2,549)
23%
(1,642)
15%

(3,445)
23%
(2,219)
15%
0
(891)
6%
4,437

Investment Income
EBIT
Interest
Income before tax
Tax
Tax rate
PAT
Capex
% sales
WC
Increase/Decrease in NWC
Depriciation
Free Cash Flow

118
3,848
(22)
3,826
(666)
17%
3,160
(1,397)
13%
9,432
2,869
456
2,144

(150)
2,076

751
4,034

0
4,437

2,076
(484)
23%
1,592
(761)
7%
9,757
325
635
2,663

4,034
(787)
20%
3,247
(426)
4%
6,665
(3,092)
666
7,431

4,437
(866)
20%
3,571
(426)

Rf
Rm
beta
Ke
Kd
D/E
Debt
Equity

2.50%
10%
0.96
9.70%
7.5%
0.04
114
2,858

(in million USD)

Sales
% growth

(456)
4%
3,730
33%

6,563

Long term growth rate

1.5%
WACC
9.56%
PV
24,231
Terminal Value 104,412
Total value 128,643
NOSH
1,680
Price per share 76.5733

Market cap
Debt
Cash
Enterprise value

84487
1,680
(3,457)
82,710

Forecast period

(666)
6%
3,283
30%

2011
35%

34
891
4,854

Forecast period
2012
2013
19,879
17,320.90
17%
14.8%

2014
22,815
14.8%

2015
26,185
14.8%

(5,543)
32%

(6,361)
32%

(7,301)
32%

(8,379)
32%

(4,017)
23%
(2,588)
15%
0
(1,039)
6%
5,174

(4,610)
23%
(2,970)
15%
0
(1,193)
6%
5,938

(5,291)
23%
(3,408)
15%
0
(1,369)
6%
6,815

(6,073)
23%
(3,912)
15%
0
(1,571)
6%
7,821

0
5,174

0
5,938

0
6,815

0
7,821

5,174
(1,009)
20%
4,164
(426)

5,938
(1,158)
20%
4,779
(426)

6,815
(1,329)
20%
5,485
(426)

7,821
(1,526)
20%
6,296
(426)

34
1,039
5,595

34
1,200
6,372

34
1,386
7,264

34
1,601
8,289

0.04
0

Referances:

http://www.reuters.com/finance/stocks/analyst?symbol=QCOM.O
http://ycharts.com/financials/QCOM/quarterly_income_statement
http://www.sec.gov/cgi-bin/browse-edgar?company=qualcom&match=&CIK=&
Annual Report 2010

yst?symbol=QCOM.O
ly_income_statement
ompany=qualcom&match=&CIK=&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany

anies&action=getcompany