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Cambridge Silicon Radio (CSR)     

happy to watch - 21 Jan 2004 13:51



A new thread for Cambridge Silicon Radio, a bluetooth play for 2004.

Cambridge Silicon Radio Holdings Ltd, the Bluetooth technology group that is about to list on the London Stock Exchange, said its offering will be priced at 160-200 pence a share.

The indicative price range corresponds to an offer size of 54-68 mln stg and a market capitalisation for the company of 192-239 mln stg after flotation.

CSR designs and manufactures single-chip radio devices - focusing initially on solutions for the 2.4GHz Bluetooth® personal area networking standard. The background and experience of our development team give CSR a unique advantage to help OEMs exploit the new wave of wireless networking, allowing us to offer the most highly integrated single-chip Bluetooth solutions, which are based on commodity CMOS technology with all its inherent advantages.

www.csr.com

===

CSR, which has secured over 70 mln usd of funding from a number of investors including Compaq Corp, Philips Electronics NV, Sony Corp, Intel Corp and 3i Group PLC, was founded in 1998.

The company claims on its Website to be the world's leading provider of Bluetooth, accounting for 60 pct of all Bluetooth end-products.

Bluetooth is a low-cost, short-range radio link between mobile PCs, mobile phones and other devices, enabling users to connect a wide range of devices easily and simply, without the need for cables.

happy to watch - 02 Mar 2004 13:43 - 12 of 338

beaufort1 - Take a look at WLF (Wolfson) to see how their share price behaved post float. In the same way I expect there to be euphoria for a while then when the price stabilisation stops there will be a *small* mark down. It depends if you want to maximise profit or take a dead cert so far as decision to buy and when?

Since CSR are essentially a WLF but 5 months behind (too long to explain why) expect this share will go to 300p over then next quarter. Strong profits and growth from WLF bode well for CSR although must admit they are more of a "one trick pony" as compared to WLF.

Good luck.

beaufort1 - 02 Mar 2004 14:05 - 13 of 338

Thanks H2W. I agree with all you say and in particular all depends on whether Bluetooth really flies or is another Betamax in the making. If it gets to 300p will probably bale out then (depending on the timescale). I anticipate it will continue to climb gently for the next few days, with maybe a spike on Thursday.

There was very strong institutional interest in the float - heavily oversubscribed.

happy to watch - 02 Mar 2004 21:18 - 14 of 338

beaufort1 - personally I could never quite understand why CSR chose to focus purely on bluetooth instead of the more ubiquitious 802.11[a,b,g] standards. Seems like WIFI will rule the world (via McDs and Starbucks).

Bluetooth has a lot of bad press with relatively slow data transfer rates and losing connectivity with the base unit - not good if you are on the receiving end. WIFI just gets better and better.

For this reason I rate them a much higher risk company than Wolfson.

August - 28 Jun 2004 10:37 - 15 of 338

Share price upwards movement has been good so far. Now £4.00. How long can it last?

Erik

happy to watch - 28 Jun 2004 20:36 - 16 of 338

This share has had a fantastic run, time for a breather or has the peak been reached?

In terms of headline numbers it is a well over bought share!!

August - 29 Jun 2004 10:41 - 17 of 338

But not overbought when you see today's statement! I see it touched £4.50 briefly early today, but is now down to £4.15. One to hold for another doubling over the next twelve months, I think.

beaufort1 - 29 Jun 2004 13:27 - 18 of 338

ARM Holdings plc is currently on a prospective PE for 2004 of about 44. Applying that to ABN AMRO's fairly conservative estimate for CSR of EPS of 17.67p for 2004, and you get a target price of about 775p. So plenty of headroom...

August - 10 Jan 2005 16:54 - 19 of 338

Good to see it back above £4.00 again! I did manage to buy a few more at £3.62 on the way down - too soon I suppose, I should have waited until it started climbing before jumping in. I still think this could be over £8.00 by mid summer, based on comparisons with ARM's share price.

shahidrashid - 16 Feb 2005 18:32 - 20 of 338

Over reaction today with that large drop. Results were excellent, only dampner was a slight drop in revenues for the next quarter but then back into full swing after that. So no real worries, broker reiterated their buy statements today aswell.

August - 12 Jun 2005 15:21 - 21 of 338

Well, it's back to £4.00 again, but hardly the "over £8.00 by mid summer" I hoped for in Jan. Still see it as worth holding for the mid term though.

August - 28 Jul 2005 12:24 - 22 of 338

Superb results announced today, and good forecast going forward. Well over £5.00 now and more to go, I think, though my mid summer target of £8.00 is unlikely to met, I guess.

August - 15 Sep 2005 12:34 - 23 of 338

Excellent update today, and good price reaction - up some 15% to £6.40. We could see £8.00 by the end of the year, but that will depend very much on the guidance for the next quarter, due November 2nd. ABN Amro now has a target price of £7.50 and has upgraded from add to buy.

August - 19 Sep 2005 23:08 - 24 of 338

I find it strange that nobody here seems interested in a tech share which has gone up by some 175% since flotation in Feb. 2004, and by some 133% since May this year. Is it because it is too big (FTSE 250) or because the management play it so low key?

Hopefully a re-rating is underway and we may see £10.00 before too long - £6.98 now- and if it were ever to get onto the same PE as ARM Holdings holders would really be laughing all the way to the Bank.

CAT - 26 Sep 2005 16:47 - 25 of 338

quiet here

August - 10 Nov 2005 10:23 - 26 of 338

Late in time behold it came!
Pleased to see my target of £8.00 has arrived, albeit it three months late.
Time to think of top slicing?
Go on some one, persuade me otherwise. Should I wait for £10.00, or is that being too greedy?

August - 21 Nov 2005 22:10 - 27 of 338

What a quiet board this is, considering the stellar performance of this company's share price over the last couple of years.

ABN Amro reiterates its buy rating and raises price target from £8.00 to £9.15. Price rise today 32p to £8.59.

August - 23 Nov 2005 11:46 - 28 of 338

Today's paper edition of the Telegraph (Business section) reports that CSR was named Company of the Year at the techMARK Awards Dinner. "CSR is to Bluetooth what Google is to the web and Chelsea is to the Premiership - the new industry standard." CSR currently controls between 50% and 60% of the Bluetooth market.

Can't be bad for the company.

Obe2konobi - 19 Dec 2005 15:51 - 29 of 338

Hi August
Just taking a look at this I`d say you picked an absolute corker and have had more or less just yourself to congratulate for a job well picked. Well, you now have my congratulations too ! What do you think this company could be worth next year ? It can`t keep climbing at the rate it has the later part of this year...can it ?!
I`d appreciate your insight and knowledge. Obe

August - 19 Dec 2005 20:56 - 30 of 338

Obe,

Welcome to this lonely board!

You flatter me by suggesting I have any particular insight or knowledge - I don't.

I think prospects remain bright for the next twelve months at least, based on existing momentum. Beyond then will depend on what products they come up with to enhance or replace bluetooth. Wi-Fi, Playstation 3 or iPod inclusion? Any of these would see the growth story continuing at breakneck speed, but if they come up with nothing, well...

Recently John Hodgson the CEO said to analysts that bluetooth sales were booming and showing no signs of slowing down, and this lead to a few upgrades to around £10.50. I feel these are conservative and that we should see £12.50/£15.00 over the next 9/12 months. They are based on a PE of around 19x, which in itself is conservative for a co. growing at this speed; 25x/30x would be quite reasonable; and so far we keep getting upgrades to the figures which the analysts have to adjust to in time, so we could see a price of over £20.00 within 18/24 months (dream on!) if all continues well; but the next quarter's figures could be weak on the seasonal influence of Christmas and the Chinese New Year.

"CSR is to bluetooth what Google is to the web" has a lovely ring to it, and similar growth is not impossible. However I agree that a breather must come some time, and I recently sold 30% of my holding at £9.17 to leave the rest in at zero cost. If I were new to the co. I might take a modest position, but I shall not be adding at this stage.

CSR is now about the 185th largest publicly quoted co. on the LSE, and I remain amazed at how little recognition it seems to get for its massive achievements - quite different from the heady days of the ARM and Autonomy booms! See http://www.stockchallenge.co.uk/typo/stockchallenge/site/index.htm

Obe2konobi - 20 Dec 2005 14:50 - 31 of 338

Hi August

Thanks for getting back to me and in the same day too !.....wasn`t sure if you only check every month or so due to lack of apparent interest.
You may have a lonely board but at least it`s not full of snide remarks and cat fights like many others. I enjoy educated banter and two sides to a tale but some BB`s are way beyond that.
I wish I had come across this way back in June or earlier like you did. Healthy profit to pad out the matress. Locking away profit and riding the gravy is always a good thing. I`ve followed these now for only afew weeks but may wait until january before making any decision.
Agree PS3 or ipod inclusion would add to momentum nicely. I`ll be watching for that.
Thanks again for the info. I`ll come along and keep you company from time to time. Save you talking to yourself ! :)
All the best for Christmas and the New Year. Obe
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