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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.

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

MightyMicro - 12 Jan 2006 17:41 - 32 of 338

I'm a little surprised that there's not more buzz about CSR. I would have thought that they are likely to be acquired by a major cellular manufacturer. The technology roadmap for Bluetooth has plenty of legs so there's no reason why CSR shouldn't maintain a fair degree of momentum. Acquisition would just be icing on the cake.

grevis2 - 27 Jan 2006 11:23 - 33 of 338

Wednesday January 25, 12:41 PM
CSR's BlueCore Provides Wireless Connection to Griffin's iPod Adapter
By Business Wire




CAMBRIDGE, England Jan. 25, 2006 CSR plc (LSE:CSR):

Ref: EMD1020 Photo ref: PEM4477

To download: http://www.csr.com/images/hires/pem4477.jpg

CSR plc (LSE:CSR) the wireless technology provider and world leader in Bluetooth connectivity, today announced that its BlueCore3-Multimedia (BlueCore3-MM) silicon is at the heart of the new BlueTrip from Griffin Technologies. The Bluetooth accessory enables users to wirelessly broadcast and control CD-quality music from an
Apple iPod to any home stereo environment or compatible A2DP compliant Bluetooth stereo headphones. Griffin Technologies' decision to use BlueCore3-MM in delivering Bluetooth wireless connectivity, assures the BlueTrip a reliable connection while co-existing with other 2.4GHz radios. The BlueTrip is available now worldwide.

The BlueTrip wireless transmitter clips onto the iPod through the audio output jack and transmits CD-quality music directly to the BlueTrip receiver attached to a home stereo or AV system. The transmitter is powered directly from the iPod creating no need to charge the unit separately. The stylish receiver is powered by a 12v DC power supply and features RCA stereo plugs as well as optical S/PDIF and mini-jack output allowing for compatibility with any home stereo. The BlueTrip is compatible with the 3G and 4G iPods along with the iPod mini and iPod photo.

BlueCore implements a host of profiles including A2DP (Advanced Audio Distribution Profile) and AVRCP (Audio/Visual Remote Control Profile). AVRCP permits the BlueTrip to act as a remote control unit for a connected Bluetooth device. The A2DP profile allows advanced audio to be transmitted from the music player to devices such as Bluetooth stereo headphones or a home stereo. BlueCore3-MM's integrated DSP also means that the device requires no external processor for audio analysis, thus saving money on the associated bill of materials. The BlueCore3-MM DSP is also more efficient in audio processing, achieving power consumption levels similar to that of Bluetooth mono headsets. This allows the BlueTrip to have a small impact on the battery life of the iPod and enjoy a longer playing time.

CSR offers a range of standard solutions and technologies for customers designing Bluetooth multimedia products. CSR's BlueLab 3.2 software development kit allowed Griffin Technologies Inc. to take these standard solutions and customise them for their own distinct offering. The in-built protected user mode, enabled by BlueLab, means that customer software cannot interfere with the Bluetooth operation of the chip. This protection feature all but obviates the need for re-testing.

Mark Rowan, Engineering Manager for Griffin Technologies commented, "Our new BlueTrip device uses the best Bluetooth technology and the highest quality components on the market. CSR's expertise has allowed us to achieve the highest possible sound quality and a highly attractive product." Mark continued, "Thanks to CSR's support, we have been able to introduce Bluetooth connectivity to our iTrip offerings with ease and minimal time to market."

Luke d'Arcy, product marketing manager for CSR commented, "Griffin Technologies demanded the highest Bluetooth audio quality for their BlueTrip. CSR was able to offer the most cost-effective, high-performance multimedia silicon and software package on the market. Through the use of BlueLab software we were able to offer Griffin a truly customised, leading Bluetooth solution without them incurring increased costs."

About CSR

CSR plc is the leading global provider of Bluetooth technology and has developed expertise in other single-chip wireless communication standards such as Wi-Fi (IEEE802.11). CSR offers developed hardware/software solutions for Bluetooth based around BlueCore, a fully integrated 2.4 GHz radio, baseband and microcontroller.

CSR has now launched its fifth generation BlueCore suite and is in volume manufacture of its fourth generation BlueCore devices. BlueCore4 supports the Enhanced Data Rate (EDR) standard, which was ratified at the end of 2004. BlueCore4 remains the only EDR silicon to be shipping in volume today. In November 2004 CSR launched UniFi, the first single chip 802.11a/b/g embedded solution specifically targeting the mobile phone and consumer electronics markets.

BlueCore features in over 50 per cent of all Bluetooth devices shipped and over 60 per cent of all qualified Bluetooth enabled products and modules listed on the Bluetooth website with industry leaders including Nokia, Dell, Panasonic, Sharp, Motorola, IBM, Apple, NEC, Toshiba, RIM and Sony using BlueCore devices in their range of Bluetooth products.

In March 2005, CSR acquired Clarity Technologies Inc., for its Clear Voice Capture (CVC) technology that enhances the audio performance of any voice-based product or system. Applications for CVC include wireless headsets, handsets and automotive hands free systems.

In August 2005, CSR completed the acquisition of UbiNetics' software business, providing a strong R&D team to accelerate its existing software development in Bluetooth, Wi-Fi and UWB. The UbiNetics team gives CSR the capacity to extend its offering to mobile handset customers.

CSR has its headquarters and offices in Cambridge, UK, and offices in Japan, Korea, Taiwan, China, India, France, Denmark, Sweden and both Texas and Detroit in the USA.

More information can be found at www.csr.com and the partner web site www.btdesigner.com

More information about Bluetooth technology can be found on the SIG web site at www.bluetooth.com

Contact

grevis2 - 27 Jan 2006 11:26 - 34 of 338

Broadcom profit tops Wall St view, stock up 24 pct

Thu Jan 26, 2006 7:47 PM ET


By Eric Auchard

SAN FRANCISCO (Reuters) - Broadcom Corp. , a diversified, high-growth maker of microchips, on Thursday said quarterly earnings nearly tripled, topping all Wall Street expectations and sending shares galloping 24 percent higher.

Investors cheered both 2005 results and an outlook for accelerating revenue growth in the first quarter, which follows a trend among many U.S. chipmakers who see unusually strong growth in the current quarter over the fourth quarter.

Separately, the company said its board of directors had approved a three-for-two stock split and amended its stock repurchase plan to allow an additional $500 million worth of common stock to be bought back, or about 2 percent of shares.

Net income for the Irvine, California-based company jumped to $194.8 million or 50 cents per diluted share in the fourth quarter from $71.1 million or 20 cents per share a year ago.

Revenue rose 52 percent to $820.6 million. Broadcom semiconductor chips are used in products ranging from Apple Computer Inc.'s video iPods to broadband networks, wireless phones, storage devices and computers.

"We do have a lot of different growth drivers," Chief Executive Scott McGregor told investors on a conference call following the report. "Many companies are betting on one or two growth drivers and we have a dozen or more," he said.

"Broadcom is now actually diversified and high-growth at the same time," Lehman Brothers' analyst Arnab Chanda said. "There is no other company in the industry that is comparable, except, to a degree, Marvell (Technology Group Ltd.

)."

"Most companies fall into one of two categories," Chanda said. "Either they are diversified and slow growth or concentrated and higher growth, and therefore definitely higher-risk investments," he said.

UNEXPECTED RESULTS

Broadcom's results topped all published Wall Street expectations.

Analysts were looking for a net profit on average of 39 cents per share. Excluding one-time items, analysts were looking for a consensus forecast of 44 cents per share, according to Reuters Estimates data.

The revenue consensus among analysts was $780.8 million, according to Reuters Estimates. Forecasts ranged between $770.0 million up to $800.0 million.

Chief Financial Officer Bill Ruehle told investors on a conference call following the company's year-end report that he expected the current first-quarter's revenue to grow to between $865 million and $875 million -- well above current forecasts.

Wall Street had been looking for revenue between $730.0 million to $835.0 million, according to Reuters Estimates.

Shares of Broadcom, which were trading up 7 percent on the fourth-quarter report, surged further when company executives later boosted their first-quarter outlook during a conference call with investors.

The stock jumped 24.5 percent above its regular session close to $73.10. Ahead of the results, the stock had gained 1.1 percent, or 64 cents, to close at $58.72 in regular-session trading on Nasdaq. The enthusiasm helped boost Marvell shares, which rose 6.1 percent to $70.10 in after-hours trading.

"I get paid to talk and I am almost speechless," CSFB analyst Michael Masdea said on the Broadcom conference call.

At current levels, the stock is trading at 46 times the $1.56 full-year 2006 Wall Street earnings' consensus. But with analysts likely to sharply raise their estimates following the report, this comparison undervalues Broadcom shares.

The comparable price-to-earnings ratio for somewhat slower-growing Marvell is 45 while far slower-growing Texas Instruments Inc. is 21 and Intel Corp. is 17.

Several less diversified chipmakers sport even higher valuations, such as Atheros Communications Inc. , which trades at 114 times 2006 estimates.

grevis2 - 02 Mar 2006 00:26 - 35 of 338

Evening Euro Markets Bulletin
Daily world financial news from AFX/Marketwatch Supplied by advfn.com

01 Mar 2006 17:46:13

On the second line, shares in CSR closed 78 pence higher at 983 as brokers suggested that yesterday's heavy post-results losses may have been overdone.

Cazenove upgraded its rating to 'outperform' from 'in-line', arguing that it believes "the shares now offer good value".

ABN Amro reiterated its 'buy' recommendation and 1,325 pence target, saying it believes yesterday's weakness is an opportunity to buy the shares as it expects the group to regain market share as early as second quarter 2006.

grevis2 - 02 Mar 2006 10:54 - 36 of 338

Morning Euro Markets Bulletin
Daily world financial news from AFX/Marketwatch Supplied by advfn.com

02 Mar 2006 09:49:38

CSR was also a gainer again, adding 55 pence at 1,038 following upgrades yesterday after recent results, with Citigroup today hiking its target price to 1,409.

grevis2 - 02 Mar 2006 11:11 - 37 of 338

Independent online
Market Report
By Andrew Dewson
Published: 02 March 2006


There was also a strong bounce back for shares in CSR, after Tuesday's numbers disappointed and investors fretted over the 2006 outlook. The bluetooth-chips company is one of few British technology firms that can lay genuine claim to being a global leader in its field, and the broker Killik & Co advised its clients to buy into the weakness. It said: "We believe the fall looks overdone and the prospective rating on the downgrade leaves the stock at an unjustifiable discount to the sector."

grevis2 - 02 Mar 2006 13:07 - 38 of 338

Press Release Source: CSR plc


CSR brings Bluetooth to Serene handset from Samsung and Bang & Olufsen
Thursday March 2, 4:52 am ET
Ref: EMD1015 Photo ref: PEM4471


CAMBRIDGE, England--(BUSINESS WIRE)--March 2, 2006--To download: http://www.csr.com/images/hires/pem4471.jpg
CSR plc (LSE:CSR - News) has announced that its CSR's BlueCore technology for Bluetooth is inside the new eye-catching Serene mobile phone, the product of a collaboration between Samsung and Bang & Olufsen. The handset's minimalist design demanded Bluetooth connectivity that would enable the user to connect easily to an extensive range of wireless devices without compromising form or functionality. CSR's BlueCore was chosen because it offers the industry's leading power and size. The Serene is available from Bang & Olufsen stores and selected Samsung resellers.

The design-conscious Serene handset simplifies communication and connectivity by adopting only essential features. Its ergonomic design incorporates a novel circular number pad with a thumb-operated touch wheel. The Serene's approach to simple communication integrates Bluetooth connectivity as a necessity and thanks to the use of BlueCore with its deep sleep power saving modes, does so without affecting the battery's impressive 250 hr standby time. The Serene also comes with a DECT docking station, which enables the phone to synchronise with Bang & Olufsen cordless phones. The tri-band GPRS-enabled phone features a 640 x 480 VGA camera and a 240 x 320 pixels TFT 256K colour screen.

With the Serene, Samsung aimed to create a high quality phone that enabled communication in its purest form, thus reflecting B&O's design philosophy. They therefore needed the same level of quality and reliability from their partners. CSR's BlueCore technology provided high-quality, stable Bluetooth connectivity without forcing the Samsung engineers to compromise on their design objectives.

CSR's BlueCore3 silicon with Bluetooth version 1.2 software stack was chosen to bring essential Bluetooth wireless connectivity to the handset's simplistic design and it demonstrates the importance of Bluetooth for today's mobile phone. The extensive portfolio of profiles included with CSR's BCHS allows the device to connect seamlessly to a whole host of Bluetooth-enabled devices offering enhanced flexibility in a high-fashion, minimalist design.

Matthew Phillips, VP Asia for CSR commented, "The use of Bluetooth connectivity in the Serene handset is a clear demonstration of the importance of the technology for any mobile phone manufacturer today. Samsung's decision to choose CSR as a connectivity partner further demonstrates the market leading quality and innovation of our wireless systems." Phillips, added, "CSR works closely with its customers to ensure manufacturers have access to most complete and reliable wireless technologies on the market today and we have an excellent track recording in helping our customers' products to become winners."

About CSR

CSR plc is the leading global provider of Bluetooth technology and has developed expertise in other single-chip wireless communication standards such as Wi-Fi (IEEE802.11). CSR offers developed hardware/software solutions for Bluetooth based around BlueCore, a fully integrated 2.4 GHz radio, baseband and microcontroller.

CSR has now launched its fifth generation BlueCore suite and is in volume manufacture of its fourth generation BlueCore devices. BlueCore4 supports the Enhanced Data Rate (EDR) standard, which was ratified at the end of 2004. BlueCore4 remains the only EDR silicon to be shipping in volume today. In November 2004 CSR launched UniFi, the first single chip 802.11a/b/g embedded solution specifically targeting the mobile phone and consumer electronics markets.

BlueCore features in over 50 per cent of all Bluetooth devices shipped and over 60 per cent of all qualified Bluetooth enabled products and modules listed on the Bluetooth website with industry leaders including Nokia, Dell, Panasonic, Sharp, Motorola, IBM, Apple, NEC, Toshiba, RIM and Sony using BlueCore devices in their range of Bluetooth products.

In March 2005, CSR acquired Clarity Technologies Inc., for its Clear Voice Capture (CVC) technology that enhances the audio performance of any voice-based product or system. Applications for CVC include wireless headsets, handsets and automotive hands free systems.

In August 2005, CSR completed the acquisition of UbiNetics' software business, providing a strong R&D team to accelerate its existing software development in Bluetooth, Wi-Fi and UWB. The UbiNetics team gives CSR the capacity to extend its offering to mobile handset customers.

CSR has its headquarters and offices in Cambridge, UK, and offices in Japan, Korea, Taiwan, China, India, France, Denmark, Sweden and both Texas and Detroit in the USA.

More information can be found at www.csr.com and the partner web site www.btdesigner.com

More information about Bluetooth technology can be found on the SIG web site at www.bluetooth.com


cynic - 28 Apr 2006 16:15 - 39 of 338

i think this is an ace company in the tech sector ...... it is currently nearly 100 off its 52 week peak, having tumbled 36p today ...... figures are due on tuesday, so i have either been foolish or prescient having just jumped back in (took profits a few weeks ago to beat the tax man).

Following is an extract from an RNS of 28/2 ....... "Looking ahead, the company said it is confident on the outlook for 2006 as a whole and it predicted continued expansion in the market for wireless Bluetooth technology.

Specifically on the prospects for the first quarter of this year, CSR said it expects revenues to be up 88-104 pct from a year earlier at 125-135 mln usd.

'As in Q1 2005, we have seen an acceleration in orders following the Chinese New Year and expect significant growth in Q2 2006,' the group said."

MightyMicro - 30 Apr 2006 11:50 - 40 of 338

On 14 April UBS raised their target for CSR to £14.50.

cynic - 02 May 2006 07:22 - 41 of 338

CSR Q1 results now out ..... To my amateur eye, they look stunningly good ...... Pre-market has marked sp up just 11p, but real market reaction will come shortly after 08:15 with company conference call.

cynic - 02 May 2006 10:01 - 42 of 338

Sorry to crow, but did I make a good call or what?????!!!!! ....... Sp has now truly roofed it = +180 this morning

cynic - 31 May 2006 22:02 - 43 of 338

Meant to post the following here instead of Traders Room ........... A real rollercoaster on this share for the last month ...... Rocketed from 1200 to 1400 in the first week, tumbled back to 1200 in the general fallout and suddenly found favour again today pushing sp to 1448 (near peak) on at least double normal volumes.

I know I have said it before, but will say again .... This is a company with a great product and track record and, though a heavyweight, deserves a place in anyone's portfolio, even if for some strange reason it does tend to be quite volatile.
Thread List

cynic - 02 Aug 2006 16:48 - 44 of 338

have just posted on this share in Traders Room ..... well worth watching or even buying

Harry Peterson - 19 Sep 2006 02:05 - 45 of 338



Nick Fletcher
The Guardian


The biggest major casualty of the day was CSR, the bluetooth equipment group formerly known as Cambridge Silicon Radio. Its shares slumped 25% to 856p after it cut revenue forecasts for the year, blaming weaker than expected second-half demand from a major headset customer - thought to be Motorola. Panmure Gordon originally advised clients to sell after the news, but revised that to hold after this morning's fall. "The shares, which will need time to settle, are clearly being penalised for the lack of visibility and the fact that most brokers have been bullish," said Panmure. "We have downgraded our price target from 1280p to 1000p and cut our recommendation from buy to hold."

Others brokers were more optimistic. Bridgewell maintained its overweight rating, saying, "We believe both CSR's competitive position and the fundamentals of the bluetooth market remain strong." Charles Stanley said it expected the share price to recover and told clients to accumulate. "There may or may not be technical factors [for the share price fall], with a large volume of trading, such as investors cashing in some of their significant profits since the IPO, or active traders of one sort or another selling the shares short," said the broker.

happy - 19 Sep 2006 13:33 - 46 of 338



19 September 2006


Citigroup (NYSE: says buy CSR


Deutsche says buy BP (cutting the price target to 690p from 700p) and CSR (cutting the price target to 1100p from 1240p).

UBS (Virt-X: UBSN.VX - news) says buy CSR.

grevis2 - 20 Sep 2006 03:17 - 47 of 338

From UK-Analyst.com: September 19th 2006
Brokers' notes


Following the profits warnings from CSR on Monday, UBS said it thought the long-term story remained intact. The broker noted that the group attributed the bulk of the shortfall to push outs by headset customers as well as two other customers in other application areas. Although the broker accepted that the revenue guidance downgrade suggested some slackening of Bluetooth momentum in the mono headset market, UBS said it believed that medium-term growth prospects for CSR remained broadly intact, evidenced by design win market share increasing in the third quarter to in excess of 60%. The broker trimmed its current-year earnings per share estimates to 50.44p from 56.87p and its 2007 forecast to 59.1p from 65.04p. The broker also slashed its target to 1,200p from 1,700p, but maintained a "buy" stance. The stock rose 48p to 904p
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