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.

A bit more of an update from hemscott....

CSR's 3Q guidance sends shares surging higher

Holly Cook, 29/07/09 09:21

The Bluetooth microchip producer rallies in early deals after pleasing with its 2Q results and predicting a 3Q recovery in revenues
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Bluetooth chipmaker CSR this morning surged into pole position on the FTSE 250 index in early deals after reporting second quarter results in line with market expectations and surprising on the upside with its third quarter outlook.

By 9.00am, CSR shares had jumped 8.8% or 30.75p to 378.5p, helping drag the FTSE 250 index 0.1% higher to 7,740.6.

The company, which supplies chips to Nokia among other technology firms, this morning reported pretax losses for the second quarter of US$24.3 million down from profits of US$22.7 million in the year-ago period, on revenues down almost 40% year-on-year to US$113 million (including contributions from its SiFR acquisition). However both these new figures surpassed analysts forecasts and the ensuing positive market reaction was compounded by the groups guidance that revenues will recover over the third quarter to the tune of US$195-US$215 million.

CSR also confirmed it has completed its scheduled merger of SiRF Technology and reiterated its confidence in securing at least US$35 million of annualised cost synergies within 60 days.

Responding to the update, Panmure Gordon analyst Nick James said the second quarter numbers are in line with expectations, with revenue from both CSR stand-alone and CSR-SiRF combined topping consensus forecasts.

In addition, the revenue guidance for third quarter stands around 10% ahead of expectations at the mid-point, James noted, while CSRs net cash position of US$396 million was also ahead of his US$371 million forecast.

Panmure Gordon expects to increase its full-year 2009 revenue forecast to around US$598 million from US$584 million previously expected following todays results, amounting to around US$0.06 of EPS on the new adjusted basis. The broker also predicts raising its year-end cash forecast to around US$370 million from US$320 million, with the new forecast representing around 124p per share.

CSR has changed its method for calculating adjusted earnings to exclude share-based payments, which makes sense, James told clients this morning, since the charge is high and doesnt reflect the economic cost of the options for a company of this type.

The analyst repeated his Buy recommendation and 450p price target.

Interesting to note that in saturdays Independant CSR got a write up in the trading column with broker Citigroup having raised its target to 500p .... Nice.

Moving up nicely at the moment and as some strong momentum behind it.

where did you get that from?
sp is +7 and volume little greater than usual

Here cyners, if +80 (yesterday) isnt positive for this time of the year I dont know what is, although I note your comments on volume.

Getting too cynical in your old age you pineapple bonce.

+80 yesterday??????????/
load of rubbish though i wish it were true

GF is talking about Momentum (+80)

whatever that means!

You need a break cyners get your golf clubs buffed up.

Ithink theirs a few here in these a broker upgrade this afternoon....

13-Aug-09 CSR CSR Panmure Gordon Buy 445.50p 525.00p -

new target 525p.

i'ld be very happy with that - am in at 427.25

Seems I missed my retrace target by 20p, dreadfull TA :(

In at 398p, 404p 412p.

if that was dreadfull TA PTH dread to think what mine was LOL.

Hey look at this one lads....goldman sach with NEW COVERAGE..... going up in the world here.....500p target .

14-Aug-09 CSR CSR Goldman Sachs Neutral 454.90p - 500.00p New Coverage

perhaps prematurely, have banked a very respectable profit as market(s) could be in for a (sharp) correction after this extended northerly run

Hmmmm you may be right....... or may be wrong...... hope that makes sense.

of course it does ..... but all of us - Master RSI excepted it would seem - make bad decisions, of which selling prematurely is rarely one .... as we all know to our cost, it's hanging on too long (greed!) and finding the juicy profit has cost us our house (requiescat in pace maestro)

sticky ..... may be right to get back in here .... chart looking pretty good and Intel's figures must help sentiment if nothing else

strong trading update rns this morning ..... sp has recovered sharply and now challenging 25 dma and 50 dam not far above ..... i think this stock still has plenty of puff over the coming months .... note Intel's results and also ARM also (i think) indicated positive outlook

CSR chart looks very positive now that we have a breakout from the downtrend channel. Sector is very hot at the moment aswell.



Long term looking at overcoming resistance at 550p qand then 600p.



Fundies looking solid aswell.....

Citi group with historical 550p target...

Broker recommendation
Date: 12 October, 2009

Broker: Citigroup
Company: CSR


Recommendation:
Raises price target to 550p from 500

InterMarket Stock's recommendation rating:
Buy

And since xmas we have had some pretty bullish broker recos with a forward P/E to results 2011 at just over 14 FOR A TECH LEADING stock.

CSR PLC

FORECASTS
2010 2011

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Exane BNP Paribas
08-01-10 HOLD 50.60 18.29 64.63 24.39

Panmure Gordon
08-01-10 BUY 70.90 27.41 83.10 33.11

ABN AMRO
22-12-09 HOLD 65.08 26.23

Seymour Pierce
18-12-09 BUY 40.78 17.63

Milkstone Ltd
14-12-09 BUY 50.02 21.76

Edison Investment Research
11-12-09 None 60.95 21.36

Noble & Company
10-12-09 None 42.81 25.40 59.87 33.00

Singer Capital Markets Ltd
07-12-09 BUY 36.30 19.90 43.10 23.60

INVESTMENT RATIOS
2009 (A) 2010 (E) 2011 (E)

EBITDA 59.91m 69.58m 82.35m

EBIT 39.14m 46.94m 60.97m

Dividend Yield % % %

Dividend Cover x x x

PER 15.64x 19.98x 14.64x

PEG -0.42f -0.92f 0.40f

Net Asset Value PS 176.30p 264.28p 507.40p

LOOK AT THE NAV above.


Looks far too cheap to me.