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.

CSR

300p take out SP sounds too skinny to
me given that it has all that cash on the
books and is more or less in a monopoly
position as a free standing company
in this specialist field on the Worlds markets.

Wondering what price brokers have as
targets.

CSR

Yep Brokers BUY targets are in the
main very positive.......

Date Broker name New Price Old price target New price target Broker change

23 Apr JP Morgan Cazenove Overweight 228.10 315.00 - Riteration.
13-Apr-12 Seymour Pierce Buy 216.10p 400.00p - Reiteration
21-Feb-12 UBS Neutral 260.90p 200.00p 290.00p Reiteration
21-Feb-12 Numis Securities Hold 260.90p 290.00p - DownGrade
17-Jan-12 JP Morgan Cazenove Overweight 215.90p 285.00p 300.00p Upgrade

CSR plc (CSR)22:17 ET Apr 26, 2012 Analyst Comment by Liberum Capital

Liberum Capital reiterates buy rating on CSR plc

CSR

A Buy confirmed on the candles

Bullish Marabuzo (in other words big white candle)

http://www.britishbulls.com/StockPage.asp?CompanyTicker=CSR&MarketTicker=Technolog

Thanks again for the updates GF

Samsung possible bidder...........

http://www.independent.co.uk/news/business/sharewatch/market-report-london-tech-stocks-bathe-in-samsungs-korean-sun-7685201.html

Results tomorrow.

1st Quarter Results.

· Financial performance:

o Q1 2012 revenue of $227.0m (Q1 2011: $163.9m) includes a contribution of $73.2m from Zoran,
o Revenue growth Q1 2012 year-on-year in Automotive business line (37%) and Home Business Group (35%) with declines in Personal Navigation Devices (PND) (53%) and Handsets (15%),
o Underlying operating profit improved to $2.7m (Q1 2011: $0.0m), IFRS operating loss increased to $15.8m (Q1 2011: loss $3.3m) due to $14.5m litigation income recorded in Q1 2011,
o Ended Q1 2012 with cash, cash equivalents, treasury deposits and investments of $251.3m.

· Focus on returns:

o Underlying operating expenses $112.1m continue to reduce (Q4 2011: $123.9m),
o $130m of annualised savings on track to be completed by end of Q2 2012.
· Momentum in platform strategy:
o Platform revenue 57% of total revenue in Q1 2012 (Q1 2011: 38%) driving improved year-on-year underlying gross margin of 50.6% and underlying profitability,
o Next generation SiRFstarV™ location platform chosen by major smartphone manufacturer for Q2 launch,
o Fifteen new licensees for aptX® in first quarter taking total to more than 75 customers,
o Launched next generation Quatro 5300™ programmable imaging processors for printers.

· Continued technical innovation:

o CSR and Software Imaging Limited jointly launched DirectOffice™ Mobile Print 3.0, which offers the ability to print directly from mobile devices to most existing printers,
o Indoor location technology nominated for UBM Electronics ACE Awards in Innovator of the Year category,
o CSR9800™ Wi-Fi®/Bluetooth® combination chip on track.

Numis Securities Upgrades TP 290p.

UBS Upgrades Tp 310p

17July2012: Big leap in sp (+33%) as a result of selling its Mobile business to Samsung and a promise to return a big chunk of cash to shareholders....Yet, by my reconing that will be the same as the rise, today. So in effect MM's are pricing in the Return at par . . . and the business is left somewhat leaner.
Also, I'm not sure what "bringing shares out of Treasury" really means - as I read it it means dilution - since Treasury shares are normally cancelled - someone explain???
However, l not convinced this is a good Buy even discounting this Sale and with that halting further "phone" developments, CSR is showing signs of "wither" - all IMHO - - - and DYOR.

StockMarketWire.com
Wireless technology group CSR's underlying operating profits rose to $32.2m in the three months to 28 September - up from $24.3m a year ago.

And it plans to return up to $285m to shareholders following a deal with Samsung.

On an IFRS basis, there was an operating loss of $1.9m reflecting one-off charges (Q3 2011: loss of $7.7m, reflecting fair value adjustments to inventory following the Zoran acquisition).

Third quarter revenues rose to $282.7m compared with $243.3m, which included one month of Zoran.

Chief executive Joep van Beurden said: "We have delivered another good quarter driven by the momentum in our business.

"We are delighted to have completed the transaction with Samsung on 4 October. The proceeds have been received, the transfer of people to Samsung has been completed and we are on track to deliver our targeted cost run-rate for 2012 and 2013.

"We now intend to return up to $285m to shareholders, including holders of American Depository Shares, the terms of which we expect to announce during this quarter.

"We expect to have a higher than projected cash position at year-end due to lower tax on the Samsung transaction and better than forecast overall business performance. "The Samsung transaction accelerates our strategy of focusing on platforms where we have leadership positions, strong gross margins and attractive growth opportunities.

"We are now focussed on our core business, where we expect good market growth to be reflected in our core business revenues in 2013."

POSTING OF TENDER OFFER CIRCULAR

The Company announces the proposed return of a maximum of £176.69 million to the Company's Shareholders by means of a tender offer

On 17 July 2012, the Company announced that it intended to return cash of a maximum of US$285 million to its Shareholders by means of a tender offer (the "Tender Offer"), following the transfer of the Company's development operations in handset connectivity and location to Samsung Electronics Co. Ltd. which completed on 4 October 2012. Shareholders approved the Tender Offer at a General Meeting held on 17 August 2012.

The £176.69 million is equal to US$285 million translated at an exchange rate of US$1.6130 per £1 which was the exchange rate obtained by the Company under its hedging arrangements on 4 October 2012.

Key elements of the Tender Offer are:

· £176.69 million available to be returned to Shareholders via the purchase of a maximum of 52.7 million Ordinary Shares (including Ordinary Shares represented by ADSs), representing a maximum of approximately 24.7 per cent. of the Issued Ordinary Share Capital of the Company at 26 October 2012;

· Ordinary Shares may be tendered within a price range of 335 pence to 375 pence per Ordinary Share (representing a discount of 1.0 per cent. to a premium of 10.8 per cent. to the closing price of 338.4 pence on 26 October 2012);

· the Tender Offer is structured using a Strike Price mechanism. All successfully tendered Ordinary Shares (including Ordinary Shares represented by ADSs) will be acquired at the Strike Price; and

· the closing time and date is 3.00 p.m. (UK time) on 29 November 2012 (5.00 p.m. (New York City time) on 28 November 2012 for ADS Holders), with proceeds expected to be despatched to Shareholders by 5 December 2012.

Result of Tender Offer

Tender offer fully subscribed, with $285 million successfully returned to shareholders
49.08 million Ordinary Shares to be repurchased at 360 pence per Ordinary Share

1st Quarter Results

· Q1 2013 financial performance:
o Revenue of $237.9m (Q1 2012: $227.0m) an increase of 5% year-on-year, with Core revenue of $171.8m (Q1 2012: $138.9m), growing 24% year-on-year,
o IFRS operating profit of $7.7m (Q1 2012: $15.8m loss), underlying operating profit of $19.1m (Q1 2012: $2.7m),
o Underlying diluted earnings per share of $0.07 (Q1 2012: $0.01),
o Ended Q1 2013 with cash, cash equivalents, treasury deposits and investments of $318.0m.
· Momentum in platform strategy:
o Platform revenue 60% of total revenue in Q1 2013 (Q1 2012: 57%),
o Introduced BlueCore® CSR8605™, single-chip ROM Bluetooth® music streaming device for entry-level wireless portable music speakers,
o A record quarter for aptX® with 32 new licensees in Q1 2013 taking total to around 150,
o Increasing demand with Tier One customers for our auto connectivity products.
· Commenced $50m share buyback following shareholder approval.

Jefferies International Buy 539.00 539.00 308.00 629.00 Upgrades

Gone long. Fantastic set up for a trader.

Bullish engulfing candle yesterday and bouncing right off a support/resistance line (500p). Lower indicators look like they are about to turn positive.

FUNDYS look excelent. On a P/E of just 17.2
for a tech company, derd cheap EPS growth 78%
Forward P/E of just 16, and pays a divi.

FAR too cheap imo.


CSR ForecastsYear Ending Revenue (£m) Pre-tax (£m) EPS P/E EPS Grth. Div Yield
31-Dec-13 633.22 56.68 30.27p 17.2 +78% 8.14p 1.5%
31-Dec-14 591.66 60.25 32.45p 16.0 +7% 9.02p 1.7%

A bit basic but :-

Now in the red......so frustrating this August market.

Thank god ive cut my positions open right down.

Ok what happened??