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Tbxsj Instraments stock baj emerged an «IiU technology high-Qyer. The ahaxes have Dearly doubled ■ince our Lut review three niooths ago. This upgraded perception of the isaue'e value by icveetor* reflects (everal potmve developments, aa discussed below. These factors will sustain the stock price over the 3- to S-year pull if they translate into a much greater thar. historical rate of earnings growth. But after liberally raising our operating projections over that span, we still find it hard to support a potential value assumption much above recent trading levels for the neutrally ranked equity. This is a leader in the fast-expanding market for DSP devices. Thii d-quarw business in the semiconductor segment declined 8.5* from the year-earlier level. This excludes sales of the memory chip operation, divested at the end of the period, which fell by more than one-half. Mitigating the faJloff amid depressed results for the overall industry, the company's digital i»gnal processor sales grew 17%. DSPs perform the complex functions that control electronic equipment in real time. They arc essential devices in the fastest growing

types of electronic operation', including wireless communications and aetworking. Management Is no longer distracted by the си mm Uy memory operations. Overexpansion in this industry sector, in which the company was a pioneer, had made it an unrewarding exercise. The pretax third-quarter drain from divested activities was $155 million, versus $28 million the year before. Focus has been sharpened on running the units that continue to generate profits: Semiconductors; Materials & Controls: and Educational & Productivity Solutions.

Last year's restructuring should give 1B99 results я good boost. Annualized cost reductions from the revamping, which is now virtually complete, are estimated to be S270 million The benefits will be obscured for a time b> continued margin pressures in much of the worldwide semiconductor sector. But sequential improvement in industrywide sales figures for three months suggests that the worst may be past. Wc look for a rebound in earnings this year to $2.75 в share, up from S 1.70 estimated for 199«

Edmund B. Swort, CFA January 22. J999

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Рис. 13.2. Отчет Value Line Investment Survey по компании Texas Instruments Источник. Воспроизведено с разрешения Value Line Publishing, lnc 1999.



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