INTEL CORP. $22 (Nasdaq symbol INTC; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 5.7 billion; Market cap: $125.4 billion; WSSF Rating: Above average) is the world’s largest maker of computer chips, with roughly 80% of the global market.
Intel currently spends about 16% of its revenue of $6.75 a share on research. This spending has led to several highly profitable products in the past few years. A good example is its multi-core processor chips, which let computers perform several tasks simultaneously.
The company has also had great success with its Centrino platform for mobile computers. Centrino combines a processor, memory chips and high-speed wireless technology. It also consumes less power than other mobile platforms.
Intel aims to duplicate this success with its new Centrino 2 chips, which use 30% less power than its older model. As well, Centrino 2 can handle high-definition video. Sales of notebook computers will soon surpass sales of desktop computers, and Centrino 2 should help expand Intel’s market share.
In the second quarter of 2008, Intel’s earnings rose 23.1%, to $1.6 billion from $1.3 billion a year earlier. Intel spent $2.5 billion on share buybacks in the latest quarter, so earnings per share rose 27.3% to $0.28 from $0.22. Revenue grew 9.2%, to a record $9.5 billion from $8.7 billion.
Intel’s gross profit margin (gross profits as a percentage of revenue) in the second quarter rose to 55.4% from 46.9% a year earlier, despite increasing price competition. The company expects that its gross margin for the year will grow to around 57%.
The stock now trades at 17.2 times its likely 2008 earnings of $1.28 a share. That’s cheap in light of Intel’s high research spending and market dominance. The $0.56 dividend yields 2.5%.
Intel is a buy.
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