NVIDIA CORP. $44 (Nasdaq symbol NVDA; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 362.9 million; Market cap: $16.0 billion; WSSF Rating: Average) makes graphic chips for computers, video game players and cellphones. These chips make games run smoother, and video images appear more lifelike.
Option problems forced Nvidia to cut its reported pre-tax income between 1999 and 2006 by about $150 million.
In its first fiscal quarter ended April 29, 2007, Nvidia’s earnings grew 37.5%, to $0.33 a share (total $132.3 million) from $0.24 a share ($92.1 million) a year earlier. Revenue rose 23.8%, to $844.3 million from $681.8 million, thanks to strong demand for its new high-end video chips.
Nvidia spent $125 million on stock buybacks in the latest quarter, which helps offset employee stock options. It now plans to repurchase $1.0 billion worth of its stock over the next three years.
The stock now trades at 29.3 times its forecast 2008 profit of $1.50 a share, which is reasonable for a technology leader like Nvidia. However, chipmaker Advance Micro Devices now owns Nvidia’s chief rival, ATI Technologies. New computers using AMD’s integrated computer and video chip sets could cut Nvidia’s market share.
Nvidia is a hold.
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