Tessera Technologies, Inc. (NASDAQ:TSRA)

CAPS Rating: 5 out of 5

The Company is a developer and licensor of miniaturization technologies for the electronics industry.

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Member Avatar seekinggotham (59.88) Submitted: 8/1/2013 12:33:46 AM : Outperform Start Price: $18.88 TSRA Score: -25.61

Starboard Value. Tessera seems to fall within their sweet spot; a tech company with a declining core business that they look to augment with additional, new service lines that are unprofitable and generally going up against tech behemoths in areas in which the behemoths are strong. Starboard's play is to figure what additional service lines actually make sense and exploiting them more fully, ceasing the ones that don't and finding a buyer if that makes the most sense for Starboard.

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Member Avatar ericcote1est (57.77) Submitted: 5/25/2013 5:13:28 AM : Outperform Start Price: $20.13 TSRA Score: -4.42

ccest

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Member Avatar shahart (47.62) Submitted: 8/3/2011 2:24:52 PM : Outperform Start Price: $14.41 TSRA Score: +1.48

So why do I like this business?
There is the short answer and there is the long answer.
The short answer is – This is a nicely growing business with no debt and about 550 Millions in Cash, making more than 50 Millions a year, and selling for 800 Millions.

The long answer is, it is more appropriate to look at this business as two different businesses, the Micro-Electronics segment, and the Imaging & Optics segment. We will consider each with assets of about 300 millions.

The Micro-Electronics segments is a thriving business. It’s revenues of about 250 M’s, are almost entirely from royalties on its hundreds of patents, regarding the building of micro-electronic chips, present virtually in every computer, smart phone, or tablet in the (growing) market, both in and out of the US.
It makes about 150 M a year (operating income) or 100 M Net Income. It continues to develop new technologies for miniature chip packaging, and is likely to continue growing.
It has some litigation issues, which, frankly, I understand nothing in. But I do understand that litigation are an inherent part of the intellectual property business, and I have no reason to assume it is going to lose half it’s income.
So, I would say this business is worth about 1.5 Billion.

The Imaging & Optics business is a start-up company developing technologies mainly for camera-phones. It already has a moderate income of about 30M a year, but it spends a lot (perhaps too much ?) on R&D, resulting in a net loss of about 50 M a year.
Now, you may like this start-up company, or you may not like it. It is hard to put a price-tag on it, but I can tell you it ain’t minus one billion…

So combine the two businesses together for a price of 800 M, and you have got yourself an excellent deal.

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Member Avatar eesirrius (< 20) Submitted: 7/14/2011 2:39:25 PM : Outperform Start Price: $14.62 TSRA Score: +6.26

MFI simulation

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Member Avatar dashark44 (96.01) Submitted: 3/18/2011 1:24:37 PM : Outperform Start Price: $15.38 TSRA Score: -5.12

Healthy company. Buying after drop

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Member Avatar Trimalerus (89.93) Submitted: 2/15/2011 10:04:18 PM : Outperform Start Price: $16.36 TSRA Score: -7.97

Lowest price per share since last Sept. Solid customer base, licensing payment issues main reason for devaluation. High outperform rating among all stars, I already have their 2 main competitors in my portfolio.

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Member Avatar rocknpopstocks (< 20) Submitted: 1/28/2011 12:52:11 PM : Outperform Start Price: $16.29 TSRA Score: -13.34

Tech could pop off the drop.

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Member Avatar magicseeker (60.42) Submitted: 1/6/2011 2:52:17 PM : Outperform Start Price: $20.09 TSRA Score: -41.13

MFI, 4 stars - good enough for me

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Member Avatar 21popsontop (< 20) Submitted: 9/17/2010 10:05:22 PM : Outperform Start Price: $15.54 TSRA Score: -27.54

HMMMMM?????

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Member Avatar SoMch2Knw (80.28) Submitted: 7/29/2010 3:18:21 PM : Outperform Start Price: $16.02 TSRA Score: -35.06

Gamble on Mr.Markets reaction to EPS report...

http://stockcharts.com/charts/gallery.html?tsra

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Member Avatar LuckyShad (60.45) Submitted: 7/7/2010 12:01:43 PM : Outperform Start Price: $14.32 TSRA Score: -29.34

There were 50 items in your list. Here they are in random order:

ELNK - 1
USMO
TSRA - 2
HRB - 3
NSR
GME
OSK
DLX
FWLT
PPD
CBI
SOHU
IDCC
KIRK
SOLR
CBPO
VALU
PDLI
APOL
ENDP
IMMU
LO
CSKI
AMED
CNU
GXDX
PRSC
DRWI
AFAM
JCOM
CYTK
UIS
IPXL
FRX
MHP
CHKE
VPHM
RTN
COCO
TNDM
RGR
CHOP
ARO
LHCG
UEPS
MRX
GRMN
UNTD
TTT
EME
Timestamp: 2010-07-07 15:55:54 UTC

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Member Avatar AlbertaBorn (< 20) Submitted: 6/2/2010 1:22:15 PM : Outperform Start Price: $17.36 TSRA Score: -49.09

Good balance sheet, strong metrics and it's waaaay below the 12 month high.

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Member Avatar kpdobe (67.90) Submitted: 4/29/2010 12:39:18 PM : Outperform Start Price: $20.33 TSRA Score: -50.34

Great earnings once again. I hope this continues to go, it is not at a low, but I believe it will continue up some more. I hope so, as I have June options (22.50) on this.

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Member Avatar dangerfall2010 (< 20) Submitted: 2/26/2010 10:16:12 AM : Underperform Start Price: $16.56 TSRA Score: +40.05

Who maneuver Wall Street? TSRA's value is not credible if we compare it with the TSRA's news ... and not only

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Member Avatar superballe (< 20) Submitted: 2/23/2010 9:24:17 AM : Underperform Start Price: $18.02 TSRA Score: +50.92

TSRA Semba good outside but inside we'll see how it will be soon: its performance is high volume and low appreciation: what it means ... for God

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Member Avatar cibient (20.61) Submitted: 2/17/2010 12:26:19 PM : Outperform Start Price: $17.62 TSRA Score: -49.21

Top 30 MFI, EV/EBITDA ratio of 3.41 (Yahoo! Finance). Cash and equivalents on balance sheet is $7.83 as of 12/31/09 (41% of the stock price!).

I would like to see them either start issuing a small dividend from the royalty income, or put that cash to use by buying some competitors or the startup, LensVector, mentioned in the WSJ article (2/3/10) on autofocus lens inside cell phones.

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Member Avatar SmallPimpin (34.88) Submitted: 1/7/2010 1:24:32 PM : Outperform Start Price: $18.61 TSRA Score: -50.09

Mmm...technology licensing...

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Member Avatar johngg123 (49.64) Submitted: 10/30/2009 4:31:16 PM : Outperform Start Price: $20.59 TSRA Score: -77.86

9 bucks per share in cash, good quarter. Guided down but the street is overreacting here... probably because this is mostly owned by institutions (hedge funds.)

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Member Avatar 2SSR2 (39.99) Submitted: 10/19/2009 5:42:26 PM : Outperform Start Price: $28.91 TSRA Score: -100.12

Its parts in all phones sold, plus new cooling system for laptops will dominate

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Member Avatar indytom01 (< 20) Submitted: 10/7/2009 3:21:01 PM : Outperform Start Price: $27.00 TSRA Score: -102.11

Product cycle appears favorable to support superior growth rate. I also looks to me like the stock could be ready to breakout from the base it has building since June in the $24-$29 area.

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