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Elliott Reaffirms Its Views on NXP's Fair ValueElliott Advisors (UK) Limited ("Elliott"), which advises funds that collectively hold an economic interest in NXP Semiconductors (News - Alert) N.V. (NASDAQ: NXPI) ("NXP" or the "Company") of approximately 7.2%, today released a presentation reiterating its conviction in its estimate of NXP's intrinsic value, supported by NXP's strong and consensus-beating 2017 Q4 earnings. Today's presentation makes clear that NXP has a track record of consistent outperformance versus market expectations over the past year and underscores Elliott's belief that consensus EPS estimates for the Company are stale. Given the Company's top-line growth, which was in excess of peers in 2017 H2, as well as its forward-looking growth and earnings potential, Elliott believes NXP is currently one of the most attractive companies in the semiconductor sector. In light of this data, Elliott reasserts its views that NXP deserves to trade in-line with peers, that the Company is uniquely placed to radically enhance QUALCOMM Incorporated's ("Qualcomm (News - Alert)") long term strategy and to deliver value creation for Qualcomm's shareholders at take-out prices higher than $135 per NXP share. The materials can be viewed in full at www.FairValueForNXP.com. In summary, NXP's 2017 Q4 results were very strong, beating consensus across revenues, gross margins and EPS. The earnings report was consistent with NXP's robust performance throughout 2017. Most notably:
About Elliott Founded in 1977, Elliott Management Corporation is one of the oldest private investment firms of its kind under continuous management. The firm's investors include pension funds, private endowments, charitable foundations, family offices, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corporation. Our approach to NXP is consistent with our approach to many of our current and previous investments. We have invested a significant amount of time and resources into understanding NXP, including hiring numerous advisors and consultants with whom we have worked together to receive input from over 50 industry participants. We believe strongly in the value conclusions that we have drawn as a result of this effort.
1 Adjusted for the disposal of Standard Products
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