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Imagination Could See Lower Royalties from Apple as Contract Winds Down
20 April 2017, 10:19 | Patty Hardy
The Apple Inc. store is seen in Los Angeles California U.S
Royalty payments from Apple to Imagination will likely be cut to one third of the current rate as Apple winds down its supply deal with the company, reports UBS via Reuters.
Earlier this month, the British designer of graphical processing units used in smartphones said its largest customer would stop using its technology within 15 to 24 months, causing the stock to lose almost two thirds of its value in a single day. The move resulted in a 71% single-day plunge in Imagination's stock.
The prediction includes the expectation that British-based Imagination will become loss-making by 2019 without any Apple royalties to fall back on, and that the firm will have to work out a cost-cutting strategy if it is to survive.
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Following Apple's announcement that it expected to stop using Imagination Technologies' GPU designs in iPhones and iPads within two years, UBS has put together a forecast of the financial impact. That's where Apple might see an opportunity to move in and buy. That totals 110 pence, using a sum-of-the-parts valuation. Imagination has a market capitalization of $370 million - 2,000 times smaller than Apple's $741 billion valuation - while its stock now trades at 103.19 pence.
Apple, the world's most valuable company, commands a market capitalization of $741 billion USA that is around 2,000 times greater than Imagination's equivalent of 370 million U.S.
Apple shares closed Tuesday at $141.20 USA, very near their 52-week peak of $145.46, versus a gulch of $89.47 US, plumbed in mid-May.
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