Release date 01-19-2017

Page 1 of 6

Morningstar Analyst Rating

Qualcomm Inc QCOM

.

Last Price

Day Change

Open Price

Day Range

52-Week Range

Proj. Yield

Market Cap

Volume

Avg Vol.

Forward P/E

P/B

P/S

P/CF

$ 65.13

]0.94 | 1.46 %

$ 64.67

63.81-66.09

42.24-71.62

3.26

96.19 bil

15.9 mil

9.3 mil

12.89

3.03

4.14

13.2

Dividends

Stock Price 2017-01-02 - 2017-01-18 XNAS:QCOM: -0.07|-0.11%

Declared Date Ex-Dividend Date Latest Indicated Dividend Amount Projected Yield

90.00 60.00

12/01/2017 27/02/2017 0.53 3.26 %

30.00

2017

Morningstar’s Take We expect Qualcomm’s licensing business, the driver of the firm’s narrow-moat rating, to enjoy healthy growth going forward, thanks to our expectation of increased 3G and 4G device...

Fair Value Estimate Consider Buying Consider Selling Fair Value Uncertainty Economic Moat Stewardship Growth Profitability Morningstar Credit Rating

$ 72.00 $ 43.20 $ 111.60 High Narrow Standard C C -

Key Stats Price/Earnings TTM Price/Book Price/Sales TTM Rev Growth (3 Yr Avg) Net Income Growth (3 Yr Avg) Operating Margin % TTM Net Margin % TTM ROA TTM ROE TTM Debt/Equity

Stock

Ind Avg

17.1 3 4.1 -1.8 -5.9 27.6 24.2 11.1 18.1 0.3

26.3 3.6 3.8 6.7 3.8 19.5 14.6 7.9 13.9 0.4

Relative to Industry

Amount

11/28/2016 08/29/2016 05/27/2016 02/29/2016

Cash Dividends Cash Dividends Cash Dividends Cash Dividends

0.5300 0.5300 0.5300 0.4800

Competitors Name

Price

% Chg

TTM Sales $ mil

Qualcomm Inc $65.13 Intel Corp $36.76 Taiwan Semiconductor $29.49 Manufacturing Co Ltd ADR Broadcom Ltd $185.02 Texas Instruments Inc $74.38 NVIDIA Corp $102.95

1.46 ] -0.11 [ -0.44 [

23,554 57,927 28,148

3.30 ] -0.15 [ 1.82 ]

13,240 13,145 6,138

Recommendations 3.7

Total Analysts: 9

Avg

+

Annual

3.0 Hold

1.0 Sell

2015-09

2014-09

Quarterly 2016-09

2015-09

Fund Owners

Star Rating

% Shares Held

% Total Assets

Investors US Large Cap Value A Investors US Dividend Growth C HEXAVEST US CDSPI Global Growth (Capital) TD Global Low Volatility Ser D

QQQ

0.07

2.66

QQQ

0.03

2.96

QQQQ QQQQQ

0.03 0.03

1.34 0.90

QQQ

0.03

0.52

Insiders

Balance Sheet

5.0 Buy

Ownership

Financials 2016-09

Type

Current

-

Income Statement

Recent Dividends & Splits

James H. Thompson Paul E. Jacobs Steven M. Mollenkopf John F. Murphy Francisco Ros

% Change TTM

% Shares Outstanding

-2,557 711 15,308 2,673 1,278

0.00 0.00 0.00 0.00 0.00

Cash Flow

©2017 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.

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Release date 01-19-2017

Page 2 of 6

Morningstar Analyst Rating

Qualcomm Inc QCOM

.

Last Price

Day Change

Open Price

Day Range

52-Week Range

Proj. Yield

Market Cap

Volume

Avg Vol.

Forward P/E

P/B

P/S

P/CF

$ 65.13

]0.94 | 1.46 %

$ 64.67

63.81-66.09

42.24-71.62

3.26

96.19 bil

15.9 mil

9.3 mil

12.89

3.03

4.14

13.2

Financials Annual

Quarterly

In millions except "EPS". Currency in USD.

©2017 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.

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Release date 01-19-2017

Page 3 of 6

Qualcomm Inc QCOM Quote

Stock Type

Last Close 18/01/2017

Fair Value Estimate

Morningstar Rating TM

Cyclical

65.13

$ 72.00

QQQ

Industry Classification NAICS SIC ISIC

Company Profile (334118) Electronic Computers and Peripheral Equipment (3361);Computer Peripheral Equipment, Not Elsewhere Classified (3577) Manufacture of Computers and Peripheral Equipment (2620)

Operation Details Fiscal Year Ends CIK Year Established Employees (27/09/2015) Full Time Part Time Auditor (27/09/2015) Legal Advisor (31/05/2011) Key Executives

2016-09-30 804328 30,500

PricewaterhouseCoopers LLP DLA Piper LLP James H. Thompson/Executive Vice President, Engineering for Qualcomm Technologies, Inc; Steven M. Mollenkopf/Director and Chief Executive Officer; John F. Murphy/Senior Vice President and Chief Accounting Officer; Derek K. Aberle/President; Michelle M. Sterling/Executive Vice President, Human Resources; Cristiano R. Amon/Executive Vice President, Qualcomm Technologies, Inc and President of Qualcomm CDMA Technologies; Alexander H. Rogers/Executive Vice President and President of Qualcomm Technology Licensing; Matthew S. Grob/Chief Technology Officer; Executive Vice President of Qualcomm Technologies, Inc; Donald J. Rosenberg/Executive Vice President, General Counsel and Corporate Secretary; George S. Davis/Executive Vice President and Chief Financial Officer; Brian Modoff/Executive Vice President, Strategy and Mergers & Acquisitions

Qualcomm Inc develops digital communication technology called CDMA (Code Division Multiple Access), & owns intellectual property applicable to products that implement any version of CDMA including patents, patent applications & trade secrets. 30-day Avg Volume Market Cap Net Income Sales Sector Industry Stock Style Direct Investment Dividend Reinvestment

©2017 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.

6.4Mil 96.2Bil 5.7Bil 23.6Bil Technology Semiconductors 1 Large Value Yes Yes

®

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Release date 01-19-2017

Page 4 of 6

Qualcomm Inc QCOM Quote

Stock Type

Last Close 18/01/2017

Fair Value Estimate

Morningstar Rating TM

Cyclical

65.13

$ 72.00

QQQ

Industry Peers Morningstar Rating

Market Cap $Mil

Net Income $Mil

P/S

P/B

P/E

Dividend Yield%

5 Yr Rev CAGR%

Med Oper. Margin%

Interest Coverage

D/E

Qualcomm Inc Intel Corp (USD) Taiwan Semiconductor Manufacturing Co Ltd (USD,TWD) Texas Instruments Inc (USD) Broadcom Ltd (USD)

QQQ QQ QQ

96,189 174,205 152,935

5,705 10,367 303,161

4.1 3.1 5.4

3.0 2.8 3.7

16.8 17.3 15.8

3.2 2.8 3.2

9.5 4.9 15.0

28.5 27.4 35.8

24.0 43.2 110.9

0.3 0.4 0.1

QQ QQQ

74,341 73,819

3,251 -1,739

5.8 5.4

7.2 3.9

23.7

2.2 1.4

-1.4 41.5

23.2 21.9

47.8 -0.9

0.3 0.7

NVIDIA Corp (USD) NXP Semiconductors NV (USD) Analog Devices Inc (USD) Infineon Technologies AG (USD,EUR) Infineon Technologies AG (USD,EUR)

Q

55,490 32,682 22,499 19,844 19,697

1,220 652 861 744 744

10.5 3.7 6.7 2.9 2.8

10.4 3.1 4.4 3.7 3.7

52.8 34.0 26.5 24.8 24.6

0.5

7.2 6.7 2.7 10.1 10.1

15.2 13.5 28.6 11.6 11.6

16.8 7.5 11.8 15.7 15.7

0.4 0.8 0.3 0.3 0.3

Linear Technology Corp (USD) Skyworks Solutions Inc (USD) Renesas Electronics Corp (USD,JPY) Xilinx Inc (USD) Microchip Technology Inc (USD)

QQQ QQQ

497 995 48,277 603 49

10.5 4.6 2.6 6.8 5.2

8.3 4.2 4.4 5.6 5.7

30.8 15.3 34.4 26.0 266.0

2.0 1.4

QQ QQ

15,010 14,729 14,704 14,681 14,365

-0.8 18.3 -9.4 -1.3 7.9

46.0 24.7 8.1 30.3 19.8

32.8 12.5 3.7

0.4 0.4 1.2

Maxim Integrated Products Inc (USD) QQ STMicroelectronics NV (USD) QQ STMicroelectronics NV (USD) Advanced Micro Devices Inc (USD) Q Advanced Semiconductor Engineering Inc (USD,TWD)

11,676 10,114 10,069 9,157 8,269

437 55 55 -548 18,877

5.5 1.5 1.5 1.9 1.0

5.5 2.2 2.2 23.8 1.7

27.1 190.8 190.0

3.1 2.4 2.5

15.3

4.7

-2.4 -7.8 -7.8 -9.3 8.5

17.2 0.5 0.5 -2.8 9.2

3.2 3.2 -3.0 12.1

0.5 0.3 0.3 4.2 0.5

7,557 7,217 6,504 6,405 5,960

-29 105 7,645 -32 311

2.8 3.0 2.2 3.6 2.5

1.5 1.7 1.1 3.7 1.5

71.0 97.0

1.7 1.7

-5.5 0.6 14.6 7.5

1.4 9.3 7.1 5.8 6.6

5,888 5,528 4,636 4,547 4,292

7,645 125 7,048 8,732 -26

2.0 1.6 1.8 1.1 7.8

1.0 3.2 2.3 0.7 5.1

0.6 8.6 5.3 2.8 14.9

7.1 7.2 10.2 4.4 -3.1

3,672 3,577 3,516 3,293 3,053

-686 149 46 159 50

2.0 2.9 9.7 4.6 5.8

1.9 3.7 8.4 4.6 3.1

12.9 25.9 8.8 2.9 -8.7

Screen Holdings Co Ltd (USD,JPY) Cree Inc (USD) Silicon Laboratories Inc (USD) MACOM Technology Solutions Holdings Inc (USD) Vishay Intertechnology Inc (USD)

2,928 2,769 2,767 2,584 2,452

19,805 3 47 1 -40

1.3 1.8 4.2 4.7 1.1

2.8 1.2 3.5 5.6 1.4

17.3 2,778.0 59.2

Amkor Technology Inc (USD) ams AG (USD,EUR) Semtech Corp (USD) Mellanox Technologies Ltd (USD) Power Integrations Inc (USD)

2,343 2,159 2,139 2,098 2,000

59 119 47 52 46

0.7 3.7 4.1 2.6 5.4

1.8 3.1 3.7 2.2 4.3

39.4 17.1 44.7 39.9 43.2

Inphi Corp (USD) Tower Semiconductor Ltd (USD) Cabot Microelectronics Corp (USD) MaxLinear Inc (USD) Silicon Motion Technology Corp (USD)

1,927 1,747 1,573 1,570 1,521

77 177 59 44 98

6.9 1.5 3.6 4.0 3.0

4.4 2.7 3.2 4.6 3.7

259.7 9.5 26.3 36.3 15.8

QQQ QQ

Qorvo Inc (USD) Marvell Technology Group Ltd (USD) Rohm Co Ltd (USD,JPY) Microsemi Corp (USD) Semiconductor Manufacturing International Corp (USD) Rohm Co Ltd (USD,JPY) ON Semiconductor Corp (USD) Siliconware Precision Industries Co Ltd (USD,TWD) United Microelectronics Corp (USD,TWD) Cavium Inc (USD)

QQQ QQ

Cypress Semiconductor Corp (USD) Cirrus Logic Inc (USD) Monolithic Power Systems Inc (USD) Integrated Device Technology Inc (USD) Intersil Corp (USD)

QQQ

QQQ

2.3 1.2 1.3

2.2 2.2

13.3 87.8 44.2 23.3 17.4

1.9 8.0 4.8 3.9

24.7 77.9 21.9 60.3

0.9 2.2 0.9

1.5 1.8

0.8

1.1 1.5

0.9 -1,130.8

0.2

0.2 19.9

1.2 0.6

5.4 19.4 30.1 -11.4

1.8 0.4 0.2 0.8

-2.5 18.6 10.0 6.4 2.3

-20.8 54.2

0.6 0.1

20.0 -9.4

0.4

0.4 10.4 5.5 11.9 -3.3

5.4 3.4 10.2 2.4 8.3

22.9

0.2 0.1 0.1 1.2 0.2

-0.4 24.4 1.5 33.6 2.8

7.0 21.9 6.1 5.0 14.5

1.8 63.6 3.6

1.2 0.6 0.4 0.2

24.3 13.5 -0.7 34.3 22.2

-8.7 -0.4 17.3 -13.4 18.7

-6.1

0.9 0.5 0.3

©2017 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.

11.7 -0.2 3.9

15.9 -2,859.4 1,671.2

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Release date 01-19-2017

Page 5 of 6

Qualcomm Inc QCOM Quote Industry Peers Oclaro Inc (USD) Diodes Inc (USD) InvenSense Inc (USD) Himax Technologies Inc (USD) Lattice Semiconductor Corp (USD)

Stock Type

Last Close 18/01/2017

Fair Value Estimate

Morningstar Rating TM

Cyclical

65.13

$ 72.00

QQQ

1,348 1,250 1,203 980 873

15 9 -53 52 -91

2.1 1.4 3.5 1.3 2.1

3.6 1.6 3.3 2.1 3.2

62.5 127.9

FormFactor Inc (USD) Applied Micro Circuits Corp (USD) CEVA Inc (USD) ChipMOS TECHNOLOGIES Inc (USD,TWD) Quantenna Communications Inc (USD)

831 747 720 701 645

8 -32 10 1,355 -1

2.2 4.4 10.7 1.1 5.5

2.0 6.6 3.5 1.3 21.7

90.4

Semiconductor Manufacturing International Corp (USD) Applied Optoelectronics Inc (USD) Exar Corp (USD) Alpha & Omega Semiconductor Ltd (USD) NeoPhotonics Corp (USD)

532

311

0.2

0.1

1.2

530 504 504 441

19 0 2 -1

2.4 3.2 1.4 1.1

2.8 2.1 2.0 2.0

28.0

IXYS Corp (USD) NVE Corp (USD) MagnaChip Semiconductor Corp (USD) Sigma Designs Inc (USD) DSP Group Inc (USD)

376 345 271 240 240

15 11 43 -15 3

1.2 13.2 0.4 1.0 1.9

1.3 3.6

EMCORE Corp (USD) Kopin Corp (USD) Micronas Semiconductor Holding AG (USD,CHF) Electro Scientific Industries Inc (USD) Sequans Communications SA (USD)

237 236 212 207 179

8 -21 -7 -12 -29

2.6 9.8 1.5 1.2 3.4

2.2 2.7 3.1 1.2 13.5

GSI Technology Inc (USD) QuickLogic Corp (USD) Pixelworks Inc (USD) Silex Systems Ltd (USD,AUD) POET Technologies Inc (USD)

123 86 85 63 58

0 -20 -14 -3 -12

2.6 6.6 1.6 37.9

1.4 5.5 5.0 1.6 2.1

Silex Systems Ltd (USD,AUD) Resonant Inc (USD) Micromem Technologies Inc (USD) inTest Corp (USD) Sevcon Inc (USD)

56 51 51 48 43

-3 -12 -9 1 -5

384.8

1.4 3.6

1.3 0.7

1.3 2.0

Frontier Smart Technologies Group Ltd (USD,GBP) Parkervision Inc (USD) Natcore Technology Inc (USD) Arkados Group Inc (USD) MoSys Inc (USD)

42 26 18 15 15

-19 -19 -1 -2 -24

1.1 5.7

1.7

Surge Components Inc (USD) PEN Inc (USD) Metalink Ltd (USD) SCI Engineered Materials Inc (USD) Patriot Scientific Corp (USD)

13 5 3 2 1

0 0 0 0 0

0.5 0.6 7.8 0.3

6.8 2.4

1.6 1.6

19.1

70.7 16.0

2.3

74.0 90.5

-26.2 5.1 4.0 8.6 8.1

8.4 -8.5 5.8

-25.4 -30.7 10.6 12.0 -13.5

-8.9

0.5 0.1

7.5

6.6

19.9

0.6

36.2 0.5 -1.5 13.8

0.3 -11.1 0.0 -6.9

12.0 -77.8 2.9 6.4

0.4 0.0 0.0 0.1

-2.7 -2.3 -3.8 -4.6 -8.5

8.1 56.2 -3.6 -9.5 -0.3

15.3

0.3

158.4

-14.5 -11.2 -6.7 -6.4 -13.8

-14.7 -79.0 5.3 -7.0 -147.0

-16.6

8.4

216.4 24.4 29.8 6.2

-2.6 6.7 34.1 1.5 6.4

0.7 5.6

-11.6 -6.3 -3.1

27.4

-3.4 9.1

1.1

26.8

0.9 1.0 0.4

91.9

-508.3 -566.9

6.6 3.8 -9.0 -2.0

5.5 -23.0 12.1 -3.0

NeoMagic Corp (USD) SatCon Technology Corp (USD) TranSwitch Corp (USD) Meltronix Inc (USD) DND Technologies Inc (USD)

-1 -80 -13 -5 -1

-8.9 41.1 -11.3 -2.6

-427.3 -23.0 -47.2 -199.9 -23.8

Infinite Technology Corporation Printron Inc Leadis Technology Inc (USD)

-21

-26.1

-20.7

©2017 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.

1.1

-5.1

-26,729.9 -85,467.3 -2.5 -176.5 10.0 2.7 -12.9

69.3 -22.4

0.0 0.5 0.4

0.3

-5.7 -46.0 -214.9 -14.7 -24.1 -26,729.9 -85,467.3 -434.9

64.6 -60.1 -29.9 -158,294.3

0.5

10.6 0.3 64.9 -5.9

1.2 0.0

0.8

-217.5 -784.5 -1,462.8 -105.2 0.3 -14.7 0.3

-16.7 -142.8 -2.7 -3.6

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Release date 01-19-2017

Page 6 of 6

Qualcomm Inc QCOM Quote Industry Peers Alimco Financial Corporation (USD) Daystar Technologies Inc (USD) Plures Technologies Inc (USD) Strasbaugh (USD) Realtek Semiconductor Corp (USD,TWD) Hitachi High-Technologies Corp (USD,JPY) Hitachi High-Technologies Corp (USD,JPY) Centrotherm Photovoltaics AG (USD,EUR) R-Tec Holding Inc Cyberlux Corp (USD) Powersafe Technology Corp (USD) Dynex Power Inc (USD,CAD)

Stock Type

Last Close 18/01/2017

Fair Value Estimate

Morningstar Rating TM

Cyclical

65.13

$ 72.00

QQQ

41 -4

61.5 -45,444.1

-6 0 3,079 39,944 39,944

0.6

1.2

11.0

7.3 -0.8 -0.8

-61.8 -23.5 8.9 5.0 5.0

935.0 935.0

-1

0.4

1.1

7.9

-26.0

10.3

3.3

38.6

-1,065.9

15.1

5.2

1.4

1.4

1.7 3.5 13.4 0.8 35.2

1.3 1.6 14.2 8.0 21.2

44.9

2.8 -9.6 4.2 10.6

2.4 4.4 -3.1 19.4 8.0

63.2 30.1 12.4 756.5

-7.9 8.1 0.4 72.5 -6.7

0.5 2.9 5.4 7.7 5.3

4.6 60.7 22.9 7.5

0.2 0.1 0.2

35.2 35.2

21.2 21.2

6.1

-2,098.2

-1,986.7

0.4

10 0 0

Sanshin Electronics Co Ltd (USD,JPY) Ryoyo Electro Corp (USD,JPY) MediaTek Inc (USD,TWD) Unitronics (1989) (RG) Ltd (USD,ILS) Parade Technologies Ltd (USD,TWD)

-1,789 906 23,082 -10 1,307

Macnica Fuji Electronics Holdings Inc (USD,JPY) United Microelectronics Corp (USD,TWD) KEC Holdings Co Ltd (USD,KRW) Globetronics Technology Bhd (USD,MYR) Everlight Electronics Co Ltd (USD,TWD)

4,339 8,732 874 35 1,895

Satori Electric Co Ltd (USD,JPY) Hagiwara Electric Co Ltd (USD,JPY) Screen Holdings Co Ltd (USD,JPY) Phoenitron Holdings Ltd (USD,HKD) Micronas Semiconductor Holding AG (USD,CHF)

-320 1,912 19,805 -242 -7

Parade Technologies Ltd (USD,TWD) Parade Technologies Ltd (USD,TWD) Industry Average

0.1

0.2

4.8

0.1 0.3

0.4 0.5

29.1

2.0

4.8 2.3

0.7

0.1 0.2

0.4 0.6

14.8 7.3

4.4 3.6

1,307 1,307 —

10,188

4,601

3.8

3.6

26.1

2.2

©2017 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.

-29.9 -30.5

3.3

0.3

0.0 0.6 0.0 0.2

0.2

®

ß