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No. of Recommendations: 3

There has been some discussion on International Rectifier on this board, so I thought I'd post some numbers here. I won't go into detail on the qualitative qualities of the company in this post. I'll just post some numbers, and if you're interested in finding out more, I'll provide links for starting your DD.

It looks like a portion of IRFs products have entered a tornado as of the last Q in CY99 (Q2 for FY00), but they have a fairly broad product base, some of which is not in high growth.

Qtr Rev($M) YoY% QoQ% Gross Net Net High Low
Mrgns Inc Mrgns P/E P/E
Q1'99 127 -4.3% -4.7% 28.4% 0 0.0% 43.7 21.7
Q2'99 133 -8.2% 4.2% 27.3% 20 14.8% 24.0 9.5
Q3'99 138 -2.0% 3.5% 29.0% 4 2.9% 25.6 13.8
Q4'99 147 10.2% 7.2% 26.9% -3 -2.3% 34.4 18.3
Q1'00 152 19.5% 3.3% 31.7% 5 3.4% 36.4 25.6
Q2'00 171 28.8% 12.4% 34.0% 12 7.2% 77.8 47.3
Q3'00 198 43.9% 15.7% 36.6% 22 10.9% 74.6 38.5
Q4'00 232 57.4% 17.2% 38.5% 34 14.6% 51.9 28.6

The P/Es are based on the stock's high and low price within the quarter, based on earnings for the trailing twelve months at that time.

Management has guided gross margins on incremental business to be 45-50%, which should bring the company's overall gross margins to the low 40s in FY'01. They have forecasted Q1'01 revenues of about $245M, and overall sales growth of 30% for FY'01.

Assuming net margins of 15%, this would provide FY01 earnings of $2.34, which is in line with analysts' estimates. (http://biz.yahoo.com/z/a/i/irf.html) So looking forward twelve months, the P/E is 26.1, based on today's close of 61.19. (The current TTM P/E is 55.1 by my calcs.) Analysts peg FY'02 earnings at $3.47, but who really knows.

For more information, check out the following links:

- Recent post from Padanova on the GG board (http://boards.fool.com/Message.asp?mid=13191254)

- My quick, informal analysis with my investment "group", posted to the IRF board (http://boards.fool.com/Message.asp?mid=13171529). Also look for other info on this board.

- Int'l Rectifier's home page (http://www.irf.com) and Investor Relations page (http://www.irf.com/whats-new/investor.html)

I welcome all comments and discussion! I'd like to learn more about this company.

Thanks,
Shawn

(Disclosure: Long IRF, as of yesterday :)
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