Qualcomm said Tuesday that it expects to earn much more money in the coming fiscal year than Wall Street has projected, and urged shareholders to resist the hostile takeover bid from rival Broadcom.

The chipmaker said it expects between $6.75 and $7.50 in earnings per share on revenue of $35 billion to $37 billion, substantially higher than the $3.79 per share Wall Street expects.

The $103 billion hostile bid from Broadcom, then, "dramatically undervalues" the company, Qualcomm said in a letter to shareholders.

"The math is clear – on a near-term value basis alone Broadcom's proposal dramatically undervalues Qualcomm, without even taking into account the substantial longer term upside from 5G," the company said. "No matter how you look at it, Broadcom's proposal is not worthy of discussion from a value perspective."

The company cited the near-term introduction of 5G, the likely positive impact of resolving a licensing dispute with and the closure of an NXP Semiconductors acquisition as factors that would boost shareholder value.

NXP shareholders Ramius Advisors and Elliott Management have said they will reject Qualcomm's offer.

— Reuters contributed to this report.