Microchip Technology Inc


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SKU: MCHP-1 Category:


Microchip delivered another strong quarter with revenue growing 5.1% sequentially to achieve an all-time record at $1.65 billion. The company has made good progress in terms of handling its capital gearing and expects to continue reducing its debt and leverage ratio. Throughout the quarter, business conditions remained exceptionally strong, with record bookings and backlog for products to be shipped over multiple quarters. During the quarter, Microchip completed the acquisition of Iconic RF, a small, early-stage private company based in Belfast, Northern Ireland which focuses on the aerospace and defence market and makes innovative high-performance gallium nitride and gallium arsenide monolithic microwave integrated circuits. The company has a strong business model with customer stickiness and a decent upside given the current landscape associated with semiconductors. We give it an ‘Outperform’ rating with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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