Description
Qorvo delivered a strong set of results and managed an all-around beat. Its power business in particular, reported a successful quarter with active design work for its silicon carbide power products. Offsetting this was power management markets with consumer exposure in infrastructure, where customers are reducing high inventory levels. For WiFi products in their Connectivity and Sensors Group, the third quarter showed decreased end-market demand and channel inventory consumption. The company has started providing a multichip solution with a GaN PA and a high-frequency block filter to the aerospace industry for low-orbit satellites and other uses. They also started preproduction shipments of their first integrated PAMs to a Tier 1 European infrastructure OEM for 5G massive MIMO base stations in the cellular infrastructure sector. They also started offering samples of their next-generation PAM to the top European infrastructure OEMs, offering market-leading efficiency for 5G massive MIMO systems. We give the company a ‘Hold’ 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
Want unlimited access to our reports? Purchase our $99 annual subscription!
