Nordic Semiconductor (Buy, TP: NOK330.00) - Teardown reveals Apple AirPods Pro design win for Nordic
We got our hands on the new Apple AirPods Pro 2 this morning. Up on cracking it open we found an nRF52832 Bluetooth Low Energy chip from Nordic Semiconductor in the charging case of the AirPods. While we don’t have exact estimates for expected AirPods Pro shipment volumes, we would argue this should be a USD50m-100m/year revenues opportunity for Nordic. In addition to yet again demonstrating Nordic’s positioning with tier customers, this is supportive of our view that Nordic’s momentum with new end products with both new and existing customers makes for a secular growth which will persist despite recession headwinds to the consumer – in short, ‘0 to 1’.Nordic Semiconductor is a fabless semiconductor company which designs, sells and delivers integrated circuits and related intellectual property for use in short-range wireless applications. Co. is engaged in ultra-low power wireless solutions, based on its proprietary 2.4 Gigahertz Radio Frequency and Bluetooth Smart technology. Co.'s components are manufactured by subcontractors and sold through electronics distributors to manufacturers of branded electronics across a range of product categories. These categories include personal computer and tablet accessories, sports/health monitors, mobile phone accessories, media remote controls, home and industrial automation, and other applications.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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