No-Moat Ericsson Remains Undervalued; Adding to the Best Ideas List
We are adding no-moat Ericsson to the Best Ideas list as the firm trades at about 25% discount to our $8 fair value estimate. The company is currently facing rather difficult market conditions with a majority of 4G network rollouts completed in key markets. Ericsson has been handed market share losses in mobile broadband by Huawei and, to a lesser degree, ZTE, which we see as a testament to Ericsson's slow product cadence and high cost structure. To combat these issues, Ericsson is in the midst ...
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