We Are Launching Coverage of Lumentum Holdings With a $46 Fair Value Estimate and No-Moat Rating
We are launching coverage of Lumentum Holdings with a $46 fair value estimate and no moat rating and stable moat trend. Despite Lumentum’s domain expertise in optical communications components that face robust demand, the firm has not demonstrated a proven ability to earn excess returns on capital due to sporadic purchasing pattern from customers and a fragmented market structure. 3-D sensing in consumer electronics could provide a windfall in revenue, but the laser diode business is quickly bec...Lumentum Holdings is a provider of optical and photonic products addressing a range of end-market applications including Optical Communications (OpComms) and Commercial Lasers (Lasers) for manufacturing, inspection and life-science applications. The company's segments are: OpComms, which include a range of components, modules and subsystems to support customers including carrier networks of access, metro, long-haul and submarine applications; and Lasers, which provides lasers for the industrial and scientific markets used in a range of original equipment manufacturer applications including diode-pumped solid-state, fiber, diode, direct-diode and gas lasers such as argon-ion and helium-neon lasers.
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