Long-Term Outlook Looks Bright for Marvell Though Shares Fairly Valued; Raising FVE to $21
On Oct. 16, 2018, Marvell management hosted an analyst day in which it provided further details on the growth initiatives and long-term prospects of the recently acquired Cavium and core Marvell businesses. After incorporating the extended outlook, we are increasing our fair value estimate to $21 from $18.50 though we will maintain our no-moat and negative trend rating. Shares are trading at a discount to our updated fair value estimate, but we would suggest waiting for a wider margin of safety....Marvell Technology Group is a semiconductor provider of application-specific products. The company is focused on the development of System-on-a-Chip devices, utilizing its technology portfolio of intellectual property in the areas of analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. The company develops integrated hardware platforms along with software that incorporates digital computing technologies. In storage, the company is engaged in fibre channel products and data storage controller solutions spanning cloud, enterprise, edge and personal computing markets. The company's networking products include ethernet solutions, embedded processors and WiFi connectivity solutions.
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