ON Boasts Narrow Moat and Looks Cheap; Initiating With $28 FVE, High Uncertainty Rating
We believe ON Semiconductor and its portfolio of products will benefit from the secular growth trends around advanced driver-assist systems and autonomous driving, electrification, and increasing connectivity. The firm’s portfolio of analog, image-sensing, and power discrete products is on the narrower side, but we think it has sufficient tools to benefit from this rising tide. We are initiating our coverage of ON Semiconductor with a $28 fair value estimate and note that shares are currently in...ON Semiconductor is engaged in energy efficient electronics. The company is organized into three segments: Power Solutions Group, which provides a range of discrete, module and integrated semiconductor products; Analog Solutions Group, which designs and develops analog, mixed-signal, and advanced logic application specific integrated circuits and Application Specific Standard Product, and power solutions; and Image Sensor Group, which designs and develops complementary metal oxide semiconductor and charge-coupled device image sensors, as well as proximity sensors, image signal processors and actuator drivers for autofocus and image stabilization for automotive and industrial markets, among others.
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