We Maintain Our FVEs for Skyworks and Qorvo Despite Concerns of a Ban on Chinese Key Customer Huawei
We will maintain our fair value estimates of $105 for narrow-moat Skyworks Solutions and $86 for no-moat Qorvo despite a 6%-7% decline in share prices on May 16. The sell-off likely stems from the United States' decision to add Huawei to its "Entity List," which may prevent U.S. firms (such as radio frequency chipmakers like Skyworks, Qorvo, and others) from supplying into the Chinese networking equipment leader unless a special license is granted (with uncertainty whether the U.S. will in fact ...Qorvo is a holding company. Through its subsidiaries, the company designs, develops, manufactures and markets its products to U.S. and international original equipment manufacturers and original design manufacturers in two operating segments: Mobile Products, which is a supplier of cellular radio frequency (RF) and Wi-Fi solutions for mobile devices, including smartphones, wearables, laptops, tablets and cellular-based applications for the Internet of Things (IoT); and Infrastructure and Defense Products, which is a supplier of RF and system-on-a-chip solutions for cellular base stations and other wireless communications infrastructure, defense, smart home, automotive and other IoT applications.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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