We're Not Alarmed by Reports of Lower iPhone Orders; Maintain FVEs for Apple & Related Suppliers
We will maintain our $175 fair value estimate for narrow-moat Apple, as the Nikkei Asian Review reported, "Apple warns suppliers of 20% drop in new iPhone parts orders." We're also maintaining our fair value estimates for related chip suppliers like narrow-moat Skyworks ($106) and Qorvo ($83). We continue to view Apple as slightly overvalued and see a modest margin of safety in Skyworks today.If accurate, the report suggests that initial iPhone production for Apple's latest slate of smartphones...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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.
We have operations in 27 countries.
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