Texas Instruments' Capital Allocation Policies Remain Best in Class; Maintain $106 FVE
We will maintain our $106 fair value estimate for wide-moat Texas Instruments after the company provided investors with its annual update on its capital allocation policies and future plans. The company maintained most of its targets that continue to make TI a best-in-class allocator of capital and a firm worthy of our Exemplary stewardship rating. TI's primary capital allocation targets continue to be free cash flow generation of 25%-35% of trailing 12-month revenue (TI earned 38% in 2018), as ...Texas Instruments designs and makes semiconductors that it sells to electronics designers and manufacturers. The company has two reportable segments: Analog and Embedded Processing. The company's analog semiconductors change signals, such as sound, temperature, pressure or images to a stream of digital data. The company's analog segment primary product lines includes: power, signal chain, and high volume. The company's embedded processors are designed to handle specific tasks and can be optimized for various combinations of performance, power and cost, depending on the application. The company's embedded processing segment primary product lines includes: connected microcontrollers and processors.
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.
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