Report
Brian Colello, CPA
EUR 101.80 For Business Accounts Only

TI Provides Steady Improvements to Its Long-Term Operating and Financial Metrics; Maintain $97 FVE

We will maintain our $97 fair value estimate for wide-moat Texas Instruments after the firm hosted its annual capital management call and provided investors with modestly more optimistic operating and financial targets, although none appear overly aggressive or unachievable to us. TI remains a best-in-class analog chipmaker, although shares appear slightly overvalued to us and we see a modestly more attractive margin of safety in wide-moat peer Microchip Technology today.
Perhaps the most import...
Underlying
Texas Instruments Incorporated

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.

Provider
Morningstar
Morningstar

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.

Analysts
Brian Colello, CPA

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