QRVO - February 7, 2021
QRVO operates in the Semiconductor design, manufacturing, and commercializing product space. They had earnings last week and sold-off from the 190 level down to 165 area. QRVO beat on EPS reporting $3.06 compared to consensus estimates of $2.86, and increased guidance while proving strong gross margin expansion. QRVO is attractively valued relative to peers on both a Sales, and EBITDA multiple and has the opportunity to benefit from multiple expansion to trade more in line with peers. From a Net Income perspective, QRVO produced slimmer NI margins largely due to acquisition integration expenses. This is a great value dip buy in the 169-162 region over the coming week.
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