Darspal S Mann
Long/short equity, growth at reasonable price, special situations, deep value

Steady Growth Set To Gain Pace At MaxLinear

Stable growth at MaxLinear Inc. (NYSE:MXL), benefiting from macro tailwinds and aggressive design team, is set to gain pace with improving near-term fundamentals. While enjoying margins and long design cycle of a typical analog semiconductor company, MaxLinear should benefit from cable companies transitioning to the 24-channel platform, initial sales into satellite customers and a resumption of growth in the Terrestrial business.

Even after going public in 2010, the stock has gained limited investor traction, partly due to concerns around valuation, competition, dilution, market size and lack of clarity on the cable capital expenditure cycle. Aggressive management and consistent performance have already allayed some of the broader concerns, but strong bookings, good guidance, tight operating expense management and...

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