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Micron Technology's (MU) CEO Sanjay Mehrotra Presents at Credit Suisse 25th Annual Technology Conference (Transcript)

Dec. 01, 2021 3:02 PM ETMicron Technology, Inc. (MU)25 Comments
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Micron Technology, Inc. (NASDAQ:MU) Credit Suisse 25th Annual Technology Conference Call December 1, 2021 11:20 AM ET

Company Participants

Sanjay Mehrotra – Chief Executive Officer

Dave Zinsner – Chief Financial Officer

Conference Call Participants

John Pitzer – Credit Suisse

John Pitzer

Why don’t we go ahead and get started. I’d like to welcome everyone to the morning fireside chat with the management team of Micron Technology, Incorporated. It’s my distinct pleasure to welcome on stage with me Sanjay Mehrotra who’s the Chief Executive Officer of Micron to my immediate left and then Dave Zinsner, the Chief Financial Officer. We have a fireside chat format here. It’s pretty straightforward. I’m going to start a conversation with Sanjay and Dave.

There is a microphone in the middle of the room. We’re not passing around this year per COVID protocols. But if you do have a question, please just walk up to the mic, we’ll make sure it gets addressed. And with that, I think first, thank you both for joining. It’s great to finally be back in person. I think investors and management teams are very happy seeing one another face to face, and I really appreciate the support and the participation.

Sanjay, my first questions, the question I actually asked you last night at dinner, I actually like both yours and Dave’s answers, which is why I’m asking it. But I would argue that one of your biggest achievements since coming to Micron is really focusing the company on closing the cost gap with its peers. And so I want to talk about gaps here a little bit because the gap that really hasn’t closed yet is if you look at the relative importance of memory over time and just measure it as memory growing as a percent of semiconductor revenue. It’s been going up in three to

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Comments (25)

If MU gets to a $10 EPS in 2022, an put a PE of 12, or 15 - then you would get a stock price of $120, $150, or somewhere in between.

If MU gets their EPS back to $2.30+ next quarter, and 2022 is supposed to be trending up with demand, $10 EPS ($2.50 * 4 QTRS) looks probable.
Wow - so we lose all the gains from yesterday in one swoop? Who didn't see this coming? Oh wait...that always happens with Micron.

Happy to see my $90 covered calls that expire tomorrow are safe. Sad to see Micron continue to show its nasty volatility that has become its trademark (though I'm guessing that is why I make so much money off my covered calls).
@Scott the Robot Touching $89 yesterday and hovering below $82 less than a day later is the Micron we all know and love
crmiller135 profile picture
I liked Sanjay reiterating >75% of the business covered under LTAs (long term agreements). Trend Force to the back of the bus!
oldbeachlvr profile picture
@crmiller135 And when Sanjay says that 75% is LTA, it does not mean that 25% is spot. Much of the 25% could be shorter term agreements with only a small fraction sold at spot prices.
crmiller135 profile picture
@oldbeachlvr it's also a good metric for where the current C-suite has taken the company. The ”old” Micron was ~20% LTAs.
Sunil Shah profile picture
paraphrasing CEO and CFO in intro to the chat, the thrust of the interview
'It's time the market reassessed Micron's transformation and thence the investor valuation rating"
Does that sound familiar?
It should
"Micron's Transformation Demands A Valuation Rerating"
Tue, Apr. 2021

Texas_12 profile picture
@Sunil Shah I agree except there was a ton of insider selling last time this was in the 80's/90's including CFO Zinsner.
@Sunil Shah you think MU will drop again?
@Texas_12 do you see MU dropping or rising in near future?
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