Corning: A Growth Story With Reasonable Valuation

Summary

• Corning had three segments experienced double digit YoY decline in sales, however, the comparison is based on the best year on record in 2022.
• Going through every point the management set out to achieve in 2023 in order to cushion the expected downturn, we found it has hit each point and more.
• The cushion from executing according to a framework provided a consistency for stock valuation, help limit downside risks to the stock.
• Despite near-term risks, Corning's long-term growth potential remains optimistic.

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Investment Thesis

We review our previous thesis on Corning after it had a revenue declining year in 2023, and found our thesis was still solid. More than one industry the company has exposure to was experiencing slowdown, and the large scale of the

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.