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Micron: EV/EBITDA And Op Margins Sept 19 Update

Sunil Shah profile picture
Sunil Shah's Blog
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  • This chart speaks a thousand words. once in a lifetime opportunity!
  • See the EV/EBITDA ratio a WHISKEER SHY OF A 5 yr low.
  • Conversely gross & operating margins on a 5 yr record higin in early '18.
  • f19 3q or 4q (end-aug '19)operating margins will mark the low in this cycle.
  • this is after the dreaded 3q f19 earnings;ASP's have unequivocally bottomed in sept - future looks increasingly rosy, affirmeed from multiple sources.

ev andd margins

The prescience of MU CEO can only be held in awe; he consistently maintained ASP's will recover in 2h C19, DESPITE A CHORUS OF GLOOM FROM OTHER PLAYERS.

The transformation in the industry, moving to a disciplined oligopoly with an imperative of improving the Return on Capital in foundries has been confirmed. Demand is bouyant from a diverse range of industries, paving the way for a rosier and more profitable future. Details are explicitly here, in my article:

Micron: Fear Of Inventory Impairment Fueled By Trade Spat Is An Opportunity

The sharp bounce since end June is just the start of a utopian ascent for Micron's share price. My top 3 holding.

Analyst's Disclosure: I am/we are long MU.

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