Micron: >10% Income Chew From China Ban (NASDAQ:MU)


vzphotos

In our earlier evaluation of Micron Expertise, Inc. (NASDAQ:MU), we discovered that the corporate’s elevated stock resulted from a drop in demand progress in comparison with provide progress, affecting DRAM and NAND costs in 2023. Regardless of this, we anticipated pricing to

Micron Geographical Income Breakdown ($ mln)

2018

2019

2020

2021

2022

Common

United States

17,116

12,451

10,381

12,155

16,026

Progress %

-27%

-17%

17%

32%

1%

Taiwan

3,918

2,703

3,657

6,606

6,185

Progress %

-31%

35%

81%

-6%

20%

Mainland China (Excluding HK)

3,607

3,595

2,337

2,456

3,311

Progress %

0%

-35%

5%

35%

1%

Japan

1,761

1,614

1,387

1,652

1,696

Progress %

-8%

-14%

19%

3%

0%

Hong Kong

1,265

958

1,792

2,582

1,665

Progress %

-24%

87%

44%

-36%

18%

Different Asia Pacific

1,458

1,032

1,157

1,420

1,223

Progress %

-29%

12%

23%

-14%

-2%

Different

1,266

1,053

724

834

652

Progress %

-17%

-31%

15%

-22%

-14%

Whole

30,391

23,406

21,435

27,705

30,758

Progress %

-23%

-8%

29%

11%

2%

Micron Income Influence Estimate

Bear Case

Base Case

Bull Case

Micron Income ($ bln)

30,758

30,758

30,758

Share of China Income

25.0%

25.0%

12.5%

Finish Markets Influence ($ bln)

100%

45%

45%

Estimated Influence

7,690

3,460

1,730

Estimated Influence % of Whole Income

25.0%

11.3%

5.6%

Micron Income Breakdown

2022

DRAM

72.78%

NAND

25.4%

Firms

Q2 2022

Q2 2023

YoY

Samsung (KRW tln)

21.08

8.97

-57.4%

SK Hynix (KRW tln)

13.81

7.31

-47.1%

Micron ($ bln)

8.64

3.75

-56.6%

Days Stock Ratio

2016

2017

2018

2019

2020

2021

2022

TTM

Common

Micron

138.02

136.72

158.38

218.42

207.37

163.30

208.83

307.94

167.25

Samsung

68.49

69.72

94.49

87.98

91.15

105.32

116.03

136.98

84.22

SK Hynix

66.82

67.05

84.91

94.22

98.93

114.25

154.73

172.25

92.68

Stock Turnover Ratio

2016

2017

2018

2019

2020

2021

2022

TTM

Common

Micron

2.64

2.67

2.30

1.67

1.76

2.24

1.75

1.19

2.47

Samsung

5.33

5.23

3.86

4.15

4.00

3.47

3.15

2.66

5.09

SK Hynix

5.46

5.44

4.3

3.87

3.69

3.19

2.36

2.12

4.57

Micron Income Projection ($ bln)

2020

2021

2022

2023F

2024F

2025F

DRAM

14.51

20.04

22.39

14.18

15.98

17.92

Progress %

38.1%

11.7%

-36.6%

12.7%

12.1%

NAND

6.13

7.01

7.81

5.41

5.84

6.50

Progress %

14.3%

11.5%

-30.8%

7.9%

11.3%

Others

0.79

0.66

0.56

0.37

0.25

0.27

Progress %

-17.0%

-14.9%

-34.9%

-32.9%

Whole Income

21.44

27.71

30.76

19.95

22.06

24.68

Whole Progress %

29.25%

11.02%

-35.12%

10.57%

11.86%

Present Worth

Valuation Worth

Upside

Valuation (‘DCF’)

$ 70.03

$ 110.23

57.40%

Molodovsky Impact Low cost (30%)

$ 77.16

10.18%



Source link

Related articles

Retail Gross sales and Inflation Set the Stage for Fed’s September Charge Choice

Inflation information and Retail Gross sales hit this week, providing key macro data for traders and policymakers President Trump’s shock 50% tariff on Brazil and copper imports leaves one outperforming sector in limbo Financial institution...

Alchemy Markets Unveils Main Rebrand, Ushering in a New Period of Monetary Empowerment

Alchemy Markets, a pacesetter in offering institutional-grade buying and selling situations to retail purchasers, is proud to announce the launch of its newly rebranded id, together with a contemporary emblem, a totally redesigned...

Following NinjaTrader Acquisition, Kraken Opens Entry to CME-Listed Crypto Futures

Govt Interview with Costas Michael from Revolut Cyprus | iFX EXPO Worldwide 2025 Govt Interview with Costas Michael from...

Baker Hughes, Petronas collaborate on Asia-Pac vitality enlargement, transition

Baker Hughes, and Petronas introduced that they've entered a memorandum of understanding (MoU) on a strategic partnership to discover enterprise initiatives which have the potential to assist the supply of Asia’s vitality enlargement...

This premium Ryzen 7 mini PC with 32GB RAM is never this low-cost!

Lately, your own home workplace doesn’t really want a laptop computer or cumbersome PC tower anymore—mini PCs are greater than highly effective sufficient for something you might have to do, particularly for those...
spot_img

Latest articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

WP2Social Auto Publish Powered By : XYZScripts.com