Micron Technology Inc
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Intrinsic Value
The intrinsic value of one MU stock under the Base Case scenario is 134.47 USD. Compared to the current market price of 96.34 USD, Micron Technology Inc is Undervalued by 28%.
The Intrinsic Value is calculated as the average of DCF and Relative values:
Valuation Backtest
Micron Technology Inc
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Fundamental Analysis
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Micron Technology Inc., a leader in the semiconductor industry, specializes in the design and manufacture of innovative memory and storage solutions that power a wide array of electronic devices. Founded in 1978 and headquartered in Boise, Idaho, Micron has pioneered cutting-edge technologies in dynamic random-access memory (DRAM) and NAND flash memory, essential components in everything from smartphones to data centers. As the world increasingly shifts towards digitalization and data-driven applications, Micron's expertise positions it as a crucial player in the tech landscape, benefiting from the growth in artificial intelligence, cloud computing, and autonomous vehicles. The company's com...
Micron Technology Inc., a leader in the semiconductor industry, specializes in the design and manufacture of innovative memory and storage solutions that power a wide array of electronic devices. Founded in 1978 and headquartered in Boise, Idaho, Micron has pioneered cutting-edge technologies in dynamic random-access memory (DRAM) and NAND flash memory, essential components in everything from smartphones to data centers. As the world increasingly shifts towards digitalization and data-driven applications, Micron's expertise positions it as a crucial player in the tech landscape, benefiting from the growth in artificial intelligence, cloud computing, and autonomous vehicles. The company's commitment to research and development allows it to remain at the forefront of advancements, ensuring sustainable competitive advantages.
For investors, Micron represents an opportunity to tap into a burgeoning market with strong long-term growth prospects. The company's robust financial performance, characterized by consistent revenue growth and healthy profit margins, is supported by increasing demand for memory solutions in various sectors. Despite facing industry cyclicality, Micron's strategic initiatives, including cost management and expansion of production capabilities, bolster its resilience against market fluctuations. Furthermore, its focus on sustainability and responsible manufacturing enhances its reputation and aligns with the values of socially conscious investors. As technology continues to evolve, Micron’s mission of driving innovation in memory and storage solutions makes it an attractive candidate for those looking to invest in a pivotal segment of the tech economy.
Micron Technology, Inc. is a global leader in the semiconductor industry, primarily known for its production of memory and storage solutions. The company operates through several core business segments, which can be broadly categorized as follows:
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DRAM (Dynamic Random Access Memory):
- Micron is one of the largest manufacturers of DRAM, which is used in a variety of computing and mobile applications. This segment serves data centers, PC, and mobile markets. DRAM is critical for tasks requiring fast memory access, making it essential for performance-intensive applications.
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NAND Flash Memory:
- This segment includes NAND flash memory products, which are used in various storage applications, including solid-state drives (SSDs), smartphones, and other consumer electronics. This memory type is non-volatile, meaning it retains data even when power is turned off, making it ideal for data storage applications.
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Managed NAND Solutions:
- This focuses on integrated storage solutions that combine NAND memory with custom controllers. These products are designed for specific applications in mobile devices, IoT devices, and edge computing.
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Storage Solutions:
- Micron offers a range of storage products, including NVMe (Non-Volatile Memory Express) and SSDs for enterprise and consumer applications. This segment targets customers looking for high-performance storage solutions that improve speed and efficiency in data access.
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Other Specialty Products:
- This includes products tailored for specific markets, like automotive, industrial, and communications. These may encompass various memory technologies and custom solutions designed for unique applications in sectors that require reliable and secure memory products.
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Research and Development:
- While not a standalone business segment, R&D is crucial for Micron's strategy, focusing on advancing memory technologies, enhancing product performance, and developing new solutions to meet market demands.
Micron's product portfolio serves a diverse range of markets, including data centers, consumer electronics, automotive, and industrial sectors, positioning the company to capitalize on trends like artificial intelligence, the Internet of Things (IoT), and 5G technology. The company's ability to adapt its offerings and drive innovation is central to its growth and competitive strategy in the semiconductor industry.
Micron Technology Inc. has several unique competitive advantages that help it maintain a strong position in the semiconductor industry, particularly in the memory and storage segment. Here are some of the key advantages:
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Advanced Technology and R&D: Micron invests heavily in research and development to innovate and enhance its product offerings. This commitment to technological advancement allows it to produce cutting-edge memory solutions that meet the evolving demands of customers, such as higher capacity, efficiency, and speed.
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Vertical Integration: Micron manages various stages of its production process, from wafer fabrication to packaging and testing. This vertical integration can lead to cost efficiencies, better quality control, and a more reliable supply chain.
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Strong Intellectual Property: The company has developed a robust portfolio of patents and proprietary technologies. This intellectual property not only differentiates its products but also serves as a barrier to entry for competitors.
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Economies of Scale: With substantial production capacity, Micron benefits from economies of scale that allow it to lower per-unit costs, enabling competitive pricing. This is particularly important in a price-sensitive market like semiconductors.
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Diverse Product Portfolio: Micron offers a wide range of memory and storage products, including DRAM, NAND flash memory, and storage solutions for various applications like smartphones, data centers, and automotive systems. This diversification helps mitigate risks associated with reliance on a single product line.
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Strategic Partnerships and Customer Relationships: Micron has established strong relationships with key customers, including major technology companies. Strategic partnerships can enhance its market positioning and lead to long-term contracts and commitments.
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Global Manufacturing Footprint: The company has a well-distributed global manufacturing presence, which allows for flexibility in production and distribution to meet regional demand while also managing geopolitical risks.
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Commitment to Sustainability: Micron is increasingly focusing on sustainable practices in its operations, which can enhance its brand reputation and align with consumer preferences for environmentally responsible products.
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Financial Strength: With a solid financial base, Micron has the capacity to invest in new technologies, facilities, and strategic acquisitions, providing it with a competitive edge in terms of resource availability.
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Market Leadership in Certain Segments: Micron is recognized as a leader in specific memory markets, particularly DRAM and NAND segments. This leadership position often translates to established market trust and credibility among customers.
These competitive advantages combined create a robust framework that allows Micron Technology Inc. to effectively compete against its rivals while navigating the complexities of the semiconductor market.
Micron Technology Inc., a leading manufacturer of memory chips, faces several risks and challenges going forward:
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Market Volatility: The semiconductor industry is cyclical, and demand for DRAM and NAND flash memories can fluctuate significantly based on consumer electronics demand, global economic conditions, and market trends.
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Supply Chain Disruptions: Events like the COVID-19 pandemic, geopolitical tensions, and natural disasters can disrupt the supply chain, impacting production and delivery timelines.
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Increasing Competition: Micron faces intense competition from other semiconductor companies, particularly in Asia, such as Samsung and SK Hynix, which may lead to pricing pressure and reduced margins.
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Technological Changes: Rapid advancements in technology (e.g., AI, machine learning, and 5G) require constant innovation, and failure to keep pace can result in lost market share.
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Geopolitical Tensions: Trade relations, particularly between the U.S. and China, could affect Micron's operations and market access, especially with components that have strategic importance.
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Regulatory Challenges: Stricter regulations and export controls could complicate Micron's supply chain and technology transfers, impacting its ability to operate effectively.
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Investment in Capital Expenditures: Micron requires substantial investment to expand its manufacturing capabilities and upgrade technology, which poses risks if market conditions change or if expected returns do not materialize.
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Cyclicality and Pricing Pressure: The semiconductor market is known for its cyclical nature, where periods of oversupply can lead to significant price declines, directly affecting revenue and profitability.
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R&D Investments: The heavy reliance on research and development to maintain a competitive edge requires ongoing investment, and there is a risk that some investments may not yield the expected technological advances.
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Environmental and Ethical Considerations: Increasing scrutiny regarding environmental impacts and labor practices might impose additional operational costs or affect Micron’s reputation if not managed properly.
Addressing these challenges effectively will be crucial for Micron to maintain its competitive position in the technology landscape.
Revenue & Expenses Breakdown
Micron Technology Inc
Balance Sheet Decomposition
Micron Technology Inc
Current Assets | 24.4B |
Cash & Short-Term Investments | 8.1B |
Receivables | 6.6B |
Other Current Assets | 9.7B |
Non-Current Assets | 45B |
Long-Term Investments | 1.2B |
PP&E | 40.4B |
Intangibles | 1.6B |
Other Non-Current Assets | 1.8B |
Current Liabilities | 9.2B |
Accounts Payable | 3B |
Accrued Liabilities | 1.2B |
Other Current Liabilities | 5.1B |
Non-Current Liabilities | 15B |
Long-Term Debt | 13B |
Other Non-Current Liabilities | 2.1B |
Earnings Waterfall
Micron Technology Inc
Revenue
|
25.1B
USD
|
Cost of Revenue
|
-19.5B
USD
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Gross Profit
|
5.6B
USD
|
Operating Expenses
|
-4.6B
USD
|
Operating Income
|
1B
USD
|
Other Expenses
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-268m
USD
|
Net Income
|
778m
USD
|
Free Cash Flow Analysis
Micron Technology Inc
USD | |
Free Cash Flow | USD |
Micron closed fiscal 2024 with record revenues of $25.1 billion, up 62% year-over-year. The fourth quarter alone saw revenues of $7.8 billion, marking a 93% year-over-year increase. The company's DRAM and NAND segments performed exceptionally well, with DRAM revenue growing 60% year-over-year to $17.6 billion, and NAND revenue increasing 72% to $7.2 billion. Looking forward, Micron projects revenue of $8.7 billion for Q1 of fiscal 2025, supported by robust demand in data centers and AI-driven markets. Gross margins are expected to improve, driven by favorable pricing and product mix, and operating expenses are anticipated to grow by mid-teens percentages .
What is Earnings Call?
MU Profitability Score
Profitability Due Diligence
Micron Technology Inc's profitability score is 44/100. The higher the profitability score, the more profitable the company is.
Score
Micron Technology Inc's profitability score is 44/100. The higher the profitability score, the more profitable the company is.
MU Solvency Score
Solvency Due Diligence
Micron Technology Inc's solvency score is 58/100. The higher the solvency score, the more solvent the company is.
Score
Micron Technology Inc's solvency score is 58/100. The higher the solvency score, the more solvent the company is.
Wall St
Price Targets
MU Price Targets Summary
Micron Technology Inc
According to Wall Street analysts, the average 1-year price target for MU is 144.88 USD with a low forecast of 70.7 USD and a high forecast of 262.5 USD.
Dividends
Current shareholder yield for MU is .
Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?
Profile
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Industry
Market Cap
Dividend Yield
Description
Micron Technology, Inc. engages in the provision of innovative memory and storage solutions. The company is headquartered in Boise, Idaho and currently employs 43,000 full-time employees. The firm's portfolio of memory and storage technologies, including dynamic random-access memory (DRAM), negative-AND (NAND), three-dimensional (3D) XPoint memory, and NOR. Its brands include Micron and Crucial. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into client, cloud server, enterprise, graphics, and networking markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone and other mobile-device markets; Storage Business Unit (SBU), which includes solid state drives (SSDs) and solutions sold into enterprise, cloud, client, and consumer storage markets, other storage products sold in component and wafer form, and Embedded Business Unit (EBU), which includes memory and storage products sold into automotive, industrial, and consumer markets.
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The intrinsic value of one MU stock under the Base Case scenario is 134.47 USD.
Compared to the current market price of 96.34 USD, Micron Technology Inc is Undervalued by 28%.