ON Semiconductor Corp
NASDAQ:ON
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ON Semiconductor Corp
Intrinsic Value
The intrinsic value of one
ON
stock under the Base Case scenario is
70.27
USD.
Compared to the current market price of 68.47 USD,
ON Semiconductor Corp
is
Undervalued by 3%.
The Intrinsic Value is calculated as the average of DCF and Relative values:
Valuation Backtest
ON Semiconductor Corp
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Fundamental Analysis
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ON Semiconductor Corp., a leading semiconductor manufacturer, has carved a niche for itself at the crossroads of technology and electrification. Founded in 1999, the company has established a robust portfolio of innovative products designed to improve energy efficiency and performance in a variety of applications, from automotive and industrial to consumer electronics and communications. With the world shifting towards more sustainable energy and smarter devices, ON Semiconductor is at the forefront of this evolution. The company’s strategic focus on power and sensing solutions positions it as a critical player in markets particularly driven by the growing demand for electric vehicles, IoT d...
ON Semiconductor Corp., a leading semiconductor manufacturer, has carved a niche for itself at the crossroads of technology and electrification. Founded in 1999, the company has established a robust portfolio of innovative products designed to improve energy efficiency and performance in a variety of applications, from automotive and industrial to consumer electronics and communications. With the world shifting towards more sustainable energy and smarter devices, ON Semiconductor is at the forefront of this evolution. The company’s strategic focus on power and sensing solutions positions it as a critical player in markets particularly driven by the growing demand for electric vehicles, IoT devices, and renewable energy technologies.
Investors looking at ON Semiconductor Corp. will find a company that not only boasts a strong financial performance but also a commitment to long-term growth through strategic acquisitions and R&D investments. The company’s recent expansion into the automotive sector, especially with the rise of electric vehicles, underscores its ability to adapt to market trends while reaping the rewards of significant industry tailwinds. With a solid balance sheet, consistent revenue growth, and a focus on sustainable practices, ON Semiconductor is well-poised to capitalize on the increasing need for semiconductors in a rapidly evolving technological landscape. For investors seeking a reliable player in the semiconductor space, ON Semiconductor represents a compelling opportunity backed by both innovation and financial strength.
ON Semiconductor Corporation, now known as ON Semi, operates in several core business segments that focus on providing a wide range of semiconductor solutions. The company primarily categorizes its operations into the following segments:
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Automotive: This segment includes products that support various automotive applications, such as electric vehicles (EVs), advanced driver-assistance systems (ADAS), and powertrain systems. ON Semi is focused on developing high-performance semiconductor solutions that meet the growing demands for efficiency, safety, and reliability in the automotive industry.
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Industrial: The industrial segment encompasses a broad range of applications, including factory automation, robotics, and power management solutions. ON Semi produces semiconductors that support manufacturing processes, energy efficiency, and automation technologies.
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Aerospace and Defense: This segment provides specialized semiconductor solutions designed for aerospace and defense applications, which often require high reliability and durability under extreme conditions.
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Communications: This segment focuses on products used in telecommunications and networking, including components for data centers, broadband applications, and wireless technologies.
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Consumer: The consumer segment includes a variety of electronics products, from imaging solutions to power management devices used in consumer electronics and appliances.
-
Power Solutions: ON Semi offers a range of power electronics and power management solutions that are integral to many applications across different markets, emphasizing energy efficiency and thermal management.
These segments demonstrate ON Semiconductor's commitment to innovative and diversified markets, supporting both traditional and emerging applications, particularly in the context of the increasing demand for energy efficiency and sustainability. The company's strategic focus on automotive and industrial applications also aligns with the growing trends toward automation and electrification in various industries.
ON Semiconductor Corp possesses several unique competitive advantages that set it apart from its rivals in the semiconductor industry:
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Broad Product Portfolio: ON Semiconductor offers a wide range of products, including power semiconductors, automotive semiconductors, sensors, and integrated circuits. This diversification enables the company to serve various sectors, including automotive, industrial, communications, and consumer electronics, reducing dependence on any single market.
-
Strong Focus on Automotive and Industrial Markets: With a significant investment in automotive semiconductor solutions, ON Semiconductor has positioned itself well to benefit from the ongoing trends towards electric vehicles and increased automation in industrial processes. This sector is high-growth and relatively less competitive compared to consumer electronics.
-
Innovation and R&D Capabilities: ON Semiconductor invests heavily in research and development, allowing it to innovate and stay ahead of industry trends. This commitment to R&D helps in developing advanced technologies that meet the evolving needs of customers, particularly in power efficiency and miniaturization.
-
Strategic Acquisitions: The company has successfully acquired businesses that enhance its technological capabilities and market reach. These strategic acquisitions have expanded its product offerings and customer base, enabling access to new markets and technologies.
-
Manufacturing Expertise and Efficiency: ON Semiconductor has advanced manufacturing capabilities, including both in-house production and strategic partnerships with foundries. This flexibility allows them to optimize costs and responsiveness to market demands, giving them an edge over competitors who rely heavily on external manufacturing.
-
Sustainability Initiatives: A commitment to sustainability and energy efficiency is a crucial differentiator in today’s market. ON Semiconductor has developed products that help customers reduce power consumption, aligning with global trends toward greener technologies.
-
Robust Supply Chain Management: The company has effectively managed its supply chain risks, which is especially critical in the semiconductor industry where shortages can have significant impacts. Their established relationships with suppliers and a focus on vertical integration help mitigate potential disruptions.
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Customer Relationships and Support: ON Semiconductor emphasizes building long-term relationships with key customers by providing tailored solutions and strong technical support. This leads to higher customer loyalty and reduces the chances of switching to competitors.
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Global Presence: With a solid global footprint, ON Semiconductor can better serve international markets and leverage opportunities across different regions, which is essential for growth in the highly competitive semiconductor industry.
These competitive advantages position ON Semiconductor to capture growth opportunities and maintain a resilient business model in the face of industry challenges.
ON Semiconductor Corp, like any other company in the semiconductor industry, faces several risks and challenges in the near future:
-
Supply Chain Disruptions: Ongoing global supply chain issues, exacerbated by factors such as the COVID-19 pandemic, geopolitical tensions, or natural disasters, could impact production capabilities and delivery timelines.
-
Market Volatility: The semiconductor market is characterized by cyclical demand patterns. A slowdown in end-user industries like automotive, consumer electronics, or industrial sectors could lead to decreased demand for ON Semiconductor's products.
-
Competition: The semiconductor industry is highly competitive, with numerous established players and new entrants. Intense competition can lead to pricing pressures and reduced margins.
-
Technological Advancements: Rapid technological changes require continuous innovation. Failure to keep pace with advancements could result in loss of market share to more technologically advanced competitors.
-
Regulatory and Trade Policies: Changes in trade policies, tariffs, or regulations, especially concerning exports to major markets like China, can significantly influence ON Semiconductor's operations and profitability.
-
Dependence on Key Customers: A significant portion of revenue may come from a few key customers. Loss of any major client could adversely affect sales and financial performance.
-
R&D and Capital Expenditures: The semiconductor industry requires substantial investment in R&D and capital expenditures. Any financial constraints or misallocation of resources could hamper growth prospects.
-
Environmental Regulations: Increasing regulatory focus on sustainability and environmental impact may lead to higher costs or necessitate modifications in manufacturing processes.
-
Cybersecurity Threats: As with any technology-focused company, ON Semiconductor faces potential risks related to cybersecurity, which could disrupt operations or compromise sensitive information.
-
Economic Conditions: Broader economic conditions, including inflation rates, interest rates, and consumer confidence, can impact overall market demand and influence ON Semiconductor’s performance.
By staying informed and actively managing these risks, ON Semiconductor can strive to mitigate potential challenges and capitalize on market opportunities.
Revenue & Expenses Breakdown
ON Semiconductor Corp
Balance Sheet Decomposition
ON Semiconductor Corp
| Current Assets | 6.5B |
| Cash & Short-Term Investments | 2.8B |
| Receivables | 1.1B |
| Other Current Assets | 2.7B |
| Non-Current Assets | 7.4B |
| PP&E | 4.7B |
| Intangibles | 1.9B |
| Other Non-Current Assets | 835.5m |
| Current Liabilities | 2.1B |
| Accounts Payable | 597.5m |
| Accrued Liabilities | 734.3m |
| Other Current Liabilities | 796.8m |
| Non-Current Liabilities | 3.2B |
| Long-Term Debt | 2.6B |
| Other Non-Current Liabilities | 641.3m |
Earnings Waterfall
ON Semiconductor Corp
|
Revenue
|
7.4B
USD
|
|
Cost of Revenue
|
-4B
USD
|
|
Gross Profit
|
3.4B
USD
|
|
Operating Expenses
|
-1.3B
USD
|
|
Operating Income
|
2.1B
USD
|
|
Other Expenses
|
-330m
USD
|
|
Net Income
|
1.8B
USD
|
Free Cash Flow Analysis
ON Semiconductor Corp
| USD | |
| Free Cash Flow | USD |
In the third quarter, onsemi generated $1.76 billion in revenue, a 2% increase sequentially, driven by a 5% rise in automotive revenue. The company maintains a gross margin above 44%, with guidance suggesting Q4 non-GAAP gross margin will range from 44% to 46%. Capital expenditures are forecasted between $130 million and $170 million, contributing to a free cash flow target of 25-30%. Despite current market softness, particularly in Europe and North America, onsemi expects low to mid-single-digit growth in silicon carbide revenues for 2024. They are committed to returning 50% of free cash flow to shareholders, having repurchased over $1 billion since February.
What is Earnings Call?
ON Profitability Score
Profitability Due Diligence
ON Semiconductor Corp's profitability score is 66/100. The higher the profitability score, the more profitable the company is.
Score
ON Semiconductor Corp's profitability score is 66/100. The higher the profitability score, the more profitable the company is.
ON Solvency Score
Solvency Due Diligence
ON Semiconductor Corp's solvency score is 86/100. The higher the solvency score, the more solvent the company is.
Score
ON Semiconductor Corp's solvency score is 86/100. The higher the solvency score, the more solvent the company is.
Wall St
Price Targets
ON Price Targets Summary
ON Semiconductor Corp
According to Wall Street analysts, the average 1-year price target for
ON
is 87.65 USD
with a low forecast of 55.55 USD and a high forecast of 112.35 USD.
Click here to dive deeper.
Dividends
Current shareholder yield for ON 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?
Ownership
ON Insider Trading
Buy and sell transactions by insiders
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Profile
ON Semiconductor Corp
Country
Industry
Market Cap
Dividend Yield
Description
ON Semiconductor Corp. provides industry intelligent sensing and power solutions, which helps the customers to solve the most challenging problems and create cutting edge products. The company is headquartered in Phoenix, Arizona and currently employs 30,000 full-time employees. The company went IPO on 2000-04-27. The firm's segments include the Power Solutions Group (PSG), the Advanced Solutions Group (ASG) and the Intelligent Sensing Group (ISG). The PSG segment offers a range of analog, discrete, module and integrated semiconductor products. The ASG segment designs and develops analog, mixed-signal, advanced logic, application specific standard products (ASSPs) and application specific integrated circuits (ASICs), radio frequency (RF) and integrated power solutions for a base of end-users in different end-markets. The ISG segment designs and develops complementary metal oxide semiconductor (CMOS) image sensors, image signal processors, single photon detectors, including Silicon photomultipliers (SiPM) and Single photon avalanche diode (SPAD) arrays, as well as actuator drivers for autofocus and image stabilization for a base of end-users in the different end-markets.
Contact
IPO
Employees
Officers
The intrinsic value of one
ON
stock under the Base Case scenario is
70.27
USD.
Compared to the current market price of 68.47 USD,
ON Semiconductor Corp
is
Undervalued by 3%.
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