Analog Devices, Inc. (ADI) – Resilience in dynamic economies

Analog Devices, Inc. (ADI) (Q3FY23)

Stock Performance: Analog Devices stock price showed a downtrend in the past 3-month period and gave negative returns of -3%. The stock price increased by 10% in the past 1 year. The stock has a 52-week high of $200.10 and its 52-week low is $154.99.

Q3FY23 Performance: ADI reported Q3FY23 revenue of $3.1bn, meeting guidance. Industrial, 53% of revenue, declined 7% sequentially but grew 4% YoY. Automotive, 24% of revenue, saw a modest sequential decline but a strong 15% YoY growth. Communications, 12% of revenue, decreased double digits. Consumer, 10% of revenue, rose 15% sequentially but fell 21% YoY.

Management Guidance: For the fourth quarter of fiscal 2023, revenue is expected to be $2.7bn, +/- $100mn. At the midpoint of this revenue outlook, the company expect reported operating margin of approximately 26.8%, +/-130 bps, and adjusted operating margin of approximately 44%, +/-70 bps. EPS is expected to be $1.19, +/-$0.10, and adjusted EPS to be $2.00, +/-$0.10.

Highlights

ADI is currently navigating significant inventory challenges within the dynamic economic landscape. The company is undergoing a phase of customer inventory reconciliation, a process triggered by three years of consistent growth. This adjustment period is marked by the need to align the existing inventory levels with the evolving market demands.

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Highlights

Valuation

– Enterprise Value
– CrispIdea Forecast
– CrispIdea Segment Forecast
– Economic Value Added Analysis
– Discounted Cash Flow Analysis
– P/E Analysis
– Peer Valuation
– CrispIdea Forecast Relative to Consensus
– Consensus History and Surprise
– Consensus Momentum

Actual & Historical Performance

– Income Statement
– Balance Sheet
– Cash Flow
– 10 Year Historical Performance
– Ratio Analysis
– Du Pont Analysis
– ROIC & ROCE Analysis
– Segment Performance
– M&A Deals

Peer Performance

– Summary
– Profitability
– Growth
– Price Performance

Ownership

Stock Price Performance

Crispidea Coverage

No of Pages: 35

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