{"id":59122,"date":"2023-12-05T06:00:50","date_gmt":"2023-12-05T11:00:50","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=59122"},"modified":"2023-12-06T13:29:34","modified_gmt":"2023-12-06T18:29:34","slug":"avgo-stock-crisis-or-major-chip-investment","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2023\/12\/avgo-stock-crisis-or-major-chip-investment\/","title":{"rendered":"AVGO Stock: Crisis or Major Chip Investment?"},"content":{"rendered":"

Broadcom Inc. (AVGO)<\/span><\/a>, a leading semiconductor and infrastructure software company, recently<\/span> completed its acquisition of VMware, Inc.<\/span><\/a>, a provider of multi-cloud services, for $69 billion. This acquisition, first announced in May last year, formally closed on November 22, 2023. The deal received regulatory clearance from various countries, including the U.S., United Kingdom, and China.<\/span><\/p>\n

Hock Tan, President and CEO of Broadcom, said, \u201cWe are excited to welcome VMware to Broadcom and bring together our engineering-first, innovation-centric teams as we take another important step forward in building the world's leading infrastructure technology company.\u201d<\/span><\/p>\n

\u201cWith a shared focus on customer success, together we are well positioned to enable global enterprises to embrace private and hybrid cloud environments, making them more secure and resilient. Broadcom has a long track record of investing in the businesses we acquire to drive sustainable growth, and that will continue with VMware for the benefit of the stakeholders we serve,\u201d he added.<\/span><\/p>\n

AVGO\u2019s main focus is to allow enterprise customers to create and modernize their private and hybrid cloud environments. As a result, the company will invest in VMware Cloud Foundation, the software stack that serves as the foundation of private and hybrid clouds.<\/span><\/p>\n

In addition to Broadcom\u2019s investment in VMware Cloud Foundation, VMware will provide a list of services to modernize and optimize cloud and edge environments like VMware Tanzu to help accelerate the deployment of applications, Application Networking (Load Balancing) and Advanced Security services, and VMware Software-Defined Edge for Telco and enterprise edges.<\/span><\/p>\n

Wall Street analysts believe AVGO\u2019s stock will increase following the VMware acquisition.<\/span><\/p>\n

On December 4, Oppenheimer analyst Rick Schafer<\/span> presented a positive outlook for Broadcom<\/span><\/a> by maintaining an Outperform rating and revising his price target to $1,100.<\/span><\/p>\n

Also, on November 24, KeyBanc Capital Markets analyst John Vinh<\/span> raised his price target on AVGO by 20%<\/span><\/a> from $1,000 to $1,200. Also, the analyst maintained his \u201cStrong Buy\u201d rating on the stock. In a note to clients, Vinh expects the acquisition to be immediately accretive to the company\u2019s earnings and gross margin.<\/span><\/p>\n

John Vinh commented that KeyBanc is \u201cconstructive on the acquisition because it is highly complementary to Broadcom\u2019s infrastructure and semiconductor franchises.\u201d<\/span><\/p>\n

Further, according to Evercore ASI analyst Matthew Prisco, Broadcom\u2019s software sales will increase to nearly 40% of its total revenue in the first year after the acquisition closes. Prisco rated AVGO\u2019s stock as Outperform with a price target of $1,050.<\/span><\/p>\n

Shares of AVGO have gained more than 15% over the past six months and nearly 66% year-to-date. Also, the stock has surged approximately 74% over the past year.<\/span><\/p>\n

Now, let\u2019s discuss some of the factors that could impact AVGO\u2019s performance in the near term:<\/span><\/p>\n

Solid Financial Performance in the Last Reported Quarter<\/b><\/p>\n

For the third quarter that ended July 30, 2023, AVGO reported net revenue of $8.88 billion, beating analysts\u2019 estimate of $8.86 billion. This compared to net revenue of $8.46 billion in the same quarter of 2022. Its non-GAAP gross margin grew 3.7% year-over-year to $6.67 billion.<\/span><\/p>\n

Broadcom\u2019s non-GAAP operating income came in at $5.54 billion, an increase of 6.5% from the prior year\u2019s quarter. Its adjusted EBITDA rose 7.9% from the year-ago value to $5.80 billion. The company\u2019s non-GAAP net income rose 8.4% year-over-year to $4.60 billion. It posted non-GAAP net income per share of $10.54, compared to the consensus estimate of $10.43.<\/span><\/p>\n

Furthermore, net cash provided by operating activities increased 6.7% year-over-year to $4.72 billion. AVGO\u2019s free cash flow stood at $4.60 billion, up 6.7% from the same period last year.<\/span><\/p>\n

Upbeat Fiscal 2023 Fourth-Quarter Guidance<\/b><\/p>\n

\u201cBroadcom\u2019s third quarter results were driven by demand for next generation networking technologies as hyperscale customers scale out and network their AI clusters within data centers,\u201d said CEO Hock Tan. \u201cOur fourth quarter outlook projects year-over-year growth, reflecting continued leadership in networking for generative AI.\u201d<\/span><\/p>\n

After solid third-quarter earnings and confidence in continued business progress, AVGO expressed an optimistic view on the fiscal 2023 fourth quarter ended October 29, 2023. The company expects its fourth-quarter revenue to be nearly $9.27 billion, an increase of around 4% from the previous year\u2019s period. AVGO\u2019s adjusted EBITDA is expected to be approximately 65% of projected revenue.<\/span><\/p>\n

\u201cWe generated $4.6 billion in free cash flow in the third quarter, and expect cash flows to remain solid for Q4,\u201d said Kirsten Spears, CFO of Broadcom.<\/span><\/p>\n

Impressive Historical Growth<\/b><\/p>\n

Over the past three years, AVGO\u2019s revenue and EBITDA grew at CAGRs of 15.2% and 24.7%, respectively. The company\u2019s EBIT improved at a CAGR of 61.4% over the same period. Moreover, its net income and EPS increased at CAGRs of 77.6% and 83.2% over the same timeframe, respectively.<\/span><\/p>\n

Also, the company\u2019s levered free cash flow grew at a 6.9% CAGR over the same period.<\/span><\/p>\n

Positive Recent Developments<\/b><\/p>\n

On November 30, AVGO introduced the industry\u2019s first switch with an on-chip neutral network, NetGNT (Networking General-purpose Neutral-network Traffic-analyzer), in its new, software-programmable Trident 5-X12 chip. The new Trident 5-X12 will double bandwidth, reduce power by 25%, and add a neutral network to enable next-generation telemetry, security, and traffic engineering.<\/span><\/p>\n

\u00a0On October 17, Broadcom announced the availability of Qumran3D, the next-gen of the StrataDNX family of single-chip routers. Qumran3D will accelerate the transition to merchant silicon routers by considerably reducing carrier and cloud operator TCO with unprecedented scale.<\/span><\/p>\n

This new single-chip router will raise the bar for carrier and cloud operator solutions by delivering high-performance, low-power, and security-rich networking. It will meet growing bandwidth and security demands faced by service providers amid increased AI, mobile edge, and other high data deployments.<\/span><\/p>\n

Also, on September 26, AVGO\u2019s division, Symantec, partnered with Google Cloud to embed generative AI into the Symantec Security platform in a phased rollout that will provide customers a technical edge for detecting, understanding, and remediating sophisticated cyberattacks.<\/span><\/p>\n

\u201cOur partnership with Google Cloud is part of that continuing journey to put the most innovative security solutions possible into user hands. Our engineers have simplified the process in ways that will enable customers to be much more productive and effective. This is just the beginning of a great collaboration that will help to kickstart the benefits of AI throughout the broader security ecosystem,\u201d said Adam Bromwich, CTO and Head of Engineering, Symantec Enterprise Division, Broadcom.<\/span><\/p>\n

Broadcom\u2019s Commitment To AI<\/b><\/p>\n

On October 10, AVGO showcased its vision for AI acceleration and democratization at the 2023 Open Compute Project Global Summit. The company\u2019s commitment to unleashing the AI potential at scale is achieved through a combination of ubiquitous AI connectivity, innovative silicon, and open standards.<\/span><\/p>\n

This also reflects Broadcom\u2019s commitment to its standardization work toward an open hardware ecosystem for AI workloads.<\/span><\/p>\n

\u201cToday, AI is pushing technology to its boundaries. Broadcom is focused on innovating to interconnect the key components of an open AI platform within the data center. Our goal is to partner with hyperscalers and enterprise OEMs to build leading-edge AI products and solutions,\u201d said Charlie Kawwas, Ph. D., President, Semiconductor Solutions Group, Broadcom.<\/span><\/p>\n

AGVO will witness growing demand for its products from companies developing AI capabilities. As per a report by Bloomberg Intelligence (BI), the generative AI market is expected to reach $1.30 trillion over the next ten years from a market size of just $40 billion in 2022,<\/span> expanding at a CAGR of 42%<\/span><\/a>.<\/span><\/p>\n

Favorable Analyst Estimates<\/b><\/p>\n

Analysts expect AVGO\u2019s revenue for the fourth quarter (ended October 2023) to grow 3.9% year-over-year to $9.28 billion. The consensus EPS estimate of $10.96 for the same period indicates a 4.9% year-over-year increase. Moreover, the company has surpassed the consensus revenue and EPS estimates in each of the trailing four quarters, which is impressive.<\/span><\/p>\n

For the fiscal year 2023, Street expects AVGO\u2019s revenue and EPS to grow 7.8% and 11.7% year-over-year to $35.80 billion and $42.03, respectively. In addition, the company\u2019s revenue and EPS for the fiscal year 2024 are expected to increase 22.7% and 46.2% from the previous year to $52.33 billion and $45.49, respectively.<\/span><\/p>\n

Attractive Dividend<\/b><\/p>\n

AVGO pays an annual dividend of $18.40, which translates to a yield of 1.98% at the current share price. Its four-year average dividend yield is 3.04%. Also, the company\u2019s dividend payouts have increased at a CAGR of 21.3% over the past five years. Broadcom has raised its dividends for 12 consecutive years.<\/span><\/p>\n

Robust Profitability<\/b><\/p>\n

AVGO\u2019s trailing-12-month gross profit margin of 74.27% is 52.6% higher than the 48.67% industry average. The stock\u2019s trailing-12-month EBIT margin of 45.7% is 874.3% higher than the 4.69% industry average. Likewise, its trailing-12-month net income margin of 39.25% is significantly higher than the 2.20% industry average.<\/span><\/p>\n

Moreover, the stock\u2019s trailing-12-month ROCE, ROTC, and ROTA of 64.57%, 16.63%, and 19.44% are considerably higher than the industry averages of 1.01%, 2.60%, and 0.26%, respectively. Its trailing-12-month levered FCF margin of 38.97% is 375.16% higher than the industry average of 8.20%.<\/span><\/p>\n

Bottom Line<\/b><\/p>\n

Broadcom surpassed analyst estimates on the top and bottom lines in the last reported quarter. The company\u2019s outstanding third-quarter performance was driven by robust demand for next generation networking technologies.<\/span><\/p>\n

In addition, AVGO\u2019s long-term outlook appears promising, propelled by continued leadership in networking for generative AI, strategic investments, and partnerships. Recently, the chipmaker completed its acquisition of VMware, enabling it to accelerate its adoption of cloud technologies. AVGO\u2019s stock has surged more than 65% year-to-date on the back of the VMware deal closing and AI wave.<\/span><\/p>\n

Given its solid financials, high profitability, and rosy growth prospects, it could be wise to invest in AVGO now.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Broadcom Inc. (AVGO), a leading semiconductor and infrastructure software company, recently completed its acquisition of VMware, Inc., a provider of multi-cloud services, for $69 billion. This acquisition, first announced in May last year, formally closed on November 22, 2023. The deal received regulatory clearance from various countries, including the U.S., United Kingdom, and China. Hock […]<\/p>\n","protected":false},"author":41,"featured_media":58826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[33135,33134,33131,32180,33133,33132],"class_list":["post-59122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-broadcom-inc-avgo","tag-completed-its-acquisition-of-vmware","tag-expanding-at-a-cagr-of-42","tag-inc","tag-presented-a-positive-outlook-for-broadcom","tag-raised-his-price-target-on-avgo-by-20"],"yoast_head":"\nAVGO Stock: Crisis or Major Chip Investment? - INO.com Trader's Blog<\/title>\n<meta name=\"description\" content=\"Broadcom (AVGO) recently completed its $69 billion acquisition of cloud-computing firm VMware. What does this strategic move mean for the company? 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