Although I suspect that Mellanox (MLNX)
management would be loath to admit it, the involvement of Starboard has
seemed to light a fire under them with respect to margin improvement
and increased candor about the business. The margin improvements are
particularly notable, as they have a disproportionate impact on
valuation, and it increasingly looks like these improvements are
coinciding with another up-cycle in the business. All of that is good
news for shareholders, though these shares have had a good run of late
relative to the semiconductor sector, and I wouldn't call the valuation
strikingly cheap.
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Mellanox Improving Its Execution Just As Another Cycle Seems To Be Ramping Up
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