Marvell Not Getting Enough Credit For The Progress It Has Made

Marvell Technology (MRVL) isn’t quite in the clear just yet. While management has led what I believe to be an impressive turnaround since Matt Murphy became CEO in the summer of 2016, and the decision to exit mobile baseband (which occurred before the new CEO came on board) was a good one, the shares have nevertheless lagged the SOX over the past two years, with the gap having widened recently on growing concerns about the health of the recently-acquired Cavium business.

At its core, I think Marvell has a decent, if not good, business – the storage controller business is a solid cash flow generator and the company’s Ethernet business should be able to expand from its low-to-mid-range enterprise core into more attractive data center opportunities. While Cavium’s recent performance has certainly been disappointing, I think it’s premature to write off this business and the growth opportunities in areas like multi-core processors, Ethernet and fibre channel adapters, ARM processors, and security processors and adapters. I’m certainly not as bullish as the sell-side seems to be, but I think expectations are low and solid execution can drive better margins and a fair value into the low-$20s in the short term and into the mid-to-high $20s a little further down the road.

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Marvell Not Getting Enough Credit For The Progress It Has Made

Seeking Alpha: Marvell Moving On Mobile

In the relatively short time since I last wrote on Marvell Technology (MRVL), the company's shares have done all right - rising about 3% and keeping pace with the SOX Index while modestly outperforming Qualcomm (QCOM) and Broadcom (BRCM). I continue to have my concerns about the company's long-term positioning in mobile/wireless, but the shares don't seem all that expensive in a semiconductor sector that doesn't have too many bargains. What's more, if the company gets a few breaks going its way (including holding off rivals like MediaTek and Spreadtrum in China), there could be some worthwhile upside to my assumptions.

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Marvell Moving On Mobile

Seeking Alpha: Cavium Is Great, But So Are The Expectations

The annoying thing about watchlists and "waiting for pullbacks" is that you have to be ready and willing to pull the trigger when they do happen. More often than not, whenever a growth stock pulls back significantly and actually looks like it sports a reasonable valuation, there are numerous analysts out in print harping on whatever bad news drove the stock down in the first place.

That brings me to Cavium (CAVM), a very interesting specialty networking processor company. The market gave investors two cracks at this stock below $25 in just the last six months, and while I would not dismiss or ignore competition from Intel (INTC), Broadcom (BRCM), Freescale (FSL) and others, I believe Cavium is well-positioned to deliver some rather remarkable growth in the coming decade. The only problem is that most of the Street things so too now, and even robust growth expectations barely drive a fair value above today's price.

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Cavium Is Great, But So Are The Expectations

Investopedia: LSI Looks Too Cheap, But Only If You're A Believer

Investing nearly always calls for some leap of faith – Wall Street is a discounting mechanism, and that requires investors to try to peer into the future and see how industries, markets, and companies will look in a few years' time. If you wait too long, waiting for more certainty on developments, most of the gains will be gone by the time you decide to invest.

I mention this because I think it's a very relevant part of the LSI (NYSE:LSI) story today. As is, the company is not all that exciting. But if you believe that the company's flash technology will lead to share gains in this fast-growing (albeit small) market and that the company can benefit both from a recovery in network spending and increased share in network processors, the prospects for this stock look much more interesting.
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Investopedia: Marvell Has The Value, But What About Market Positioning?

Figuring out the difference between "cheap" and "cheap for a reason" is critical in improving investment returns, and that seems to be an especially relevant consideration with Marvell Technology (Nasdaq:MRVL). While this chip company does look like an undervalued story with its strong market share in markets like hard drive controllers and TD-CDMA, somewhere an apparent undervaluation may well be a reflection of the relatively poorer prospects for those markets.

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Investopedia: Marvell Seems Cheap But Long-Term Growth May Be A Concern

With the worst of the hard drive market disruptions behind it, Marvell Technology (Nasdaq:MRVL) should be looking at much easier comps and better growth in 2012. While the stock does look somewhat undervalued amongst its semiconductor peers, investors may want to give some thought to the company's long-run growth prospects when deciding whether this is a good trade or a long-term holding.

A Weak End to a Challenging Year  
With supply issues in hard drives messing up the storage market and inventory run-downs in the Chinese wireless market, this was not going to be a strong quarter for Marvell. Revenue fell 22% on a sequential basis, as surprisingly strong networking results (down 1%) made relatively little difference against a 21% decline in mobile/wireless and a 31% decline in storage. That said, none of this was really surprising.

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