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Skyworks Solutions Inc SWKS

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Skyworks and Qorvo Appear Undervalued Even if The Risk of Apple's RF Development Is Real

Brian Colello, CPA Sector Director

Analyst Note

| Brian Colello, CPA |

We maintain our fair value estimates of $210 for narrow moat Skyworks and $190 for no moat Qorvo after Bloomberg reported that Apple is hiring engineers for an office in Irvine, California to develop wireless chips which might displace radio frequency, or RF, chips supplied by firms such as Skyworks and Qorvo. Apple made up 30% of Qorvo's revenue in fiscal 2021 and 59% of Skyworks' sales in fiscal 2021, so it would be a crushing blow if Apple were to entirely abandon either RF supplier. However, Apple's wireless development plans aren't a clear-cut sign to us that either Skyworks or Qorvo are on the chopping block- certainly not in the near term but perhaps not in the long term either.

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Company Profile

Business Description

Skyworks Solutions produces semiconductors for wireless handsets and other devices that are used to enable wireless connectivity. Its main products include power amplifiers, filters, switches, and integrated front-end modules that support wireless transmissions. Skyworks' customers are mostly large smartphone manufacturers, but the firm also has a growing presence in nonhandset applications such as wireless routers, medical devices, and automobiles.

5260 California Avenue
Irvine, CA, 92617
T +1 949 231-3000
Sector Technology
Industry Semiconductors
Most Recent Earnings Sep 30, 2021
Fiscal Year End Oct 2, 2021
Stock Type Cyclical
Employees 11,000