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Xilinx Inc XLNX

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Morningstar’s Analysis

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Xilinx Delivers Record Automotive Revenue During Fiscal Fourth Quarter; Shares Undervalued

Abhinav Davuluri, CFA Sector Strategist

Analyst Note

| Abhinav Davuluri, CFA |

Xilinx reported fiscal fourth-quarter results ahead of our expectations, led by record automotive revenue and strong wireless sales related to 5G. Due to the pending merger between Xilinx and AMD, the firm did not host a conference call to discuss the results or provide guidance. We are maintaining our probability-weighted fair value for Xilinx of $157 per share. We assign a 75% probability to the value that Xilinx shareholders will receive from AMD of $179 per share (based on our $104 combined fair value times the exchange ratio of 1.7234 shares). The remaining 25% probability stems from our unchanged $90 fair value for standalone narrow-moat Xilinx. We think prospective investors should find current levels attractive.

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Company Profile

Business Description

Founded in 1984, Xilinx is the leader in FPGAs by market share. Its chips are critical in the performance of various devices in the communications, data processing, industrial, consumer, and automotive markets. Xilinx designs and sells chips, but it outsources manufacturing to third-party chip foundries such as TSMC.

Contact
2100 Logic Drive
San Jose, CA, 95124
T +1 408 559-7778
Sector Technology
Industry Semiconductors
Most Recent Earnings Dec 31, 2020
Fiscal Year End Mar 28, 2021
Stock Type Cyclical
Employees 4,891

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