Published Fri, 08 Feb 2019 10:01:47 -0500 on Seeking Alpha
Firms in the integrated circuits industry make components that form the electronic building blocks used in electronic systems and equipment. The industry is notoriously cyclical and subject to significant economic upturns and downturns, as well as rapid technological changes. Firms must innovate to survive, and products stocked in inventory can sometimes become obsolete before they are even shipped. Severe pricing competition and lengthy manufacturing cycles only add uncertainty to the mix. We're not fans of the structure of the integrated circuits space, but that is not to say that we don't think there are attractive firms within the group.
There are multiple secular trends driving potential growth for the integrated circuits group, and rapidly growing addressable markets are resulting from rapid technological changes. The rising count of connected devices bodes well for the space, and areas such as automotive and industrial are offering significant potential runways for growth for chip makers as the Internet of Things becomes reality. Mobile communications continue to evolve in terms of sophistication, and remaining on the front lines of innovation has never been more necessary for participants in the integrated circuits space.
When it comes to dividend growth investing, we prefer companies with net cash positions on the balance sheet in addition to robust free cash flow generation. These two... Read more
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