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While in the immediate timeframe, on the back of cycle concerns and limited instant EPS pick-up, the risk/reward of the company is skewed negatively. On balance, however, the management is lean and the team has proven solid executions. The upside potential in the segment of energy transition, robotic and automation, and EV should come into full play once cyclical transition is expected to start. The company is cheap on a P/E basis.
Despite geopolitical and supply pressures within the semiconductor industry, and a number of downgrades by investment, the share price of ON continues to advance. With a current valuation, ON is more attractive than its sector by more than 36%, at a forward P/E of 15.29x. Its forward PEG around 0.6x indicates its great value.
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