Super Micro Computer Inc.

SMCI

33.86 (3.48%) 1.18

19.83(B)

Information Technology

Technology Hardware Storage and Peripherals

Super Micro Computer Inc. together with its subsidiaries develops and manufactures high performance server and storage solutions based on modular and open architecture in the United States Europe Asia and internationally. Its solutions range from complete server storage systems modular blade servers blades workstations full racks networking devices server sub-systems server management software and security software. The company provides application-optimized server solutions rackmount and blade servers storage and subsystems and accessories; and server software management solutions such as Server Management Suite including Supermicro Server Manager Supermicro Power Management software Supermicro Update Manager SuperCloud Composer and SuperDoctor 5. In addition it offers server subsystems and accessories comprising server boards chassis power supplies and other accessories. Further the company provides server and storage system integration configuration and software upgrade and update services; and technical documentation services as well as identifies service requirements creates and executes project plans and conducts verification testing and technical documentation and training services. Additionally it offers help desk and on-site product support services for its server and storage systems; and customer support services including ongoing maintenance and technical support for its products. The company provides its products to enterprise data centers cloud computing artificial intelligence and 5G and edge computing markets. It sells its products through direct and indirect sales force distributors value-added resellers system integrators and original equipment manufacturers. The company was incorporated in 1993 and is headquartered in San Jose California.

Holdings:

Cost basis:

Super Micro Computer Inc. (SMCI) price target and intrinsic value estimate

SMCI's fair price estimate is $35.3

This valuation is based on a fair P/E of 11.2 and EPS estimates of $3.14

The median analyst price target for SMCI is $33.0.

Analyst price targets range from $15.0 to $93.0

Is SMCI overvalued or undervalued?

SMCI is currently trading at $33.86

SMCI is undervalued by 4% using the pevaluation method.

SMCI is overvalued by 3% compared to median analyst price targets.

Do you agree with this valuation?

Valuation

PEvaluation

Low $26.4

Median $35.3

High $47.9

Fair P/E

Margin of safety

Analyst valuation

Low $15.0

Median $33.0

High $93.0

Strong Buy1

Buy2

Hold6

Sell1

Strong Sell1

Discounted cash-flow

TTM FCFFCF est.Growth FCFTerminal FCF

Discount rate:

10%

Terminal rate:

Growth phase length:

Growth phase rate:

10%

Economic moat: None/narrow

Overview

Market data

Market cap:$19.83(B)

Enterprise value:$20.33(B)

Total Equity:$5.47(B)

Shares outstanding:585.57(M)

Div. yield:0.00%

P/S:1.26

P/E:15.60

P/FCF:N/A

P/B:3.63

EPS:$2.2

FCF per share:$-4.2

Dividend per share:$0.0

Income (TTM)

Revenue$14.94(B)

Gross profit$2.11(B)

EBITDA$1.30(B)

Net income$1.21(B)

Gross margin14.1%

Net margin8.1%

Balance sheet

Total assets$9.94(B)

Total liabilities$4.47(B)

Cash & Short-term inv.$1.67(B)

Long-term debt$1.77(B)

Debt issued$0

Debt repaid$0

Cash flow (TTM)

FCF$-2.48(B)

CapEx$0

Dividends paid$0

Stock issued$0

Stock repurchased$0

Stock-based comp.$228.20(M)

Future Growth

Revenue

CAGR: 13.5%

FY+1$24.84(B)

FY+2$29.98(B)

FY+3$32.02(B)

Net Income

CAGR: 12.8%

FY+1$1.81(B)

FY+2$2.37(B)

FY+3$2.30(B)

EPS

CAGR: 9.9%

FY+1$2.78

FY+2$3.69

FY+3$3.36

FCF per share

CAGR: 148.4%

FY+1$0.91

FY+2$2.26

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Historical Financials

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YearlyQuarterly

Income

RevenueNet IncomeCOGSGross ProfitTotal OpEx.R&DSG&AOperating IncomeInterest ExpenseInterest IncomePre-tax incomeIncome tax

Cash flow

FCFCFONet IncomeD&AStock-based Comp.CFFStock IssuedStock RepurchasedDebt IssuedDebt RepaidDividend PaidCFIAcquisitionsDivestituresCapital Expenditures

Balance sheet

Total AssetsTotal LiabilitiesCurrent assetsCash and EquivalentsShort-term investmentsInventoriesReceivablesNon-current assetsNet PP&EGoodwillCurrent liabilitiesAccounts payableNon-current liabilitiesLong-Term DebtTotal Equity

Shares outstanding

Shares (Basic)Shares (Diluted)

Per share data

EPS (Basic)EPS (Diluted)FCF/ShareDividend/ShareBook value/Share

Ratios

P/EP/FCFP/BP/SEV/EarningsEV/FCFDebt/EquityPayout ratio

Margins

Net Income MarginOperating MarginGross MarginEBITDA MarginFCF Margin

Returns

ROICROAROCEROE

Market Cap.