AVGO 被低估，合理价值 523 美元对现价 353 美元，意味着 12-18 个月内约有 48% 的上行空间，且优于 MRVL。
逐段跳播
许多这类AI公司，包括Broadcom和Marvell，正被吸引过来，因为它们有望成为AI热潮中最大的受益者之一。
many of these AI companies , including Broadcom and Marvell, are being drawn to, as they are poised to be among the biggest beneficiaries of the AI boom .
Broadcom展现出巨大的销售额和非凡的增长。其业务从2024年初约350亿美元的销售额，迅猛增长至过去十二个月的近900亿美元。
Broadcom demonstrates tremendous sales and exceptional growth. Its business has boomed from about $35 billion in sales in early 2024 to nearly $90 billion over the past twelve months.
这在一定程度上源于需求增长，在一定程度上也源于成功收购VMware，后者与Broadcom的整体业务整合良好。
This is partly due to increased demand and partly to the successful acquisition of VMware, which integrates well with Broadcom's overall business.
Broadcom帮助Alphabet等公司为特定应用设计集成电路，是直接从Nvidia或AMD购买产品之外的一种替代选择。
Broadcom helps companies like Alphabet create integrated circuits for specific applications, and is an alternative to buying products directly from Nvidia or AMD.
在这方面，两者都在显著改善，Broadcom的营业利润率升至48.6%。这较2017年的约5%有所提高。然而，Broadcom的增长更多来自其半导体业务，而该业务的利润率低于其软件业务。
In this respect, both are witnessing significant improvement , with Broadcom 's operating profit margin rising to 48.6%. This represents an increase from about 5% in 2017. However, Broadcom's growth comes more from its semiconductor business , which generates lower profit margins than its software business.
不过，其在该领域的利润率足以将公司整体营业利润率维持在当前水平或更高。
However, its profit margins in that sector are sufficient to maintain the company’s overall operating profit margin at or above its current levels.
幸运的是，Broadcom和Marvel采用相对轻资产的商业模式。它们将大部分制造流程外包。Broadcom近期的投入资本回报率高达25.75%，令人印象深刻。这超过公司加权平均资本成本的两倍。
Fortunately, Broadcom and Marvel operate on a relatively asset-light business model. They outsource most of their manufacturing processes. Broadcom's return on invested capital was an impressive 25.75% recently.
This is more than double the company's weighted average cost of capital.
到目前为止，我们从业绩、营收、营业利润率和投入资本回报率方面所看到的一切，都非常有利于Broadcom。因此，令我意外的是，Broadcom正以较低的估值被卖出，但我理解其中的原因。
So far, what we have looked at in terms of performance, revenue, operating profit margins, and return on invested capital, all points very much in Broadcom’s favor . Therefore, it is surprising to me that Broadcom is being sold at a lower valuation, but I understand why.
Marvell股票的远期市盈率为39。按同一指标衡量，这超过Broadcom估值18的两倍。你提到Marvel的市值不到3000亿美元，而Broadcom的市值超过1.6万亿美元。
因此，可以理解，与Marvell相比，投资者认为Broadcom的增长潜力更小。
Marvell shares are trading at a forward price-to-earnings ratio of 39. This is more than double Broadcom's valuation of 18 according to the same metric. You mentioned that Marvel's market capitalization is less than $300 billion, while Broadcom's exceeds $1.6 trillion.
Therefore, it is understandable that investors see less growth potential with Broadcom compared to what they see with Marvell.
这样看来，我对Broadcom得出类似的结论，即它似乎被低估了。我计算出的公允价值为523。当前市场价格为353。因此，我计算出Broadcom在未来12至18个月约有48%的上行空间。
Looking at it this way, I arrive at a similar conclusion with Broadcom, which is that it appears to be undervalued. I calculated the fair value at 523. The current market price is 353.
Therefore, I calculated an upside of approximately 48% over the next 12 to 18 months for Broadcom.
比较Marvell和Broadcom，Broadcom历来提供更好的业务前景，但展望未来，Marvell提供更好的上行潜力。
Comparing Marvell and Broadcom, Broadcom has historically offered better business prospects , but looking ahead, Marvell offers better upswing potential.
然而，鉴于评级上的差异，相比Marvel，我更偏好Broadcom。这正是我为自己的投资组合所做的选择。我持有Broadcom的股票。
However, given the differences in ratings, I prefer Broadcom over Marvel. This is exactly the option I made for my investment portfolio. I own shares in Broadcom.
这个频道对 $AVGO 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 3 条判断，这里只列相邻的几条。