저자: ParkevTatevosian,CFA · 외국인
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마이크론 실적 발표 후 주가 12% 상승. FY2024 매출 250억 달러(전년 150억), 영업현금흐름 85억 달러로 급증. 데이터센터 DRAM·SSD 수요가 AI 투자 붐에 따른 성장 동력. 다음 분기 매출 87억 달러, EPS 1.54달러 전망. 대규모 설비투자(CapEx)는 현금흐름으로 감당 가능해 인텔과 다르다고 평가. 기존 '연말 Top 25 매수' 추천 유지.
다듬은 글
Micron reported quarterly Financial results yesterday after the markets closed on September 25th that sent the stock price up by 12% on the day after the announcement I'll review those numbers and highlight why the stock price is jumping of course I'm happy about the stock price increase as I told investors that Micron Technology is a top 25 stock to buy heading into earnings so if you listen to that recommendation you will have made some money on this investment now I'll review the latest Financial results and update that recommendation and let you know if the stock is still a buy or if it's time to take profits and downgrade Micron Technology stock let's take a look at the quarterly Financial results firs Micron reported 7.75 billion in Revenue in the latest quarter and that was up from 6.8 billion in the previous quarter and almost doubl the 4 billion in the same quarter last year I think it's safe to say that Micron is coming out of that cyclical bottom in its Revenue as a result of the bottom in the semiconductor industry now operating cash flow also jumping to 3.41 billion up from 2.5 billion in the previous quarter and 249 million in the same same time last year so operating cash flow jumped by more than 10x for micron in the latest quarter now looking back at the full fiscal year of 2024 which the company just completed the company's Revenue increased to 25 billion in 2024 that's up from 15 billion in the same time last year so a 10 billion increase in Revenue year over-year for Micron Technology operating cash flow also jumped by more than five X to 8.5 billion in the year up from 1.6 billion last year so these are great results for Micron Technology and the company needs it because it's investing aggressively in expansion in research and development I'll share with you those Capital Investments a little bit later in the video the CEO saying that robust AI demand is what drove a strong ramp of their data center dram products and their industry-leading high band with memory the nand revenue record was led by data center SSD sales which exceeded 1 billion in quarterly revenue for the first time of course this is the same End Market that Nvidia is benefiting from the investments in building out these AI optimized data centers is what's driving much of the growth in artificial intelligence right now that's what Nvidia is thriving from and now Micron is participating in that investment as well demonstrating strong growth in data center dram products and in data center SSD products so Micron now joining the party benefiting from that big burst in spending vestors and that's partly why I've had Micron Technology stock rated as a strong Buy in fact I have Micron Technology stock rated as one of my top 25 stocks to buy in 202 for 28th letting everyone know that I thought it was an excellent investment one of the best that I've been following this year management continued to say that we are entering fiscal year 2025 with the best competitive positioning in micron's history wow don't you love to hear that if you're a Micron Technology stock investor management saying after this quarter where Revenue almost doubled after this year where Revenue jumped by 10 billion from the previous year they're now saying that they're entering 2025 in the best competitive position in their history that's great to hear and they say they forecast record Revenue in the first quarter and a substantial Revenue record with significantly improved profitability in fiscal year 2025 like I've been saying the company's prospects are excellent it's in a great position to benefit from this trend of increasing spending spending in artificial intelligence and at the same time the company is benefiting from the government program to try and onshore and bring more semiconductor manufacturing to the United States and so it's getting help from the US government to build additional manufacturing facilities which it is capitalizing on and taking advantage of that to make investments for the future so that its excellent prospects are not just for the next 1 to two years but long longer lasting I talked about Capital expenditures these are long lasting assets these are manufacturing facilities and things that are going to take are going to last a long time for the company and investments in capital expenditures were 3 billion in the fourth quarter of 2024 and 8 billion for the full year of 2024 now when you compare the 3 billion to the 7.75 billion in Revenue they generated in the latest quarter that's a large percentage of spending of Revenue on Capital expenditures this is the reason why Micron Technology stock has experienced that downturn in recent months of course this was before the earnings release shot the stock price higher prior to that the stock price had been on a downtrend after being on an uptrend to start the year investors got a little skittish with the company's massive Capital expenditures they were afraid that it's going in the same direction as Intel and Intel's Capital expenditures are really putting a cash crunch on the company but the big difference between Intel and Micron Technology is that micron's cash flow from operations is extremely robust so it can use those cash flows from operations to fund these Capital expenditures and still have money left over they still generated hundreds of millions of dollars in free cash flow in fact they generated 323 m so despite these massive investments in capital expenditure the company's still generating positive free cash flow because it's generating so much cash that I can afford to invest in the capital expenditure that's not what's happening at Intel Intel is barely generating $1 billion in cash flow from operations and then spending $10 billion on capex that's what's causing investors to be fearful at Intel but C uh micron's capex is more reasonable as a percentage of cash flow looking ahead Micron expects the good times to continue forecasting $8.7 billion in Revenue in the next quarter and diluted earnings per share of a154 that would compare to revenue of 7.75 billion in the previous quarter and earnings per share of just 79 cents so Micron expecting a burst in Revenue in the first quarter and a burst in earnings per share in the first quarter from the prior quarter so the company like they mentioned like management mentioned they expect a strong year in 2025 they expect record numbers and already starting with the first quarter you're seeing that and remember we're still in the very early Innings of this boom in Ai and then Micron is also going to benefit as Edge devices start to be infused with increasing amounts of memory and increasing amounts of storage because they need that to implement the AI that's going to be on tablets on phones on computers etc so it's really a great time for micron and Micron Technology stock investors so to update my recommendation of Micron stock do I still think it's a top 25 stock to buy the answer is yes and I'll update that recommendation today and let you know that I still think micron is an excellent AI stock to buy n make money buying and selling stocks a six-step framework for evaluating publicly traded companies is finally available for sale unlock the power of intelligent investing with my six-step investing framework it's a proven system designed by a university professor and a Charged financial analyst frustrated by the lack of Frameworks that met my needs and high standards I develop this comprehensive guide to help investors at all levels make confident and informed decisions in this book you learn how to assess opportunities manage risk and build a portfolio that works for you no investor should dive into the market without a solid strategy and this step-by-step framework provides you the road map you need whether you're just starting out or looking to refine your approach this guide will Empower you to take control of your financial future I've added the link 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