Semiconductors and Software: The Revenue and Margin Playbook
Back on October 1, 2002, we initiated as the US Semiconductor analyst at Sanford C. Bernstein & Co, with a note title “Share Gainers and Margin Expanders Are Multiple Expanders”. Nineteen years later we wanted to research the relevance of share gain and margin expansion in software and semis to identify dislocated stocks that may signal an investment opportunity. Going “back to the basics” of revenue growth vs. peers and margin expansion seems timely today.