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August 24, 2006

Marvell is No Super Hero

posted by MR WAVETHEORY at 8/24/2006 04:59:00 PM
Marvell is a super hero no more. Marvell hit a level that was close to its 52 week low today and it looks like the acquisition binge that this company has been on is starting to make investors wonder whether Marvell can grow on its own. This is quite ironic given Forbes magazine's recent article: Meet Marvell which praised the company:

[Marvell ] has quietly and ruthlessly become the superhero of the chip industry, thriving in every market it has entered and making its founders billionaires.

Why is Marvell Stock down?


It appears that in spite the spring of acquisitions Marvell has recently made, the company will miss revenue estimates. The company announced last Friday that revenues would be short of estimates by $9 million. While not a big miss, it is significant, because the numbers include revenues from recent acquisitions.

The $574 million in revenue reported on Thursday was 47 percent more than the $390.5 million in the year-ago period, but short of the $583 million projected by analysts surveyed by Thomson First Call.

Is the recent acquisition strategy at Marvell working?

It appears that management may have been overly optimistic about the benefit of the acquisitions it has recently made. This is one of the reasons for the shortfall. After all, if you set your own estimates, it is hard to miss unless your assumptions are wrong.

Is Marvell a Buy or Sell?

This is a tought question because Marvell has a large amount of revenues coming from acquisitions. It would be prudent to wait until the quarter ends to determine the extent of the shortfall and its impact on future quarters.

Related Links: Marvell Tech down on revenue shortfall, soft outlook

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