3rd quarter update

logomicronAfter markets closed on september 29th, Manivest reached a return of a record 85,27% year to date. It has notably been our investments in Akorn, Plus500, Sibanye Stillwater and lately Micron Technology who has added to our success. We entered Micron Technology in august this year, well ahead of its Q4 report, which was published September 26th. Micron provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; mobile low-power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications. The company also provides NAND Flash products.

The company delivered record results for the full fiscal year ending August 31st.

Fiscal Q4 2017 highlights

  • Revenues of $6.14 billion, 91% higher compared with the same period last year
  • GAAP net income of $2.37 billion, or $1.99 per diluted share
  • Non-GAAP net income of $2.39 billion, or $2.02 per diluted share

Fiscal 2017 highlights

  • Revenues of $20.32 billion, 64% higher compared with the prior fiscal year
  • GAAP net income of $5.09 billion, or $4.41 per diluted share
  • Non-GAAP net income of $5.65 billion, or $4.96 per diluted share
  • Cash flows from operations of $8.15 billion

“Micron delivered exceptional fourth quarter and fiscal year results, reflecting solid execution and robust demand for our memory and storage solutions,” said Micron President and CEO Sanjay Mehrotra. “We expect healthy industry fundamentals to continue into 2018, supported by increasingly diverse end markets and applications. We believe our focus on accelerating the deployment of advanced technologies and solutions will address our customers’ evolving requirements, further strengthen our financial foundation, and enhance shareholder value.”

Manivest has made Micron one of our largest investments, and it has already contributed significantly to our results this year. We have set a price target of 65 USD, and believe this target can be reached within the next 12 months.

At the end of Q3 the Manivest portfolio consists of the following companies:

  • Micron Technology
  • Western Digital
  • Avadel Pharmaceuticals
  • Ciner Resources
  • American Outdoor Brands
  • DineEquity
  • Spirit Airlines
  • TPG Telecom
  • Norwegian Air Shuttle
  • Pandora

Manivest will restart in a new Approved Fund setup at the end of the year, and is open to a limited number of new subscriptions for 2018. Contact us for more information on mail@manivest.net.





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