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Likely due in part to its “neither fish nor fowl” mix of semiconductor and software businesses, Broadcom (AVGO) continues to trade at a discount to my estimate of fair value. Broadcom’s diverse business has held up relatively well, but the shares have nevertheless continued to modestly lag large comps like Texas Instruments (TXN) and the broader chip sector.
The biggest concern I have with Broadcom is that the company’s decision to view itself (and operate) as a more diverse enterprise technology company will continue to drive a discount to fair value