NATI - National Instruments Corporation: Quality Product And Service Base Enables Complementary Revenue Growth

2023-05-04 02:48:03 ET

Summary

• In the past year, NATI has rallied 69.75%, in contrast to the SPY's 0.88% decline.
• This reflects a reversion in NATI's net income - up 56.35% from 2021-22 - in addition to scale growth.
• NATI's unique instrumentation creation and test software and hardware create an equally unique moat.
• These complementary verticals support a roll-up sales strategy, generating a virtuous cycle of growth.
• Due to these factors, in addition to a level of undervaluation, I rate the company a 'buy'.

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