Investment Thesis
Western Digital (WDC) makes hard disk drives (HDDs) and solid-state drives (SSDs) or flash-based memory. The latter product is manufactured under a joint venture with Toshiba Memory Corp (TMC).
Operating since 1970, the company has navigated successfully through the cyclicality of the industry. Currently, WDC is experiencing the down cycle of the industry, and arguably the bottom is about to form. In just a few quarters, the whole sector looks likely to revert to growth. Unsurprisingly, since the start of the decline, WDC remained highly profitable and committed to returns cash