@dratchcap · Long MU · The Analysts

Good point. Terminal multiples are more uncertain for everything… yet memory stocks at single digit FCF multiples get no love. By the time we figure out what’s what end of ’28, the buybacks will have bought down the create such that they’re cheap even on the old book value

DaRazor@akramsrazor

$lite $mu Optics vs memory hard to ignore again. Like the entire dc complex is "sold out" till 20infinity right now but here we are with best in class lumentum probably trading 20x 2028 and maybe 25x 2029 fcf while mu is single digits. Now yea one grows rev multiples to get there

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