After chipmakers’ stocks have been hammered, the group is now trading at “normal-level valuations,” according to Matt Peron, director of research at Janus Henderson Investors.
In December, we listed analysts’ favorite semiconductor stocks for 2022. That hasn’t turned out well.
This space is very much in play, with the Senate just passing a bill that includes $52.7 billion in subsidy for the semiconductor industry. The bill passes to the House of Representatives which may follow suit this week. President Joe Biden has expressed support for the bill. Now look at this year’s movement of forward price-to-earnings ratios, based on weighted rolling consensus 12-month earnings estimates for the two groups:
The semiconductor group is expected to grow sales much more rapidly than the S&P 500. However, the full benchmark index is expected to show better earnings growth and a slightly better increase in free cash flow.
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