$SKHY +411% in 12 Months, Yet the Valuation Still Looks Shockingly Low
$SK hynix(SKHY)$ has gained 411% over the past year, the kind of move that normally comes with a valuation that leaves little room for error.
That’s not what the numbers show. 👀
The stock trades at roughly 4x forward earnings, while earnings are expected to double next year. At that valuation, the market appears to be pricing in a sharp slowdown even though the current cycle still has room to run.
And the estimates are already moving higher. 📈
Samsung’s Q3 EBIT estimate has been raised 12% to $84B, while $SKHY’s EBIT forecast has climbed 4% over the past few months to $56B.
That’s the interesting part of the setup.
The debate around $SK hynix(SKHY)$ $Micron Technology(MU)$ $SanDisk Corp.(SNDK)$ has largely centered on whether analyst estimates have gotten too aggressive. But the revisions so far are moving in the opposite direction.
If earnings expectations continue to rise, a 4x forward P/E starts looking very different.
The stock has already had its massive run. The earnings cycle may still be in its early innings. 🚀
Keep the $SKHY thesis focused on valuation and revisions
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