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Stocks-in-Depth

The Stocks-in-Depth podcast is provided by GARP Research, a provider of institutional equity research reports since 1995. GARP is renown for the granularity of its models and extensive written assessments of competitive threats and vulnerabilities. GARP's investment philosophy is predicated on discovering opportunity through fundamental assessment via intensive modelling, having a wide ranging curiosity about strategic influences, and engaging in person-to-person contact. GARP looks for long-term growth, but it is cognizant of finding value in contrarian situations and wants valuation to be reasonable relative to potential earnings.
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Now displaying: October, 2017
Oct 12, 2017

Knowles two most important businesses, MEMS microphones and hearing aid components, share a common theme of eroding market dominance.  But, management has devoted a large percentage of revenue into R&D that might address new developments.  In Part 2 of this podcast on Knowles, we discuss how Knowles has positioned itself to capture new sources of demand from the internet of things (IoT), and how it has addressed greenfield needs in hearables, e.g. small earbuds, which require distributed processing power.  We also discuss how packagers enjoyed a huge upswing in recent years, but have begun to back off, in our opinion shifting the balance of power back towards the two clear leaders in the upstream production of bare microphone dies, Knowles and Infineon.

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