GlobalFoundries, a global leader in semiconductor manufacturing, is a highly complex company. Investors rely on equity research reports to understand the value of a company. Reports typically include a mix of qualitative and quantitative information and financial models to assist investors in understanding this information. I argue that in the case of GlobalFoundries understanding the technologies they rely on and how they compare to competitors in the industry is a key component of arriving at a proper valuation of the company.
I have conducted an intensive qualitative assessment of the business to make informed, differentiated projections on key valuation drivers such as revenue and discount rate that make up the quantitative component of my report. By combing through press releases, industry articles, financial statements, and podcasts supplemented by conversations with industry experts, customers, and employees I am able to make such projections in a defensible manner. I synthesize my findings into an extensive initiation of coverage equity research report, which fills an information gap between the last publishing of an initiation of coverage report which was shortly after the business went public via an IPO.