基于前瞻市盈率和DCF估值指标，MRVL估值偏高，在当前价格下并非买入标的。
逐段跳播
Marvell 和 Qualcomm 都是采用无资产商业模式的半导体公司。Marvell 已经在从 AI 支出热潮中受益，而 Qualcomm 则有望从这一领域实现显著的收入增长。
Marvell and Qualcomm are semiconductor companies that adopt an asset-less business model . Marvell is already benefiting from the AI spending boom , while Qualcomm is poised to achieve significant revenue growth from this sector.
基于以上情况，在当前市场价格下，这两只半导体股票哪一只更值得买入？这正是我想在本视频中回答的问题，我会在包括评级在内的几个重要维度上对它们进行比较，以判断今天我认为哪一只最值得买入。
Based on the above, which of these two semiconductor stocks is a better buy option at current market prices? This is the question I want to answer in this video by comparing them across several important categories, including rating, to determine which one I see as the best buy today.
与此同时，Marvell 的收入在过去十二个月增长到了94.5亿美元。这相比10年前不到10亿美元的水平有所增长。Marvell 的增长要显著得多，甚至在过去十二个月里，Marvell 的增长也更具爆发性。
Meanwhile, Marvell's revenue grew to $9.45 billion over the past twelve months. This represents an increase from less than $1 billion 10 years ago. Marvell's growth has been much more significant, and even during the past twelve months, Marvell's growth has been more explosive.
Qualcomm 在绝对数值上再次以23.5%领先，但就增长和扩张而言，Marvell 是最优秀的公司。这与我们在看收入时发现的情况类似。
Qualcomm again leads in absolute terms at 23.5%, but Marvell is the best company in terms of growth and expansion. This was similar to what we found when looking at revenues as well.
Marvell 的营业利润率已从2015年的-10%上升到过去十二个月的16.8%。与此同时，Marvell 在这一指标上也有所改善，但仅达到12.6%，高于2017年的大约4%。
Marvell's operating profit margins have increased from -10% in 2015 to 16.8% over the past twelve months. Meanwhile, Marvell also improved this metric, but only reached 12.6%, up from around 4% in 2017.
按预期市盈率计算，Marvell 股价为42.5，几乎比 Qualcomm 贵三倍，后者为14。正如我提到的，主要原因在于人工智能带来的收益。Marvell 已经在利用这一增长机会并证明了自己的成功，而 Qualcomm 只是在承受 AI 热潮的负面影响。
Based on a forward price-to-earnings ratio , Marvell shares are trading at 42.5, which is almost three times more expensive than Qualcomm, which is trading at 14. As I mentioned, the main reason for this is the gains generated by artificial intelligence.
Marvell is already taking advantage of this growth opportunity and proving its success, while Qualcomm is only suffering from the downsides of the AI boom.
因此，我也喜欢看另一个估值指标，即现金流折现，我据此计算出 Marvell 股票的合理价值为200美元。我估算公司未来的现金流，并用加权平均资本成本对这些现金流进行折现，从而得出我的合理价值估计。
当前市场价格为287美元，所以无论按预期市盈率还是按现金流折现来衡量，Marvell 股票在我看来都似乎被高估了。
Therefore , I also like to look at another valuation metric, which is discounted cash flow, where I calculated the fair value of Marvell stock at $200. I estimate the company’s future cash flows and discount those flows using the weighted average cost of capital to arrive at my fair value estimate.
The current market price is $287, so Marvell stock seems overvalued to me whether measured on a forward price-to-earnings basis or on a discounted cash flow basis.
Marvell 已经在蓬勃发展，但估值先于基本面。所以，如果我今天必须决定这两家公司哪一家更值得买入，那会是 Qualcomm。
Marvel is already thriving, but valuation precedes fundamentals. So, if I had to decide today which of these two companies is better to buy , it would be Qualcomm.
的确，我持有 Qualcomm 的股票，而在接近这些市场价格的任何价位上，我都没有兴趣持有 Marvell 的股票。
Indeed, I own Qualcomm shares and I am not interested in owning Marvell shares at any price close to these market prices.
这个频道对 $MRVL 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 4 条判断，这里只列相邻的几条。