Samsung’s (LSE:SMSN) Memory Revenue grew from $40 billion in 2019 to $44 billion in 2020 and surged to around $61 billion in 2021. Trefis expects the metric to grow to about $66 billion by 2023.
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Growth over 2021 was driven by strong demand and pricing for DRAM modules. We expect longer-term growth to be driven by demand from the cloud and mobile markets and Samsung’s lead in technologies such as DDR5 and LPDDR5.
We think Samsung stock is undervalued at current levels. We value SMSN’s global depository receipt, which trades on the London Exchange, at about $1,740, 22% ahead of the current market price.
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