๐ช๐ต๐ ๐ ๐ต๐ผ๐น๐ฑ ๐ฆ๐ฎ๐ป๐ฑ๐ถ๐๐ธ (๐ฆ๐ก๐๐) โ ๐ฎ ๐ฑ๐ฎ๐๐ฎ ๐ฐ๐ต๐ฒ๐ฐ๐ธ.
SNDK $SNDK (Sandisk Corp/DE) is in the live portfolio. Equal-weighted at 6.67%, sized like every other name.
The screen scores (TTM vs broad GICS Information Technology sector, n=71):
โข Revenue growth +80% vs +15% sector median
โข Net margin 34% vs 18% sector โ 1.9x
โข EBITDA margin 43% vs 29% sector โ and ahead of every U.S.-listed storage & memory peer we track
For storage industry context: Micron is the closest comparable name, growing revenue +85% TTM. Seagate and Western Digital are at +29% and +9% respectively. SNDK's EBITDA margin leads all three.
Why now? Three coincident drivers:
1) AI training workloads shifting to high-capacity SSDs
2) Long-term customer agreements locking in volume
3) Limited near-term NAND supply elasticity
The moat isn't "they make NAND." It's the Kioxia joint venture โ access to fab capacity at the world's #2 NAND producer without funding the capex alone. Structurally lower-cost capacity ramp than peers building their own gigafactories.
Forward P/E 23x against ~65% expected EPS growth is genuinely cheap relative to the trajectory. Quarterly EPS path: $1.80 โ -$0.30 (spinoff quarter) โ $1.22 โ $6.20 โ $23.41. TTM EPS now $31. Forward consensus implies ~$54 over the next 12 months. 20 analysts cover, 9 raised estimates in the last 30 days, zero cuts.
Risks I'm watching: NAND pricing cycle, expected supply expansion from competitors in 2027, hyperscaler capex pace.
The position came through our three-pillar process โ stock universe filter, equal-weight optimizer, risk overlay. Same discipline as every other holding.
Full deep dive with charts, peer methodology, and catalyst dates:
www.veloriscapital.com/cockpit/sandisk-sndk-deep-dive
Past performance is not an indication of future results. Capital at risk.... Show More
Not investment advice. The author may have financial interests in the mentioned instruments.
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Sat Jun 06 2026 01:19:01 GMT+0000 (Coordinated Universal Time)
