We wrote an earlier note on BGA, which appears to have held up very well, worth a read, here.
Our latest thoughts, here.
I certainly want to get excited about BGA, here, but all the growth is from acquisitions, and they are large enough and recent enough to make gauging the underlying “anything” pretty difficult. That’s fine, it’s part of the job, but sure clouds the case.
Plenty of intangibles there, alongside inventory builds, weak returns, acquisition uncertainty, before we even get to the present supply chain environment, and I am not at all sure of billionaire timing as a factor.
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