ON Semiconductor: A Labyrinth of Value in a Market of Shadows

This is not a stock to be understood, but to be endured. Its end markets, like bureaucratic departments, operate on schedules known only to themselves. Management, with the diligence of a clerk in a Kafkaesque office, prepares for a future that may or may not arrive. The company’s current state is a ledger of contradictions-a growth story trapped in a value shell, a promise buried under layers of red tape.





