ON Semiconductor Is Fairly Valued Despite High Capital Intensity Challenges

J Studios/DigitalVision via Getty Images This is the first time I have covered ON Semiconductor (NASDAQ:ON), and I believe it's a very compelling business to invest in. The company is delivering high levels of earnings growth, contributing to an exceptional valuation based on my discounted earnings analysis. However, its free cash flow situation is less promising, primarily a result of much higher levels of capital expenditure, making its intrinsic value look less appealing based on my discounted cash flow ...