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P Pitch Archive Stock pitches across investing competitions
← Spring 2017

Corning Incorporated

GLW pitch long Joseph, Vikas, Griffin

Thesis

Corning is undervalued due to market misperceptions about its core earning assets and growth potential in optical fiber and Gorilla Glass. With a projected earnings power of $2.27 per diluted share for 2019, Corning should trade at a multiple of 17x, leading to a target price of $38.50, representing a 51.4% total return over two years. The company is committed to returning excess cash through share repurchases and dividend increases, which will force the market to reevaluate its valuation.

Did it work?

worked confidence: high

The long thesis targeted $38.50 (a 51.4% total return) over two years based on re-rated earnings power and capital returns. Instead, Corning returned +395% over the 91 months since the pitch, roughly 7-8x the stated target, decisively confirming the undervaluation call. The magnitude and duration of the outperformance leave no ambiguity that the thesis played out.