One of the leading producers of silicon carbide (SiC) power chips, ON Semiconductor (NASDAQ: ON), is in the midst of a slump. The company -- one of the biggest manufacturers of SiC chips along with STMicroelectronics and Wolfspeed -- is forecasting a tumble in revenue through at least the first half of 2024 because of a slowdown in electric vehicle (EV) sales. Shares are just above their low point of the past year.

That said, ON Semiconductor has been on an epic rise for five years (up well over 200%, including the recent drop), and demand for its advanced power and sensor chips is fully expected to pick up pace again before too long. Here's why the stock could be an incredible value right now.

Since taking over in late 2020, CEO Hassane El-Khoury and the rest of the top management team have been off-loading old legacy lines of the company's manufacturing business and focusing on higher-end and more profitable chips.

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Source Fool.com