Shareholders of Corsair Gaming (CRSR 2.48%) have had a rough go of it as of late. Due largely to concerns over the global shipping crisis, the company's stock has declined by more than 45% from its yearly highs. 

Without any sign of these issues subsiding soon, investors are likely wondering whether or not it's still worth holding on to the stock. Let's take a look. 

Side view of an intense gamer playing on their desktop computer.

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Corsair's supply chain problems

Before talking about Corsair's future, it's probably best to explain what's actually driving down the company's stock.

By now, most investors have likely heard about the global shipping issues. Whether it's the cargo ships anchoring off coasts waiting for a port, or the undersupply of computer chips, lots of businesses are having difficulty stocking their shelves. And Corsair Gaming is no exception. 

Although it sells gaming equipment and accessories all around the globe, it manufactures the majority of its products in Asia. Since this model often requires moving finished products to different countries, the current excess demand for shipping containers has had quite the impact on Corsair's shipping costs. Investors first got a glimpse at this problem last quarter when CEO Andy Paul stated that "the cost of containers is probably three to four times now what it was two years ago."

But not all of Corsair's problems are purely shipping-related. On Oct. 14, the company released preliminary third-quarter results mentioning that it's having a hard time acquiring affordable graphic processing units (GPUs), which are a necessary component of many of its products. As a result of the shortage, Corsair also decreased its revenue expectations for the full year by roughly 6%.  

The bright spots

While the various supply chain problems have no doubt quelled investors' expectations for the company's near future, there are some spots for shareholders to be optimistic about. Even accounting for the recent guidance revision, Corsair is still expecting to grow its revenue by about 10% versus the year prior. Additionally, according to research firm NPD Group, year-to-date spending on U.S. gaming accessories is up 9% compared to a year ago, pointing to sustained customer demand. 

Although the product procurement issues are clearly taking a toll on Corsair's costs and deliveries in the short term, management has made it clear that any sustained cost pressure can be passed through to the end customer. In fact, on the company's latest conference call, Andy Paul said that if the company sees cost increases "that are fundamental, that are going to stay there, we, obviously, adjust that into the pricing." However, he added that the company is still paying close attention to the situation to determine whether the cost increases are simply temporary. 

Another somewhat bright spot that investors should take notice of is that these cost pressures are industrywide. So while Corsair certainly isn't immune to the challenges, its competitors are feeling a similar impact. Fortunately, though, Corsair appears to be in a better position to increase prices if it has to since the company is known for its best-in-class product quality and not simply being a low-cost provider. 

Investor takeaways

Even with all the supply chain issues in mind, a case could be made that the future returns on Corsair's stock look even more attractive today than they used to. Corsair's competitive position hasn't actually changed much and the company still touts leading market share in several of its product categories.

Additionally, the company is benefiting from general industry tailwinds. With the growth of popular content-sharing platforms like YouTube and Twitch, gamers are becoming more competitive in hopes of monetizing their gameplay. This process often requires tooling up by purchasing the best equipment and accessories, which creates plenty of demand for Corsair's products. 

The recent drawdown in Corsair's stock has left the company valued at just over 14 times its trailing-12-month operating income, a more than 30% discount to its valuation at the start of the year. With demand still quite high and the company having stated that any sustained cost increases should get pushed through to the consumer, the current valuation looks pretty cheap for a business that should continue to see strong growth over the coming decade.