RF Micro Devices (Nasdaq: RFMD) used to live and die by Nokia (NYSE: NOK) alone. Over the last three years, the maker of radio signal chips has treated the Finnish giant as leftover pizza -- too nourishing to throw away but not something you're proud of eating -- and now the transformation to a Nokia-less life is pretty much complete. The next quarter will see "immaterial" sales of that legacy product range, and Nokia's revenue contribution has dwindled from 50% to 15% over the last four quarters.

So what comes next? RF Micro likes to think of itself as a rather debonair supplier of power and radio chips for a wide range of products and markets.

A fresh focus on new and higher-margin chips for 3G and 4G communications should make RF Micro more profitable going forward. And it's never a bad idea to unshackle yourself from a spent horse like Nokia and saddle up for faster growth elsewhere. Management is already excited about product ramps with Samsung and LG Electronics, and it plans to start shipping to Research In Motion (Nasdaq: RIMM) in the September quarter. And that's just the beginning of RF Micro's smartphone plans, with "multiple smartphone customers ramping in the back half of the fiscal year," according to CEO Bob Bruggeworth.

That Nokia rollback finished up in an orderly fashion. The $0.08 of non-GAAP earnings per share on revenue of $213 million represented a large step back from year-ago numbers, but it all lined up with management guidance and hit Wall Street targets right on the nose.

So RF Micro has punched the reset button on its business model, taken its lumps in the market because of the lower sales and profits that followed, and looks forward to a very different future. If everything works out to plan, the stock should enjoy some margin leverage going forward.

Moreover, we're looking at a pretty attractive valuation at this point -- RF Micro shares sell for about 14 times trailing earnings while Broadcom (Nasdaq: BRCM) carries a P/E ratio of 18, and Skyworks Solutions (Nasdaq: SWKS) more than doubles RF Micro's ratio to 30. Everything doesn't have to work out to perfection in order to make RF Micro a great value.

I'd start an "outperform" call of RF Micro here if I didn't already have one going since last summer. Follow my all-star lead to CAPS stardom by clicking here.      

Fool contributor Anders Bylund holds no position in any of the companies discussed here. He is an all-star CAPS player, currently ranked No. 1,569 out of more than 170,000 members. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. You can check out Anders' holdings and a concise bio if you like, and The Motley Fool is investors writing for investors.