COHU - Cohu: Waiting For Some Green Shoots

2024-05-19 12:12:49 ET

Summary

• Cohu, a niche player in the back-end semiconductor manufacturing industry, has experienced declining revenues and is currently breaking even.
• The company's valuation is reasonable, trading at a low sales multiple as its earnings power has been severely pressured.
• Cohu's recent performance has been disappointing, with continued revenue declines and margin pressure, but there is potential for growth in the future.

In November of last year, I concluded that inspection player Cohu, Inc. ( COHU ) warranted a further inspection. The niche player, offering a broad range of equipment and services for back-end manufacturing, saw revenues under quite some pressure at the time....

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