Investment Thesis
Lam Research (LRCX) is well positioned to benefit from long-term growth in its end markets. Presently its stock remains very cheaply valued and trades for less than 15x times normalized free cash flow.
The bull thesis here is that by calendar 2023, Lam Research's guidance points to its free cash flow growing at more than 15% CAGR (slide 92).
This is an investment opportunity well worth considering. Here's why:
Why Lam Research?
Lam Research is one of the top companies making components for semi manufacturers. And despite the illusion