2024-07-19 10:21:54 ET
Summary
- Photronics, Inc. is a leading manufacturer of photomasks for semiconductors, with significant demand due to AI and IoT applications.
- Planned investments in IC capacity and efficiency in 2024 could drive FCF growth.
- The company is also expecting demand for its products thanks to supply chain regionalization and differentiation by design.
- Photronics is cash rich, and reports negative net debt.
- Photronics, Inc. appears to trade at close to 4.4x FWD EBITDA, and the sector median is close to 15x FWD EBITDA.
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Photronics: Extremely Undervalued, And A Cash Rich Photomask Leader