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Strategies & Market Trends : Value Investing

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From: E_K_S	5/14/2015 6:26:55 PM
	of 78673

Camtek Ltd. (CAMT) -NasdaqGM - Started small position at $2.93/share This technology company builds semiconductor test equipment and now has a 3D PC Board printer, has been on my radar screen for the last 8 months. Today they surprised the market w/ a secondary stock offering (4 mln shares @ $2.85/share) to raise more capital. The company is profitable with a forward PE below 10 and little to no long term debt. It's not exactly clear what the company is raising the capital for but they did just secure a very large order from Bay Area Circuits for their new 3D circuit board printer. Bay Area Circuits does PC board prototyping and build custom "one-off" circuit boards. CAMT could be raising capital to help finance the marketing of their new Gryphon system. Camtek Receives First Conditional Order for Gryphon - The 3D Functional Inkjet Technology System Camtek Unveils Gryphon SL - its 3D Functional Inkjet Technology System Enabling Both Solder Mask and Legend Deposition BV after the stock dilution s/d be around $2.15/share. Total cash s/d be around $1.12/share but revenues are flat YoY. If they use the cash to generate sales of their new 3D circuit board printer, the company is still small enough ($100mln market cap) that revenues from this one product could move the needle. I sold 90% on my INTC position late last year and needed something to replace exposure in the technology space. It seemed the right time to buy a few shares in CAMT as it was off over 12% today on their new stock offering announcement. EKS

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