International Rectifier (IRF) Message Board

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Technology Stocks : International Rectifier (IRF)

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To: JakeStraw who wrote (1576)	1/25/2002 4:27:06 PM
From: Morris Catt	Read Replies (1) of 1712

Jake, With the exception of you, most on SI boards seem to be ignoring this little gem that is starting on a huge roll. I see IRF somewhere around $300/share in about 5 years. IRF is shedding the stogy image that it is some proctological instrument! <g> CC was quite interesting. If one has listened to past CC, attended the ASM in Nov & reviewed IRF's presentations it is quite interesting how IRF has been gradually edging up it's guidance. Here are a couple of highlight statements from CC yesterday: Question: What is your long-term gross margin and revenue growth projection? A. CEO Lidow: We think the increased mix of proprietary products gives us a much higher ceiling than ever before. Just a couple of metrics. You know, fiscal ‘03, we expect growth of 30% in fiscal year starting in July'02. In terms of gross margin, we expect not only a higher peak with this next cycle topping over 45%, but we expect to hit the peak in about half the time of the last cycle. In the last cycle it took about 10 quarters to top the peak, this time we will do it in about half that time. "positioned for exceptional growth", "Smokin'" and "strong" were some of the words used by CEO (also briefly on CNBC this AM.) "A bigger piece of a bigger pie" was the main theme repeated for every end market. Backlog is 75% of guidance for this quarter. "Surprisingly strong spot orders" have been coming in and are up 15% over 1st few weeks of last qtr." PC orders up 20% sequentially. IR has a product in every power managment socket on Intel motherboards. IR added two sole source automotive contracts in the Dec. qtr for a total of 17. Consumer and industrial application orders up 15% sequentially. *There are 13 defense contracts including the new joint strike fighter worth $200k/plane. Today's volume indicate strong institutional buying. IRF is playing a larger role as tolerances from power variations become more critical as component size decreases and amps increase. IRF is a firm that has been in a strong change pattern since late '98 and has been mostly overlooked by investors who have been chasing the flashy names. IMO IRF is a LDFU stock and IRF as the power chip leader with strong IGBT & MOSFET IP will be a huge stock price gainer over the next 5 years. It is amazing to me that there is very little mention on IRF on SI boards! All IMO! Mac

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