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Technology Stocks : Mattson Technology
MTSN 3.6000.0%May 12 5:00 PM EST
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To: SemiBull who wrote (3532)3/1/2002 10:42:04 PM
From: Alan Gallaspy  Read Replies (1) of 3661
 
MSDW's semi analyst Steven Pelayo take FWIW.

Mattson Technology (MTSN-$5-O-V) C4Q01 Results Steven Pelayo

Revenue ahead of our estimate due to SAB101 — MTSN reported C4Q01 revenue of $48.7MM (up
2% Y/Y, 33% Q/Q), significantly ahead of our forecast for $28MM, but posted in-line shipments of
$49.5MM.

Resetting and putting the difficult merger with CFM/Steag behind — Resetting the company with
another $36.1MM in special charges, MTSN reported a C4Q EPS of ($1.81), ($0.75) on an EBG basis
excluding the one-time items.

Witnessing a delayed recovery off the bottom — Mgmt assumed a definitively more cautious outlook
than its front-end peer group citing high exposure to capacity buys, and guided to sequentially flat-to slightly
higher orders in C1Q02.

We maintain our Outperform-V rating and $10 price target. We believe MTSN is attractively valued
at 1.1x TTM sales, in light of reduced downside risk with the recovery cautiously unfolding; but
investors must still stomach near-term volatility.
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