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Strategies & Market Trends : Value Investing
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From: Paul Senior1/23/2018 10:35:39 PM
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LRCX. I up my few shares. Stock discussed in this week's Barron's Roundtable.

Scott Black says, "(Lam Research) is a powerhouse in semiconductor capital equipment, and its products are used primarily in front-end wafer processing, which is becoming a $50 billion business. Lam has a 56%-57% market share in wafer etch, and about a 40% share in vapor deposition. It wants to gain another four percentage points in both through 2019.
The fiscal year ends in June. We estimate that Lam will earn ... about $15 a share for calendar 2018. There is no stock-based compensation to consider, so that’s a clean number. Shares closed on Friday [Jan. 5] at $196.40. Lam has $22 a share in net cash. Exclude that and the stock sells for 11.6 times earnings. It is a giveaway. (ed. maybe a giveaway at $196 --stock closed today though about $215.) The average company sells for 19 times earnings, and LAM isn’t an average company...Lam has the wind at its back. It generates 86% of its revenue in Asia, and its chief customers include Micron Technology [MU], Samsung Electronics [005930.Korea], and Taiwan Semiconductor Manufacturing[TSM]. Semi equipment stocks sold off in the fall, when Samsung said demand for NAND memory chips had come down, but that was just a blip. Visibility is good for the next 18 months to two years."
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