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Technology Stocks : Cohu, Inc. (COHU)
COHU 24.22+1.8%Nov 3 3:59 PM EST
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To: bearshark who wrote (7606)11/3/2023 10:41:12 AM
From: robert b furman  Read Replies (1) of 7822
 
Hi Bear,

That an excellent recap - Dreadful.

I'm amazed at its trading today and holding up. 30.00 for a stock that makes 8 cent gaap and looks out worse into the next quarter.

Seasonality is horrible for Q 4 every year. Q1 isn't much better.

I wonder why they just dont pay off the debt - Penalties for prepayment?

I like the 7.00 cash per share and the interest income is twice the expense.

If I had FCF and 350 million in the bank, I'd back up the truck and reduce my shares outstanding.

Sounds like they bought a company that saw their business peak last year. ( much like their own).

I do like the recurring business with the nice margins.

If your new systems is going to be weak building the stable high margin business is where your FCF should go.

Likewise if there is nothing out there to acquire, buy back shares BIGLY and get that EPS up there.

They have morphed into scale where they are cash flow positive in trough periods.

Out in the future when the buildings get built, the front end equipment makers will see business grow first and it will be the leading edge, which is where the margins are highest.

When I first bought Cohu , I liked them because the cycles where so brutal - BOOM BUST.

Now at least they have stabilized.

There is a turnaround uptick out there in time - 2024.

It still does not pay a dividend and I tired of waiting for this dog to treat the stockholders as well as their execs and option candy.

Bob
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