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Strategies & Market Trends : Value Investing
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To: E_K_S who wrote (74227)11/11/2023 12:36:27 PM
From: Spekulatius2 Recommendations

Recommended By
Area51
E_K_S

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The Atotech merger was a just for MKSI. You can find the docs here:
investor.mksinst.com

They paid top dollar in 2021 (before interest rates went up) -$6.5B (including debt ) for $336M in 2021 EBITDA. Now their revenues and EBITDA from Atotech is declining due to the semi market declining. They wrote down already $1.9B in Goodwill from this merger mostly. the higher interest rates and the downturn in semiconductors have impaired this asset. MKSI leverage is at 4.6x EBITDA which is pretty high.
They are paying this slowly down but have a long way to go.

MKSI is on my watchlist but I think there are some more straightforward picks right now in this space.
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