Ok let me understand this, a company which is involved in the semi equipment industry and specialized implant services for a technology that is being replaced by cheaper methods, with 6 million shares and no earnings (no P/E)except for 1 or 2 quarters, quite a while back, reports .33 loss (with a million writeoff its about .17 loss), one of the greatest losses of its time, has about 20 to 25 employees mostly maintenance for the implanter people, issues a statement saying that it might have 3 orders (no customer names and no delivery dates), no hard copy purchase orders (which is what the industry looks for)is worth 12 dollars.
Yet,as an example, a company like ADE (adex)in the same industry but not (cough cough) super hi-tech implanters that use 25 year old technology, with 11 million shares and positive past and future earnings, with a P/E of 14 and no debt and a backlog of products and a good management team is only worth 14?????
And yet, companies like Novellus, Applied, Lam Research and on and on are all cancelling orders from their vendors because their customers are cancelling orders and these companies are generating layoff lists and they have lost at least 30% of their value, yet IBIS is worth 12 dollars?
Sorry but I don't believe it.
If you want to compare IBIS to where it should be, take a look at Genus (GGNS), but this may not be a fair comparison because Genus has at least a scrap value.
Oh and by the way, Geoff Ryding, while a pleasant man and a fair physicist, is just one of the one of the many who have ridden to fame on the coat tails of Peter Rose. IBIS is no better off with or without.
My apologies if these realities are too harsh, they are however the truth. |
