Align-Rite Int'l (MASK) Undervalued compared to PLAB DPMI

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Technology Stocks
Align-Rite Int'l (MASK) Undervalued compared to PLAB DPMI

An SI Board Since September 1996

Posts	SubjectMarks	Bans	Symbol
388	6	0	PLAB

Emcee: Christopher Brainard	Type: Unmoderated

Introduction Market Data Compact

Align-Rite Int'l (MASK) is in the semiconductor photomask business.
Only other listed companies are Photronics (PLAB) and DuPont Photomasks (DPMI).
The semiconductor photomask companies have been beaten down along with the rest of
the semiconductor companies. Although the business conditions in the photomask
business seems to be in good shape. Demand for photomasks, which are basicly the
blue prints needed for the creation of a new integrated circuit, should continue to grow
as more and new uses of semiconductors are developed. Earnings are still growing and
forecasts of the future are still bright. Why then is Align-Rite selling at only 8 times trailing
12 months earnings while Photronics sells at 15 times and Dupont Photomasks sells at
13 times earnings. Align-Rite is the smallest of the three companies, but a 40% discount
to its larger brothers seem too extreme.

Estimates of fiscal year 1997 ending Mar-97 are $1.25.
Assuming a PE ratio of 12.5 would lead to a stock price of $15.625.
This is a 50% gain from todays price of $10.00 for MASK.

Anyone out there own or follow this stock or industry?

Go to reply# or date (mm/dd/yy):

Reply	Message Preview	From	Recs	Posted
388	Hey Steve. I'm long both MASK and PLAB - but my PLAB has a basis of around	Joe Dancy	-	5/13/2000
387	Haven't heard a peep about the deal closing since the conference call (&quo	Artslaw	-	3/16/2000
386	what's going on with this stock it's asian dealings looked promisin, so	ronnisi	-	3/16/2000
385	Any word on when the deal closes?	Bookdon	-	3/16/2000
384	That's correct--go play the arbitrage! Steve (who already has!)	Artslaw	-	2/29/2000
383	@Merger PLAB @40 ===> MASK @34?	zwolff	-	2/29/2000
382	I took a small arb position on the spread just for fun. Bot 1177 MASK and shor	KFBLY	-	2/15/2000
381	It's still trading at a 10-15% discount to PLAB. That seems large if the de	Carl R.	-	2/12/2000
380	In their conference call they indicated a closing this quarter.	Doug Hughes	-	2/12/2000
379	I think it was originally scheduled for the end of February, and I don't k	Carl R.	-	2/9/2000
378	When is the deal supposed to close?	Doug Skrypek	-	2/9/2000
377	You could short PLAB and go long MASK, I suppose. Me, I'm just long MASK so	Carl R.	-	1/22/2000
376	Carl & others - The gap in price between MASK and PLAB is an aribtrage oppo	Joe Dancy	-	1/22/2000
375	I noticed that last week MASK closed the gap a bit, so it would appear that aft	Carl R.	-	1/17/2000
374	Sorry, I really can't. maybe others know more than I ......my info is not	Gary G. Wallrap	-	1/17/2000
373	Can you give us a synopsis?	Bookdon	-	1/17/2000
372	PLAB got a nice recommendation today on CNBC Analysts Show. They also mentione	Gary G. Wallrap	-	1/17/2000
371	Well Tom, I did just add another chunk at 18 5/8. I think that the deal will u	Carl R.	-	1/11/2000
370	My concern is that the longer this drags out, the more that can go wrong. MASK	Bookdon	-	1/10/2000
369	I did just buy a few more shares under 20 recently, and almost added more today	Carl R.	-	1/10/2000
368	Merger agreement amended: biz.yahoo.com At .85 shares of PLAB, MASK is worth $	Thomas DeGagne	-	1/10/2000
367	Thanks. Carl	Carl R.	-	12/22/1999
366	I'll give you the cliff notes version. The conversion rate adjusts to give	spiny norman	-	12/22/1999
365	Really. I didn't know that. I never got around to looking at the actual ter	Carl R.	-	12/22/1999
364	Carl, Sounds reasonable, Another possibility is that if plab goes above the h	spiny norman	-	12/22/1999

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