Helix Investment Research
Long only, special situations, contrarian, growth

Photronics: Minimum 20% Upside As Growth Initiatives Highlight Relative Undervaluation

As many investors know, 2013 has not been one of the stronger years for the global semiconductor industry, due to a variety of factors. This resulting slowdown has adversely impacted not only semiconductor companies themselves, but semiconductor capital equipment companies as well. However, 2014 is set to be a year of recovery for the industry in terms of both revenues and earnings. As a result, shares of many semiconductor capital equipment manufacturers have posted gains in 2013, including those of Photronics (NASDAQ:PLAB), whose shares have risen just under 24% so far this year. However, as we will demonstrate, shares of Photronics continue to be undervalued relative to industry peers on a variety of metrics, including price-to-book, price-to-earnings, and...

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