Since our last semiconductor-focused article on Photronics (NASDAQ:PLAB), we have continued to examine the industry for companies with strong balance sheets that we believe to be undervalued relative to their forward growth rates. And in Cascade Microtech (NASDAQ:CSCD), we believe that we have found such a company. With a market capitalization of less than $115 million, a debt-free balance sheet, meaningful insider ownership, and double digit EPS growth set for 2014, we believe that shares of Cascade are undervalued at their present level of $7.83 (Cascade's closing price on September 13) and would be buyers, given that we see upside potential of as high as 47%. Unless otherwise noted, financial statistics and managerial commentary used in...
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