Early Retiree
Research analyst, value, small-cap, retirement and income

Betting On Semiconductors With A Safety Net

(Editor's Note: The company's OTC listing trades with limited liquidity. The German listing as PFV offers better trading liquidity.)

On 3/20, Pfeiffer Vacuum (OTC:OTC:PFFVF) released its annual report. The company develops, produces and distributes vacuum solutions for a great variety of end markets: semiconductor, coating, R&D, analytics and industrial applications.

(click to enlarge)A closer look at the segmented data and cash flow statement disclosed in the 2013 annual report reveals some interesting details about the company and its future prospects.

Revenue and margin analysis

Pfeiffer certainly had a bad 2013. Sales were down 11.4% and net income was down 24%. However, margin development provided a different picture: In spite of heavily reduced sales, operating margins shrank...

Join Seeking Alpha PRO to read this archived article and 11,574 other archived articles
FREESA PRO MEMBERS
IDEA GENERATORXExclusive access to 10 PRO ideas every day
INVESTING IDEAS LIBRARYXExclusive access to PRO library of more than 15,000 ideas
SECTOR EXPERT NETWORKXExclusive access to all sector experts for direct consultation
PERFORMANCE TRACKINGXTrack performance of all PRO stock ideas
PROFESSIONAL TOOLSXProfessional Idea Filters to zero-in based on industry, market cap and more
"In just the first month of using PRO, I used it to generate two ideas which were actionable for me. As a result of these two positions, I have earned more than 20 times the annual subscription costs for PRO."Michael Yagemann, Greenbridge Capital
"I am pleasantly surprised with the scope of small and mid-cap coverage PRO offers. You can't find that any where else."Patrick Rice, Mainstay Capital Management
You may cancel at any time for any reason, and receive a prompt refund for membership on months paid and not used (max. 6 months). Details