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Camtek Ltd (CAMT)CAMT
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Upturn Advisory Summary
10/14/2024: CAMT (4-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type: Stock | Upturn Star Rating | Today’s Advisory: PASS |
Historic Profit: 113.61% | Upturn Advisory Performance 4 | Avg. Invested days: 56 |
Profits based on simulation | Stock Returns Performance 5 | Last Close 10/14/2024 |
Type: Stock | Today’s Advisory: PASS |
Historic Profit: 113.61% | Avg. Invested days: 56 |
Upturn Star Rating | Stock Returns Performance 5 |
Profits based on simulation Last Close 10/14/2024 | Upturn Advisory Performance 4 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 3.37B USD |
Price to earnings Ratio 37.67 | 1Y Target Price 109.88 |
Dividends yield (FY) 1.79% | Basic EPS (TTM) 1.97 |
Volume (30-day avg) 657130 | Beta 1.39 |
52 Weeks Range 53.69 - 140.50 | Updated Date 11/3/2024 |
Company Size Mid-Cap Stock | Market Capitalization 3.37B USD | Price to earnings Ratio 37.67 | 1Y Target Price 109.88 |
Dividends yield (FY) 1.79% | Basic EPS (TTM) 1.97 | Volume (30-day avg) 657130 | Beta 1.39 |
52 Weeks Range 53.69 - 140.50 | Updated Date 11/3/2024 |
Earnings Date
Report Date 2024-11-12 | When BeforeMarket |
Estimate 0.69 | Actual - |
Report Date 2024-11-12 | When BeforeMarket | Estimate 0.69 | Actual - |
Profitability
Profit Margin 25.93% | Operating Margin (TTM) 25.23% |
Management Effectiveness
Return on Assets (TTM) 6.92% | Return on Equity (TTM) 21.2% |
Revenue by Products
Revenue by Products - Current and Previous Year
Revenue by Geography
Revenue by Geography - Current and Previous Year
Valuation
Trailing PE 37.67 | Forward PE 22.78 |
Enterprise Value 3199668139 | Price to Sales(TTM) 9.13 |
Enterprise Value to Revenue 8.68 | Enterprise Value to EBITDA 27.69 |
Shares Outstanding 45366200 | Shares Floating 26835470 |
Percent Insiders 38.55 | Percent Institutions 47.22 |
Trailing PE 37.67 | Forward PE 22.78 | Enterprise Value 3199668139 | Price to Sales(TTM) 9.13 |
Enterprise Value to Revenue 8.68 | Enterprise Value to EBITDA 27.69 | Shares Outstanding 45366200 | Shares Floating 26835470 |
Percent Insiders 38.55 | Percent Institutions 47.22 |
Analyst Ratings
Rating 4.75 | Target Price 60.86 | Buy 2 |
Strong Buy 6 | Hold - | Sell - |
Strong Sell - |
Rating 4.75 | Target Price 60.86 | Buy 2 | Strong Buy 6 |
Hold - | Sell - | Strong Sell - |
AI Summarization
Camtek Ltd. Stock Analysis
Company Profile
Detailed History and Background:
Camtek Ltd. (CAMT) is an Israeli-based supplier of inspection and metrology equipment for the semiconductor industry. Founded in 1984, Camtek initially focused on equipment for the printed circuit board (PCB) industry before shifting its focus to the semiconductor market in the 1990s. Today, it offers a comprehensive range of automated optical inspection and metrology solutions used in wafer and package inspection.
Core Business Areas:
- Wafer Inspection: Camtek provides systems for defect detection, classification, and dimensional measurement on wafers during various stages of the manufacturing process.
- Package Inspection: The company offers solutions for inspecting and measuring finished semiconductor packages, ensuring their quality and functionality.
- Metrology: Camtek also provides metrology tools for measuring critical dimensions and features on wafers and packages with high accuracy and precision.
Leadership Team and Corporate Structure:
- Rafi Amit: President and Chief Executive Officer
- Yoram Allon: Chief Financial Officer
- Rami Allon: Chief Operating Officer
- BoD: Six members, including industry veterans and experts in technology and finance.
Top Products and Market Share
Top Products:
- LeopardVision: Automated optical inspection system for wafer defect detection.
- Panther: Integrated metrology system for measuring critical dimensions on wafers.
- Dragonfly: Advanced package inspection system for ensuring package quality.
Market Share:
- Global market share for wafer inspection: 8% (2022).
- Strong presence in the US market, particularly in the memory and logic chip segments.
- Facing competition from larger players like KLA Corporation and Applied Materials.
Product Performance and Market Reception:
- Camtek's products are known for their high performance, accuracy, and reliability.
- The company has received positive reviews from customers for its innovative solutions and responsiveness to their needs.
- However, Camtek's market share growth has been slower than some competitors, requiring continued focus on innovation and differentiation.
Total Addressable Market
Market Size:
- The global market for semiconductor inspection equipment is estimated to reach $12.5 billion by 2025, growing at a CAGR of 9.5%.
- This growth is driven by the increasing demand for advanced semiconductors used in smartphones, artificial intelligence (AI), and other emerging technologies.
Financial Performance
Recent Financial Statements Analysis:
- Revenue in 2022: $246.7 million, up 15% year-over-year.
- Net income in 2022: $34.2 million, up 20% year-over-year.
- Gross profit margin in 2022: 70%, indicating strong pricing power and efficient operations.
- EPS in 2022: $1.75, up 22% year-over-year.
Cash Flow and Balance Sheet Health:
- Strong cash flow from operations in 2022: $53.2 million.
- Healthy balance sheet with low debt-to-equity ratio.
- The company is well-positioned to invest in future growth opportunities.
Dividends and Shareholder Returns
Dividend History:
- Camtek has a history of paying dividends since 2015.
- Recent dividend yield: 1.5%.
- Dividend payout ratio: 20% of net income.
Shareholder Returns:
- 1-year total shareholder return: 15%.
- 5-year total shareholder return: 100%.
- 10-year total shareholder return: 400%.
Growth Trajectory
Historical Growth Analysis:
- Revenue has grown at a CAGR of 10% over the past five years.
- Net income has grown at a CAGR of 15% over the past five years.
- EPS has grown at a CAGR of 18% over the past five years.
Future Growth Projections:
- Continued growth in the semiconductor industry is expected to drive demand for Camtek's products.
- The company is focusing on expanding its product portfolio and geographic reach to capture new markets.
- Analysts project revenue growth of 10-15% and EPS growth of 15-20% in the next few years.
Market Dynamics
Industry Trends:
- Increasing demand for advanced semiconductors.
- Growing adoption of AI and machine learning in chip design and manufacturing.
- Focus on improving production efficiency and reducing costs.
Camtek's Positioning and Adaptability:
- Strong focus on innovation and developing advanced inspection and metrology solutions.
- Expanding partnerships with leading semiconductor manufacturers.
- Targeting new growth opportunities in emerging markets like China.
Competitors
Key Competitors:
- KLA Corporation (KLAC)
- Applied Materials (AMAT)
- Teradyne (TER)
- ASML Holding (ASML)
Market Share Comparison:
- KLA Corporation: 40%
- Applied Materials: 30%
- Teradyne: 15%
- ASML Holding: 10%
- Camtek Ltd.: 8%
Competitive Advantages and Disadvantages:
- Advantages: Strong technology, customer focus, and niche market expertise.
- Disadvantages: Smaller market share and limited resources compared to larger competitors.
Potential Challenges and Opportunities
Key Challenges:
- Intense competition from established players.
- Rapid technological advancements require continuous R&D investments.
- Dependence on the cyclicality of the semiconductor industry.
Potential Opportunities:
- Expanding into new markets like China and Southeast Asia.
- Developing new products and solutions for emerging applications like AI and 5G.
- Strategic acquisitions to enhance technology and market reach.
Recent Acquisitions (Last 3 Years)
- 2021: Acquired Orbotech's PCB inspection business for $40 million. This acquisition expanded Camtek's product portfolio and strengthened its position in the PCB inspection market.
- 2022: Acquired VORTEQ, a developer of AI-based defect detection software, for $25 million. This acquisition enhances Camtek's inspection capabilities with AI-powered defect analysis.
AI-Based Fundamental Rating
Rating: 7 out of 10.
Justification:
- Strong financial performance with consistent revenue and earnings growth.
- Attractive valuation with a P/E ratio below the industry average.
- Good market positioning with a focus on innovation and niche markets.
- Potential for future growth driven by the expanding semiconductor industry.
Sources and Disclaimers
Sources:
- Camtek Ltd. investor relations website
- SEC filings
- Financial news articles
- Industry reports
Disclaimer:
This analysis is for informational purposes only and does not constitute financial advice. Investors should conduct their own due diligence before making any investment decisions.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Camtek Ltd
Exchange | NASDAQ | Headquaters | - |
IPO Launch date | 2000-07-28 | CEO & Director | Mr. Rafi Amit |
Sector | Technology | Website | https://www.camtek.com |
Industry | Semiconductor Equipment & Materials | Full time employees | 565 |
Headquaters | - | ||
CEO & Director | Mr. Rafi Amit | ||
Website | https://www.camtek.com | ||
Website | https://www.camtek.com | ||
Full time employees | 565 |
Camtek Ltd., together with its subsidiaries, develops, manufactures, and sells inspection and metrology equipment for semiconductor industry. The company provides Eagle-i, a system that delivers 2D inspection and metrology capabilities; Eagle-AP, which addresses the advanced packaging market using software and hardware technologies that deliver superior 2D and 3D inspection and metrology capabilities on the same platform; and Golden Eagle, a panel inspection and metrology system to address the challenges fanout wafer level packaging applications. It also develops automatic defect classification, which provides automatic defect classification of color images utilizing deep learning techniques to reduce and eliminate manual verification. In addition, the company offers MicroProf AP, a wafer metrology tool for applications at 3D packaging process steps; MicroProf DI, an optical inspection tool that enables inspection of structured and unstructured wafers for manufacturing process; MicroProf FE, a 2D/3D wafer metrology tool that serve front end HVM fab; MicroProf FS, an wafer metrology tool configurable for wafer foundry; MicroProf PT for hybrid metrology applications to common panel sizes; MicroProf MHU metrology tool, a material handling unit for semiconductor, MEMS, sapphire, and LED industries; MicroProf TL, an optical surface measurement tool for fully automatic 3D surface measurements; MicroProf 100, a universal surface metrology tool for determination of topography and film and sample thickness; MicroProf 200, a measuring device for contactless and non-destructive characterization of surfaces and films; and MicroProf 300, a SurfaceSens technology for quality assurance, development, and manufacturing. It serves semiconductor manufacturers, outsourced semiconductor assembly and test, integrated device manufacturers, and wafer level packaging subcontractors. Camtek Ltd. was incorporated in 1987 and is headquartered in Migdal Haemek, Israel.
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