Inclusion of Orbotech Drives KLA’s Fiscal 3Q Sales Higher; Shares Look Fairly Valued
KLA reported fiscal third-quarter results in line with our expectations. The firm closed its Orbotech acquisition during the quarter, incorporating partial-period results. Orbotech boasts a complementary equipment portfolio that tailors to the manufacturing of printed circuit boards, flat panel displays, and semiconductor devices. While we remain positive on the deal for diversification purposes, we believe the expected revenue and cost synergies are offset by the premium paid for the $3.2 billi...KLA is a supplier of process control and yield management solutions for the semiconductor and related nanoelectronics industries. The company provides process control and process-enabling solutions for manufacturing and testing wafers and reticles, integrated circuits, packaging, light emitting diodes, power devices, compound semiconductor devices, microelectromechanical systems, data storage, printed circuit boards (PCBs), and flat and flexible panel displays, as well as general materials research. The company has four reportable segments which include Semiconductor Process Control; Specialty Semiconductor Process; PCB, Display and Component Inspection; and Other.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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