Record Quarter For KLA-Tencor Just the Tip of the Iceberg; Shares Undervalued Relative to $125 FVE
KLA-Tencor reported fiscal second-quarter results that exceeded our expectations, with record revenue, shipments, and gross margins, while providing slightly softer guidance than we had anticipated. Shares were slightly lower during afterhours trading, as management forecast 2018 wafer fabrication equipment, or WFE, growth in the midsingle digits versus Lam Research’s management claiming low double digits during its earnings call. Despite this divergence, we remain positive on strong WFE spendin...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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