PSA Technology: Update on Ferrotec – Still Semiconductor Driven
William Nestuk is both excited about Ferrotec’s plans for expansion and circumspect about the consequent rise in company debt as it hastens down the growth path. Valuations for Ferrotec continue to look low (FY18e EV/OP 5x) relative to semiconductor (EV/OP 8x) or niche machinery-plays (EV/OP 12x). There are a lot of moving parts here and William guides us through, happy to note that overall, the company is chasing down structural profit improvement.
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries.
The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012.
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