Lasertec (6920.T)
Technology · Tokyo · Japan
Fundamentals
Valuation and ratings
Lasertec trades at ¥41,900.00, close to the ¥35,651.64 our discounted cash flow model puts on the business. On this measure the market and the model broadly agree, so the interesting question is which of them is wrong.
Our moat model scores it 87 out of 100, which is a wide moat. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 45.9 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About Lasertec
Lasertec Corporation engages in the design, manufacture, and sale of inspection and measurement equipment in Japan, South Korea, Taiwan, Other Asia, the United States. The company offers semiconductor related products, including Actinic EUV patterned mask inspection system, EUV mask blanks inspection and review system, mask inspection system, mask blanks inspection and review system, EUV pellicle inspection system, EUV mask backside inspection and cleaning system, and mask edge inspection system; phase-shift and transmittance measurement system, phase-shift measurement system; SiC wafer inspection and review system, GaN wafer inspection and review system, high sensitivity under-layer defect inspection and review system, multi-wavelength wafer inspection system, high sensitivity wafer edge inspection system, wafer edge-dimension measurement system, via depth measurement system, TSV back grinding process measurement system, and fully automated wafer measurement system. It also provides FPD photomask inspection system, pellicle inspection and pellicle mounting system for CLIOS, and FPD mask blanks inspection system; and microscopes, such as laser microscopes, electro-chemical reaction visualizing confocal system, and in-situ observation at ultra high temperature confocal scanning laser microscope. The company was formerly known as NJS Corporation and changed its name to Lasertec Corporation in 1986. Lasertec Corporation was founded in 1960 and is headquartered in Yokohama, Japan.
6920.T passes 6 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Common questions
Is Lasertec (6920.T) undervalued?
Against our discounted cash flow estimate of ¥35,651.64, 6920.T at ¥41,900.00 is 15% above fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
What is 6920.T's P/E ratio?
6920.T trades at 45.9 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
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Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.