Photronics - Architects of the Integrated Circuit
3 months ago
Beeli Capital
"PLAB: Photomask manufacturer (chip blueprints) w/ small moat from capital intensity & proximity needs. Trading 9-12% normalized FCF yield despite MSD+ growth potential. $200M capex cycle normalizing next year. Risks: semi cyclicality, captive competition, China exposure (24% revs). Strong ROIC 20%+, 35% gross margins."
Sentiment
bullish
Conviction
Medium
Tier
Trade Call
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Episode Information
Episode:
Photronics - Architects of the Integrated Circuit
Source:
Beeli Capital
Published:
September 8, 2025
Idea Type:
Stock Idea