mii - kulicke and soffa industries (klic) presentation - ryan rechkemmer
DESCRIPTION
PowerPoint presentation accompanying my long pitch of Kulicke and Soffa Industries (NASDAQ: KLIC) to the McIntire Investment InstituteTRANSCRIPT
M c I n t i r e I n v e s t m e n t I n s t i t u t e1
MCINTIRE INVESTMENT INSTITUTEAT THE UNIVERSITY OF VIRGINIA
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KLIC Supports the Global Semiconductor Supply Chain
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KLIC is the Established Leader in Wire Bonding
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KLIC Has a History of Success
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KLIC Offers a Complete Array of Assembly Products
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KLIC Possesses an Asymmetrical Technological Advantage
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KLIC Extends a Global Reach
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KLIC Maintains a Low Cost, Lean Manufacturing Strategy
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KLIC Is the Automatic Wire Bonder Market Share Leader
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KLIC is a Compelling Long
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Wire Bonding Market Trends Remain Favorable
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Wire Bonding Is Still Competitive with Flip Chip
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KLIC Lacks Recognition Among Investors
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KLIC is Attractively Valued Relative to Earnings and Cash
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KLIC is Priced for Secular Decline
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Investors Fear that KLIC will Misallocate Capital
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Shareholder Activism Can Unlock KLIC’s Value
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Antecedents to Shareholder Activism Parallel OfficeMax
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Risks Could Derail Investment Theses
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MII Should Initiate a Long Position in KLIC
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Appendix: KLIC’s Top 10 Customers*
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Appendix: KLIC Has Delivered Strong Gross Margins
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Appendix: KLIC Has Delivered Strong EBIT Margins
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Appendix: KLIC R&D, CapEx, and FCF
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