Acmr Pitch Deck
Acmr Pitch Deck
Acmr Pitch Deck
Historical Revenue (USD mm) Share Price: $60.43 High | Low: $69.25 | 12.51
Revenue 300%
120 250%
150%
80
100%
74.6
60 50%
0%
40
36.5 -50%
20 27.4 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20
1
ACMR has over 285 patents allowing it to
Proprietary Competitive differentiate, innovate, and offer premium
Advantage technology
2
ACMR’s revenue & EBITDA growth far
Rapid Growth exceeds the industry. (57.2% compared
with industry’s revenue CAGR of 7.1%)
3
Advanced semiconductors needed for IoT
Long-term Tailwinds and other technological innovations rely
on ACMR technology
4
ACMR’s primary technology, wafer cleaning
Market Share Leader equipment, controls 50% of the global
market
5
ACMR is substantially undervalued. The
Highly Attractive Valuation recent market decline has further increased
the upside, creating a valuable opportunity
1. ACMR 2019 10-K 3. WaferPro – What is a silicon wafer? 5. ACM customer data
4 2. Multi Source Manufacturing – The Importance 4. ACMR Supplemental Investor Presentation
of Wet Processing
Industry Analysis
COMPETITIVE ENVIRONMENT
COMPETITIVE ADVANTAGE
ACMR is the market leader of single-wafer wet-cleaning equipment (50% global market share)
Technology leader with an early mover advantage
– Developed relationships with industry leading fabricators and suppliers
– Extended maintenance contracts to provide recurring revenue streams
Proprietary technologies allow it to be a price leader
Valuation Results
Method Implied Price Weighting
DCF (Perpetuity) $ 79.33 0.3x
DCF (Multiple) $ 169.52 0.2x
Weighted average comps $ 41.66 0.3x
Precedent transactions $ 38.66 0.2x