Rational Investing

Semiconductor Equipment & Materials

	Total Market Capitalization of All Firms	$1,536,934 mm
	Average Market Capitalization	$43,912 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.6
	Standard Deviation of MM Ratio	0.6
	Average Beta	1.4
	Average EV To Revenue	5.3
	Average EV To EBITDAM	27.3
	Average Price To Free Cash Flow	38.9

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
0522.HK	ASM PACIFIC TECHNOLOGY LTD	2.81	6,878	0.7	62.8	38.5	-6	1.0	Jun 20
AIXA.DE	AIXTRON SE	2.80	1,982	7.5	14.5	30	2	0.8	Sep 20
CREE	Cree Inc	2.60	11,728	13.3	99	30	5	1.4	Sep 20
WAF.DE	Siltronic AG	2.46	5,074	4.6	43.6	33.2	-5	1.8	Sep 20
7735	Screen Holdings Co Ltd	2.43	4,217	0.2	50.4	26.9	-4	1.2	Sep 20
6146	DisCo Corp	2.37	12,979	0.1	58.3	35.5	17	1.3	Sep 20
7729	Tokyo Seimitsu Co Ltd	2.24	2,072	0.1	49.1	26.0	1	1.4	Sep 20
BESI.AS	BE Semiconductor Industries NV	2.24	5,206	13.1	49.2	33.8	18	1.3	Sep 20
OLED	Universal Display Corporation	2.16	11,831	26.6	72.8	30	10	1.4	Sep 20
CCMP	Cabot Microelectronics Corp.	2.14	4,786	5.0	25.3	21.5	2	1.1	Sep 20
KLAC	Kla Tencor Corp	2.02	49,153	8.1	29.8	22.6	12	1.2	Sep 20
COHU	Cohu Inc.	1.88	1,855	3.5	45.2	30	8	1.7	Sep 20
ASML.AS	Asml Holding Nv	1.83	224,144	15.7	61.1	43.4	23	1.2	Sep 20
2303.TW	United Microelectronics Corp	1.74	20,403	0.6	18.8	14.0	15	1.6	Sep 20
XLNX	Xilinx Inc	1.73	34,685	11.9	33.1	30.6	-5	1.0	Sep 20
TER	Teradyne Inc	1.40	23,533	7.8	48.0	29.7	34	1.3	Sep 20
ASML	Asml Holding Nv	1.34	224,536	13.5	66.9	30	27	1.2	Sep 20
3105.TW	WIN Semiconductors Corp	1.28	6,358	0.5	39.6	32.2	14	1.2	Sep 20
BRKS	Brooks Automation Inc.	1.28	5,722	5.6	59.8	39.1	15	1.8	Sep 20
3711.TW	ASE Technology Holding Co., Lt	1.26	14,886	0.5	27.5	32.5	11	1.4	Sep 20
AMAT	Applied Materials Inc	1.26	97,920	4.9	26.9	20.9	21	1.4	Oct 20
ENTG	Entegris Inc.	1.25	14,577	8.6	99	37.7	14	1.3	Sep 20
8035	Tokyo Electron Limited	1.18	68,783	0.1	37.1	25.1	23	1.0	Sep 20
CLS	Celestica Inc	1.18	1,115	0.3	8.5	30	0	2.5	Sep 20
2330.TW	Taiwan Semiconductor Mfg. Co.	1.13	556,967	0.6	35.7	30.9	25	1.4	Sep 20
KLIC	Kulicke & Soffa Industries Inc	1.07	2,476	3.1	21.7	15.5	27	1.2	Sep 20
ASM.AS	ASM International NV	1.00	14,277	10.3	34.0	29.5	23	1.4	Sep 20
6488.TW	GlobalWafers Co., Ltd.	0.99	10,298	0.4	24.0	14.5	-4	1.6	Sep 20
IMOS	Chipmos Technologies	0.90	920	1.6	14.1	9.6	15	1.0	Sep 20
VECO	Veeco Instruments Inc.	0.89	957	2.8	19.9	21.7	7	1.4	Sep 20
AMS.SW	AMS AG	0.87	6,723	3.9	21.8	30	53	2.0	Sep 20
PLAB	Photronics Inc.	0.85	802	1.3	12	32.3	6	0.9	Oct 20
AMKR	Amkor Technology Inc	0.82	4,323	1.2	18	18.2	23	1.6	Sep 20
LRCX	Lam Research Corp	0.74	82,091	7.1	22.1	19.2	23	1.3	Sep 20
6239.TW	Powertech Technology Inc.	0.69	2,676	0.5	13.2	11.9	16	1.1	Sep 20