Rational Investing

Semiconductor Equipment & Materials

	Total Market Capitalization of All Firms	$853,530 mm
	Average Market Capitalization	$23,709 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.4
	Standard Deviation of MM Ratio	0.6
	Average Beta	1.4
	Average EV To Revenue	3.5
	Average EV To EBITDAM	23.5
	Average Price To Free Cash Flow	36.7

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
ENTG	Entegris Inc.	2.66	8,159	5.5	38.6	35.5	4	1.2	Mar 20
BESI.AS	BE Semiconductor Industries NV	2.50	3,239	9.9	36.2	32.2	0	1.5	Mar 20
XLNX	Xilinx Inc	2.49	23,640	8.2	25.5	23.8	-4	1.0	Mar 20
7729	Tokyo Seimitsu Co Ltd	2.42	1,449	0.2	50.5	25.9	-13	1.4	Mar 20
ASML	Asml Holding Nv	2.18	142,481	10.0	63.9	40.5	10	1.1	Mar 20
COHU	Cohu Inc.	2.10	627	1.6	15.3	30	4	1.8	Mar 20
0522.HK	ASM PACIFIC TECHNOLOGY LTD	2.09	4,305	0.6	75.2	30	-14	0.9	Dec 19
7735	Screen Holdings Co Ltd	2.02	2,378	0.3	99	30	-10	1.3	Mar 20
AIXA.DE	AIXTRON SE	1.97	1,244	6.6	9.9	30	-27	0.9	Mar 20
BRKS	Brooks Automation Inc.	1.97	3,023	3.4	41.1	30.2	16	1.4	Mar 20
ASML.AS	Asml Holding Nv	1.92	141,063	11.2	55.7	38.8	9	1.1	Mar 20
6146	DisCo Corp	1.84	8,483	0.1	45.6	22.0	6	1.5	Mar 20
CCMP	Cabot Microelectronics Corp.	1.80	4,232	4.6	99	30	17	1.2	Mar 20
LRCX	Lam Research Corp	1.70	40,700	4.7	18.2	16.4	0	1.3	Mar 20
FTV	Fortive Corp	1.67	21,456	3.6	64	22.4	7	1.3	Mar 20
8035	Tokyo Electron Limited	1.64	34,738	0.1	24.3	19.1	-3	1.2	Mar 20
OLED	Universal Display Corporation	1.57	7,014	13.4	40.4	32.9	30	1.5	Mar 20
WAF.DE	Siltronic AG	1.47	3,041	3.2	62.5	37.7	-19	1.7	Mar 20
AMS.SW	AMS AG	1.26	4,340	3.5	15.2	23.6	16	2.0	Mar 20
3711.TW	ASE Technology Holding Co., Lt	1.18	9,023	0.5	12.8	19.8	7	1.4	Mar 20
PLAB	Photronics Inc.	1.17	789	1.3	11.8	8.2	13	0.8	Apr 20
KLAC	Kla Tencor Corp	1.09	28,654	5.3	24.6	13.1	33	1.3	Mar 20
CLS	Celestica Inc	1.08	908	0.3	6.9	20.2	-10	2.3	Mar 20
6256	NuFlare Technology Inc	1.05	1,311	0.0	41.5	19.1	10	1.2	Dec 19
AMAT	Applied Materials Inc	1.02	52,966	3.7	18.9	16.2	7	1.3	Apr 20
CREE	Cree Inc	0.86	5,398	8.5	53.9	30	-32	1.1	Mar 20
KLIC	Kulicke & Soffa Industries Inc	0.86	1,460	2.7	22.5	41.5	7	1.3	Mar 20
3105.TW	WIN Semiconductors Corp	0.85	3,864	0.3	15.8	11.9	51	1.8	Dec 19
6239.TW	Powertech Technology Inc.	0.72	2,633	0.5	39.1	22.9	17	1.4	Mar 20
TER	Teradyne Inc	0.71	11,904	4.2	24.9	15.7	28	1.3	Mar 20
2303.TW	United Microelectronics Corp	0.70	6,205	0.5	5.5	6.5	18	1.4	Mar 20
ASM.AS	ASM International NV	0.63	6,927	4.8	22.3	20.0	29	1.4	Mar 20
2330.TW	Taiwan Semiconductor Mfg. Co.	0.62	257,037	0.3	99	10.7	33	1.2	Mar 20
6488.TW	GlobalWafers Co., Ltd.	0.62	5,486	0.4	15.9	11.7	-12	1.4	Mar 20
AMKR	Amkor Technology Inc	0.62	2,538	0.9	10.6	11.8	14	1.6	Mar 20
IMOS	Chipmos Technologies	0.55	816	1.4	14.0	15.3	20	1.0	Mar 20