Veeco Instruments Inc. Common Stock (VECO) : juste valeur

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Veeco makes the metrology, lithography and deposition tools that chipmakers and compound-semiconductor fabs use to etch, grow and inspect wafers, with its MOCVD reactors used to produce GaN LEDs and power devices. Its position rests on process know-how in epitaxy and ion-beam systems that customers qualify once and then keep buying, though the company is a niche player next to the large equipment makers. Revenue growth of 16.5% is the number to watch, and the forward P/E of 14.3 against a trailing 122.1 says the market expects earnings to recover sharply from a depressed base. A 6.7% operating margin and 2.6% ROE show the earnings power is not there yet, so the case depends on whether the recovery in fab capital spending, particularly for advanced packaging and power devices, lifts margins toward the 37.9% gross margin level. At a 2.8 billion dollar market cap and with no index membership, the name is small enough to be overlooked, which is a reason to read the next few quarters closely.