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  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "Uses expert interview transcripts to build a bottom-up revenue estimate for Lasertec.",
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      "text": "At a slightly discounted price of $40MM each, Intel’s fabs could drive $100MM/year revenue at most.",
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      "text": "Samsung executive expects Intel to buy perhaps only one Lasertec tool per year going forward",
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      "text": "Ushio states that Lasertec has approximately 10 A150 machines in its Oregon fab; averaged about 2 a year",
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      "text": "Our research interviews indicate that Intel has purchased about 13 total ACTIS A150 EUV inspection tools. We believe 3 are installed at Intel's mask shop in Santa Clara, CA, according to an ex-Lasertec field service engineer who was based on-site there; and we think that 10 are in Intel's fabs in Oregon, according to an Ushio field service engineer based at the fab. The mask shop appears to have hit capacity years ago with no new installs, leaving only Intel's fabs as a potential source of growth. However, since 2020, Intel's average rate of adding ACTIS machines at its fabs is only 2.5 per year, by our math. At a slightly discounted price of $40MM each, Intel's fabs could drive $100MM/year revenue at most. A Samsung executive estimated Intel would buy even less – only one machine per year, based on Intel's ratio of Lasertec tools per ASML EUV system.",
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      "text": "“A150? It’s around 10.” ... “Between those two years [2020 and 2022], I think maybe four machines went into Hillsboro. Average about 2 per year.” ... “Yes, they put a lot in last year...I think it was more towards the latter half of the year...there might have been one in the first half.” — Ushio field engineer who maintains light sources on Lasertec ACTIS A150 machines at Intel Oregon fab. “The trend in Intel for receiving ASML EUV tools is about five tools per year. So, maybe one tool for a year from Lasertec.” — Longtime Samsung executive in leadership role in EUV; worked closely with Lasertec; decision-maker for inspection tools.",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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