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  "documentTitle": "Lasertec Corporation (6920)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide uses a 'fraudulent or vaporous bubble stock' framing to attack the company's valuation.",
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      "text": "Lasertec valued at a higher premium to R&D than Nvidia",
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      "text": "Market cap to cumulative 5 yr R&D: 98",
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      "text": "Low R&D to market cap is one of our favorite indicators for fraudulent or vaporous bubble stocks – it signals the valuation is driven by hype rather than substance. Legitimate, innovative companies worth billions typically have proportional investments in R&D, product development, and intellectual property. In the last 5 years, Lasertec’s R&D spend was a mere $33MM (2019), $31MM (2020), $51MM (2021), $64MM (2022) and $76MM (2023) – reminiscent of medieval alchemy to conjure $25B in market value from only $250MM in cumulative R&D. Its valuation relative to 5-year R&D is the 3rd most extreme among all large-cap (>$10B) tech stocks globally (~200 total) – investors are valuing its “R&D” even higher than Nvidia, at least per this metric; 3X higher than Microsoft and TSMC, and 4X higher than ASML and Apple.",
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      "text": "Source: Capital IQ screen",
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      "text": "Company Name, Market cap, Market cap to cumulative 5 yr R&D table data",
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      "kind": "title",
      "text": "Lasertec's current annual R&D is so laughably small that it is less than the price of one of its ACTIS tools, which sell for $40-60MM.",
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      "text": "Capital IQ screen of market cap to 5-year cumulative R&D, tech companies >$10B market cap",
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