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  "docSlug": "f982379e2e48",
  "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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  "pageNumber": 69,
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  "notes": "The slide uses a comparison frame to highlight the anomaly of Lasertec's margins compared to industry peers.",
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      "text": "Lasertec's reported margin is significantly higher than every one of the five largest semiconductor equipment companies in the world by revenue – even eclipsing ASML's, a $350 billion market cap giant which invented EUV lithography systems and has a real monopoly unlike Lasertec's fictional one.",
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      "text": "EBIT margin: 41%",
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      "kind": "paragraph",
      "text": "Lasertec's valuation is a function of revenue growth and rapid margin expansion – an explosive combination that often leads investors to pay an extreme multiple. As shown below, its EBIT margin has spiked from 28% in 2019 when it launched its ACTIS EUV machine to 41% in 2023. Surprisingly, Lasertec's reported margin is significantly higher than every one of the five largest semiconductor equipment companies in the world by revenue – even eclipsing ASML's, a $350 billion market cap giant which invented EUV lithography systems and has a real monopoly unlike Lasertec's fictional one. Lasertec's margins are so astonishing that they even exceed Apple's (30%), Google's (29%), Meta/Facebook's (37%), and are on par with Microsoft's (42%).",
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      "kind": "source-note",
      "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data; Lasertec financials and filings; AMSL EUR revenue converted at 1.08 EUR/USD; Tokyo Electron and Lasertec revenue converted at 153 JPY/USD",
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      "kind": "table",
      "text": "Table comparing Revenue (2023) and Operating Margin (2019-LTM) for ASML, Applied Materials, Lam, Tokyo Electron, KLA, and Lasertec.",
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      "kind": "title",
      "text": "Lasertec EBIT margin versus 5 largest semicap companies by revenue",
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