Brett Larson
speaker
455 appearances
2 recordings
1 series
first heard Dec 2024
last heard Feb 2025
Brett Larson’s voice in public audio — every appearance, attributed to the second.
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Appearances
There's nothing tangible on the horizon right now for that.
And then automotive, we found a place of stabilization now, or we're closer to
that than the down cycle, but just watching the automotive OEMs and their CapEx is the signpost that you watch for that one.
And then lastly, PMI is the catch-all for the rest of the business, is just general
Industrial activity, industrial sentiment and the like is what drives CapEx for those types of customers.
I think you've captured it right.
They're given their short cycle and then especially with something like consumer electronics, that business will inflect before we even know what it is they're spending on.
Just the nature of that.
So it's pretty interesting in that regard.
First on free cash flow generation for them, they've generally converted a hundred percent of net income to free cash flow over time.
So they produce good free cash flow.
When they've returned over a hundred percent of that two shareholders, so a third dividend and two third
Share repurchases.
They do do the occasional MA, and that's primarily to this point, at least, been more of those IP slash acquahir type of deals.
So VD and Sua Lab.
And then they have a Fortress balance sheet, I would say.
So they have net cash on the balance sheet.
Cash and investments actually right now is 10% of the market cap.
They've always run net cash on the balance sheet.
I think there's two ways that I approach valuation on this one.
Showing 361–380 of 455 · page 19 of 23
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