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<!DOCTYPE html>
<html>
<head>
<meta charset="UTF-8">
<meta name="description" content="Finance Forum">
<meta name="keywords" content="Share Economy, India, Finance, Stocks,
Analysis, Uber, Lyft, TaskRabbit">
<meta name="author" content="Milap Naik">
<link rel="shortcut icon" href="pics/favicon.ico">
<title>Stock Reviews</title>
<link rel="stylesheet" type="text/css" href="style.css"/>
<script type="text/javascript" src="script.js"></script>
<!--[if lt IE 9]>
<script src="http://html5shiv.googlecode.com/svn/trunk/html5.js"></script>
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</head>
<body>
<nav>
<ul>
<li><a href="/index">Home</a></li>
<li><a href="/reports">Reports</a></li>
<li><a href="/analytics">Analytics</a></li>
<li><a href="/test">test</a></li>
</ul>
</nav>
<br>
<br>
<h1>Cascade Microtech (CSCD).</h1>
<p>
Current Price: $9.53<br>
Book Value per Share: $6.24<br>
P/E: 11.24<br>
Current Ratio: 4.38<br>
Bill-to-Book ratio: .89 to 1<br>
</p>
<h3>Overview</h3>
<p>
Cascade Microtech is a company located in Portland, Oregon
and manufactures test equipment for semiconductors. Cascade
Microtech customers include Intel, IBM, Nvidia, and Harvard
University.
</p>
<p>
In the last few years the company has had a series of acquisitions.
In January 2010 Cascade acquired SUSS MicroTec AG’s chip-testing
division for $9.8 million, which had been Cascade’s largest rival.
Cascade posted revenues of $113 for fiscal year 2012 and had its
first profit that year since 2007. In October 2013, the company
bought ATT Advanced Temperature Test Systems in a cash and stock deal
valued at $27.7 million.
</p>
<p>
In Q2 the company announced its MeasureOne strategic initiative.
The strategic initiative allows Cascade Microtech customers to
access an archive of validated test and measurement solutions,
which will reduce the initial measurement of their devices and
processes.
</p>
<h3>Financials</h3>
<h5>Fundamentals</h5>
<p>
Cascade Microtech currently trades at 1.51x book value per
share(BVPS). BVPS is $6.24 while the current price of the security
is $9.53. This is comparable to Teradyne, the largest competitor
in the space, who trades at 1.5x BVPS. However, EBITDA/R demonstrates
how Cascade Microtech is undervalued. Cascade Microtech has an
EBITDA/R of 0.98x, which is significantly lower than the EBITDA/R
of 1.69x of Teradyne. As a result, if one takes into account
Cascade Microtech’s price-to-book-value, which is similar to the
industry leader, demonstrates how undervalued Cascade Microtech is.
</p>
<h5>Profitability </h5>
<p>
In the most recent quarter (MRQ), Cascade Microtech posted record
gross margin of 50.8%.
</p>
<h5>Liquidity</h5>
<p>
According to the MRQ, Cascade Microtech boasts a current ratio of 4.38x.
This is impressive as Cascade Microtech has boosted R&D expenditure.
In addition, it is relatively higher when compared to Teradyne’s current
ratio of 3.75x.
</p>
<h5>Management Effectiveness</h5>
<p>
Cascade Microtech’s management, under Michael Burger, has brought the
company to profitability. This is seen with Cascade’s return on assets
and return on equity. Compared to Teradyne, Cascade’s management is more
effective in executing strategy. For the trailing twelve months, Return
on Assets(ROA) is 6.31% and Return on Equity (ROE) is 16.22% for Cascade
Microtech, while Teradyne has been 5.66% and 9.78%, respectively.
</p>
<p>
There are currently a slew of prominent institutional investors who
own the stock as well. As seen below, Renaissance Technologies holds
4.18% of the shares outstanding.
</p>
<h3>Top Institutional Holders</h3>
<table id = "holders">
<th>
Holder
</th>
<th>
Shares
</th>
<th>
% Out
</th>
<th>
Value*
</th>
<th>
Reported
</th>
<tr>
<td>Dimensional Fund Advisors LP</td>
<td>1,035,332</td>
<td>6.34</td>
<td>14,132,281</td>
<td>Jun 30, 2014</td>
<tr>
<td>Renaissance Technologies, LLC</td>
<td>683,300</td>
<td>4.18</td>
<td>9,327,045</td>
<td>Jun 30, 2014</td>
<tr>
<td>Becker Drapkin Management, L.P.</td>
<td>638,264</td>
<td>3.91</td>
<td>8,712,303</td>
<td>Jun 30, 2014</td>
</tr>
<tr>
<td>Paragon Associates & Paragon Associates II Joint Venture</td>
<td>558,789</td>
<td>3.42</td>
<td>7,627,469</td>
<td>Jun 30, 2014</td>
</tr>
<tr>
<td>RGM Capital, LLC</td>
<td>466,802</td>
<td>2.86</td>
<td>6,371,847</td>
<td>Jun 30, 2014</td>
</tr>
<tr>
<td>BlackRock Fund Advisors</td>
<td>315,032</td>
<td>1.93</td>
<td>4,300,186</td>
<td>Jun 30, 2014</td>
</tr>
<tr>
<td>Punch & Associates Investment Management, Inc.</td>
<td>298,380</td>
<td>1.83</td>
<td>4,072,887</td>
<td>Jun 30, 2014</td>
</tr>
<tr>
<td>Acadian Asset Management</td>
<td>283,300</td>
<td>1.73</td>
<td>3,867,045</td>
<td>Jun 30, 2014</td>
</tr>
<tr>
<td>Teton Advisors, Inc</td>
<td>254,560</td>
<td>1.56</td>
<td>3,474,744</td>
<td>Jun 30, 2014</td>
</tr>
<tr>
<td>Vanguard Group, Inc. (The)</td>
<td>221,175</td>
<td>1.35</td>
<td>3,019,038</td>
<td>Jun 30, 2014</td>
</tr>
</table>
</body>
<footer>
<p class="date">Article written by Niral Patel on October 12, 2014</p>
</footer>
</html>