$17.50 -0.15 (-0.85%)
11/20/2009 4:00 PM

FormFactor, Inc. (FORM)

CAPS Rating: 5 out of 5

The Company designs, develops, manufactures, sells and supports precision, high performance advanced semiconductor wafer probe cards.

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Member Avatar jchoover (90.73) Submitted: 11/17/2009 3:33:34 PM : Outperform Start Price: $20.42 FORM Score: -14.88

portefeuille2

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Member Avatar typeoh (92.15) Submitted: 11/15/2009 10:24:03 PM : Outperform Start Price: $17.75 FORM Score: -0.55

Lots of cash, no debt, good niche market. Semi's will grow, and grow, and grow....imagine how many products will come on the market in the next 10 years that will require a semi-conductor.

Form's a winner....buy low, hold long.

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Member Avatar rainmaker59 (36.10) Submitted: 11/9/2009 4:52:54 PM : Outperform Start Price: $17.09 FORM Score: -2.69

Fool Hidden Gem on 11/9/09 due to surprising drop in price.

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Member Avatar MizzouFanVan (25.18) Submitted: 11/9/2009 2:57:16 PM : Outperform Start Price: $17.17 FORM Score: +1.89

The stock has potential to make a strong rebound in upcoming 2010.

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Member Avatar fundamentalsrock (75.90) Submitted: 11/3/2009 9:52:38 AM : Outperform Start Price: $16.46 FORM Score: +1.35

FORM makes tools for testing DRAM. The movement to DDR3 will, eventually, make FORM a superstart. In the meantime, it is a Hidden Gems selection, has great management, and has had no disappointments. Its stock has tanked recently for no good reason, so its time to buy buy buy! Target 25-35 by 3Q 2010

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Member Avatar SarahGen (99.83) Submitted: 10/28/2009 11:31:22 AM : Outperform Start Price: $18.12 FORM Score: -7.13

spiritualman picked it after the big selloff. Also, nice upgrade to outperform today from FBR Capital Markets.

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Member Avatar LonghornLaw (< 20) Submitted: 10/27/2009 11:52:04 AM : Outperform Start Price: $18.14 FORM Score: -5.67

Optimistic on earnings tomorrow.

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Member Avatar pampaflash (< 20) Submitted: 10/19/2009 12:13:49 PM : Outperform Start Price: $19.54 FORM Score: -10.05

FORM should should follow function (testing) with sales at chip companies rising.

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Member Avatar CupOJoeGA (36.14) Submitted: 10/11/2009 9:35:29 PM : Outperform Start Price: $21.14 FORM Score: -18.77

Chips will never go out of style.

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Member Avatar tringuyen6 (61.31) Submitted: 10/7/2009 4:30:23 PM : Outperform Start Price: $21.35 FORM Score: -20.74

HG

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Member Avatar Nostradamuss (52.88) Submitted: 10/5/2009 1:38:20 PM : Outperform Start Price: $21.50 FORM Score: -24.15

good buy

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Member Avatar CREWatcher (98.66) Submitted: 9/21/2009 11:53:29 AM : Outperform Start Price: $24.52 FORM Score: -31.49

Good catalysts are hard to find. FORM looks like it has more than one.
- Apple is highly likely to bring another cool new game changing gadget to market that will add demand for more small DRAM, flash, and logic chips.
- Solid state hard drives based on flash seem to be taking a piece of the hard drive market, starting with laptops, and will increase the demand for flash chips.
- Vista flopped, creating extra pent up demand for Windows 7, and setting up the October launch of Windows 7 to trigger a bigger than usual upgrade cycle.
- Chip makers have held off on equipment upgrades during a nearly 2 year down cycle in their market, leaving a lot of aging test equipment ripe for replacement.

When I first looked at FORM, I quickly became concerned over management turnover and overuse of stock option incentives. The founder exited the company somewhat hastily. New CEO Ruscev has 60 times as many options as he has shares. And, the company is one of those that seem to think stock options need repricing when their industry takes a hit. At least executives didn’t get considered for options repricing.

But, CEO Ruscev put up and impressive record in his first year at the helm. He slashed costs early in their downturn, moved design teams closer to their customers, and kept R&D going strong to position the company well for the rebound.

The timing of the rebound is the big question. Given the multiplicity of catalysts, my money is on sooner rather than later.

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Member Avatar Gtrinvestor (99.97) Submitted: 8/24/2009 8:31:56 AM : Outperform Start Price: $21.90 FORM Score: -26.44

FORM has quite a bit of cushion, with tangible equity = to about 1/2 of its market cap ($1 B), all in cash and short-term investments.
The stock is now 1/2 of its average stock price for FY '06 and '07, with a PE of ~17.5 in '06 and ~14 in '07. However, during '08, sales were cut in 1/2 and losses abounded (mostly non-cash losses, which has helped the company maintain a solid balance sheet).
Given the clear volatility in its customer's purchases, offset in part by the future growth potential of the company, I would guess that the company's stock price has some reasonable upside; however, I would keep a close eye on this one if the stock price gets much above $40-$45 without some solid earnings to back up its multiple.
2 thumbs up out of 3

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Member Avatar kwade79 (26.07) Submitted: 5/20/2009 9:31:55 AM : Outperform Start Price: $17.50 FORM Score: -20.23

Everything's down right now, but people aren't going to stop buying electronics.

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Member Avatar jmpreiks (93.73) Submitted: 5/12/2009 10:11:26 PM : Outperform Start Price: $16.00 FORM Score: -13.84

Should make a nice longer term buy given the depressed market.

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Member Avatar EddieWG07 (97.28) Submitted: 5/12/2009 2:10:32 PM : Outperform Start Price: $15.85 FORM Score: -11.97

Heavy cash ($10 per share) makes this a value play mid to long term.

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Member Avatar jackcrow (92.99) Submitted: 4/13/2009 10:45:19 PM : Outperform Start Price: $19.02 FORM Score: -38.03

testing screen

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Member Avatar thestinkyfeet (94.06) Submitted: 1/24/2009 4:39:31 PM : Outperform Start Price: $16.87 FORM Score: -8.97

The pitch for this stock can be found on the Stinky Feet discussion board at http://boards.fool.com/Message.asp?mid=26915730 . Stop by and let us know what you think of this pick.

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Member Avatar Aggiemedic01 (41.39) Submitted: 12/3/2008 5:08:11 PM : Outperform Start Price: $13.11 FORM Score: +2.95

Patience being the key word here. This is a depressed cyclical. Providing others don't catch up in terms of technology, when prices for the end product start turning up, FORM will shoot up as well. This may bounce around at low prices for a bit, but when it heads up, it will be a great stock to own.

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Member Avatar squrl020 (36.65) Submitted: 10/25/2008 2:14:32 PM : Outperform Start Price: $16.11 FORM Score: -21.17

semiconductor business at 52week bottom

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