Intevac, Inc. (IVAC) | Investment Case

1. Company Snapshot

1.a. Company Description

Intevac, Inc.provides vacuum deposition equipment for various thin-film applications, and digital night-vision technologies and products to the defense industry in the United States, Asia, and Europe.It designs, develops, and markets thin-film processing systems for hard disk drive media, display cover panel, solar photovoltaic cell, and advanced semiconductor packaging industries.

The company sells its products through direct sales force and distributors.Intevac, Inc.was incorporated in 1990 and is headquartered in Santa Clara, California.

Show Full description

1.b. Last Insights on IVAC

Intevac's recent developments are driven by its proposed sale to Seagate Technology Holdings plc for $4.00 per share in cash. Law firms such as Halper Sadeh LLC, Kahn Swick & Foti, LLC, and Ademi & Fruchter LLP are investigating whether the sale price is fair to shareholders. The company recently announced it will host its Q4 and FY 2024 earnings call, which may provide insight into its financial performance.

1.c. Company Highlights

Last Price	4.0
Change Percentage	0.00%
Open	4.0
Previous Close	4.0
Market Cap ( Millions)	109
Volume	0
Year High	4.42
Year Low	2.46
M A 50	3.82
M A 200	3.54

FCF Yield	11.85%
Dividend Yield	2.55%
ROE	-37.81%
Debt / Equity	8.71%
Net Debt / EBIDTA	158.98%
Price To Book	1.37
Price Earnings Ratio	-2.8
Price To FCF	8.44
Price To sales	2.0
EV / EBITDA	-2.92

2. Transcript Summary

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3. NewsRoom

Seagate Completes Acquisition of Intevac

Mar -31

Source: businesswire.com

Intevac Announces Details of Special Dividend

Mar -14

Source: businesswire.com

INTEVAC INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Intevac, Inc. - IVAC

Mar -13

Source: businesswire.com

Shareholder Alert: The Ademi Firm investigates whether Intevac, Inc. is obtaining a Fair Price for its Public Shareholders

Feb -25

Source: prnewswire.com

INTEVAC INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Intevac, Inc. - IVAC

Feb -14

Source: businesswire.com

Seagate Inks Deal to Acquire Intevac in $119 Million All-Cash Deal

Feb -14

Source: zacks.com

Shareholder Alert: Ademi & Fruchter LLP Investigates Whether Intevac, Inc. Is Obtaining a Fair Price for Its Public Shareholders

Feb -14

Source: businesswire.com

$HAREHOLDER ALERT: The M&A Class Action Firm Investigates the Merger of Intevac, Inc. - IVAC

Feb -14

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.41%)

6. Segments

Systems, Upgrades and Spare Parts

Expected Growth: 7.3%

Intevac's Systems, Upgrades, and Spare Parts segment growth of 7.3% is driven by increasing demand for thin-film deposition equipment in the semiconductor industry, adoption of new technologies, and growing need for upgrades and spare parts in existing installations.

Field Service

Expected Growth: 8.5%

Intevac's Field Service segment growth of 8.5% is driven by increasing demand for semiconductor capital equipment, expansion into new markets, and growing adoption of its LeanIPTM technology. Additionally, the company's focus on providing high-margin services, such as maintenance and upgrade solutions, contributes to the segment's growth.

7. Detailed Products

Photonics

Intevac's Photonics segment provides high-sensitivity digital cameras and sensors for military and commercial applications.

Thin-Film Equipment

Intevac's Thin-Film Equipment segment provides vacuum deposition systems and other thin-film processing systems for the hard disk drive, display, and solar photovoltaic markets.

Intevac Photonics' Night Vision Cameras

Intevac's Night Vision Cameras are designed for military and commercial applications, providing high-sensitivity and low-light imaging capabilities.

Intevac's VERTEX Deposition System

Intevac's VERTEX Deposition System is a vacuum deposition system used in the manufacturing of hard disk drives and other thin-film applications.

Intevac's ENERG i ™ Solar Deposition System

Intevac's ENERG i ™ Solar Deposition System is a vacuum deposition system used in the manufacturing of solar photovoltaic cells.

8. Intevac, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Intevac, Inc. is medium due to the availability of alternative technologies and products in the market.

Bargaining Power Of Customers

The bargaining power of customers is high due to the concentration of customers in the semiconductor and display industries.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the availability of multiple suppliers for raw materials and components.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the semiconductor and display industries.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the semiconductor and display industries.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	6.46%
Debt Cost	3.95%
Equity Weight	93.54%
Equity Cost	7.57%
WACC	7.33%
Leverage	6.91%

11. Quality Control: Intevac, Inc. passed 3 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Intevac

A-Score: 4.7/10

Value: 7.6

Growth: 4.3

Quality: 3.1

Yield: 3.0

Momentum: 6.5

Volatility: 3.7

1-Year Total Return ->

Ducommun

A-Score: 4.4/10

Value: 2.9

Growth: 3.0

Quality: 4.9

Yield: 0.0

Momentum: 8.5

Volatility: 7.0

1-Year Total Return ->

Air Industries

A-Score: 3.5/10

Value: 8.3

Growth: 2.9

Quality: 1.5

Yield: 0.0

Momentum: 5.0

Volatility: 3.0

1-Year Total Return ->

SIFCO

A-Score: 3.3/10

Value: 5.1

Growth: 1.1

Quality: 2.3

Yield: 0.0

Momentum: 9.0

Volatility: 2.0

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Astrotech

A-Score: 3.2/10

Value: 8.0

Growth: 3.3

Quality: 4.4

Yield: 0.0

Momentum: 0.5

Volatility: 3.0

1-Year Total Return ->

CPI Aerostructures

A-Score: 3.0/10

Value: 5.2

Growth: 5.2

Quality: 2.4

Yield: 0.0

Momentum: 2.0

Volatility: 3.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-0.29%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.33%

Intevac, Inc. - US4611481080

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on IVAC

1.c. Company Highlights

Lower Growth

Cheaper

Weak Momentum

Earnings Beats

Revenues Miss

Average Yield

Revenues Beats

Lower Quality

Fairly Valued

Earnings Miss

Medium Volatility

Stable Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.41%)

6. Segments

Systems, Upgrades and Spare Parts

Expected Growth: 7.3%

Field Service

Expected Growth: 8.5%

7. Detailed Products

Photonics

Thin-Film Equipment

Intevac Photonics' Night Vision Cameras

Intevac's VERTEX Deposition System

Intevac's ENERG i ™ Solar Deposition System

8. Intevac, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Intevac, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.99$

Current Price

4.0$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA