Lam Research Corporation (LRCX) – Can Generative AI boost revenue growth?

Lam Research Corporation (LRCX) (Q4FY23)

Stock Performance: Lam Research Corporation‘s price return for 1 month was -4.57%. The stock price increased by 61% in the past 1-year. The stock has a 52-week high of $726.53 and its 52-week low is $299.59. In the past 3 years, the stock has given massive returns of 102%. The stock surged to $618.86 in FY23 from $305.89 in FY20.

Q4FY23 Performance: Revenue was $3.21bn. Non-GAAP gross margin was 45.7%, non-GAAP operating income as a percentage of revenue was 27.3%, and non-GAAP diluted EPS was $5.98. FY23 Performance: Revenue was $17.43bn. Gross margin was 44.6%, Operating income as a percentage of revenue was 29.7%, and diluted EPS was $33.21.

Management Guidance: Revenue is expected to be around $3.4bn, plus or minus $300mn.Non-GAAP Gross margin is expected to be 46.5%, +/- 1%. Non-GAAP Operating margin is expected to be 28%, +/- 1%. Non-GAAP EPS is expected to be around $6.05, plus or minus $0.75.

Highlights

Lam Research Corporation (LRCX) is unlikely to see a significant recovery in its Wafer Fabrication Equipment (WFE) spending until 2024. The company’s strong performance in advanced packaging and domestic Chinese businesses is not enough to offset the weakness in demand for advanced foundry/logic and advanced memory.

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Highlights

Valuation

– Enterprise Value
– CrispIdea Forecast
– Economic Value Added Analysis
– Discounted Cash Flow Analysis
– P/E Analysis
– Peer Valuation
– CrispIdea Forecast Relative to Consensus
– Consensus History and Surprise
– Consensus Momentum

Actual & Historical Performance

– Income Statement
– Balance Sheet
– Cash Flow
– 10-Year Historical Performance
– Ratio Analysis
– Du Pont Analysis
– ROIC & ROCE Analysis
– Segment Performance
– M&A Deals

Peer Performance

– Summary
– Profitability
– Growth
– Price Performance

Ownership

Price Performance

Crispidea Coverage

No of Pages: 36

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