Aug. 30 at 9:41 AM
$PLAB Clode
Base data: 58.7M diluted shares, book value ~
$21.8/share, attributable net cash (excl. JV minority stake) ~
$7/share, FY26 consensus EPS ~
$1.85.
Conservative P/E (10-12x, below Street’s “Strong Buy” multiple due to litigation/cyclicality):
$18.5-
$22.2/share
Book value cross-check: ~
$21.8/share (aligns well)
Litigation discount (securities class action, Dec’25-May’27 period, ~
$1.1B mkt cap wiped): -
$0.50 to -
$0.85/share
Conservative fair value range: ~
$18-
$21.5/share
Current price (~
$30-33, post 25%+ Q3 earnings pop) sits above this range. US/Korea capex expansion is a real growth driver, but conservative case assigns no extra premium given execution already missed once (the exact basis of the lawsuit) — upside from expansion is optionality, not baked into the floor.
Not investment advice.
