Buy the Q2 Panic: Photronics Looks Cheap After the Big Post-Earnings Drop
Photronics plunged after a disappointing Q2 print and ensuing headlines, but at roughly $30 the photomask specialist trades at low-teens earnings multiples, EV/EBITDA ~4.3 and only ~1.4x book. Strong cash flow generation, negligible leverage and secular demand drivers for photomasks create a favorable risk/reward for a long entry. This is a tactica…