Wells Fargo Van Kasper Re-Initiating Coverage on Therma-Wave, Inc. With Market Perform Rating

Apr 16, 2001, 01:00 ET from Wells Fargo Van Kasper

    SAN FRANCISCO, April 16 /PRNewswire/ -- David Duley,
 Semiconductor/Electrical Components Analyst at Wells Fargo Van Kasper, is
 initiating coverage on the shares of Therma-Wave, Inc. (Nasdaq: TWAV) ($13.45)
 with a Market Perform rating.
     Below are quotations from Mr. Duley's research report:
 
     -- We are re-initiating coverage on the shares of Therma-Wave, Inc. with a
        Market Perform rating.
     -- Our FY01 revenue and EPS estimates are $198.9 million and $1.51,
        respectively. Our FY02 revenue and EPS estimates are $141.8 million and
        $0.25, respectively. Our FY03 EPS estimate is $0.96.
     -- Therma-Wave participates in the process control metrology (used in
        semiconductor manufacturing) market. We believe that this segment of
        the equipment market will continue to grow more rapidly than the
        overall market as the industry moves to larger wafer sizes, tighter
        geometries, and new materials.
     -- Therma-Wave has been gaining market share over the past several years
        in the thin film metrology market, and the company dominates the ion
        implant metrology market.
     -- The company is entering the integrated metrology market via its
        agreement with Applied Materials and has several new products including
        a metal metrology product geared for copper.
     -- We think that metrology is an area that could see increased investment
        because semiconductor manufacturers are looking for process
        improvements to increase yields in ever-increasing complex
        manufacturing environments.
     -- Therma-Wave trades at a discount to its peers. Competitors in the
        metrology market trade at an average of 26.8x their respective
        consensus FY02 EPS estimates compared to Therma-Wave's valuation of
        13.5x our FY03 EPS estimate of $0.96.
 
     Wells Fargo Van Kasper makes a market in the shares of Therma-Wave, Inc.
 
     Wells Fargo Van Kasper is a private brokerage and investment banking firm.
 Since its founding in 1978 as Van Kasper & Company, the firm has been
 providing exceptional services and original investment advice to a select
 group of investors and businesses. The firm's offices are located in Fresno,
 Los Angeles, Newport Beach, Rancho Bernardo, San Diego, San Francisco, San
 Jose, and Walnut Creek, California, as well as Phoenix, Arizona, Portland,
 Oregon, and Salt Lake City, Utah.
     Investments made through Wells Fargo Van Kasper:  (1) are not insured by
 the FDIC; (2) are not deposits or other obligations of, or guaranteed by,
 Wells Fargo Van Kasper, Wells Fargo & Company (NYSE:   WFC) or any of its
 affiliates; (3) are not guaranteed by any Federal governmental agency
 (excluding U.S. Government and federal agency securities); and (4) are subject
 to investment risks, including possible loss of principal amount invested.
     The study on these pages is not a complete analysis of every material fact
 regarding any company, industry or security. The opinions expressed herein
 reflect the judgment of the author at this date and are subject to change
 without notice. Facts have been obtained from sources considered reliable, but
 are not guaranteed. Wells Fargo Van Kasper, its directors and employees and
 their families may have a position in the securities of the companies
 described herein, and may make purchases or sales while this report is in
 circulation. Additional information is available upon request.
 
     Wells Fargo Van Kasper is a member of the National Association of
 Securities Dealers, CRD number 7665.
 
 

SOURCE Wells Fargo Van Kasper
    SAN FRANCISCO, April 16 /PRNewswire/ -- David Duley,
 Semiconductor/Electrical Components Analyst at Wells Fargo Van Kasper, is
 initiating coverage on the shares of Therma-Wave, Inc. (Nasdaq: TWAV) ($13.45)
 with a Market Perform rating.
     Below are quotations from Mr. Duley's research report:
 
     -- We are re-initiating coverage on the shares of Therma-Wave, Inc. with a
        Market Perform rating.
     -- Our FY01 revenue and EPS estimates are $198.9 million and $1.51,
        respectively. Our FY02 revenue and EPS estimates are $141.8 million and
        $0.25, respectively. Our FY03 EPS estimate is $0.96.
     -- Therma-Wave participates in the process control metrology (used in
        semiconductor manufacturing) market. We believe that this segment of
        the equipment market will continue to grow more rapidly than the
        overall market as the industry moves to larger wafer sizes, tighter
        geometries, and new materials.
     -- Therma-Wave has been gaining market share over the past several years
        in the thin film metrology market, and the company dominates the ion
        implant metrology market.
     -- The company is entering the integrated metrology market via its
        agreement with Applied Materials and has several new products including
        a metal metrology product geared for copper.
     -- We think that metrology is an area that could see increased investment
        because semiconductor manufacturers are looking for process
        improvements to increase yields in ever-increasing complex
        manufacturing environments.
     -- Therma-Wave trades at a discount to its peers. Competitors in the
        metrology market trade at an average of 26.8x their respective
        consensus FY02 EPS estimates compared to Therma-Wave's valuation of
        13.5x our FY03 EPS estimate of $0.96.
 
     Wells Fargo Van Kasper makes a market in the shares of Therma-Wave, Inc.
 
     Wells Fargo Van Kasper is a private brokerage and investment banking firm.
 Since its founding in 1978 as Van Kasper & Company, the firm has been
 providing exceptional services and original investment advice to a select
 group of investors and businesses. The firm's offices are located in Fresno,
 Los Angeles, Newport Beach, Rancho Bernardo, San Diego, San Francisco, San
 Jose, and Walnut Creek, California, as well as Phoenix, Arizona, Portland,
 Oregon, and Salt Lake City, Utah.
     Investments made through Wells Fargo Van Kasper:  (1) are not insured by
 the FDIC; (2) are not deposits or other obligations of, or guaranteed by,
 Wells Fargo Van Kasper, Wells Fargo & Company (NYSE:   WFC) or any of its
 affiliates; (3) are not guaranteed by any Federal governmental agency
 (excluding U.S. Government and federal agency securities); and (4) are subject
 to investment risks, including possible loss of principal amount invested.
     The study on these pages is not a complete analysis of every material fact
 regarding any company, industry or security. The opinions expressed herein
 reflect the judgment of the author at this date and are subject to change
 without notice. Facts have been obtained from sources considered reliable, but
 are not guaranteed. Wells Fargo Van Kasper, its directors and employees and
 their families may have a position in the securities of the companies
 described herein, and may make purchases or sales while this report is in
 circulation. Additional information is available upon request.
 
     Wells Fargo Van Kasper is a member of the National Association of
 Securities Dealers, CRD number 7665.
 
 SOURCE  Wells Fargo Van Kasper