Ichor (US:ICHR)2022-09-02 21:18Company Overview - Ichor is a leading provider of critical fluid delivery subsystems for semiconductor capital equipment[6] - In 2021, Ichor's revenues reached $1.1 billion with an EPS of $3.37[6] - The company anticipates record revenues and earnings in 2022[6] Market Performance and Growth - Ichor's 6-year revenue CAGR through 2021 was 25%, outpacing the industry's growth[8] - The company's revenue growth is expected to continue, with a 7-year CAGR through 2022 of 24% compared to an annual WFE growth of 17%[8] - Ichor's revenues increased from $291 million in 2015 to $1.097 billion in 2021 and are projected to reach $1.315 billion in 2022[11] Strategic Acquisitions - The acquisition of IMG is projected to contribute $75-$80 million in revenues in 2022[16] - The IMG acquisition is expected to increase gross margin by over 100 basis points and operating margin by over 40 basis points in 2022[16] - Prior acquisitions have expanded Ichor's SAM, customer and geographic footprint, and/or product and IP portfolio[17] Financial Strategies and Profitability - Net income grew at over 2x the rate of YoY revenue growth in 2020, and over 3x in 2021[8] - The company is targeting a gross margin of 19%-20% and an operating margin of 13-14% in its target model[22] - Ichor's share of total sales as a percentage of WFE increased from 1.9% in 2015 to 3.3% in 2021[18]