Lam Research Corporation


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SKU: LRCX Category:


Lam Research had a strong 2021 on account of the fact that throughout the year, demand for wafer fabrication equipment grew as the digital transformation of the global economy and its everyday activities accelerated. The company had a solid performance in most key areas of their business, including NAND, DRAM, and Foundry/Logic and every subsegment of their customer support business. However, their global supply chain is severely stressed. Despite the diligent efforts of their supplier and global operations team, unexpected shipment delays, primarily for components from a critical supplier, surfaced in the last two weeks of the quarter, leaving them with insufficient time for a full recovery. As a result of the shipment delays, revenues fell short of the midpoint of the company’s guidance range. Lam’s product momentum and outperformance in the installed base business have put Lam in a strong position to exploit the huge demand for wafer fabrication equipment. The company could have a strong performance in 2022. We give its stock a ‘Buy’ rating with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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