Entegris: Solutions for Semiconductors

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(00:03:00) - (First question) - Why semiconductors is an interesting industry for Daniel

(00:05:45) - An introduction to Entegris and its business

(00:07:19) - A look at the chemicals produced for computer chip manufacturing

(00:09:39) - A historical look at the importance of chemicals in chipmaking

(00:11:45) - The cost of chemicals within a chip

(00:13:55) - The backstory as to how Entegris started operating and their competitors 

(00:17:03) - How the business has been able to remain so independent

(00:21:57) - The stickiness of the business and how they aim to be the partner of choice

(00:23:22) - A look at previous execution and any issues that have occurred in the past

(00:23:56) - The cyclicality of the semiconductor industry historically

(00:25:45) - An overview Entegris’ pricing power and maintaining margin profile

(00:28:32) - Operating leverage within the business and how the margin profiles differ between the different segments

(00:30:03) - A look at the business’ research and development spend

(00:32:01) - How the business has approached mergers and acquisitions over the years

(00:34:04) - Whether the business has ever been a target acquisition for a larger player 

(00:34:48) - The outlook for Entegris’ revenue growth, expected margin expansion due to operating leverage

(00:37:05) - Possible threats to the business from new technology

(00:39:04) - A look at other potential risks to Entegris

(00:41:18) - Should the industry’s growth slow or even decline how it could affect Entegris 

(00:42:46) - How Daniel values the business comparing it to its peer group

(00:45:04) - Other risks to the business not mentioned

(00:46:00) - The lessons learned from Entegris