Light path

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Light path Geek
Geek:

Light path

 
13.03.00 21:27
#1
Wer kennt sich aus mit Light Path (=Glasfaserhersteller) WKN 905448.
Kann man die Firma mit ADVA vergleichen ?
Wer weiß näheres ?.
Light path marketmaker
marketmaker:

Re: Light path

 
13.03.00 23:21
#2
Hi Geek,

aus "The Motley Fool":


LightPath Shines On

  By Brian Lund (TMF Tardior)
  March 8, 2000

  While the major market indices have refracted down this week, LightPath Technologies (Nasdaq: LPTHA) has
  reflected skyward. The optics company announced on Monday that it has been qualified by Avenex
  Corporation (Nasdaq: AVNX) to supply high-performance optical components for its telecommunications
  products. The news had sent LightPath's stock up 38% by Tuesday's close, which brings the company's gain
  since November 1 to about 1700%.

  LightPath started its journey in 1985, when it was looking for a way to improve solar-energy technology. In the
  course of its research, LightPath developed its patented Gradium glass. Because of its exceptionally precise
  refractive qualities that allow it to redirect light with optimal efficiency, Gradium has been widely used in laser
  systems.

  In 1997, LightPath redirected its focus to optical networking through a subsidiary called LightChip, in which
  AT&T Ventures took a $5 million stake in 1998. AT&T ponied up another $16 million in a second round of funding
  last December. LightChip refined its glass-polishing and laser-fusion techniques, which led to LightPath's
  development of a breakthrough product late last month, when the company unveiled a new collimator that is
  expected to yield insertion losses consistently below 0.1dB per pair. That yield is two to three times better than
  current collimators.

  Sound like Greek to you? It's Latin, actually. A collimator filters (limator) light into unison (col-), producing

  parallel rays. That's very important, because optical fiber guides light waves from one end to the other end by
  reflecting it within the core. Controlling the angle at which the light waves are transmitted makes it possible to
  control how efficiently they reach their destination. As the collimator reduces refraction, it becomes able to
  transmit signals over longer distances while using fewer regenerators (amplifiers). This reduces cost and
  improves reliability.

  LightPath's collimator is pretty big news, so long as it receives some attention from the industry. That may be
  why the Avenex announcement stoked the stock as much as the collimator itself. Avenex, a manufacturer of
  processors for optical networks, has recently seen its market capitalization approach $16 billion on about $11
  million in revenue, after a high-profile initial public offering on February 4. While it may not provide enormous
  revenue for LightPath in the near term, Avenex has brought highly visible validation to LightPath's technologies.

  LightPath has more to come. It has built a new collimator production facility, providing automated manufacturing
  in a mostly hand-assembly market. It is also expected to introduce soon a 1xN fiber-optic mechanical switch,
  which it has co-developed with E-Tek Dynamics (Nasdaq: ETEK).

  The company is not without significant risks, of course. Revenues were up 30% last year, topping $1 million for
  the first time, and grew only 9% last quarter. Those are not stunning growth rates for a young, richly valued
  company. Costs, meanwhile, rose 20%, almost entirely because of increases in SG&A, while the company spent
  only 8.7% more on research and development (R&D) last quarter and 9% last year. Since LightPath's entire
  valuation is based on future product development, those figures are not heartening. What's more, LightPath's
  heavy use of warrants, options, and redeemable preferred stock have led to share dilution and big dividend
  costs.

  Nevertheless, LightPath has qualities a lot of current, flash-in-the-pan stocks lack: lots of cash; smart backing
  for LightChip from AT&T; heavy patent protection; proven ability to develop relevant products through in-house
  R&D; and vital technologies that provide speed and cost-efficiency to a rapidly expanding field. If its products
  live up to their billing, LightPath has an extremely bright future.
Light path Geek
Geek:

Thanks

 
13.03.00 23:29
#3
marketmaker. Hört sich doch nicht schlecht an ! Von Pandatel gibt es eine Nachricht sie würden morgen eine US-Glasfaserfirma übernehmen. Welche das wohl ist ? Es war noch kein Name im Gespräch. Aber Light Path ist wohl eine Nummer zu groß.
Light path marketmaker
marketmaker:

Lightpath

 
14.03.00 00:14
#4
Denke ich auch.
Immerhin hat Lightpath jetzt eine Market Cap von ca. 650 Mio. Andererseits: Was sind heutzutage schon 650 Mio?

Ein interessantes Target wäre Lightpath nicht zuletzt wegen seiner vielen Patente bestimmt. Vor ein paar Wochen habe ich sie auch noch auf einer Liste mit Übenahmekandidaten im Fiber-Optic-Bereich gesehen (die Liste finde ich im Moment leider nicht wieder, vielleicht später).

Ich würde mir eine Übernahme aber nicht wünschen. Denn eigentlich muß Lightpath ja jetzt seine zur Marktreife entwickelten und - soweit ich das verstanden habe - bahnbrechenden Produkte nur noch verkaufen...
Light path short-seller
short-seller:

Nichts gegen Lightpath, aber 650 Mio. USD Marktkap. stehen weni.

 
14.03.00 08:09
#5
gegenüber.

Egal, wie gut die Technik ist, steht die Bewertung entgegen jeglicher Vernunft.

Grüße

Shorty
Light path marketmaker

Liste von Übernahmekandidaten im Fiber-Optic-Bereich

 
#6
Habe die Liste zufällig wiedergefunden.
Ist bestimmt auch von allgemeinem Interesse, nicht nur bzgl. Pandatel.


A Second Look: Fiber-Optic Takeover Candidates
Fayad Abbasi
Feb 24 2000

Last time we wrote about the potential takeover candidates in the fiber-optic field, we looked at price/sales (P/S) ratio as a relative valuation metric. However, this might not be the best way to analyze a nascent industry such as optics. Cisco (Nasdaq: CSCO) has admitted to using a price to employee ratio – specifically a price/engineer ratio – when evaluating takeover pricing, with the price target ranging from $5m to $6m per engineer.

Looking at our optic takeover candidates, price/employee ratios offer greater insight into the most likely takeover candidates. E-Tek Dynamics (Nasdaq: ETEK), Ortel (Nasdaq: ORTL) and NetOptix (Nasdaq:OPTX) recently agreed to be acquired, and we can see that $4m to $10m per employee is not unusual, depending on the value of the technology to the acquiring company.

 

   Current Market     Market
Company Ticker Price Value (m) P/S ratio Emp. cap/Emp.
APA Optics APAT $41.50 $373 1115.63 36 9.83
Avanex AVNX $182.25 $11,396 504.3 251 44.62
C-Cor.net CCBL $33.63 $1,021 4.48 1947 0.5
Ciena CIEN $116.81 $16,277 30.49 1928 28.04
E-Tek Dynamics* ETEK $237.25 $16,113 68.91 1316 10.56
Finisar FNSR $108.81 $3,661 62.31 186 20.43
Harmonic HLIT $126.38 $3,829 20.8 293 12.63
Int'l Fibercom IFCI $29.00 $834 5.1 892 1.03
Lightpath Tech A LPTHA $44.06 $382 n/a 25 12.84
MRV Comm. MRVC $99.94 $2,714 9.4 824 3.03
NetOptix* OPTX $163.81 $1,876 67.5 291 6.53
Northeast Optic Net NOPT $106.00 $1,726 n/a 28 64.29

Optical Cable OCCF $54.63 $2,047 40.38 133 15.79
Ortel* ORTL $157.25 $1,957 25.95 480 3.96
Osicom Tech FIBR $93.00 $1,033 12.11 1318 0.76
* Company has agreed to be acquired    
Source: Baseline      

We think the speculative fervor for anything optic is unbelievable. Many hedge funds are rumored to be searching the SEC databases for companies that list the words optics or fiber in company disclosures and purchasing shares of these companies. While we feel the demand for optical products is tremendous, having some metrics to evaluate at what price a company may be taken out is valuable. While we do not recommend investors purchase shares of these companies merely on takeover speculation, we believe some of these companies could be taken over by larger optical companies.

www.streetadvisor.com/Article/Article.asp?aid=1824


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