GT Advanced Technologies (GTAT)

GT Advanced Technologies (GTAT)
Established Equipment and Materials Supplier
Rating:
BUY
GT Advanced Technologies
243 Daniel Webster Highway
Merrimack, NH 03054
Phone: (603) 883.5200
http://www.gtat.com
GTAT RESEARCH REPORT:
Published July 21, 2014
COMPANY OVERVIEW AND PRODUCTS:
GT Advanced Technologies (NASDAQ: GTAT), formerly GT Solar International, is a diversified technology
company producing materials and crystal growth equipment for the global electronics, solar and LED
(Light Emitting Diode) industries1.
The company operates in three segments: polysilicon, photovoltaic (PV), and sapphire segments. The
company’s polysilicon segment offers the equipment and services necessary to operate a polysilicon
production plant. Polysilicon is a material consisting of small silicon crystals and is used to manufacture
semiconductors, solar cells, and other thin-film devices2. The company manufactures and sells silicon
deposition reactors, or SDR, which are used to react gases at high temperatures to produce polysilicon,
the key raw material used in silicon-based solar wafers and cells. The company also offers engineering
services and related equipment. In addition the company sells hydrochlorination technology and
equipment which is utilized to convert silicon tetrachloride into trichlorosilane (TCS), which is used as a
seed material in the manufacture of high purity silicon. Hydrochlorination technology is designed to
improve the efficiency and lower the costs of polysilicon production.
GT Advanced Technologies also operates in the photovoltaic industry. Photovoltaics is a method of
generating electrical power by converting solar radiation into electricity, using semiconductors3. The PV
segment is engaged in the development, manufacture, and sale of crystallization growth furnaces to
produce silicon ingots used in the production of solar wafers. The company manufactures and sells
directional solidification, or DSS, crystallization furnaces and ancillary equipment used to cast crystalline
silicon ingots by melting and cooling polysilicon in a precisely controlled process. These ingots are used to
make photovoltaic wafers which are, in turn, used to make solar cells.
The company’s sapphire segment provides advanced sapphire crystallization furnace systems used to
produce sapphire materials for industrial and consumer applications, including medical devices, dental,
oil and gas, and watch crystals, as well as specialty optical applications, such as low absorption optical
sapphire for advanced optics and Titanium-doped sapphire material for high power lasers. The company
manufactures and sells sapphire material and the equipment for growing sapphire crystals. Sapphire
crystals are formed by heating, melting, and slowly cooling aluminum oxide in a special furnace over a 14
to 18 day period. This forms a large, very hard, crystal (boule) which is then cut with a diamond or laser
into wafers. The company’s sapphire material is manufactured using an advanced sapphire crystal growth
furnace, or ASF system, at their facility in Salem, Massachusetts. Recently, the company announced that
it expects to manufacture sapphire material for sale at their Mesa Arizona facility. The company’s
sapphire material production operations in Arizona are intended to be used to provide “scratch proof”
sapphire materials for Apple Inc. (these materials are assumed to be for iPads, iPhones, and iWatches).
The company will continue to offer ASF systems for sale to sapphire manufacturers in certain select
markets as permitted under their arrangement with Apple, including the LED industry and for a range of
other applications.
1
GT Advanced Technologies (GTAT)
Established Equipment and Materials Supplier
Rating:
BUY
GT Advanced Technologies
243 Daniel Webster Highway
Merrimack, NH 03054
Phone: (603) 883.5200
http://www.gtat.com
The company has also recently announced new product releases and product developments, including a
SiClone™ silicon carbide sublimation furnace that will be used to produce silicon carbide boules. These
silicon carbide boules, after certain cutting and processing steps, are used to make silicon carbide wafers,
which serve as a substrate for manufacturing power electronics semiconductors. These semiconductors
are used in applications such as electric and hybrid vehicles, and power conditioning equipment such as
inverters for wind farms, solar arrays and other industrial applications.
The company is developing a HiCz™ monocrystalline silicon ingot growth system, which is designed to
produce high quality silicon monocrystalline wafers for higher efficiency solar cells. HiCz growth systems
produce larger, lower cost monocrystalline ingots with greater yields than traditional growth systems. GT
Advanced Technologies expects to commercially introduce the HiCz™ equipment during in 2014.
Also under development is a GT annealing furnace, a high temperature refractory metal furnace used for
a variety of industrial purposes, including annealing of advanced materials. Annealing is a process
whereby an advanced material is heated to a certain uniform temperature below its melting point and
then cooled in a precise manner. Annealing is designed to relieve stresses in the crystal structure making
the applicable material harder and more durable for use in end-use applications. The company expects
to commercially introduce the GT annealing furnace in 2014.
Another product that the company is developing is the Hyperion™ ion implant system, which exfoliates
or "lifts" off an ultra-thin, flexible substrate from material such as silicon, silicon carbide and sapphire.
The company’s Hyperion implant system works across a wide range of materials. The system is in
development and testing, and is expected to be used for manufacturing solar PV wafers (silicon), power
semiconductors (silicon carbide), and for substrates used in other potential applications (including
sapphire).
Finally, the company is developing the Hydride Vapor Phase Epitaxy (HVPE) system. This system is
expected to produce high-quality Gallium Nitride (GaN) epi layers on substrates used in the manufacture
of LEDs. GT Advanced Technologies HVPE system is expected to lower the cost of producing LEDs by
improving the throughput of the Metalorganic Vapor Phase Epitaxy (MOCVD) tool and lowering precursor
costs. In 2014, the company acquired exclusive rights for a plasma vapor deposition (PVD) process
technology which complements the HVPE system. The company will release a product offering that
includes both the HVPE and PVD tools, which is expected to provide LED manufacturers with increased
throughput at lower cost to produce GaN templates on patterned or planar wafers.
MARKET AND COMPETITION:
Demand across the company’s product segments is increasing. The market for the company’s polysilicon
products is accelerating, reaching $20/kg for the first time since 2012. As shown on the next page,
increased polysilicon demand is expected to exceed capacity during 2015.
2
GT Advanced Technologies (GTAT)
Established Equipment and Materials Supplier
Rating:
BUY
GT Advanced Technologies
243 Daniel Webster Highway
Merrimack, NH 03054
Phone: (603) 883.5200
http://www.gtat.com
3
GT Advanced Technologies (GTAT)
Established Equipment and Materials Supplier
Rating:
BUY
GT Advanced Technologies
243 Daniel Webster Highway
Merrimack, NH 03054
Phone: (603) 883.5200
http://www.gtat.com
Spending on PV equipment grew rapidly from 2009 and peaked in 2011, resulting in significant
overcapacity and a sharp decline in demand for PV equipment. According to NPD Solarbuzz4, capital
spending on PV equipment peaked in 2011 at approximately $13 billion, and then declined rapidly to an
eight-year low of $1.73 billion in spending in 2013. It appears the PV equipment market bottomed in 2013,
and a recovery in demand for equipment is expected. Capital equipment spending for PV systems is
projected to begin recovering during 2015, as shown below:
Solar Photovoltaic Capital Equipment Spending Cycles between 2005 and 2016
Demand for solar PV capital equipment will be driven by increased demand for solar systems, as shown
below:5
4
GT Advanced Technologies (GTAT)
GT Advanced Technologies
243 Daniel Webster Highway
Merrimack, NH 03054
Phone: (603) 883.5200
http://www.gtat.com
Rating:
Established Equipment and Materials Supplier
BUY
According to International Data Corporation (IDC), global smart phone sales are expected to increase by
73% from approximately 1 billion units in 2013, to over 1.7 billion units by 20176. Apple has approximately
17% market share of the smart phone market, and has been estimated to sell over 200 million iPhones in
20147. These estimates indicate the company has significant growth potential in its sapphire crystal
business through its recent relationship with Apple.
Smart Connected Device Market by Product Category, Unit Shipments and Market Share, 2013 and
2017 (shipments in millions)8
Product Category
2013 Unit
Shipments
2013 Market
Share
2017 Unit
Shipments
2017 Market
Share
2013—2017
Growth
Desktop PC
134.4
8.6%
123.11
5%
-8.4%
Portable PC
180.9
11.6%
196.6
8%
8.7%
Tablet
227.3
14.6%
406.8
16.5%
78.9%
Smartphone
1,013.2
65.1%
1,733.9
70.5%
71.1%
Total
1,556
100%
2,460.5
100%
58.1%
The company competes with a number of other manufacturers and vendors in each of its product lines9.
Recent demand for polysilicon production equipment has been limited, but appears to be recovering.
Competitors for the company’s polysilicon production equipment include: MSA Apparatus Construction
for Chemical Equipment Ltd, Centrotherm Elektrische Anlagen GmbH & Co., Morimatsu Industry Co. Ltd.,
and Poly Plant Project, Inc. Indirect competitors who produce polysilicon for the semiconductor and solar
industries (produced for their own use and not marketed to third-parties), include: Hemlock
Semiconductor Corporation, Wacker Chemie AG, MEMC Electronic Materials, Inc., and Renewable Energy
Corporation ASA.
The company’s PV business is focused on developing, manufacturing, and selling crystallization growth
furnaces to produce silicon ingots for usage in the production of silicon wafers and cells. The company’s
installed base of these DSS crystallization furnaces is approximately 3,450 sold and installed since 2003.
An increase in photovoltaic capital equipment is anticipated.10 Competitors in the PV space are mostly
equipment manufacturers located in China, including: ALD Vacuum Technologies AG, JYT Corporation,
Ferrotec Corporation, PVA TePla AG, Centrotherm Elektrische Anlagen GmbH & Co., Jing Gong
Technology, and Zhejiang Jingsheng Mechanical & Electrical Co., Ltd.
In the company’s sapphire business, the company faces competition for the sale of its ASF systems from
competitors that offer alternative growth technologies, which include Kyropolous-based sapphire growth
equipment. The company’s competitors include: Rubicon Technology, Inc.; Sapphire Technology Co. Ltd.
(from Korea), Kyocera International Inc., Saint-Gobain, Gavish Inc., and Monocrystal. In addition, as the
company rolls out its relationship with Apple and begins developing sapphire crystals as cover screens for
iPhones, iPods, and iWatches, the company will begin to compete directly with Corning (NYSE: GLW).
Corning is a $28.6 billion market capitalization provider of specialty ceramics, glass, and other materials,
whose “Gorilla Glass” product has been used as a cover for smart phones11.
5
GT Advanced Technologies (GTAT)
Established Equipment and Materials Supplier
Rating:
BUY
GT Advanced Technologies
243 Daniel Webster Highway
Merrimack, NH 03054
Phone: (603) 883.5200
http://www.gtat.com
RECENT DEVELOPMENTS:
On November 5, 2013, the company signed a $578 million long-term strategic partnership agreement with
Apple (NasdaqGS: APPL) to supply sapphire materials for Apple products. Under this agreement, the
company will employ approximately 700 people to operate ASF furnaces and related equipment in at 1.3
million square foot plant for the production of sapphire crystals. Apple provided a prepayment of $578
million, which the company will repay over 5 years, starting in 201512.
On May 8, 2014, the company reported its Q1 2014 operating results and provided updated guidance for
the balance of CY 2014. The company has received approximately $440 million out of $578 million from
Apple for the company’s sapphire manufacturing plant in Arizona. A shortage of polysilicon is expected
to develop in 2015, and polysilicon prices have begun to recover, reaching $20/kg for the first time since
2012. The company’s PV new product offerings are designed to drive better efficiencies for customers at
lower cost. The company has guided FY 2014 revenues of $600 to $800 million, non-GAAP Gross Margins
of 25% to 27%, and non-GAAP operating expenses of $150 to $160 million. The company anticipates
making approximately $600 million in capital expenditures in FY 2014, and to end the year with $400 to
$450 million in cash and cash equivalents. Full-year earnings are expected to be $0.02 to $0.18 per share
on non-GAAP fully diluted shares of 155 to 160 million13.
On July 7, 2014, the company was downgraded from Buy to Neutral, and removed from the U.S. Key Call
List, at UBS. This downgrade followed monthly checks on the Mesa Arizona sapphire facility that indicated
the company shipped less sapphire than was expected in May. On the same date, the company was
downgraded from Buy to Hold at Canaccord Genuity, stating that it was unclear how much of the
company’s product Apple will use, and how much it will add to the company’s earnings potential. As a
result the price of the company’s stock fell by 15.6% to $16.50, as shown below.
6
GT Advanced Technologies (GTAT)
Established Equipment and Materials Supplier
Rating:
BUY
GT Advanced Technologies
243 Daniel Webster Highway
Merrimack, NH 03054
Phone: (603) 883.5200
http://www.gtat.com
The company’s stock price has continued to drift lower during July, and closed at $14.84 on Friday, July
18, 2014. According to Finviz, GT Advanced Technologies currently has 30.44% of its “float” sold short as
of the same date14.
OUTLOOK:
The company has a significant order backlog in each of its lines of business, and each business appears to
be accelerating from recent trends. The company recently reported that it had a $296 million backlog in
its polysilicon business, while in the company’s PV market; it had a $ 13 million backlog. Finally, the
company reported that it had a $300 million backlog in its sapphire business.15
It appears that the company has an opportunity to significantly increase its market share in several
growing industries, including the solar industry and consumer electronics. These opportunities are
expected to develop over the remainder of 2014 and into 2015 - 2016.
BOTTOM LINE:
An investment in the shares of GT Advanced Technologies is a “high risk, high reward” situation. The
company has reported limited and volatile earnings to date, and will continue to report volatile earnings
for the foreseeable future as the markets for its products recover and it ramps the relationship with Apple.
Thus, the company’s share price is likely to remain highly volatile and will react to news releases, such as
any additional announcements of new product releases by Apple. In addition, as a recent “high flyer”, it
is difficult to determine what is currently being priced into the company’s share price. I believe that the
rewards outweigh the foreseeable risks, and I am initiating coverage with a Buy recommendation.
APPENDIX:
The following Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of
Operations, and Condensed Consolidated Statements of Cash Flows should be read in conjunction with
the Consolidated Financial Statements and Notes thereto of the company included in the Quarterly Report
on Form 10Q, for the period ending March 29, 2014.16
7
GT Advanced Technologies (GTAT)
Established Equipment and Materials Supplier
Rating:
BUY
GT Advanced Technologies
243 Daniel Webster Highway
Merrimack, NH 03054
Phone: (603) 883.5200
http://www.gtat.com
GT Advanced Technologies Inc.
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
Restricted cash
Accounts receivable, net
Inventories
Deferred costs
Vendor advances
Deferred income taxes
Refundable income taxes
Prepaid expenses and other current assets
Total current assets
Restricted cash
Property, plant and equipment, net
Intangible assets, net
Goodwill
Other assets
Total assets
Liabilities and stockholders’ equity
Current liabilities:
Current portion of prepayment obligation
Accounts payable
Accrued expenses
Contingent consideration
Customer deposits
Deferred revenue
Accrued income taxes
Total current liabilities
Prepayment obligation
Convertible notes
Deferred income taxes
Customer deposits
Deferred revenue
Contingent consideration
Other non-current liabilities
Accrued income taxes
Total liabilities
Commitments and contingencies (Note 15)
Stockholders’ equity:
Preferred stock, 10,000 shares authorized, none issued and outstanding
Common stock, $0.01 par value; 500,000 shares authorized, 136,231 and
134,463 shares issued and outstanding as of March 29, 2014 and
December 31, 2013, respectively
Additional paid-in capital
Accumulated other comprehensive income
Accumulated deficit
Total stockholders’ equity
Total liabilities and stockholders’ equity
March 29, 2014
December 31, 2013
$
406,599
6,690
12,971
61,909
6,333
8,046
10,314
2,758
11,699
527,319
95,813
425,757
92,967
54,279
210,971
$ 1,407,106
$
$
$
16,800
153,888
64,608
3,164
37,163
25,560
1,625
302,808
246,174
289,000
16,494
55,598
150,077
14,618
2,088
28,425
1,105,282
$
—
1,362
367,181
793
(67,512)
301,824
$ 1,407,106 $
498,213
1,330
12,377
39,087
2,977
1,341
17,881
2,759
7,003
582,968
93,419
209,760
95,943
54,279
150,912
1,187,281
—
77,303
39,115
234
38,995
19,724
301
175,672
172,475
283,914
23,448
55,598
99,672
15,173
808
28,116
854,876
—
1,345
355,916
1,259
(26,115)
332,405
1,187,281
8
GT Advanced Technologies (GTAT)
Established Equipment and Materials Supplier
GT Advanced Technologies
243 Daniel Webster Highway
Merrimack, NH 03054
Phone: (603) 883.5200
http://www.gtat.com
Rating:
BUY
GT Advanced Technologies Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 29,
March 30,
2014
2013
Revenue
Cost of revenue
Gross profit
Operating expenses:
Research and development
Selling and marketing
General and administrative
Contingent consideration expense
Restructuring charges
Amortization of intangible assets
Production start-up
Total operating expenses
Loss from operations
Other income (expense):
Interest income
Interest expense
Other, net
Loss before income taxes
Benefit from income taxes
Net loss
Net loss per share:
Basic and diluted
Weighted-average number of shares used in per share calculations:
Basic and diluted
$
22,510
21,152
1,358
$
57,776
44,161
13,615
24,572
4,684
19,490
2,375
—
2,976
1,899
55,996
(54,638)
16,441
3,286
14,563
336
2,858
2,455
—
39,939
(26,324)
$
96
(12,549)
508
(66,583)
(25,186)
(41,397) $
94
(7,480)
190
(33,520)
(14,839)
(18,681)
$
(0.31) $
(0.16)
135,432
119,348
9
GT Advanced Technologies (GTAT)
Established Equipment and Materials Supplier
GT Advanced Technologies
243 Daniel Webster Highway
Merrimack, NH 03054
Phone: (603) 883.5200
http://www.gtat.com
Rating:
BUY
GT Advanced Technologies Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
March 29, 2014
March 30, 2013
Cash flows from operating activities:
Net loss
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization expense
Depreciation expense
Prepayment obligation and convertible notes discount amortization
Contingent consideration expense
Loss on asset disposals
Deferred income tax benefit
Excess and obsolete inventory
Share-based compensation expense
Excess tax benefits from share-based awards
Amortization of deferred financing costs
Other adjustments, net
Changes in operating assets and liabilities (excluding impact of acquired assets
and assumed liabilities):
Restricted cash
Accounts receivable
Inventories
Deferred costs
Vendor advances
Prepaid expenses and other assets
Accounts payable and accrued expenses
Customer deposits
Deferred revenue
Income taxes
Other, net
Net cash used in operating activities
Cash flows from investing activities:
Purchases and deposits on property, plant and equipment
Restricted cash
Net cash used in investing activities
Cash flows from financing activities:
Principal payments under credit facility
Proceeds and related excess tax benefits from exercise of share-based awards
Payments related to share repurchases to satisfy statutory minimum tax
withholdings
Deferred financing costs
Other financing activities
Net cash provided by (used in) financing activities
Effect of foreign exchange rates on cash
Decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Supplemental cash flow information:
Cash paid for interest
Non-cash investing and financing activities:
$
(41,397) $
(18,681)
2,976
4,149
9,505
2,375
116
(27,724)
1,882
5,711
(4,534)
345
1,202
2,455
4,086
2,604
336
181
(16,506)
477
4,423
(3)
1,609
185
193
(635)
(24,741)
(5,054)
(5,109)
1,754
25,482
(1,830)
31
1,791
36
(53,476)
—
3,422
(20,815)
(17,617)
24,469
(1,643)
4,806
(38,235)
24,236
(14,088)
335
(53,964)
(152,296)
108,632
(43,664)
(1,585)
—
(1,585)
—
9,761
$
$
(40,000)
46
(3,413)
(255)
(114)
5,979
(453)
(91,614)
498,213
406,599 $
—
$
(121)
(2,266)
(2)
(42,343)
23
(97,869)
418,095
320,226
1,449
1
0
GT Advanced Technologies (GTAT)
Established Equipment and Materials Supplier
GT Advanced Technologies
243 Daniel Webster Highway
Merrimack, NH 03054
Phone: (603) 883.5200
http://www.gtat.com
Rating:
BUY
Increase (decrease) in accounts payable and accrued expenses for property, plant
and equipment
Unpaid deferred financing fees
Restricted cash received from Apple
Fair value of Prepayment Obligation
$
$
$
$
70,836
127
111,000
86,079
(577)
—
—
—
SOURCES:
1
www.gtat.com.
www.wikipedia.org. polysilicon.
3
www.wikipedia.org. photovoltaics.
4
www.solarbuzz.com. New Solar PV Capital Expenditure Cycle To Start in 2015, According to NPD Solarbuzz.
January 30, 2014.
5
Ibid.
6
www.idc.com. Tablet Shipments Forecast to Top Total PC Shipments in the Fourth Quarter of 2013 and Annually
by 2015, According to IDC. September 11, 2013.
7
www.seekingalpha.com. GT Advanced Technologies’ Future Is Unbreakable. Matt Margolis. January 21, 2014.
11:09 AM ET.
8
www.idc.com. Tablet Shipments Forecast to Top Total PC Shipments in the Fourth Quarter of 2013 and Annually
by 2015, According to IDC. September 11, 2013.
9
www.gtat.com. GT Advanced Technologies, Inc. Form 10-K Annual Report. For the Period Ending December 31,
2013. Pages 5 – 9.
10
Ibid.
11
www.seekingalpha.com. Apple’s Solar Powered iPhone 6 and IPod Touch Under A Sapphire Hood. Matt Margolis.
January 26, 2014. 8:21 AM ET.
12
www.seekingalpha.com. GT Advanced Technologies’ Future Is Unbreakable. Matt Margolis. January 21, 2014.
11:09 AM ET.
13
www.gtat.com. Prepared Remarks – GTAT Q3 CY2013 Earnings Call. November 4, 2013. 5:00 PM ET
14
www.finviz.com/quote.ashx?t=gtat.
15
www.gtat. GTAT Corporate Overview as of June 2014. June 4, 2014.
16
www.gtat.com. Q1 2014 GT Advanced Technologies Inc. Earnings Conference Call. May 8, 2014. 8:00 AM EST.
2
www.finviz.com
www.gartner.com
www.gtat.com
www.idc.com
www.informationweek.com
www.nytimes.com
www.reuters.com
www.seekingalpha.com
www.solarbuzz.com
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the
next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving
compensation for it, and I have no business relationship with any company whose stock is mentioned in
the article.
The information contained herein is not intended to be investment advice and does not constitute any
form of invitation or inducement by Charles I. Reed, CFA to engage in investment activity. Neither the
information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.
Securities, financial instruments, strategies, or commentary mentioned herein may not be suitable for all
1
1
GT Advanced Technologies (GTAT)
Established Equipment and Materials Supplier
Rating:
BUY
GT Advanced Technologies
243 Daniel Webster Highway
Merrimack, NH 03054
Phone: (603) 883.5200
http://www.gtat.com
investors and this material is not intended for any specific investor and does not take into account an
investor’s particular investment objectives, financial situations or needs. Any opinions expressed herein
are given in good faith, are subject to change without notice, and are only current as of the stated date of
their issue. Prices, values, or income from any securities or investments mentioned in this report may
fluctuate, and an investor may, upon selling an investment lose a portion of, or the entire principal amount
invested. Past performance is no guarantee of future results. Before acting on any recommendation in
this material, you should consider whether it is suitable for your particular circumstances and, if necessary,
seek professional advice.
FORWARD-LOOKING STATEMENT
This report may contain certain forward-looking statements and information, as defined within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is
subject to the Safe Harbor created by those sections. This material contains statements about expected
future events and/or financial results that are forward-looking in nature and subject to risks and
uncertainties. Such forward- looking statements by definition involve risks, uncertainties and other factors,
which may cause the actual results, performance or achievements of mentioned company to be materially
different from the statements made herein.
COMPLIANCE PROCEDURE
Content is researched, written and reviewed on a best-effort basis. This document, article or report is
written and authored by Charles I. Reed, CFA. An outsourced research services provider represented by
Charles I. Reed, CFA, provided Small Cap Specialists, LLC this article or report. However, we are only human
and are prone to make mistakes. If you notice any errors or omissions, please notify us below. Small Cap
Specialists, LLC and BrokerBank Securities, Inc. are not entitled to veto, interfere or alter the articles,
documents or report once created and reviewed by the outsourced research provider represented by
Charles I. Reed, CFA. All parties responsible for the creation and dissemination of this report do not engage
in high frequency trading.
NO WARRANTY OR LIABILITY ASSUMED
GTAT has not compensated Small Cap Specialists, LLC, BrokerBank Securities, Inc., or Charles I. Reed, CFA
for the creation or dissemination of this report. Small Cap Specialists, LLC and BrokerBank Securities, Inc., is
not responsible for any error which may be occasioned at the time of printing of this document or any error,
mistake or shortcoming. Small Cap Specialists, LLC and BrokerBank Securities, Inc. do not hold any positions
in GTAT. No liability is accepted by Small Cap Specialists, LLC and BrokerBank Securities, Inc. whatsoever for
any direct, indirect or consequential loss arising from the use of this document. Small Cap Specialists, LLC
and BrokerBank Securities, Inc. expressly disclaims any fiduciary responsibility or liability for any
consequences, financial or otherwise arising from any reliance placed on the information in this document.
Small Cap Specialists, LLC and BrokerBank Securities, Inc. do not (1) guarantee the accuracy, timeliness,
completeness or correct sequencing of the information, or (2) warrant any results from use of the
information. The included information is subject to change without notice.
Small Cap Specialists, LLC is the party responsible for hosting the full analyst report. BrokerBank Securities
in the party responsible for issuing the press release and Charles I. Reed, CFA, is the author of research
report. Small Cap Specialists, LLC has compensated Charles I. Reed, CFA two hundred dollars for the right to
1
2
GT Advanced Technologies (GTAT)
Established Equipment and Materials Supplier
Rating:
BUY
GT Advanced Technologies
243 Daniel Webster Highway
Merrimack, NH 03054
Phone: (603) 883.5200
http://www.gtat.com
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