Wolfe Votes for Veeco
01/03/2003 12:00 am EST
For long-term investors, there are few, if any, markets as exciting as nanotechnology. While computer technology at the molecular level may sound like science fiction, industry expert Josh Wolfe is already uncovering long-term opportunities in this field. His Forbes/Wolfe Nanotech Report is the top source of investor information in this field. His top pick for 2003 is Veeco.
"Veeco (VECO NASDAQ) is our selection for the top 2003 pick. The metrology company boasts 70% of the worldwide market for Atomic Force Microscopes (AFMs), the most important research tool for nanotech research. At a recent price of $11.47, Veeco trades at a 20% discount to its $14.45 book value, while Applied Materials trades at 2.87x book. VECO also trades at a price to sales ratio of 1.03 vs. AMAT's 4.46. While Applied Materials' superb track record and industry leadership deserve a premium over its competitors, we believe this valuation gap will inevitably shrink."
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