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Patience May Pay Off At Brooks Automation

Summary

Brooks Automation's Life Sciences business finally appears to be at an inflection point - going forward, it will contribute to the bottom line rather than being a drag.

If margins and revenue growth continue to track to targets, this division is likely worth a substantial premium to Brooks' current valuation multiple.

While you have to be careful about what you assume (and how you do your valuation), I do think there's meaningful upside potential if Brooks executes.

The major risk here is the Semi cycle: even once the Life Sciences business is contributing at full margin, company-wide results will still lean heavily on customer capex...


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