Daily Archives: February 19, 2017

Frankie Meyer: Underground Railroad helped former slaves gain freedom – Joplin Globe

Posted: February 19, 2017 at 11:07 am

In honor of February being Black History Month, this column is about myths of the Underground Railroad, a term for the system of networks used by slaves to escape.

Slaves were so valuable that slave owners often had large mortgages on them. Owners even carried insurance on them. Thus, when slaves escaped, owners risked great financial loss. To recover their escaped slaves, owners hired bounty hunters and placed ads in newspapers.

In 1793, President George Washington signed a fugitive slave law that gave slave owners the right to recover escaped slaves. Another law, passed in 1850, required governments and residents in free states to enforce the return of escaped slaves. Severe penalties were given to those who helped the escapees.

Numerous people helped slaves escape bondage. Most did so quietly and in secrecy. Had their names and sentiments become public, bounty hunters would have arrived at their doorsteps with arrest warrants.

Some people who helped were known as abolitionists. They wrote articles and gave speeches expressing their anti-slavery feelings in attempts to raise money for clothing, food and transportation that slaves needed as they fled to freedom. Although abolitionists raised money, they were not a direct part of the Underground Railroad. Out of necessity, people who lived along the Underground Railroad and supplied help were only able to do so by not bringing attention to themselves.

A misconception is that the Underground Railroad consisted of specific trails along which escaped slaves traveled. Instead, the pathways were corridors that constantly shifted. While on the journey to freedom, slaves needed clothing, food and a place to stay, and they needed money for transportation. They also needed directions to the next safe site. Many people along the corridors supplied these types of help. Had escaped slaves used the same trails, they would have been quickly captured by bounty hunters.

While on their freedom journey, escaped slaves slept in churches, barns, homes, caves and tunnels. One misconception is that those who helped often placed lights in their windows and placed quilts with unique designs on their wash lines or porches. That rarely happened. Bounty hunters soon learned about such techniques. Then, too, neighbors watched each other and were aware of unusual people coming and going night after night. Neighbors could collect bounties, too.

Another misconception is about the types of people who helped. Although Quaker families sometimes helped, aid also came from a variety of non-Quaker whites and free blacks, as well as escaped slaves.

Another misconception is that all escaped slaves followed the north star to Canada. Although several traveled there, some went to Mexico, some went out west and a few went to Florida, where the Seminole Tribe allowed them to live in freedom. Sometimes, escapees went to Liberia. Between 1822 and the start of the Civil War, more than 15,000 black Americans relocated to that area of Africa.

Suggestions or queries? Send to Frankie Meyer, 509 N. Center St., Plainfield, IN 46168, or contact: frankiemeyer@yahoo.com.

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Freedom and Jack London draw refugees to Fairbanks – Fairbanks Daily News-Miner

Posted: at 11:07 am

FAIRBANKS - My story is not at all unique, said Sveta Yamin-Pasternak. Its the same as it is for over a million people just from our wave of immigration that came over. Sheand her husband Igor Pasternaks stories are far from the standard American experience, however. Though they met in Chicago, both are Jews from the Soviet Union who came to America as political refugees.

Sveta was born in Rechitsa, a small town in Belarus, and grew up in Minsk. In 1989, her parents took advantage of an opening that allowed Jews to leave. The family traveled through Austria to Rome, where they were aided by HIAS, formerly the Hebrew Immigrant Aid Society, which helps refugees of all backgrounds re-establish themselves in new countries. They were assisted by Fairbanks-born HIAS worker Sam Sherman, with whom Sveta reconnected in Fairbanks many years later.

Igors family lived in Odessa, Ukraine, before leaving in 1992. Thawing relations between the United States and the USSR led to an American consulate being established in Moscow, and they were able to apply directly for political asylum.

Both had limited knowledge of America. For Sveta, the country existed only in my imagination, adding, It was ideologically constructed as the enemy, and at the same time it was a very desirable place.

Igor had seen VCR tapes that circulated underground and said, We believed that Hollywood was what it is. Money grows on trees. You can do whatever you want. Sex, drugs and rock n roll. I had no idea about the conservatism.

They did know about Alaska, however, mostly from Jack London novels which they read in school because the Soviets approved of his socialist politics.

Because both their families had relativesalready in Chicago, that is where they each wound up Sveta as a high school student and Igor having completed army service and studies in mechanical engineering. For both, the most astonishing thing about America was that they suddenly didnt have to hide being Jewish.

I could not believe that young men would walk on the street wearing yarmulkes, Sveta said. I was coming from the perspective that if at all you can, you would pass for a non-Jew for your everyday safety and to not be denied opportunities. It was mind blowing.

Igor, who describes his father as a big time dissident in the USSR, immediately noticed that nobody gives a damn about you. You could walk on the street and no one is looking at you. That was completely new.

That sense of freedom required getting used to, but both said the Jewish community in Chicago was supportive and they quickly learned English and settled in.

The couple met in a coffee shop near Northwestern University in 1993. They dated throughout Svetas years at Northern Illinois University, where she earned bachelors and graduate degrees in anthropology. There she became fascinated with the cultures on both sides of the Bering Strait, leading her to Fairbanks in 1998 to pursue her Ph.D.at the University of Alaska Fairbanks.

To this day, the shared indigenous culture with its nuanced differences between the Russified and Americanized everyday practices just continues to fascinate me, she said.

Igor helped her move to Fairbanks and made repeated visits during her first 11/2 years here. I did not have plans to settle here, but very quickly, within the first year, it became my home, Sveta said.

When Sveta started sending him emails about friends living in dry cabins with outhouses, Igor grew concerned. I thought, OK, time to bring her back. Even in the Soviet Union they had running water and toilets, he said, laughing.

However, after visiting her waterless cabin off Farmers Loop, I realized that privacy is such an important thing. We were able to get lost in the woods for hours and nobody would bother us. All the Jack London books came back. After two years I said, I want to be here too.

Igor came to stay in 2000. While Sveta completed her Ph.D., he earned a BFA in art. Theyve made Alaska their home ever since, except for 2007 to 2009 when Igor earned his masters degreefrom American University in Washington D.C. and Sveta did post-doc work at Johns Hopkins.

These days they collaborate on projects involving both anthropological research and art. This is what I believe success is, Igor said. We work together. We figure out how to come up with something in common between studio art and social science. In addition to the standard curriculum, Sveta and Igor team-teach original courses they developed, serving more than100 UAF students eachsemester.

Theyve also embraced the Alaska lifestyle by buying land, building their home, hunting, fishing, trapping and raising animals while conducting classes and traveling the world (theyve visited more than40countries).

Both have found Fairbanks welcoming.

I dont think Ive ever had an experience in Fairbanks connected with xenophobia, Igor said. That wasnt always the case in Chicago. Here even at the gun show, nobody told me I have an accent.

Sveta added, The big cities in the United States are perceived as very diverse and they are in their entirety, but they are actually divided into ghetto neighborhoods. People remain within their own groups.

This creates fun neighborhoods, but the cultures dont mix.

In Fairbanks, it is diverse but also a lot more integrated. Most people come from Outside, she added, so being an immigrant isnt as unique.

After living in Chicago, It feels like we have even more freedom here, Igor said.

Its a refuge from the refuge. The ultimate refuge, Sveta added.

The idea of refuge has been on her mind a lot owing to current events, making her especially sensitive to refugees fleeing far worse conditions than she knew.

I did come to the United States as a refugee, she said. I did come from a country where we faced everyday persecution. Its part of our story and it is relevant to what is happening now.

David James is a freelance writer who lives in Fairbanks.Becoming Alaskan is an ongoing series documenting the lives of immigrants in Fairbanks. Feedback and suggestions for future interviews can be emailed to nobugsinak@gmail.com.

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These principles of freedom are worth the fight by universities – Pittsburgh Post-Gazette

Posted: at 11:07 am

I am writing to express my support for the 50 members of the Faculty and Staff Social Justice Association at Duquesne University for their efforts to protect students by urging that the school become a sanctuary campus.Freedom of expression and right to protest are hallmarks of our democracy. This free exchange of ideas is particularly important in academic settings. I applaud the faculty members for taking this strong and righteous position against the new administration in Washington over its threats and inequitable policies against immigrant students.

While I very much respect Duquesne Universitys president and understand why he has taken a neutral stance on the sanctuary campus issue, I would urge the university to join other schools and academic leaders across the state and nation who have taken a stance in support of all their students against these shortsighted immigration policies.

Whether these students are documented immigrants or not, I do not see the point in disrupting their lives and educational pursuits. In seeking a college education, they are positioning themselves to have a positive and constructive impact on our country and its future.

I would emphasize that many police officers and law enforcement leaders across the nation have also expressed opposition to President Donald Trumps immigration crackdown. Yet another unfunded federal mandate, these proposals would only add additional enforcement and detention costs and responsibilities for local police departments stretching limited resources and placing additional financial burdens on local taxpayers. This repressive policy would also discourage immigrant populations from reporting crimes and cooperating with police officers.

I salute Duquesnes faculty members for supporting their students and urge the schools administration to bolster this ethical and principled position with full institutional support.

SEN. WAYNE D. FONTANA Brookline

The writer represents the states 42nd Senatorial District.

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Beth McKee-Huger: My take on freedom of religion – Greensboro News & Record

Posted: at 11:07 am

Our new president and I are both concerned about freedom of religion. He wants an end to the prohibition against churches and nonprofits getting involved in partisan politics and candidate campaigns. I am appalled that people are barred from reuniting with families or beginning new lives in America because of the religion of the majority of people in their countries.

He is adamant that keeping out all refugees and persons from seven countries is necessary for security. I am confident that, while some churches and nonprofits would use this rule change to support Trumps choice of candidate, many others may become more vocal in their insistence on welcoming, transparency and protection of Gods creation.

Steve Bannon, the presidents chief strategist, who engineered the executive order suddenly banning entrance to the U.S., is critical of Pope Francis because the pope preaches Gods love for all, rather than just those selected by Mr. Bannon. (If he thinks the pope is nave, he may want to talk to the popes boss, Jesus.) Freedom for government to meddle in religion as well as for religion to get involved in partisan politics?

The terrifying travel ban reminded me of my own experience being detained. In 1985 President Reagan issued a ban on travel by U.S. citizens to Nicaragua, one week before my mission trip there for Habitat for Humanity. I changed my reservations to fly through Costa Rica but on the return flight authorities in Costa Rica interrogated me, confiscated items from my luggage and held my passport. After delaying the flight, they finally returned my passport but at the U.S. border I was questioned again before U.S. Customs finally let me through.

Of course, this was mild compared to what people face now but a reminder that even U.S. citizenship and white privilege and Christian faith do not protect from suspicion if one is not approved by our government. I suppose building homes in rural Nicaragua was considered a threat to the U.S., perhaps similar to the perceived danger posed now by refugees fleeing violence, family members returning from visits to home countries and international scholars. The U.S. government (and airport authorities in other countries implementing U.S. bans) decided it cant be too careful.

Obsession with security, growing out of fear, views those different from us as enemies. My faith says that we love our enemies even politicians who dont acknowledge that any of their constituents have different positions. Caring for each other is the foundation of other religions, as well, and is a key value for many people who espouse no religion. Not that we ignore safety concerns but that we seek to overcome dangers and differences by building relationships with all of Gods children.

To put that into practice in Greensboro, we are welcoming refugees, building bridges between leaders of many faiths, working for racial reconciliation, feeding the hungry and housing those experiencing homelessness, raising up a new generation of peacemakers, and reconnecting life-long activists. Almost daily, we are distracted by another distressing outburst, conflict of interest, alternative fact, or confirmation of appointees whose main qualification is readiness to dismantle protection of most of Gods children. Our day-to-day progress in community partnerships is set against the backdrop of chaos and divisions that tear apart the fabric of democracy.

Now even our deepest faith is drawn into the partisan fray where we are supposed to assume that God is on our partys side. Instead, let us seek Gods will for all of Gods world, sharing across the divides of religion and party.

Beth McKee-Huger is an Episcopal deacon, housing advocate and News & Record Town Hall community columnist.

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Unlocking the potential of eye tracking technology – TechCrunch

Posted: at 11:07 am


TechCrunch
Unlocking the potential of eye tracking technology
TechCrunch
The concept of measuring and responding to human eye motion isn't new, but the past year saw a rising interest in the technology. There have been a slew of acquisitions of eye tracking startups by large firms and the rollout of several devices and ...

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Vascular Treatment Technology Discussed – Financial Tribune

Posted: at 11:07 am

Iranian specialists discussed the latest technology in the treatment of artery stenosis at the fourth national atherothrombosis conference in Tehran on Friday, on the occasion of the International Day of Atherothrombosis (Feb. 17). Atherothrombosis is a complex disease in which cholesterol deposition, inflammation, and thrombus formation play a major role. Rupture of high-risk, vulnerable plaques is responsible for coronary thrombosis and sudden cardiac death. It is the leading cause of mortality in the industrialized world. According to Masoud Qasemi, head of the Iranian Atherosclerosis Association, the discussions centered on the global technological advancements in the field, and Irans access to the latest methods, IRNA reported. Iran has a long history of treating vascular diseases and medical facilities have developed so much in the past two decades that today all heart patients have access to quality medical services, he said. Iran is also among the pioneers of vascular stenting and has been practicing the method since 2001, soon after developed countries adopted it. Astentis a small mesh tube thats used to treat narrow or weak arteries or blood vessels (to keep the passageway open), and stenting is the placement of a stent. Treatment methods are developed from medicinal therapy to atherectomy and finally vascular stenting, Qasemi said. He added that the former methods have not been replaced but are still employed alongside new technologies based on a patients condition. Medical teams are now able to decide which treatment is best for a particular patient, whether it is medicine, surgery or modern technologies of vascular stenting and angioplasty, as all of them are available in the country. He also pointed to developments in the field of medicine in the past five years that have reduced the risks of cardiovascular and cerebral conditions, increasing the chances of survival through advanced medical techniques. Modern drugs have been introduced that are an alternative to surgery or used as supplements after a surgery. New generation of anticoagulants for instance that are known as NOAC have enabled us to treat patients in critical stages of the illness, he said.

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OPINION: It’s time the law caught up with technology – The Daily Progress

Posted: at 11:07 am

When James Madison drafted the first 10 amendments of the United States Constitution, known as the Bill of Rights, he had no idea how technology would shape American life or that a thing called the internet would change the way we communicate.

However, Mr. Madison did know that the rights of the American people must be protected. In todays digital age and in the midst of a technology revolution, it is important that Congress ensure that our laws still provide protections for these rights.

Thirty years ago when personal computers were in their infancy and almost no one had ever heard of the World Wide Web Congress enacted theElectronic Communications Privacy Act, or ECPA,to establish procedures that strike a fair balance between the privacy expectations of American citizens and the legitimate needs of law enforcement agencies.Back then, mail was sent with a postage stamp, a search engine was called a library, and clouds were found only in the sky.Much has changed in the last three decades, and today massive amounts of data is shared and stored online.At the same time, law enforcement agencies are increasingly dependent upon stored electronic communications content and records in their investigations.

Unfortunately, technologyhas outpaced ECPAsprovisions governing how law enforcement obtains electronic communications. As a result, many in Congress share my concern that this out-of-date law provides insufficient protections for Americans privacy.

Its time the law caught up with technology. Recently, the House of Representatives passed theEmail Privacy Actto update the procedures governing government access to stored emails,helping to preserve Americans Fourth Amendment protections from unreasonable searches and seizures of property.This bipartisan billmodernizes current law, establishing for the first time in federal law a uniform warrant requirement to acquire stored electronic communications in criminal investigations.

Reforming ECPA has been a top priority for me as chairman of the House Judiciary Committee.For several years,I have worked with members of Congress, advocacy groups, and law enforcement agencies on many complicated nuances involved in updating this law. TheEmail Privacy Actis a carefully-negotiated agreement thatwill better protect Americans constitutional rightsandlaw enforcements ability to protect public safety and fight crime.

Given the bipartisan support for this legislation, I am hopeful the Senate will take up the measure in the 115th Congress and send it to President Trumps desk. The Constitution protects Americans property from unreasonable searches and seizures, and we must ensure this principle thrives in the digital age.

Bob Goodlatte represents Virginia's 6th Congressional District in the U.S. House of Representatives. He lives in Roanoke and Washington, D.C.

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Local counselor gives ‘Teens and Technology’ talk – Traverse City Record Eagle

Posted: at 11:07 am

TRAVERSE CITY The age when kids start carrying cellphones is dropping, and FOMO increasing.

But in a busy teenage world reliant on smart phones, tablets and computers, how much is too much?

Joseph Sanok, owner and licensed counselor at Mental Wellness Counseling, will give a free community talk titled Teens and Technology on Thursday at Eat Learn Frolic, or ELF.

Sanok will cover video game addiction, screen-time solutions and social media as well as how technology can negatively affect the brain.

Its important when we live lives that are go, go, go, he said. We dont have time to step back and reflect. Our best ideas come when our brains turn off.

Parents often ask Sanok what behavior is normal and what is considered an obsession or an addiction in this constantly plugged-in generation.

Setting boundaries and limiting screen time at home especially before bedtime is a good start, but Sanok said it is also necessary to work with children.

We want to teach them to have control, he said. They have a responsibility to use technology appropriately. Its not a right you get to do but something you choose to do.

Sanok said he hopes his presentation will spark further discussion between parents and their children and anyone who works with teens.

Technology becomes a way to have a conversation about things much bigger than tech, he said. Its so dynamic. It has to be an ongoing process.

ELF Chief Marketing Officer Kim Marian said this event is the fourth in their Elf Talks series, which is similar to TED Talks but more focused on family and child-centric topics.

Though her daughter is only 6 months old, Marian said she already enacted a no screen-time rule at her house due, in part, to the recent media use recommendation released by the American Academy of Pediatrics.

Personally, I think theres an over-reliance on tech, she said. Lets actually talk to each other and enjoy time together.

She said she looks forward to learning the facts from Sanok.

This is a great opportunity to get expert insight into benefits and challenges to technology and how to safely incorporate it for your teens, she said. The ultimate goal is to have a dialogue, not only about todays tech but also whats coming down the road.

The ELF Talk Teens and Technology starts at 6 p.m. Feb. 23 at 1371 Gray Dr., Suite 400, in the Village at Grand Traverse Commons. There will be time for questions following Sanoks presentation.

Advanced registration is appreciated. Contact 231-943-2272 or elf@eatlearnfrolic.com with questions.

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New tracking technology gives Australian scientists unprecedented access to seabirds in Antarctica – ABC Online

Posted: at 11:07 am

Updated February 19, 2017 13:32:57

Antarctica can be a harsh and inhospitable place to live and work, yet it is an environment scientists are determined to find out more about.

Climate change appears to be occurring on the icy continent before anywhere else.

The birds and animals there are considered to be early indicators of change.

New tracking technology is giving Australian scientists an unprecedented insight into the hidden world of seabirds, considered to be the sentinels of climate change in the Antarctic.

"It's quite magical really, this tiny tracker on the bird can go out and collect a whole heap of locational information for us and we can get it back without ever having to handle the bird," Dr Anna Lashko said.

Dr Lashko is working from Australia's Davis station over summer with PhD student Phoebe Lewis.

They have been attaching tiny trackers on Adelie penguins and flying seabirds such as Cape petrels.

The latest technology from Poland weighs between five and seven grams and is so small it can be attached to the feathers or legs of petrels.

One of the trackers is powered by a tiny solar panel.

"The solar panel charges the battery of the tracker so it can hold the locational data it's collecting, then when it returns within range of the base station that data gets transferred to the base station," Dr Lashko said.

The other is a miniature new light sensor powered by a tiny battery. It stores information about the bird's movements right through winter.

"It's really amazing. It's enabling us to get information from the birds that we just couldn't get before," Dr Lashko said.

Two hundred and fifty breeding pairs of Cape petrels are nesting on Bluff Island, a rocky outcrop in Prydz Bay surrounded by icebergs in summer and locked in by sea ice in winter.

In summer Dr Lashko and Mr Lewis travel by boat to the island earlier in the season it was still possible to walk or drive out across sea ice.

The scientists have set up a remote data retrieving station on its peak.

It is a short climb up a rocky hill to the data point where Dr Lashko hooks up her laptop and uploads the information, collected from birds with trackers that are revisiting the island.

"When the birds with the trackers come back within about 500 metres of the base station, the data comes into the base station and that is what we are seeing," she said.

"For each individual bird that's returned we can see locational data and dive data, so the tracker knows when the bird gets wet and when it returns, it's really wonderful to see how many have returned."

The smart technology is also able to switch the trackers off when the birds come into range of the island to save the battery.

Lead researcher Dr Louise Emmerson was in the Antarctic at Davis station in Spring last year. She is particularly excited about the developing technology of trackers.

"This new technology has really opened up our capacity to understand this, particularly for the flying seabirds which requires smaller and lighter devices, and we would prefer to minimise our handling of the birds," she said.

Researchers have been tracking Adelie penguins for about 10 years 26,000 breed on Gardner Island near Davis station.

The penguin trackers the researchers use are matchbox size and weigh about 45 grams.

They are attached to the bird's back but scientists need to retrieve those trackers every few weeks and recharge the batteries.

"One of the things we've learnt from the trackers is that the female Adelie penguins, once they've laid the eggs, go off on quite a long trip," Dr Lashko said.

"They can travel up to 450 kilometres away from the colony while they're replenishing the energy they spent laying those eggs.

"Then two or three weeks later, they come back to the colony and swap over with their male partner."

The trackers with longer lasting batteries have given the team some great insights into the lives of Adelie penguins over winter satellite trackers have clocked them travelling great distances for food.

"During winter, the Adelie penguins travel up to 3,500 kilometres away from their colonies, staying mainly at the ice edge and going no further than about 60 degrees south," Dr Emmerson said.

Remote cameras developed by the Australian Antarctic Division are also giving scientists a unique insight into life.

Time lapse footage shows the colony growing and contracting over 12 months.

"The network of cameras has provided windows to the world of breeding birds and the fate of their chicks in remote areas around Antarctica and at times of the year when accessing those sites is nearly impossible," Dr Emmerson said.

On our visit in February adult penguins were returning home to Gardner Island from much shorter trips, with food for their big fluffy brown chicks.

The chicks wait in so-called crches with just a few adults looking after them.

When the parents return to the island and walk the "penguin highway" from the water to the crche, there is pressure to cough up, literally, a mass of regurgitated krill and other fish bits as soon as possible.

What ensues is a hilarious game of chasings.

"You see the chicks chasing the parents looking for food, stumbling over the rocks and the parents running away," Ms Lewis said.

"I think it's a competition sometimes. They have siblings so whoever is fastest gets the most food, which is kind of hilarious to watch."

Ms Lewis, a biologist, loves to observe their feeding behaviours.

"It's also maybe a little bit of training over rough ground, just running and falling and finding their feet," she said.

It might be comical to watch, but this feeding game is a life and death battle.

"There can be very high mortality of the chicks between the time that they hatch until the time that they fledge from the breeding sites," Dr Emmerson said.

Their survival depends on how much food they get from the parents.

Every year as the latest technology gets smaller and smaller its place in the Antarctic grows and grows, and scientists in this harsh and difficult environment are thrilled with the results.

"The new technology has revolutionised our capacity to reach into the harsh and inhospitable Antarctic environment to understand how the birds navigate their landscape and identify their critical foraging areas," Dr Emmerson said.

Topics: birds, animal-science, climate-change, antarctica

First posted February 19, 2017 09:31:39

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Orbotech: Technology Manufacturing Growth Stock – Seeking Alpha

Posted: at 11:07 am

On a daily basis, I scan the markets for stocks that have traded sharply lower due to earnings misses, weak guidance or negative press in an effort to find situations where the market has overreacted. Although most of the time there are legitimate reasons behind the size and pace of a selloff, every now and then there are selloffs that are overdone.

This is the case with the recent selloff in Orbotech (NASDAQ:ORBK) after the company reported disappointing 4Q2016 earnings and 1Q2017 guidance a few weeks ago. Despite being an industry leader with a top-notch balance sheet and diversified revenue portfolio, the stock fell over 10%, resulting in valuation multiples below its peer group.

At these valuations, shares of ORBK have an attractive risk/reward profile as I expect growth to accelerate across their divisions during 2017. Based on those growth expectations, I believe that ORBK's valuation multiple should rebound to trade in line with those of the company's peers. As a result, shares should rebound to between $40-$45, representing ~40% upside from current levels.

Overview

ORBK is a supplier of yield-enhancing and process-enabling solutions for the electronics products manufacturing industry. In plain English, their products allow companies that manufacture electronics to efficiently produce complex products and minimize defects to maximize output. The Company is comprised of three divisions: Production Solutions for the Electronics Industry, Solar Energy and Recognition Software.

The Production Solutions for the Electronics Industry segment, which represents 95% of revenue, includes three sub-segments, Printed Circuit Board (PCB), Semiconductor Devices (SD) and Flat Panel Displays (FPD).

Source: Company Presentation

In the Flat Panel Display (FPD) market, ORBK's has established a market-leading position in the fastest growing segments, including Flex OLED. This position has resulted in increased bookings for 2017, providing investors with improved visibility versus previous years.

In the Printed Circuit Board (PCB) market, ORBK's PCB repair tool allows customers to generate 100% yields in manufacturing, thereby reducing costs and improving profitability. As noted on the 4Q2016 conference call, "the PCB industry is expected to return to positive growth mode" in 2017, and management believes the PCB division will become "an even more meaningful part of our growth".

In the Semiconductor Devices (SDD) market, ORBK is the leading company for fan-out packaging, a segment which is expected to grow, and which ORBK should be able to take market share within. Additionally, ORBK is gaining traction in the MEMS market, which the company specifically noted on the 4Q2016 conference call. On the call management noted they expect to "see growth and demand for MEMS coming from the smartphones, automotive, Internet of things and wearables application. As has been widely reported, these industries continue to add a variety of sensors, for example, for automated collision avoidance system, autonomous drive vehicle, and pedestrian sensing in automotive, and new security feature such as fingerprint sensors in small devices."

Based on ORBK's competitive position in its three main markets and the expected growth in each I expect sales to increase to $900M and $970M; and EPS to total $2.75/share and $3.30/share during 2017 and 2018 respectively.

M&A Growth Prospects

In addition to expecting strong organic revenue and earnings growth, ORBK has the balance sheet capacity to make additional strategic acquisitions. Specifically, investors are hopeful that the company makes an acquisition in adjacent markets or further up the value chain.

However, in addition to having the financial capacity to make acquisitions, I believe ORBK management has proven their ability to identify, acquire and integrate acquisitions that deliver significant value for shareholders.

In 2014, ORBK acquired SPTS, a UK-based manufacturer of etch and deposition processing equipment company targeting advanced packaging and MEMS markets. The acquisition, which is now the SDD division of ORBK, cost the company ~$370M ($300M in debt, $90M in cash) and was priced at ~2x sales. Over the last 3 years, the acquisition has proven to be well-timed and well-executed. Since the acquisition, the Fan-Out, advanced packaging and MEMS product lines have driven SDD division a CAGR of ~25% and supported overall company revenue growth.

Source: Jefferies

In addition proving their ability to identify attractive acquisition targets and execute after closing, management has proven its ability to responsibly manage debt loads following acquisitions. As of EOY2016, the company had reduced total debt to ~$88M.

Source: SimplyWall.st

As reflected in the Jefferies analysis below, the company is in a strong position on both a cash/debt basis and Net Debt / FCF basis.

Source: Jefferies

Given its strong financial position, I would expect the company to pursue another large, strategic acquisition in the next 12 months. Based on management's proven ability to create shareholder value through M&A, as represented by the STPS acquisition, I believe any M&A announcement would be a positive catalyst for the share price.

Valuation

Following the company's 4Q2016 earnings call, on which the company reported weaker than expected 4Q2016 results and 1Q2017 guidance below consensus, shares plunged over 10%.

Source: YCharts, Internal Model

To recap, the company reported 4Q16 revenue of $215M (up +5% Q/Q, +14% Y/Y), which was below the midpoint of guidance and consensus due predominantly lower SD sales (down 14% Q/Q). One bright spot of the report was the strength in the FPD and PCB segments, which were +20% Q/Q and +12% Q/Q, respectively. Gross margin came in at 46.8%, which was below both guidance and consensus and was attributed to product mix, foreign exchange and hedging losses. Overall the lower revenue and lower margins led to EPS of $0.70, which was $0.07 below consensus. As a result of the slow SDD sales in 4Q2016, the company revised its guidance lower for 1Q2017, which put further pressure on the shares.

Although it is never great when companies miss and guide lower, I believe the underlying reason for ORBK's 4Q2016 performance and 1Q2017 guidance (lower than expected SDD segment revenue) has been misinterpreted by market participants leading to an overreaction in the share price. Unfortunately, SDD revenues are typically lumpier and a single customer order delay can meaningfully impact revenue. As I see it, the company simply faced SDD order delays during the period and is being conservative for 1Q2017. Despite these short-term headwinds, I believe the SDD division along with the FPD and PCB segments should accelerate through the second half of 2017. In contrast to my view, the market seems to be discounting ORBK's 2017 growth potential because one segment underperformed for one quarter, and that to me represents an opportunity to buy.

Due to the selloff, ORBK not only has underperformed its peers on a historical basis but is also undervalued on a variety of historical metrics. In my analysis I included Applied Materials (NASDAQ:AMAT), Lam Research (NASDAQ:LRCX), KLA-Tencor (NASDAQ:KLAC), Nova Measuring (NASDAQ:NVMI), Nanometrics (NASDAQ:NANO) and Teradyne (NYSE:TER).

Source: YCharts, Internal Model

In addition to being undervalued on a historical basis, the company also seems to be undervalued relative to its future growth.

Based on my EPS and Sales targets, which are in line with many sell-side analysts, if ORBK traded at peer average PE or P/S ratio levels, the share price would be meaningfully higher.

Based on the peer average PE / 2017E Earnings ratio of 15.6x and target earnings of $2.75/share, the stock is trading at a 39% discount to the fair value price of ~$43/share.

Risks

Despite its growth prospects and valuation, there remain risks associated with an investment in ORBK.

First, should macroeconomic conditions deteriorate, causing a decrease in spending by ORBK's customers, my earnings estimates and price target would be negatively impacted.

Second, given that ORBK operates in a cyclical business, should electronics demand weaken or capital investment in China slow, it would materially impact ORBK's stock price. Additionally, ORBK has relatively high customer concentration and geographic (China and larger Asian-Pacific region) concentration risk. Should one of their major customers reduce spending or a regional macroeconomic event unfold in Asia, ORBK would be negatively impacted.

Finally, while I believe ORBK has a strong competitive position in the markets it operates in, there is always the risk that competition drives prices and margins lower.

Summary

As a leading supplier of solutions that are critical in the time-to-market sequence of its technology-focused customers, ORBK is ideally positioned to benefit as demand for mainstream products, such as smartphones, tablets, monitors, and flat panel TVs increases for the foreseeable future.

The company has a strong competitive position, the firepower to make another strategic acquisition and is undervalued relative to its peers across a variety of metrics.

I believe an investment in ORBK offers an attractive risk/reward profile at these price levels following the overreaction of the market to the most recent earnings release.

Disclosure: I am/we are long ORBK.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: I recently opened a position in ORBK based on the thesis outlined in this article.

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Orbotech: Technology Manufacturing Growth Stock - Seeking Alpha

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