People nonstop ask me about $LPKK / $LPK for my opinion
Yes, I mentioned they're like a chokepoint for glass core substrates for LIDE (laser induced deep etching) way back when.
Biggest known partner is $ONTO (LIDE with Onto metrology for glass core mass production).
Then as for market share: "more than 80% of customers among major global players have selected LPKF equipment" for process validation.
So that probably includes:
- Samsung Electronics/Electro-Mechanics
- $INTC (Receives a Major Order from a Leading Chip Manufacturer... installed a first LIDE system at the beginning of 2020... now ordered further LIDE systems to start volume production)
- SKC (Absolics)
- $GLW, AGC, Schott.
- Nippon electric glass.
Of course this is evaluation, so that 80% could be lower in actual ramp.
As for some personal FWD P/E calculations:
- 2027: ~11-12.5x and ~7.8x for 2028, which looks very compelling.
- Total Cash: ~€10.0M, debt was around ~€3.0M. debt to equity: ~3.8%
So very clean-asset light balance sheet, no dilution overhang like $SHMD.
~$362m MC, conclusion: great upside long imo, hard to see institutions not buying this name down the road.
Even if the 80% of players managed to design another way, even a fraction would probably be very material to the MC.
It was probably a bit early few months ago, but glass core roadmaps have been speeding up like CPO.
Disclosure: I do have positions. This are just my thoughts.
People on X did their homework.
