Record quarter at Specac's largest customer

Research evidence excerpt

Record quarter at Specac's largest customer

t 24 months, thereafter 3.50x

transceivers that sit at the heart of modern AI data centres - meaning Financial covenants - maintenance:

Amax is embedded in the very product line that is driving Keysight's record

results. According to Dearden, three forces are converging to sustain • Minimum liquidity of USD 2.0m

the ramp: the industry-wide upgrade to faster data centre speeds driven Call structure:

by AI workloads, the emerging transition to optical fibre in automotive • MW until 16. Jun 2028applications ahead of 2027/2028 model years, and a product form factor

• 103.250% until 16 Dec 2028advantage that is taking share from older competing solutions.

• 102.4375% until 16 Jun 2029

We view this as credit positive for Specac • 101.625% until 16 Dec 2029

We find the read-across relevant and positive as it reduce volume risk at • 100.8125% until 16 Jun 2030

the group's largest customer and lends credibility to the Amax capacity • 100.325% until 16 Sep 2030

utilisation thesis currently running at only ~55-60%. The CEO also Dividends:

flagged two early synergy datapoints that deserve attention; 1) the first

Amax products have now been shipped to ThermoFisher - extending • No distribution

an existing Specac client into the Amax platform for the first time, and Company description

2) Amax-sourced components are already being used in Specac's own

manufacturing, delivering the margin uplift from vertical integration that Specac designs, manufactures and sells

was central to the investment case at bond issue. With signals of a strong mission-critical spectroscopy accessories

and scientific sample preparation solutionsstart as an inaugural bond issuer, we find the indicated spread level of