Aixtron (AO) | Hold | Rohm's move adds weight to the GaN roadmap

Research evidence excerpt

Aixtron (AO) | Hold | Rohm's move adds weight to the GaN roadmap

Aixtron Hold | Target Price: EUR44.00

Company description Management

Founded in 1983 and based in Herzogenrath, Germany, Aixtron is a global leader Felix Grawert, CEO

in deposition equipment for the semiconductor industry. The company operates Christian Danninger, CFO

subsidiaries in Europe, Asia, and the US, providing advanced tools used in the

Key shareholdersproduction of high-performance compound semiconductors and optoelectronic Free float 100.00%

devices. These devices support applications across various industries, including BlackRock 5.41%

lasers, LEDs, display technology, optical and wireless data transmission, and SiC Citigroup 4.99%

and GaN power electronics. Goldman Sachs Group 4.40%

Investment case Valuation methodology

We see Aixtron as well positioned for AI-driven power and We apply a 25x multiple to FY27E EBIT, a 40% premium to the 5-

photonics demand. GaN and optoelectronics provide the YR average, which we believe is justified by this phase of the

clearest AI-DC leverage, supported by high epi intensity, rising cycle, given converging demand drivers, improved order

CPO adoption, and Aixtron’s strong positioning. visibility, and a structurally stronger margin profile driven by

GaN utilization is improving but the upturn remains gradual. mix.

Broader investment in GaN-on-silicon and 300 mm platforms Risks to our rating

will likely unfold between 2027–28, driven by datacenter power Lower AI datacenter buildout and weaker optical intensity.

and fast-charging adoption. Intense competition from other key players like Veeco, AMEC,

In addition, automotive SiC remains in digestion and and ASM could put pressure on prices and market share.

competitive pressure from Asian peers is rising.