JENOPTIK (+) : Capitalising on WFE momentum and becoming a CPO play

Research evidence excerpt

JENOPTIK (+) : Capitalising on WFE momentum and becoming a CPO play

EQUITIES

IT HARDWARE

JENOPTIK OUTPERFORMPRICE* EUR47.0  TARGET PRICE EUR55 (UPSIDE 17%) TARGET 49%PRICE EPS 3%26e EPS17%27e

Capitalising on WFE momentum and becoming a CPO play

Despite a substantial rerating YTD (~+130%), Jenoptik still remains a key beneficiary of strong WFE22 JUNE 2026

Securities Research Report momentum which is likely to continue. It is also increasingly becoming a play on CPO (co-packaged

Production time: 16:43* (London time)

optics). We remain Outperform and raise our TP to EUR55 (from EUR37).

Research Analysts & Publishing Entities

Martin Jungfleisch Strong momentum in semis to continue…

BNP Paribas SA Jenoptik will continue to benefit from strong demand of its litho and inspection related customer base

(+49) 69 4272 97328

martin.jungfleisch@bnpparibas.com in our view. However, we expect Q2 orders to be down QOQ vs. an exceptionally strong Q1

(EUR310m vs. EUR357m in Q1) but are above cons. (+4%). We think Jenoptik is on track to deliver

DD rev. growth in 2027, primarily driven by its main customer ASML (we estimate 529 tool deliveries

vs. 422 in 2026) and KLA (inspection) who expects 2027 growth > 2026. We also expect inspection-

related spec-win to contribute to 2027 revs. We are 14%/19% ahead of 2027/28 cons. EPS.

… while increasingly becoming a CPO play

We believe Jenoptik’s photonics potential remains largely underappreciated by investors as it is still

relatively small (BNPP: EUR20-30m revenue; high-end transceiver driven) but we think it could

benefit from the increased penetration of co-packaged optics (CPO) in both scale-up and scale-out

networking in AI DC as of 2027/28. We think Jenoptik’s grayscale-based microlens arrays (MLAs)

could be preferred by market vs.