Soitec: Our thoughts into the pivotal FY26 print

研报英文原文证据摘录

Soitec: Our thoughts into the pivotal FY26 print

s projected to, rising customer yields and +44 20 7995 6751

conservatism were cited as factors. On one hand, the new CEO could seek to significantly didier.scemama@bofa.com

raise the forecast in his first earnings event. On the other hand, he could decide to remain Amelia Banks >> Research Analyst

conservative due to uncertainties, as transceiver unit growth decelerates and CPO ramps. MLI (UK)

Our estimates are in line with/8% above consensus on F4Q/F1Q revenue guide. We believe +44amelia.banks@bofa.com20 7995 3554

Soitec will stick to its current quarterly guidance cadence and refrain from giving an annual

guide due to continued weakness in its Mobile and Auto & Industrial businesses.

Expect a muted FY27E for Mobile and Auto & Industrial Stock Data

Soitec’s customers have been working down their RF-SOI inventories, which has, by its

Price 148.05 EUR

estimates, decreased from 2.5mm 200mm wafers in Jun ’25 to 2mm wafers in Dec ’25.

Price Objective 156.50 EUR

Pre-COVID historical customer inventory levels imply an 850k wafer level, meaning

Date Established 18-May-2026

FY27E should be another digestion year for Mobile, where we model a 5% yoy decline.

Investment Opinion C-2-9

We project a recovery from FY28E onwards. We project a more gradual recovery for the

52-Week Range 22.62 EUR-180.00 EUR

depressed Auto & Industrial business and model 1%/13%/15% growth in FY27/28/29E.

Mrkt Val / Shares Out (mn) 5,280 EUR / 35.7

Estimates (Mar) (EUR) 2024A 2025A 2026E 2027E 2028E Average Daily Value (mn) 122.56 USD

EPS (Adjusted Diluted) 4.72 2.54 (2.18) (0.12) 1.89 Free Float 65.1%

EPS Change (YoY) -24.6% -46.3% -186.0% 94.3% NM BofA Ticker / Exchange SLOIF / ENP

Consensus EPS (Visible Alpha) (2.28) 0.02 1.52