Soitec SA: Decent print and stronger guide; hidden gem is Photonics growth

研报英文原文证据摘录

Soitec SA: Decent print and stronger guide; hidden gem is Photonics growth

Update

May 27, 2026 06:18 PM GMT

Morgan Stanley & Co. International plc+MSoitec SA | Europe Nigel van Putten

Equity Analyst

Decent print and stronger Nigel.Putten@morganstanley.comShawn Kim +44 20 7425-2803

Shawn.Kim@morganstanley.com +44 20 7677-1018

guide; hidden gem is Photonics Lee Simpson

Lee.Simpson@morganstanley.com +44 20 7425-3378

growth Amelia M Scicluna

Research Associate

Amelia.Scicluna@morganstanley.com +44 20 7425-6694

Reaction to earnings Terence Tsui

Unchanged Modest upside Modest revision higher Terence.Tsui@morganstanley.com +44 20 7425-3095

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Soitec SA (SOIT.PA, SOI FP)

Source: Company data, Morgan Stanley Research

Technology - European Semiconductors | France

Stock Rating Overweight

Key Takeaways Industry View In-Line

Price target €200.00

4Q26 revenue beat at €200m, with Automotive & Industrial strength offsetting Shr price, close (May 27, 2026) €154.20

52-Week Range €182.00-22.62

weaker than expected Mobile Communications. Mkt cap, curr (mn) €5,205

Net debt (03/26e) (mn)* €78

Photonics-SOI looks materially stronger than stated, with our back calculation EV, curr (mn)* €5,262

implying FY26 growth of 60-70% to c.$130m. * = GAAP or approximated based on GAAP

F1Q27 guidance was better than feared at +15% y/y, although this mostly reflects

phasing, rather than a change in demand.

The print is helpful, but the investment case remains tied to the medium-term

photonics outlook. We expect to learn more from tomorrow's presentation.

4Q26 beat was driven by Automotive & Industrial, with Mobile softer than

expected. Soitec reported 4Q26 revenue of €200m, implying sequential growth of