Much to like - but not the valuation

研报英文原文证据摘录

Much to like - but not the valuation

ABG Sundal Collier acted as Joint Global Coordinator and Bookrunner in the IPO of

Silex Microsystems.

Equity Research - 17 June 2026 06:37 CEST

Reason: Initiating coverageSilex Microsystems

• Market-leading provider of specialised chips (MEMS)

• >30% EBIT margin, 17% adj. EBIT CAGR '25-'30e

• Bright future but valuation too rich (48x '26e EV/EBIT); SELL IT

A founder-led, market-leading semiconductor specialist SILEX-SE/SILEX SS

The production and development of semis is highly complex, requiring Share price (SEK) 16/6/2026 218.00

specialised expertise, capital, and process know-how, which is difficult Target price 125.00

to achieve in-house. This is where Sweden-based Silex comes in. It is

the world’s leading pure-play MEMS foundry, focusing exclusively on

manufacturing customised micro-electromechanical systems (MEMS), MCap (SEKm) 22,790

a niche segment of the semi industry. Founded in 2000 by CEO Edvard MCap (EURm) 2,091

Kälvesten, it has achieved a 17% sales CAGR (no M&A) since 2015, No. of shares (m) 109.8

averaging a 26% adj. EBIT margin in '15-'25. Its customer base includes

three MAG7 companies alongside long-standing telecom, industrial, Next event Q2 report 17 July 2026

and life sciences clients. Its ~85% gross margin and ability to charge for

development projects demonstrate strong market positioning. Performance

Rapidly growing market, 13% sales '25-'30e CAGR 350.00

Silex held a 30% share of the global high-complexity MEMS foundry 300.00

market in 2024, with TAM forecast to grow at a 12% CAGR in '24-'30

(company-commissioned data). Growth is driven by data centres and 250.00

foundries; Silex derives ~25% of revenues from the former (vs. 9% in

2022). We view MEMS foundry as a winner-takes-all market and expect 200.00