Smartoptics-Unique optical hardware pure play-06/17/2026

研报英文原文证据摘录

Smartoptics-Unique optical hardware pure play-06/17/2026

Smartoptics

INITIATING COVERAGE | 17 JUN 2026

Unique optical hardware pure play Target price (NOK) 68

Smartoptics design and sell fibre optical hardware for the mid-market, Share price (NOK) 51

which has become less contested following a decade of consolidation.

And yet more so by component shortages forcing category leaders to

prioritize the largest accounts as market growth surges on hyperscaler

data centre spend. We believe Smartoptics target to outgrow the market

by 2-3x over the next five years and find consensus to underestimate the

growth potential. Our DCF valuation at NOK 68/share values Smartoptics

in-line with Ciena – only pure play peer – which we believe is fair. As

such, we initiate coverage of Smartoptics with a Buy recommendation

and target price NOK 68/share. Find our accompanying slides here.

Smartoptics target the mid-market with fibre optical hardware Ticker SMOP.OL, SMOP NO

Smartoptics design and sell fibre optical hardware. That means electrical devices Sector Hardware & Equipment

that convert electrical signals into optical signals and other functions to signals Shares fully diluted (m) 97.6

already in the optical cable. Not the fibre cable itself. The company initially started Market cap (USDm) 527

with simple short-range point-to-point connections and has now expanded with Net debt (USDm) -7

more advanced products to offer versatile open line systems. This primarily Minority interests (USDm) 0

addresses the mid-market – consisting of datacentre interconnectivity, tier-2 telco, Enterprise value 25e (USDm) 281

and intra-city networks of varying kinds – but newly also regional networks

connecting nearby cities.

Market consolidation and dynamics Total Return Index