(Telestock) – Equity he lowered to 7.2 euros per share (from the previous 7.5 euros) the target price on Technoprobea company listed on Euronext Milan and active in the design and production of Probe Cards used for semiconductor testing, confirming the recommendation on the title to “Hold“after reporting slightly below-expected 2Q24 results.
Despite quarterly fluctuations, management confirmed its assumptions of mid-teens organic growth on FY24, i.e. c. +10% sequential in 4Q24 (consistent with broker estimates) but it appears more cautious on margins of new products at this stage.
Analysts point out that the target revision is less significant as a target multiple on 2025 ex-cash earnings of 32x (from previous 30x) is applied, to incorporate part of the potential upside from synergies in final testing and entry into HBM.
“Technoprobe remains a quality story, with a solid business model and interesting growth prospects driven by macro-trends in the sector (AI) and initiatives to attack new promising market niches (final testing, possible entry into the memory market in 2025) – the research reads – However, we still do not see an interesting entry point despite the recent correction.with the stock trading at 18x ​​EV/EBITDA and 34x 2025 P/E on new estimates (FormFactor at 16x and 25x respectively).