Bible 2Q25 - Smartphones: 2025 weak and front-loaded. Increasing concerns about the Back-half.

Dear all, ​​ Today, we are publishing the Smartphones section of our 28th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Automotive, Memory, Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, Ride sharing & Delivery, Foundry, and Semicap Equipment. ​Shipment growth held, but our view of front-loaded 2025 smartphone demand was reinforced t...

Soitec 1FQ26: Inventory digestion remain a drag. Thesis unchanged. Buy, €55.

Soitec 1FQ26: Inventory digestion remain a drag. Thesis unchanged.

Soitec reported 1FQ26 sales last night and hosted its conference call this morning.

Fastned: H1 results, GM recovery, roll-out acceleration expected in H2

This morning, Fastned published its H1 2025 key metrics and number of operating stations. H1 sales came in at EUR54.3m (+44% YoY), implying revenue of EUR26.3m in Q2 2025 (-9% vs cons. at EUR28.9m) and pointing to an annual run-rate of at least EUR108m (vs cons. at EUR130.8m for FY25 and STFe EUR13

Avantium: financing package update

Yesterday, Avantium announced it had reached a conditional agreement with ABN AMRO, ASN, ING, Invest-NL and Rabobank to extend and amend its senior debt facility agreement, representing up to EUR125.1m as of December 2024. As such, (i) the remaining EUR14.1m debt commitment would be cancelled in ex

Valneva : Strong H1 - Key Lyme vaccine catalyst ahead in Q4

Valneva delivered a solid H1 and reaffirmed its 2025 guidance. The company’s cash position, standing at €161m, is sufficient to fund operations through 2027e, providing solid financial visibility. Looking ahead, the next key catalyst is the Phase III data readout for VLA15, Valneva’s Lyme disease v