Alphawave Semi | CMD - Reasons to be cheerful
Alphawave's shares have recovered almost half of the losses experienced when forward guidance to 2025 was reduced in April. Following what was a difficult set of FY23 results, the company's recent Capital Market's Day (CMD) set out a powerful case for a continuation of the recovery in the share price, amplifying the group's potential to ride the magic carpet of hyperscaler driven demand for its connectivity Intellectual Property (IP) and its products. Not only were estimates for total addressable market hiked but Alphawave announced itself as the first company to deliver chiplets leveraging ARM's Neoverse computing technology offering scalable, interchangeable and customisable solutions to its customers. Alphawave emphasised that it has sufficient capital to execute on its current growth targets. Even after recent consensus downgrades, to reflect company guidance, Alphawave trades at hefty discounts to its peers on EV/revenue and EV/EBITDA. While formal revenue guidance only runs to US$450m in 2025, the company believes that it could hit US$1bn of revenue around 2027 with much more to come.
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