LPK bullish: major equipment supplier for glass substrate producers (CPO alternative); order volumes ramp 2027+. Target €2B+ valuation in 2027+ vs current €500M.
Glass substrates better alternative to organic cores for CPO. LPK supplies most glass substrate producers. Order volumes yet to ramp (2027+). Clean balance sheet, minimal dilution. Volume ramps will trigger re-rating.
Literally nothing's changed with $LPK Their AGM is today, so just waiting to see new commentary. It's still very early with $LPK: -> Glass substrates are a better alternative to traditional organic cores e.g. ABF for applications like CPO. -> $LPK is *the* major equipment supplier to most of the glass substrate producers e.g. $INTC, Samsung etc. -> Order volumes are yet to ramp up (2027+). -> Guidance doesn't include any volume ramps (confirmed from earnings call). So, positive re-rating when these orders ship. -> Very clean balance sheet = minimal dilution risk. -> I see them as a ~€2B+ company in 2027+ through CPO TAM expansion + volume ramp. Just remember: they're a tiny €500M company rn. You have to expect / be prepared for volatility. In fact, that goes for every stock lol. Can't expect straight lines up everyday. If the story remains in tact, then why worry about day-to-day fluctuations?
| Horizon | Raw move | vs SPY |
|---|---|---|
| 1 day | -11.3% | -8.7% |
| 1 week | +4.6% | +7.2% |
| 1 month | +9.3% | +10.1% |
| 3 months | — | — |
| 6 months | — | — |