Aixtron (Frankfurt:AIXA) - Long Thesis

Key Points

• Aixtron is dominant MOCVD equipment supplier with 70-90% market share across product portfolio (even ASML-comparable scale)
• Compound materials (GaN, SiC, InP) enable performance unachievable with silicon; Aixtron is key enabler of powerful technology transitions
• Arguably most underappreciated AI beneficiary; positioned for most powerful and multi-faceted growth wave in company history
• Analysis shows 90%+ upside to 2028E EBITDA; by 2028, "the party will still just be getting started"
• Shares trading at 40-70% discounts to semiconductor equipment peers despite similar AI tailwinds; revenue multiple contracted 51% since start of 2024

Summary

Kerrisdale Capital long thesis on Aixtron as strategic gating factor for multiple technology transitions (GaN power, SiC automotive, InP optoelectronics). Argues market collapsed valuation despite durable competitive moat, secular growth drivers, and 90%+ EBITDA upside to 2028. Positions Aixtron for multiple re-rating vs. peer group valuations.

Source

• File: AIXA-Kerrisdale.pdf
• Location: Dropbox/2. Semi/Networking/AIXA/
• Pages: 38

Related

• _MOC-networking | AIXA | MOCVD | Compound-Semiconductors | Market-Share