SMHN

Key Metrics

Supply Chain Position

90% photomask cleaning at TSMC. ~50% HBM bonding at Samsung/Micron. XBS300 for heterogeneous integration (CPO).

Why Included

20x trailing P/E for a monopoly position — cheapest structural monopoly in the AI supply chain. 2030 target €750-900M revenue, 20-22% EBIT margins. BESI trades at 40x for comparable positioning. Virtually no debt (D/E 0.17).

Customers: TSMC ~30%, Samsung ~25%, Micron. Concentrated but in the right customers.

Red Flags

• •Small-cap (€1.15B) with limited analyst coverage — higher volatility and information asymmetry
• •HBM ordering pauses could hit bonding equipment revenue in the short term
• •Dependent on TSMC and Samsung capacity expansion plans continuing at current pace