Technoprobe soars on its debut on the FTSE MIB, with a focus on investment and AI

(Il Sole 24 Ore Radiocor) – Shares are rising steadily Technoprobe is seeing a solid rise on the day of its debut on the main Milan stock index. The shares are being buoyed by a report from Banca Akros which focuses primarily on the company’s future investment pipeline. Specifically, last week the analysts hosted Technoprobe for a series of meetings with investors as part of a corporate roadshow in Switzerland.

The first point of the analysis focuses on capex: the investment plan of 350 million euros, aimed at improving efficiency and expanding production capacity through the new plant, “is proceeding according to plan and is expected to be completed by the end of the first quarter of 2027” with a projected production capacity, following the expansion, of “around 1.6 billion euros”. It emerged from the meetings, they explain, that management continues to believe that demand is growing faster than available production capacity; “the main risk is therefore that of failing to fully capitalise on the imbalance between supply and demand, subject to the possible emergence of excess capacity in the future. The company is currently working on a further investment plan (the scale of which has not yet been disclosed) to meet the expected demand in the coming years’.

And it is precisely on artificial intelligence that experts are focusing, stating that ‘it is confirmed as the main driver of growth and is expected to account for around 50 per cent of revenue by 2026’. Specifically, Technoprobe’s decision to expand its strategic offering by entering the market for high-capacity HBM (High Bandwidth Memory) appears to be paying off, as these components are essential for modern artificial intelligence accelerators. ‘A contribution of around 10–15 million euros has been confirmed for 2026, whilst there is currently no significant visibility regarding 2027’, write the brokers, whilst “SiPho currently has no impact on turnover, but is expected to become more significant in 2028/29, when the new architectures developed by customers could become available for industrial-scale production”.

On the acquisitions front, the company remains focused on increasing production capacity, given the current market momentum. “Subsequently, may consider bolt-on M&A transactions, with the aim of improving production processes or accelerating technological development, as an alternative to internally funding R&D laboratories.” According to Banca Akros, “the messages that have emerged confirm our view on Technoprobe’s key positioning, which should enable it to benefit both from the increase in chip production volumes and from the growing intensity and complexity of testing activities, both of which are considered the main drivers of revenue growth”. Although “the detailed potential of new markets such as HBM and SiPho remains largely undefined at present”, global trends in the “semiconductor market support the future expansion of these segments and therefore confirm their importance for the medium-term investment thesis”. In light of this, “we reaffirm our positive view on the share”, confirming our Buy rating and target price of 40 euros.