Added to YB: 2026-05-25
Pitch date: 2026-05-21
TPRO.MI [bullish]
Technoprobe S.p.A.
Author Info
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Company Info
Technoprobe S.p.A., together with its subsidiaries, produces and sells electronic circuits in Italy, Asia, the United States, and rest of Europe.
Market Cap
EUR 20.5B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
100.40
P/E
211.41
EV/Sales
31.53
Sector
Semiconductors and Semiconductor Equipment
Category
growth
Technoprobe: The Hidden Picks-and-Shovels Monopoly of the AI Test Era
TPRO.MI: Italian probe card monopolist w/ 60% share of vertical MEMS logic market (~$937M segment). Q2 rev beat by 36%, EBITDA by 70%; 3rd upward guidance in 13mo, stock +32% single session to €26.08. Pure AI test play: consumable model, device-specific cards wear out after hundreds of thousands wafers. Revenue 85% probe cards, 15% interface boards. New engines: HBM (0→10-20% by '28), silicon photonics, FusionLink. AI mix 38%→60-70% by '28. GAA at 2nm, HBM4E/5, custom ASIC explosion drive structural outgrowth vs WFE. Top 3 customers 50% rev, TSMC routing 70%, China <5%. IPO'd Feb '22 at €5.7, now €26.08 (4.6x). Family controlled via T Plus SPA; Teradyne 10% stake post-DIS deal. Physics-driven test intensity tailwind as chiplets/HBM stacks rise.
Read full article (6 min)