Alphawave Semi supplies cutting edge connectivity solutions for the world's most demanding applications in digital infrastructure. Over the last two years the business has been transformed and it now licences its Intellectual Property (IP), supplies custom silicon and, from 2024, should supply optical connectivity silicon. The company generated revenue of US$185m in 2022 and is targeting growth to cUS$500m by 2025 with a consensus forecast of 102% pa growth in pre-tax profit over the period. While the share price has recovered strongly this year it still lags comparable sub-sector averages and would generally trade at discounted ratings even at the consensus target price of 217p, which is 95% above the current share price.
