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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Alphawave Ip Group Plc | LSE:AWE | London | Ordinary Share | GB00BNDRMJ14 | ORD GBP0.01 |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| -11.60 | -9.09% | 116.00 | 3,166,165 | 16:35:29 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 115.20 | 116.80 | 127.00 | 112.20 | 124.60 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Cmp Integrated Sys Design | USD 321.72M | USD -51M | USD -0.0721 | -16.14 | 823.85M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 16:35:29 | UT | 769,225 | 116.00 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 01/5/2024 | 12:51 | UK RNS | Alphawave IP Group PLC Total Voting Rights |
| 01/5/2024 | 07:00 | UK RNS | Alphawave IP Group PLC Directorate Change |
| 29/4/2024 | 17:49 | UK RNS | Alphawave IP Group PLC NSM FY23 Financial Statements |
| 29/4/2024 | 11:35 | UK RNS | Alphawave IP Group PLC Director Declaration |
| 23/4/2024 | 10:15 | ALNC |  Alphawave confident in long term growth potential as revenue rises |
| 23/4/2024 | 07:00 | UK RNS | Alphawave IP Group PLC Final Results |
| 23/4/2024 | 07:00 | UK RNS | Alphawave IP Group PLC Q1 2024 Trading and Business Update |
| 16/4/2024 | 12:26 | ALNC | Alphawave shares plunge as set to miss annual sales guidance |
| 16/4/2024 | 07:00 | UK RNS | Alphawave IP Group PLC FY23 & FY24 YTD Trading Update & Notice of Results |
| 02/4/2024 | 15:30 | UK RNS | Alphawave IP Group PLC Total Voting Rights |
Alphawave Ip (AWE) Share Charts1 Year Alphawave Ip Chart |
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1 Month Alphawave Ip Chart |
Intraday Alphawave Ip Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 01/5/2024 | 18:04 | Alphawave IP chip maker | 1,911 |
| 09/11/2021 | 15:32 | I can smell shorts burning | 1 |
| 09/11/2021 | 14:55 | I can smell shorts burning | - |
| 29/10/2021 | 09:21 | "AWESOME"...why do stupid Americans keep saying this? | 13 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
|---|
Posted at 01/5/2024 09:20 by Alphawave Ip Daily Update Alphawave Ip Group Plc is listed in the Cmp Integrated Sys Design sector of the London Stock Exchange with ticker AWE. The last closing price for Alphawave Ip was 127.60p.Alphawave Ip currently has 707,775,259 shares in issue. The market capitalisation of Alphawave Ip is £823,850,401. Alphawave Ip has a price to earnings ratio (PE ratio) of -16.14. This morning AWE shares opened at 124.60p |
Posted at 01/5/2024 18:04 by dividevil When the company IPO'd and the share price tumbled 6 months later that hurt a lot of institutional investors, especially the cornerstone investors. It was blatantly overvalued at the time even perhaps by the inflated NASDAQ standards.Perhaps some of that hurt still carries over to this day and now you have a set of investors who just want to love to hate this stock forever, particularly when the selling shareholders (the founding members) took a massive slice of the proceeds (£496 million out of £856 million) hence making more than £100 million each for themselves. Some of the slip ups have been very unfortunate though. The China strategy was derailed in part thanks to Russia invading Ukraine which gave rise to heightened geopolitical tensions not only with Russia but with China also. The increase in state organised cyber attacks led to the SEC having conversations with certain companies having sensitive technology business in China and resulted in pressured guidance to withdraw / reduce level of involvement. It also had the effect of dampening the market conditions in China. Frankly, Alphawave will have done well if they are able to withdraw from the Wisewave JV breaking-even just about (Alphawave share of the JV is valued at around $42.5 million and the losses are $46.15 million). It was meant to have been a 5 year partnership with a commitment to invest $170 million and it is not unreasonable to have expected a reasonable return from that had geopolitical tensions only remained at the level it was 5 years ago. The IPO objective was always to use the funds for the acquisitions of businesses that would allow them to enter the fast growing chiplet market. I also suspect that Banias Labs / AWS early discussions were already underfoot even at the time of the IPO but couldn't be openly written about in the prospectus due to the sensitivity of those plans. The Wisewave JV has still nevertheless served as a crucial stepping stone while they were in the consolidation phase to establish a market in custom silicon and opto-electronics. It is just a pity that the management were allowed to help themselves to too much of the portion of the proceeds, all of which is plainly spelled out in the prospectus. I mean who needs £100 million? Could they not have been satisfied with just £50 million each and be sitting on a business with a healthy $400 million in cash and most probably at a much higher share price than today! |
Posted at 28/4/2024 19:53 by tim000 I do agree with you though about cash burn; I personally am on the sidelines until the outlook is clearer. If the company’s growth prospects are as strong as they think, missing a bit of share price appreciation isn’t going to be a problem. |
Posted at 28/4/2024 10:24 by xtrmntr Alphawave IP (AWE) designs chips that allow high-speed data transfer. It has a similar business model to ARM (US:ARM), in that it licenses these designs to other companies rather than doing the manufacturing itself.The case for high-speed data transfer is growing as excitement builds around artificial intelligence (AI). This has helped drive demand for Alphawave's designs. Last year, new bookings rose 68 per cent to $384mn (£310mn). Of these bookings, over 80 per cent are in advanced nodes which means "7nm and below", essentially one of the latest process nodes in chip production. In other words, it is operating at the cutting edge of the AI industry, which as TSMC's (TW:2330) recent results show, is the fastest-growing part of the semiconductor industry.However, Alphawave's growth has slowed in the first quarter of this year, with new bookings up by just 20 per cent year on year. Licensing fees still rose 75 per cent in Q1, but royalties were down 75 per cent as Alphawave "actively de-prioritised the legacy lower-margin silicon business from Chinese customers".Increased R&D spending, marketing costs and a big jump in share-based compensation meant there was an operating loss of $52.9mn in 2023, a big swing from an operating profit of $2.5mn in 2022. However, when the $40.7mn of compensation is stripped out, plus a couple other metrics, adjusted cash profit (Ebitda) was up 34 per cent.Management is expecting to start benefiting from the capital-light business model in the next few years. It is guiding for $450mn of revenue in 2025, and is expecting to make around $100mn of adjusted cash profit, which would be an increase of around 60 per cent from this year.FactSet broker consensus is for earnings per share (EPS) to rise to 12¢ by 2026, giving a 2026 price/earnings (PE) ratio of 11. Previous rapid growth had encouraged Jefferies brokers to describe Alphawave as "Europe's best AI play". That was prior to the company making a significant downgrade to earnings expectations last week ahead of these results, but there is still reason to be optimistic about its long-term prospects. Buy. |
Posted at 14/3/2024 06:33 by dividevil Johnrxx99 while the London stock market was once the world leading exchange it hasn't been for the last 50 years. The US stock market has dominated ever since. Alphawave fundamentally though is a Canadian company. Its main offices are in Toronto and San Jose California as well as in Bengaluru and Pune in India. It has offices in Taiwan, Shanghai and Israel. Most of its revenues are from the US and APAC regions. Yes they really should have listed on NASDAQ but I guess the selling shareholders saw greater personal benefit doing the IPO in London. Personally, I'm glad they listed in London and had the share price thrashed as otherwise I wouldn't have had a nice low entry point. |
Posted at 13/3/2024 17:13 by dividevil The share price drop this afternoon seem to coincide with the US opening. Most US "AI" stocks are down today. It seems to suggest that AWE now has a bit more attention over there than a few months back. |
Posted at 13/3/2024 10:17 by dividevil Looking at the numbers only can potentially be misguiding. I’m under the impression that UK analysts are not so very well clued up on how silicon IP / fabless semiconductor outfits operate their business. US based analysts seem far more comfortable with it.Some analysts struggle to understand how to value the company on its intangible assets and goodwill because valuing the IP and technology is something they can’t get their heads around. Same with the amortisation and depreciation. Marvell valued nearly 39x greater than AWE operate on a P/S of 11.4. If AWE had the same P/S the share price would be £4.30. Marvell have $1.4 billion debt and are loss making due to R&D spend. US analysts also have no problem valuing Credo at twice the market cap of AWE with only nearly half the revenue generated and are loss making again due to the R&D spend. Last year’s results and interims were particularly challenging because of what the recent acquisitions brought to the company. Plus opening of new offices, injection back into R&D, and project costs for the opto-electronics products. |
Posted at 05/7/2023 16:33 by dividevil So in that 52 minutes I just listened to, Tony was given the opportunity to wrap up... and here's a rough transcript (copied from the site) of what he says:"It's not often I get to wrap up with that type of platform. Simply put, we will be the next great semiconductor company. Like a Broadcom or Marvell. And how are we going to get there? For the first decade, we'll be focused on connectivity. Beyond that we'll continue to expand. We're an engineering first company. And no one has ever challenged our technology and our technology leadership. The shorts and everyone else have tried throwing rocks at us have been on the peripheral, but never at the technology. That's because I'm an engineer by trade. All of the leadership team, or the vast majority of the leadership team are engineers. And if technology leadership is critical to our success, that means our engineers are just as critical because they're the ones building the tech. So we know who are customers are and we focus on them. Our engineers drive innovation, and my job as CEO is to set that north star and everytime I get with my people I remind them to not look at the day-to-day stock price, but to focus on building the next great semiconductor company of the industry. Follow the plan and success and ultimately the share price will reflect our success. And so I'm super excited to be where I am today. This has always been the goal, but to see the goal beginning to materialize and getting to scale is rewarding. But look I'm a young guy. I'm still in the middle of my 40s. I have a lot of energy and vigor left, and I'm going to use all of that energy and vigor to push this organization higher. I hope the innovation and passion has come across in this conversation. And from my perspective, we’re a steal today. I hope shareholders listening today know that I am the number 2 shareholder in the company behind the Sutardja family. I’m aligned with my shareholders. Every decision that's made by myself and my other C level executives are made with the same objective. And it’s not to drive share price in the next 24 hours, but to build a long-term and sustainable business." Whenever I've listened to Tony in the investor calls, presentations, videos and whatever, I've always been struck by his passion. He believes his company will be the next great semi-conductor company. Of course anyone investing wants to hear that, and I like to think I'm cautious, yet this is something where he's got me believing he will achieve his ambitions. Although he and his team have a big success rate in selling their previous companies at profit, Alphawave is the culmination of Tony’s life work and therefore is a company that Tony intends on holding on to for quite some time. He seems absolutely intent on making Alphawave at least as big as Marvell. So with any luck, if you've invested here for the long term, there's a good probability you're going to do extremely well out of it. Admittedly, the last segment of the talk was a little bit of put off, as Doug asks about why Tony can't buy back shares in the company. And I'm thinking, please I don't won't the management to own more of the company than they already do. The management already own nearly 60% of the company. The last thing I want as a shareholder is for the company to be bought out by their own management. It would be a blue sky dream come true to see my investment in Alphawave reach the point where the company matures into a Marvell sized business with a Marvell sized share price! |
Posted at 20/4/2023 22:49 by dividevil Valuing AWE using EBITDA.According to the information in the above link, the 2023 semiconductor industry values for: median EBITDA valuation multiple is 10.4x average EBITDA valuation multiple is 16.9x. Note that EV (enterprise value) equals market capitalisation plus net debt. For Alphawave Semi, based on: 701 million shares in issue, current closing price of 1.158 GBP (1.44 USD) net debt value of 35 million USD Adjusted EBITDA 2023 guidance value 87 million USD, EV/EBITDA valuation multiple works out to be about 12. Therefore, using this metric, you could say that Alphawave Semi is currently undervalued by as much as 30% based on the average valuation multiple. Alphawave Semi however, is a significant growth prospect and are clearly well placed to capitalise on the growth expectations of the semiconductor industry. Based on the semiconductor average of 16.9x and 2023 guidance EBITDA figure mentioned above works out to a share price of 1.64 GBP (2.04 USD). Using their 2025 guidance EBITDA figure of 150 million USD, assuming no change in net debt and 5% share dilution, share price works out at 2.73 GBP (3.40 USD), or using the far more conservative median EBITDA valuation multiple of 10.4x, share price works out at 1.66 GBP (2.07 USD). Moving forward to 2027, Alphawave have a set a target for 1 billion USD revenue. So based on Adjusted EBITDA margin of 30% (from 2025 guidance values) we would get, an estimated EBITDA of 300 million USD. Assuming no change in net debt and 10% share dilution, share price would work out at 5.24 GBP (6.53 USD) based on the average valuation multiple, and 3.21 GBP (4.00 USD) based on the median valuation multiple. The above calculations assume that: Alphawave achieve their guidance targets Semiconductor industry continues on its expected growth path World economy doesn’t go into some serious downturn Company does not take on further debt for new acquisitions etc Company share price is fairly valued by the market close to the semiconductor average / median valuation basis. In the 2027 example, if say the net debt was increased to 200 million USD due to a new acquisition, then using the median valuation multiple, this would still yield a share price of approximately 3.04 GBP (3.79 USD). |
Posted at 02/3/2023 14:55 by dividevil The hakastocks article is really good.However, the Enterprise Value (EV) stated in the article given as US$360m is out of date and is a figure based prior to the acquisition of Banias Labs. In the RNS regarding that acquisition, Alphawave stated that net debt is approx US$35m. This means EV is now US$766.2m + US$35m = US$ 801.2m. Alphawave's 2023 guidance EBITDA is estimated to be US$87m, therefore in my opinion they are currently trading at 9x the 12 months EBITDA. Not 2x as suggested by the article. AWE are undoubtedly cheap but not that cheap! If AWE were trading at the average for the semi companies mentioned in the article (i.e about 14x the 12 months EBITDA, then the share price should be sitting around £1.40 today. Using AWE's 2025 forecasted EBITDA of US$150m the price should be around £2.36. The article mentions that Credo (AWE's equivalent competitor) are trading at 48x their 12 month EBITDA. It appears Credo are very expensive compared to their peers, though maybe it accounts for the fact that AEC cabling has very high growth expectations. If AWE were trading on this same ratio then the share price should be north of £8. All in my very own opinion of course. |
Posted at 23/6/2022 11:41 by maytrees Good morningOdd to me as a PI in AWE, to see that although announced sells greatly exceed buys announced so far, the AWE share price is up. Any reason for this? t/o in the offing or so far unannounced buys? |
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