Ann: Investor Presentation, page-115

WBT will get valued using different metrics, but it looks like many of the hand wringers, finger waggers, and general misery merchants will try to lecture everyone else that the only thing that matters here is the revenue and earnings. However, its interesting that the guys from Stocks down under (Mark Kennis) based their recent valuation of WBT using a closely comparible semiconductor company in Taiwan (eMemory), by saying that WBT should be roughly 25%-30% of the value of eMemory at this stage, and that this discount should narrow over time as WBT becomes more established. That SDU report was released on 20 Oct 2023, and gave a valuation of WBT of $9.56 a share (see below). The valuation of $9.56 was actually first published on 19 June 2023, when eMemory had a market cap of A$7.8 billion. Stocks down under commented that WBT's then market cap of A$1.36b was around ~17% of that of eMemory. Since June, eMemory's MC has increased to A$8.58b, whilst WBT's has dropped to $0.68b, so we are now at ~7.9% of that of eMemory. Since June of course, we've had news of full chip qualification at Skywater, including at 125deg, the major DBHitek agreement, and seen the return of 22nm wafers from GF, so it really looks to me that WBT is severely undervalued right now. Even if we chose to completey ignore the news from the past 5 months and stuck with SDU's valuation methodology, we should now have an SP of around ~$10.50 per share.



All IMHO, DYOR