Godsend,$6.10valuation , share of 957million revenue. This thing...

Godsend,$6.10valuation , share of 957million revenue. This thing is on fire

full report below

https://static1.squarespace.com/static/5af533a312b13fb602fe7d7b/t/63dc0f971b2e486c16c20012/1675366297908/Weebit+Nano+research+update+3+February+2023.pdf






Weebit Nano (ASX:WBT): A lot of potential for non-TSMC ReRAM Weebit Nano (ASX:WBT) has continued its push towards commercialisation of its ReRAM technology. Throughout CY23, we expect volume production and commercialisation of ReRAM to commence with customers of WBT’s first major customer, US-listed semiconductor fab SkyWater (NASDAQ:SKYT).

This should start once qualification of the demo chips is complete, which we expect in Q2 2023. WBT will also continue to further scale down the circuitry resolution and seek further commercial partners in addition to SkyWater. Taping out at 22nm

An additional important step for the company was the tape-out of a 22nm demonstration chip integrating its ReRAM module in an advanced 22nm FD-SOI process technology, meaning it was released to manufacturing. This was announced to the market on 3 January and came barely 2 months after the first full technology qualification of ReRAM at 130nm. Although WBT will need to qualify ReRAM at 22nm, taping out is still a major step towards qualification and eventual commercialisation with this new prospect.


WBT is in the right place at the right time Weebit Nano (ASX:WBT) is now well-positioned to enter the embedded Non-Volatile Memory (NVM) market segment in 2023. The embedded NVM market is expected to grow by 94% CAGR annually up over the next few years, reaching $2.9bn by CY27.

WBT is targeting the 33% market share for ReRAM, which represents a US$957m opportunity for the manufacturing fabs that licence and use WBT’s technology. WBT will then charge a certain percentage of that value in recurring royalties and a fixed, one-off license fee. TSMC’s ReRAM is a godsend for Weebit Nano Ever since it became known in the industry that TSMC, the industry giant, is shipping ReRAM in certain products, including the iPhone 14, WBT has been getting a lot of traction with prospects, i.e. other foundries and chip manufacturers that won’t be able to access TSMC’s technology. This is the reason WBT is now engaging with the majority of the world’s tier-1 fabs and doing evaluations with some of them. So, while TSMC has competing technology, it has actually opened up the floodgates for WBT, in our view. Valuation upgraded to A$6.10 per share


Our previous valuation for WBT was A$4.75 per share as outlined in our report from 14 January 2021. This target has been reached and in light of the progress the company has made in recent months, we upgrade our valuation to $6.10 per share. See page 8 for the valuation details and investment risks.