X-FAB Silicon Foundries (XFAB)
Pitch Summary: X-FAB is a specialty analogue foundry (Europe/US/Malaysia) leveraged to auto/industrial semis that have been in a two-year downcycle. Management is finishing a ~$1.1B capex program by mid-2025, funded partly by ~$300M of customer prepayments and LTAs, which should lift earnings power as demand normalizes. Shares trade well below recent invested capital and at […]
