contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


canatu-delivered-second-s-100-reactor-to-major-customer-in-semiconductor-sector-as-expected

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Atte Riikola

Canatu is a technology company active in deep technology that creates carbon nanotubes (Canatu CNT), related products and manufacturing equipment for the semiconductor, automotive and medical diagnostics industries. The company operates through two business models, firstly using their own reactors to develop and manufacture CNT products. Second, the company sells its CNT reactors and licenses its related technology, allowing customers to produce the products themselves under a limited license.

Here is a company report on Canatu from Atte regarding the H2 results.  We reiterate our Add recommendation for Canatu, but lower the target price to EUR 9.0 (previously EUR 10.0). The company’s loss for the end of the year was slightly smaller than our expectations, but our forecasts have decreased based on the outlook comments for 2026. Following last year’s weak performance, a clear dent has appeared in the company’s growth story, which is also reflected in the share price. Nevertheless, the market for Canatu’s CNT-based pellicles is still forming, and the company’s position here appears strong. Canatu’s long-term potential thus remains attractive, but investors are required to have patience, which is being put to the test.                   Inderes              Canatu H2'25: Kasvutarinan lovi on vielä paikattavissa - Inderes    Viime vuoden heikon kehityksen jäljiltä yhtiön kasvutarinaan on tullut selkeä lovi, mikä näkyy myös osakekurssissa.

A few takeaways from the webcast regarding the semiconductor industry (Free Q&A translations noted below):   Reference to the early-year SPIE conference and the Beryllium presentation (a reference to the SPIE presentation was mentioned here earlier): “It is known that Beryllium is extremely toxic, and there was clear reluctance to introduce such material into EUV tools. We will continue with CNT pellicles for as far as we have visibility ahead.”   Competitive situation: “Lintec hasn’t gained traction in the market so far, even though they developed their own solution. They were the ones who called and asked us for reactors (last year). As for Mitsui, they are using an uncoated CNT pellicle, so its durability cannot match Canatu’s. Therefore, Canatu’s market position in CNT pellicles is ‘very competitive’.”   “First license fees from CNT100 production are coming from a customer this year.”   Confirmation that CNT pellicles are needed from 600W levels regardless of whether it is Low or High-NA.   “Canatu is also used in 2nm production / sub-600W production” (my own interpretation: This, in my opinion, confirms that for Samsung, it’s about the starting Low NA production this year at the Taylor Fab).   Timont’s own question: “Foundries are showing high interest in Low NA 600W tools regarding pellicles. The entire industry (ASML) is welcoming CNT pellicles with ‘great enthusiasm’. This allows for more power to be extracted from these tools. From ASML’s side, they have come to thank Kokkonen for having this solution available.”   In my opinion, this technical side still looks really good. Just have to wait for the nodes to progress. strong hodl

I can comment on a very general level, as I don’t know the exact details of Canatu’s technology. Projects are generally divided into the following phases:  Equipment installation; the equipment is physically installed at the customer’s site. Typically, this takes 6–12 months. Process ramp-up and optimization. Typically 6–12 months. This phase is usually not carried out simultaneously with phase 1. First test batches; these are conducted in parallel with phase 2. It is very difficult to provide any estimates for this, as it depends heavily on the process. This continues until the customer is satisfied with the product or the primary point defined in the specifications is reached. Usually, the customer wants the device to be connected to an existing interface within the FAB. There can be several of these, such as SECS/GEM, various process data integrations, device loading, etc. These can also easily add up to several months of work.  This outline is very rough and should not be used as a direct conclusion regarding Canatu’s CVD chamber.

I still don’t understand why Canatu only supplies reactors and not the pellicles themselves. It doesn’t make much sense in the long run to remain a raw material supplier, does it? Furthermore, a significant number of people have joined the company, but the results are lackluster. Has the hiring actually been successful?

I totally agree. Yes, the cancellation of the financial guidance for 2027 is not particularly optimistic. However, it is important to understand the complexity and demanding nature of the entire semiconductor industry. There are only a few key players here, and they must ensure a fully secure, reliable, and stable environment for their future next generation manufacturing operations. As a result, all necessary approvals simply take longer than originally expected. This is not especially surprising. That said, I expect the management to promptly establish updated guidance and plans to ensure transparent communication with investors.

Can you comment on roughly how long the commissioning processes could be? Currently, the approval process for the reactor delivered in December 2024 is still ongoing after ~15 months, and apparently to a significant extent, as nothing has been said regarding the completion of the process. Second question: can you estimate how much the commissioning of potential subsequent reactors could be accelerated once the specifications for the first one have been established?

Canatu

The news was expected, as the company had already announced in its IPO prospectus that it would deliver the first two reactors this year. 

Translation: Original published in Finnish on 12/18/2024 at 7:22 am EET.
Canatu&#xa0;<a href="https://www.inderes.se/releases/canatu-delivers-second-s-100-reactor-for-cnt-pellicle-membrane-production-to-global-semiconductor-leader">announced</a> on Tuesday that it has successfully delivered its second S-100 reactor to a major global semiconductor customer. The news was expected, as the company had already announced in its IPO prospectus that it would deliver the first two reactors this year. The first reactor was delivered to another major customer in September.
The news shows that Canatu&apos;s strategy is moving in the right direction as planned, setting the stage for strong growth in the coming years. The ramp-up of the reactor business is central to Canatu&apos;s growth, as recurring revenue from royalties and non-discretionary consumables will gradually start to grow as customers use them to manufacture CNT-based EUV pellicle membranes. We have explained the reactor business in more detail in our recent <a href="https://www.inderes.se/research/canatu-intiation-of-coverage-attractive-growth-story-also-reflected-in-valuation">Initiation of coverage report</a>.

	2023	24e	25e
Revenue	13.6	22.7	30.3
growth-%	62.1 %	66.8 %	33.6 %
EBIT (adj.)	-0.6	-3.4	-2.4
EBIT-% (adj.)	-4.7 %	-15.1 %	-7.9 %
EPS (adj.)	-0.04	-0.09	-0.04
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	neg.	neg.	neg.
EV/EBITDA	844.0	neg.	neg.

Canatu delivered second S-100 reactor to major customer in semiconductor sector as expected

Key Estimate Figures2024-10-21

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