I studied $LPK.

This company makes high-end manufacturing equipment in Germany. Its main businesses are twofold: one provides equipment for photovoltaic companies, and the other supplies equipment for wafer fabs and PCB factories.
It has been operating at a loss for the past few years, with no growth in performance, mainly because R&D expenses remain consistently high, and the photovoltaic equipment segment, which accounts for most of the revenue, is under pressure (the reasons are well understood—overcompetition within the photovoltaic industry and limited growth in real estate).
However, this year there is a new growth driver on the other side: wafer fabs like INTC and TSM are pushing for glass substrates, and the packaging and etching of glass substrates will use $LPK 's equipment. They hold an exclusive patent called LIDE.
Currently, management's guidance for performance is €114 million in revenue by 2026, with EBIT possibly still slightly negative due to a one-time restructuring cost this year. Almost zero growth.
But it’s worth noting that management’s guidance does not include revenue from advanced packaging of glass substrates. This is the segment with the greatest flexibility and highest gross margin.
The market currently expects $LPK's performance to materialize starting in 2027, with revenue reaching €130 million and EBIT around €20 million. The long-term PE ratio at that time would be about 35x. It can only be considered somewhat acceptable.
Overall, I feel this company has some flexibility, but most of the performance realization is still expected in 2027, and the photovoltaic equipment segment, which makes up the majority of revenue, remains under pressure. I think there will be a good buying opportunity in the second half of the year. It’s a bit expensive now.