Semco Technologies: Berenberg initiates coverage with buy rating and €68 target price
European investment bank Berenberg has opened coverage of French electrostatic chuck manufacturer Semco Technologies with an initiation report titled "Chuck-full of upside". According to the press release published on October 5, 2026 by Semco Technologies, this coverage is part of a financial analysis production and distribution service agreed between the company and Berenberg.
The title of the report, "Chuck-full of upside", has been translated by the company as "Du potentiel à revendre". It plays on the term "chuck", which designates the component manufactured by the company.
The company specifies that this information constitutes neither an offer to sell or subscribe, nor a solicitation of an order to buy or subscribe for securities.
A specialist in eChucks with revenue of €34.7 million in 2025
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Semco Technologies designs and manufactures electrostatic chucks (eChucks), components used in the production of next-generation semiconductors. Founded in 1986 in Montpellier, the company has been a 100% subsidiary of ECM Group since 2016, a family-owned group specializing in the manufacture of equipment goods for material processing and transformation.
The company achieved revenue of €34.7 million for the fiscal year ended December 31, 2025. This initiation comes following the publication, on September 22, 2026, of first half 2026 results, which showed revenue growth of 19.6% and net income of €5.8 million.
SectorSemi-conducteurs et matériel›Équipement & matériaux semi-conducteurs
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 19,9 millions d'euros
Quarterly revenue: 19,9 millions d'euros
EBITDA: 8,7 millions d'euros
Net income: 5,8 millions d'euros
-8,9 millions d'euros
Guidance from the release
« Cette combinaison entre dynamique commerciale et excellence opérationnelle nous permet d'aborder le second semestre avec confiance et de confirmer pleinement nos objectifs à horizon 2028 » ; « Poursuite de la croissance au second semestre 2026 »
Risks mentioned
Contexte macroéconomique et géopolitique marqué par de nombreuses incertitudes
Sensibilité au taux de change EUR/USD : effet de change négatif de 0,2 M€ sur le CA semestriel
Dépendance à la conjoncture cyclique du secteur des semi-conducteurs
Opportunities identified
Objectif de tripler les capacités industrielles à horizon 2028 par rapport au début 2025
Nouvelle infrastructure industrielle à Montpellier livrable en janvier 2027
Seconde phase d'automatisation des lignes de production (polissage) mise en service
Outlook / guidance
Expected revenue: 55 millions d'euros
Management commentary: « SEMCO Technologies confirme l'ensemble des objectifs présentés lors de son introduction en Bourse. 2028 : Chiffre d'affaires Supérieur à 55 M€ » ; « confirmer pleinement nos objectifs à horizon 2028 »
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
