Soitec share climbs 4.5%, leading the SBF 120 pack
The Isère-based semiconductor substrate manufacturer posts another positive session, defying a nearly stable CAC 40. Technical momentum has improved substantially since the end-of-July quarterly results, although the stock remains under pressure over longer timeframes.
Soitec gains 4.5% and returns to a more favorable technical configuration
In trading, Soitec advances 4.3% to €114.00, ranking among the strongest gainers in the SBF 120 while the broad Paris index declines 0.03%. Over the week, the stock has gained nearly 6.5%, extending the recovery phase initiated after the quarterly publication on July 22. The price has returned above the 20-day moving average (€100.22), with a positive gap of nearly 14%, which represents a first technical turning point after several weeks of correction.
Conversely, the 50-day moving average at €121.21 remains approximately 6% above the current price and constitutes the next threshold to cross to validate a more solid recovery. The MACD, whose histogram has returned to positive territory (1.75), reinforces the improvement in short-term momentum. The RSI at 50 reflects a balanced situation, neither overbought nor oversold, which leaves room for upside without any warning signals.
A rebound anchored in quarterly fundamentals, but demanding valuation
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The recovery movement follows the Q1'27 revenue published on July 22, which showed a 23% year-over-year increase to €113 million, driven by the Photonics-SOI segment whose sales doubled over a year to support AI data center architectures. The guidance for Q2'27, raised to growth exceeding 30%, had triggered the wave of buybacks. Since then, the tax dispute settlement announced on July 29 has provided a clarification element: a maximum cash outflow of €60 million in Q3 2026-2027 and the waiver of €320 million in carried-forward losses.
Among identified risks, inventory correction among customers and uncertain market conditions remain factors to monitor. From a valuation perspective, according to the consensus of reviewed analysts, the stock is trading at a very high multiple on the current fiscal year, versus a significantly more moderate ratio on the following year—reflecting a normalization of earnings expected by the market. Resistance at €120.40, barely 6% above the current price, will be the first test of the solidity of this rebound.
Le chiffre d'affaires du T1'27 ressort au-dessus de notre objectif, porté par la forte accélération des activités liées à l'IA, dont les ventes en Photonics-SOI ont doublé sur un an.
Le chiffre d'affaires du premier trimestre 2026-2027 atteint 113 M€, en hausse de 23 % sur un an à périmètre et taux de change constants, au-dessus de l'objectif d'environ 15 %. La croissance est portée par l'Edge & Cloud AI (65 M€, +46 %) grâce au doublement des ventes de Photonics-SOI pour les data centers IA, et par l'Automobile & Industrie (10 M€, +108 % sur base de comparaison faible), tandis que les Communications Mobiles reculent de 10 % à 39 M€ dans un marché des smartphones sous pression et avec la correction des stocks RF-SOI. L'usine SOI 300mm de Singapour a été qualifiée auprès de premiers clients pour la production en grande série de Photonics-SOI.
Risks mentioned
Marché des smartphones sous pression et correction des stocks excédentaires chez les clients RF-SOI
Baisse des prix du POI compensant la hausse des volumes
Activité Automobile & Industrie atone, avec base de comparaison faible
Perspectives Photonics-SOI conditionnées à l'absence de perturbation majeure sur le marché de l'IA
Opportunities identified
Doublement des ventes de Photonics-SOI sur un an, tiré par les data centers IA
Qualification de l'usine SOI 300mm de Singapour pour la production en grande série de Photonics-SOI
Engagements pluriannuels avec acomptes clients sécurisant la capacité de production
Accord à long terme avec Skyworks renforçant la visibilité sur le POI
Partenariat avec ZenSemi pour industrialiser le 300mm BCD-sur-SOI en électronique de puissance
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.
