WOLF - Wolfspeed: EV Catalyst To Drive Revenue Growth

• Wolfspeed is a market leader in the SiC wafer market with a market share of 62% with customer relationships with major power semiconductor suppliers we believe are key to its.
• The company also develops and supplies SiC power devices with partnerships with leading automakers for EV and a strong pipeline of over $18 bln.
• However, we expect the company to remain unprofitable through 2026 despite improving gross margins but continue to be weighed down by operating expenses.
• We valued the company based on a P/S valuation and obtained an upside of 30.9% in 2022.

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