2024-03-14 07:39:50 ET
Summary
- Navitas Semiconductor Corporation provides leading-edge GaN and SiC components for power electronics, a large and rapidly growing market.
- Revenue grew 109% in 2023, and 60% in 2022.
- Management has done an exemplary job of growing the company.
- We conservatively estimate a $20 share price in 2030, a 22% CAGR.
Investment Thesis
Navitas Semiconductor Corporation ( NVTS ) is a rapidly growing small-cap semiconductor company specializing in gallium nitride "GaN" and silicon carbide "SiC" components for power electronics.
GaN and SiC devices offer many advantages compared to legacy silicon and are increasingly replacing silicon semiconductors in a wide variety of applications, as well as enabling new markets. It's a very large opportunity.
Initially focused on GaN products for mobile device chargers, NVTS leveraged market-leading success in that segment to support expansion into other markets. A major acquisition added SiC technology and products in 2022.
Revenue grew 60% in 2022 and 109% in 2023, and is projected to grow 40-50% in 2024....
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For further details see:
Navitas Semiconductor: Technology, Markets, Management