Technoprobe Spa · MIL:TPRO
Technoprobe Spa — Investor Presentation (November 2022)
27 slides from Technoprobe Spa's investor presentation, November 2022
Slide 1: Technoprobe S.p.A. Company Presentation
Technoprobe S.p.A. Company Presentation November 2022
Slide 2: Disclaimer
Disclaimer This document has been prepared by Technoprobe S.p.A. (the “Company”) solely for use in the presentation. This document does not constitute or form part of any offer or invitation to sell, or any solicitation to purchase any security issued by the Company. The information contained and th
Slide 3: Summary
Summary Company overview A piece of Silicon Valley Reference Market just outside Business Model Milan Key Financial data INNOVATION BEGINS WITH US 3
Slide 4: Company Overview
LAAs Company Overview ‘S) TECHNOPROBE
Slide 5: Company Overview
Company Overview 2021 Key financial metrics* Leading player in designing and manufacturing of probe cards Revenue EBITDA Net income €392m €175m €119m +38% 45% 30% Vertically integrated with 100% in house production CAGR 19-21 EBITDA Net income of critical components leveraging on ~2,300 employees ma
Slide 6: What does Technoprobe do?
What does Technoprobe do? Chips are everywhere around us is specialized in the design, development and manufacture of Probe Cards for chips testing INNOVATION BEGINS WITH US Source: company information 6
Slide 7: What is a Probe Card (1/2)?
What is a Probe Card (1/2)? A Probe Card is an electromechanical interface that allows a chip to be tested when it is still on the wafer Chip is packed PROBE CARD Application - integration on printed circuit Probe Card Wafer testing Wafer – multi-chip Single chip INNOVATION BEGINS WITH US Source: co
Slide 8: What is a Probe Card (2/2)?
What is a Probe Card (2/2)? The probe card has very thin needles (probes) that touch the terminals (pads) of chips, thus electrically connecting to a tester Test head PROBE CARD WAFER MULTI-CHIP Prober Tester INNOVATION BEGINS WITH US Source: company information 8
Slide 9: Our growth path
Our growth path 2019 2021/2022 2001 2002 2008 2010 2011 2015 2017 TP Taiwan TP Japan TP China Huge dimensional expansion: France Singapore America Philippines Italy TP Korea New fab and New new fabs and offices in Italy: (Agrate,TPI5 1995 expansion HQ in Italy Acquisition of Cernusco, Osnago, Catani
Slide 10: Our leadership team
Our leadership team Cristiano Crippa Stefano Felici Marco Prea 25 years 22 years 10 years in Technoprobe Roberto Crippa in Technoprobe Fabio Morgana in Technoprobe Stefano Beretta Chairman 17 years CEO, 5 years CCO Since October 2022 (Executive), in Technoprobe shareholder in Technoprobe in Technopr
Slide 11: Reference Market
LAAs Reference Market ‘S) TECHNOPROBE
Slide 12: Overview of the Semiconductor Probe Cards market
Overview of the Semiconductor Probe Cards market 2021 Semiconductor Probe Cards Market* 2021 Non-Memory applications by type* Overall market value: $2.5bn Memory Other Advanced $164 applications Vertical Probes $862m Cards $324 Others Epoxy/Cantilever $14m $245 Non Memory applications $1.648m Vertic
Slide 13: Our serviceable available market
Our serviceable available market Semiconductor Probe Cards Market 2019-2021 CAGR* Overall market growth: +19.7% Non-memory applications market share Memory applications 2020 Market Share 2021 Market Share +17.4% Others -1.8% Non Memory applications +21.1% 26% 28% *Source: TechInsight Market Report 2
Slide 14: Our serviceable available market
Our serviceable available market Non-Memory applications by type CAGR 2019-2021* Vertical MEMS Probe Cards market share Vertical Probes Cards +12.4% 2020 Market Share 2021 Market Share Other Advanced +26.2% Epoxy/Cantilever Vertical MEMS +6.8% Probes Cards 44% 51% +29.1% INNOVATION BEGINS WITH US *S
Slide 15: Compelling market characterized by solid entry barriers
Compelling market characterized by solid entry barriers Limited impact of probe Strict quality card cost on tested Single use requirements products price Solutions and market intrinsic features… Patent-protected Additive manufacturing Long approval process engineered products technology INCLUSION IN
Slide 16: Probe cards in the semiconductor manufacturing process
Probe cards in the semiconductor manufacturing process Front-End Process Back-End Process Wafer Wafer Wafer Device Assembly 1 2 3 4 5 5 Final Test fabrication Probe Test Dicing & Packaging • Construction of the • Wafer’s dies testing for • Wafer separation into • Individual die enclosure • Chip fina
Slide 17: Business Model
LAAs Business Model ‘S) TECHNOPROBE
Slide 18: A successful and vertically integrated business model
A successful and vertically integrated business model A winning business model has allowed Technoprobe to become the point of reference in the MEMS non-memory-use market thanks to the superior quality and performance of its products In-house In-house Outsourced Development of new Probe Cards designe
Slide 19: An extensive range of highly innovative technologies
An extensive range of highly innovative technologies Advanced Micromachining 3D MEMS Thin film Advanced manufacturing Advanced laser cutting: High Acquisition of MICROFABRICA in Strong investment in advanced Advanced manufacturing for accuracy and fast lead time 2019; the sole company in the thin fi
Slide 20: Extensive global presence and widespread local footprint
Extensive global presence and widespread local footprint CLEAR STRATEGY to ensure global reach Germany #3 Italy South Korea Japan LOCAL FOR LOCAL China production and assembly Taiwan Philippines France #2 California (US) PROXIMITY TO Singapore CUSTOMERS across all geographies COMPETITIVE ADVANTAGE D
Slide 21: Semiconductor Probe Cards market future estimates
Semiconductor Probe Cards market future estimates Non-memory Vertical MEMS and vertical probe cards evolution (2020-2027, $m)* Digital transformation macro-trends driving market growth DIGITAL DATA AND 5G: increasing flow of data and ability to access it will drive market growth 2.516 DATA CENTER: u
Slide 22: Overview of main strategic initiatives
Overview of main strategic initiatives Higher-than-market At forefront of Engineered M&A strategy revenues growth innovation to expand into new businesses Strategic Future technology-driven M&A Product portfolio expansion Vertical integration in additional Probe Innovation Cards components thrust To
Slide 23: Key Financial Data
LAAs Key Financial Data ‘S) TECHNOPROBE
Slide 24: 2019 – 2021 Key financial Data
2019 – 2021 Key financial Data Organic double-digit growth Outstading profitability level High conversion to net income Revenue EBITDA Net income (€m) (€m and margin %) (€m and margin %) 392 330 45% 48% 175 159 30% 204 31% 42% 119 32% 102 86 66 2019 2020 2021 2019 2020 2021 2019 2020 2021 The combin
Slide 25: 2019 – 2021 Key financial Data
2019 – 2021 Key financial Data Strong financial position High Cash Generation Net Financial Position Operating Cash Flow (€m) (€m) 191 135 146 121 90 96 2019 2020 2021 2019 2020 2021 The combined consolidated financial statements as of and for the years ended December 31, 2020 and 2019 represent the
Slide 26: Stock Performance
Stock Performance 140 Market Euronext Growth Milan 120 February 15, +26.3% First day of trading 2022 100 -1.0% 80 Offering Price €5,7 -21.2% 60 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Market Cap €4.4 Bn* Technoprobe Nasdaq STOXX Europe 600 / Technology INNOVATION BEGINS WITH U
Slide 27: ‘S) TECHNOPROBE
‘S) TECHNOPROBE