LPKF Laser ($LPK): The Best Small-Cap Way to Play the Glass Packaging Supercycle?
Outlier Capital
· Outlier Capital
· April 22, 2026 at 09:05
· ⏱ 9 min read
| Read on Substack ↗
Summary
LPKF Laser (LPK) is positioned as a credible small-cap beneficiary of the glass substrate transition in advanced packaging, with its LIDE technology already used by >80% of major semiconductor players. The author argues the current ~€300M valuation overlooks the potential for production-scale orders from 2027, making the stock a potential multi-bagger despite weak 2025 financials.
•LPKF market cap ~€300M on 24.50M shares outstanding, very small equity value for a company inside a key semiconductor backend transition.
•2025 revenue fell to €115.3M, order intake €91.6M, EBIT -€13.5M, but free cash flow improved to €9.7M and equity ratio reached 73.2%.
•CEO stated >80% of major global players have selected LPKF equipment for validation and scale-up, with first related orders in Q1 2026.
•LPKF expanding beyond LIDE into glass singulation, bonding, and co-packaged optics to capture more value per customer.
•Company also has funded work on glass components for quantum computers, reinforcing its precision glass processing capabilities.
•Author sees a four-part checklist for multi-bagger: glass production inflection in 2027, conversion to repeatable orders, broader process stack capture, and better margin profile from North Star.
Author believes LPKF is undervalued at ~€300M market cap given its LIDE technology position in glass-based advanced packaging, with mass production expected from 2027 and first equipment orders alread
Author believes LPKF is undervalued at ~€300M market cap given its LIDE technology position in glass-based advanced packaging, with mass production expected from 2027 and first equipment orders already materializing in Q1 2026.
This newsletter, published April 22, 2026,
features Outlier Capital
discussing LPK.DE.
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