K0N2TI

20 • Road to 100k • $M7U Nynomic 🚀🚀

[K0N2TI @Ti1K0]

POV: You’re betting your bags on a company with 63 Followers. Can’t make this up 😂. Long $M7U / Nynomic https://t.co/0yHxm0JsIx

[Moody @MoodyWriter13]

The base fair value per share is therefore around €25–29. This represents the central fair value range. Importantly, it does not rely on heroic assumptions, but only on (a) the achievement of double-digit margins by 2027 (now supported by the CFO) and (b) at least partial recognition of LayTec, somewhere between the bearish case and the base SOTP valuation.

This is a fairly dry and grounded derivation that anyone can independently verify and critically assess. No hype or “pump and dump” narrative is required to reach this outcome. Exactly my kind of approach: value investing in times of technological disruption.
Disclosure: I own shares of Nynomic.

[Moody @MoodyWriter13]

The key takeaways from this are:

Double-digit EBIT margins by 2027: “We would be very surprised if double-digit EBIT margins were not achievable by 2027.” This is effectively a management confirmation of exactly the scenario we had previously framed in conditional terms in our update article (2027/28 EBIT of €12–15m, 10–12% margin). What was an assumption has now become a publicly supported target range by the CFO.

M&A is back on the table, inorganic growth is returning to the agenda once market conditions improve, consistent with the “More to come…” message from the Spring Conference.

Growth drivers are clearly defined: semiconductors, pharma, healthcare, and gas measurement, with defense as an additional expansion area.

This now allows for a clean fair value assessment via two approaches:

Approach 1: Earnings-based (conservative anchor)

The key variable is not 2026, but normalized 2027 EBIT, since the NyFIT2025 savings will be fully effective by then and the CFO has explicitly guided toward double-digit margins.

• 2027e revenue: ~€113m (10% organic growth), at a 10% margin → ~€11m EBIT

• Net cash: ~€5.5m

EV/EBIT 2027e - Equity value — per share (6.57m shares) 12× (conservative): ~€138m - ~€21/share 15× (quality recovery): ~€170m: ~€26/share 18× (platform premium): ~€204m: ~€31/share

Approach 2: Sum-of-the-Parts (SOTP)

Based on my own SOTP work (consistent with my previous articles):

• Bear case: ~€105m → ~€16/share

• Base case: ~€190m → ~€29/share

• Bull case (LayTec CPO/GaN ramp): ~€295m → ~€45/share

Both approaches converge in the base case at roughly €25–29 per share. This is the central fair value range. Importantly, it does not require heroic assumptions, only that (a) double-digit margins are achieved by 2027 (now CFO-supported), and (b) LayTec receives at least partial recognition, somewhere between the bear and base SOTP valuation.

Range summary:

• Downside anchor: ~€18–20: if you only capitalize 2026 earnings and assign no re-rating to LayTec. Roughly current share price, implying fair value rather than deep undervaluation on a 2026 basis.

• Base case: ~€25–29: margin recovery holds and partial LayTec recognition.

• Bull case: ~€40–45: CPO/GaN ramp plus platform multiple expansion. This is optionality, not the expected outcome.

[Moody @MoodyWriter13]

On Nynomic’s website, several third-party reports are available. I only came across them today, even though I am apparently quoted in some of them. There are a number of interesting takeaways.

In an interview with Nynomic management from April 2025:

“Most recently, incoming orders had still been stagnating. But today the management board tells me: ‘As of now, order intake is picking up noticeably again. One third of our employees are developers, and they are currently extremely busy with existing projects as well as new products for the future.’”

Interesting:

“In particular, gas measurement technology is gaining momentum and is booming. Nynomic sensors are used, for example, in transformers.”

And:

“We are currently taking a very close look at the defense sector – although this is still a small area. Pharma is also an exciting growth market for us.”

Management indicated that all subsidiaries once again have growth potential. Above all, LayTec could become the catalyst for a future re-rating.

Even the typically conservative management stated:

“We see a very different value in the company than the current stock market does. Volatility will remain, but we believe we are very well positioned for the coming years.”

Regarding LayTec, which remains something of a black box:

“LayTec is a bit of a black box – AI estimates roughly €20 million in revenue. Is that realistic?”

“From a forward-looking perspective, that’s close to reality.”

Source:
https://t.co/Yv0h4l9ixN

In another interview from March 2026, CFO Fabian Peters commented:

“We would be very surprised if double-digit EBIT margins were not achievable by 2027.”

He also noted that once the market environment improves, inorganic growth could return to the agenda.

“We continue to see immense potential in measurement technology. The main growth drivers are customers in the semiconductor, pharmaceutical and healthcare industries, as well as gas measurement technology.”

The defense sector was highlighted again as an attractive opportunity:

“We want to expand our presence in this area even further.”

Source:
https://t.co/5Qr0nPzDG5

The age of photonics has begun, and this is a holding company of 13 leading photonics businesses. With a market cap of around €130 million (EV €124,5 million) and expected revenue of €100–105 million for 2026, the valuation appears modest at roughly a 1.3x price-to-sales ratio for 2026.

EBIT margins are forecast at 6–8% for 2026, with expectations of exceeding 10% in 2027, alongside continued revenue growth.

Overall, this setup looks highly attractive from an investment perspective.

Disclosure: I hold shares in Nynomic.

[K0N2TI @Ti1K0]

@MoodyWriter13 It’s sad to see algorithms push the stock 9/10% each time you post about it. Without them the stock would be still at 10-17€ and I would have the time of my life with accumulating more shares. Serenity changed the game and it sucks tbh

[K0N2TI @Ti1K0]

🚨 My fellow Nynomic $M7U degens & investors, upcoming online event on Jun, 22. Language might be German, might be English (idk).

Who is watching?

https://t.co/exxRTeOjXu

[K0N2TI @Ti1K0]

@Craaazy1231 Bro look up Nynomic $M7U it’s wayyy more compelling at current prices. LPK is priced for perfection, $M7U for failure.

[K0N2TI @Ti1K0]

@babyfolio SK Square > SK Hynx > $MU ?

[K0N2TI @Ti1K0]

@moninvestor $AAOI is absolutely crushing it once again.

[Moody @MoodyWriter13]

In recent days, demand forecasts for power semiconductors (SiC + GaN) for AI data centers have been revised sharply upward. A look at the picks-and-shovels suppliers reveals the familiar picture. $AIXA holds a market share of roughly 80% in GaN MOCVD epitaxy systems, not to be confused with the market for GaN power devices themselves, which is dominated by $IFX $TXN $ON $STM and peers. This share is likely even higher than in InP. As with InP, in virtually every Aixtron MOCVD reactor for GaN epitaxy, LayTec’s in-situ metrology is qualified. On top of that come the downstream, Aixtron-independent processes that LayTec offers, among others through its partnership with Oxford Instruments.

In my Substack article from April 7, 2026, titled “LayTec – I found a hidden InP monopolist and overlooked the GaN story that will double the TAM,” I already drew attention to the significance of GaN for LayTec. For LayTec, GaN could even become more important than InP. The recent forecast upgrades by UBS and Bank of America for power semiconductors compel me to raise my previous GaN estimates for LayTec by a factor of 1.6 to 1.8 in the bull case. The InP forecasts, too, have been raised significantly since my last article, by Goldman Sachs, relative to my estimates at the time. Further news concerns Nynomic’s remaining subsidiaries, including a credible humanoid thesis.

$AIXA is now valued at a P/S ratio of 11 on 2026 numbers. If we assume that Nynomic consists of LayTec alone and assume LayTec revenue of €20m for 2026, then Nynomic/LayTec currently trades at a P/S of 6. Naturally, Aixtron deserves a higher multiple. In reality, Nynomic does not consist of LayTec alone, so you get the remaining 13 subsidiaries for free, provided you believe LayTec deserves a P/S of 6. I calculate more conservatively and assign LayTec a P/S of 3.5. Today’s order from ROHM to $AIXA for GaN underscores the recent development.

Keep in mind that the SiC market is currently facing overcapacity, whereas this is not the case for GaN. Therefore, investors looking to benefit from these guidance upgrades are likely to see the positive effects translate into operational performance more quickly among GaN players than among SiC companies.

Disclosure: I hold a position in Nynomic.

https://t.co/NXpLCgcaDq

[K0N2TI @Ti1K0]

My fellow Nynomic $M7U investors, please give this a read. @MoodyWriter13 crushed it once again.

https://t.co/iCF7xeMskB

[Bottleneck Investor 🦑 @BottleneckFindr]

Nynomic / $M7U now owns 100% of Image Engineering.

WHAT THIS ENTAILS

This full acquisition is a consistent step in Nynomic’s roadmap to simplify its group structure and sustainably reduce minority interests.

Financially, the move is expected to have a positive impact on the group's earnings structure.

Operationally, 100% ownership allows for closer technological integration and unlocks further efficiency potential by bringing Image Engineering’s management and development entirely under the Nynomic umbrella.

WHAT DOES IE DO?

Image Engineering is a global leader in testing and calibration solutions for cameras and multi-sensor systems.

This expertise is vital for the Advanced Driver Assistance Systems (ADAS) and robotics sectors, where premium vehicles now utilize between 10 and 30 cameras.

These cameras must be certified to function reliably in safety-critical environments, such as night driving or sudden tunnel entries, and Image Engineering provides the specialized light sources, targets, and software required for these objective evaluations.

The acquisition secures a company that acts as a primary standard-setter for the industry. Founder Dietmar Wüller leads various ISO working groups, which often allows the company to optimize its hardware and software for global standards, such as the IEEE 2020-2024 standard, before they are officially adopted.

This specialized knowledge serves a diverse B2B market, including automotive Tier-1 suppliers like Bosch and Continental, as well as manufacturers of smartphones, medical endoscopes, and drones.

By integrating this capability fully, Nynomic strengthens its position in the high-growth niche of optical sensor certification.

WHAT EXCITES ME THE MOST

This acquisition signals that Nynomic is much more than the LayTec story.

It is successfully completing the puzzle, creating a group where the subsidiaries increasingly develop joint solutions. This internal convergence suggests that the conglomerate is significantly undervalued, with a “sum-of-the-parts” potential that implies a base-case equity value much higher than its current market capitalization.

If you are curious about Nynomic’s subsidiaries, this article by @MoodyWriter13 is a great read:

https://t.co/sExMC06SEE

[K0N2TI @Ti1K0]

Price levels to add to your favorite stocks (Fib levels)

$OUST $36
$NBIS $221 and $191
$IREN $56 and $45
$ONDS $10 (0,786 extended fib+yearly open)
$KRKNF $5,30 (htf fibs + ltf fibs)
$NOK ~$14 (htf + ltf fibs)
SK Hynx $843
$CRDO $148 (yearly open but gap below⚠️)
$AAOI $139

[K0N2TI @Ti1K0]

@MoodyWriter13 @BottleneckFindr would love to hear your take on Nynomic $M7U completing the 100% acquisition of Image Engineering.

[K0N2TI @Ti1K0]

So you’re bearish on Nynomic $M7U while they own LayTec for AI datacenter lasers and just locked in 100% of Image Engineering for humanoid robotics vision? Market treats it like a boring agri stock, completely ignoring the dual AI vectors. €16.60 fib would be a gift. €35 PT 🚀

[K0N2TI @Ti1K0]

@MaximInvestiert $NBIS

[K0N2TI @Ti1K0]

@retail_mourinho Agreed. Didn’t had the chance to buy more at today’s low. 🥲

[K0N2TI @Ti1K0]

@optionscjp Bro chill. Remember your future kids and stuff? 😂

[K0N2TI @Ti1K0]

@moninvestor Bro I’m trying but holy shit they buyn the dipp like toilet paper during covid.

[K0N2TI @Ti1K0]

@babyfolio $AAOI 🟢 love to see it