---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000815388.md"
description: "Morgan Stanley: SoitecFinancial Performance & Estimates> F1Q27 Beat: Revenue came in at €113 million, beating street estimates by 6% and marking a 23% year-over-year growth ( outpacing the company's 15% guide).  > Strong Guidance: F2Q27 revenue growth is guided at more than 30% year-over-year, blowing past the 4% consensus expectations.  > Significant Earnings Upgrades: Morgan Stanley raised its revenue estimates for FY27–FY29 by 8–19% and upgraded EPS for FY28 and FY29 by 43% and 32% respectively, projecting almost €8 of EPS by FY29.  💡 Core Investment Drivers (Photonics-SOI)> The Growth Engine: The stellar performance and guidance are heavily driven by Photonics-SOI demand for high-speed optical interconnects in AI data centers.  > Doubling Revenue: Management explicitly noted that Photonics-SOI FY27 revenue is expected to more than double, acting as the catalyst the market had been anticipating.  > Secular Alignment: Soitec’s stellar outlook mirrors broader industry tailwinds from major players scaling up silicon photonics (SiPho) capacity—such as Tower Semiconductor, STMicroelectronics, and TSMC. Photonics is expected to scale from roughly 8% of Soitec's revenue in FY25 to about one-third in the current fiscal year.  Scenario Analysis (Price Target Cases)> Bull Case (€300.00): Assumes a stronger recovery in RF-SOI alongside more aggressive, accelerated growth in Photonics-SOI, paving the way for €10 in earnings power.> Base Case (€200.00): Assumes multi-year growth in Photonics-SOI and normalization in RF-SOI, applying a 25x multiple to CY28 (FY29) EPS.> Bear Case (€80.00): Assumes a slower RF-SOI recovery and weaker Photonics growth, applying a 20x multiple to discounted bear-case earnings."
datetime: "2026-07-24T18:14:46.000Z"
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  - [en](https://longbridge.com/en/topics/100000000815388.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000815388.md)
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author: "[Equity research](https://longbridge.com/en/profiles/2071818324550963200.md)"
generator: "portal-rs"
---

# Morgan Stanley: SoitecFinancial Performance & …


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**