Presentation by the management team of CML Microsystems – 13/12/2023

Panelists: Executive Chairman, Nigel Clark and Group Managing Director, Chris Gurry

CML is a semiconductor company focused on the next generation of wireless communications technologies.  It has positions in analog and compound semiconductor products and technologies, and a blue-chip customer base. CML is well-placed to capitalise on the exciting opportunities presented by the next generation of wireless communications across 5G, the Industrial Internet of Things, satellite and voice communications.  Our valuation work suggests that the current market valuation is focused on the CML of old. Given the expected explosion in applications for next-generation wireless technologies and CML’s track record in niche and specialist applications, multiples may rise as evidence of traction builds.

 

 

Corporate Overview and Interim Results FY24

Watch the full presentation below or navigate to the segments and questions that interest you the most.

1. How many customers are you working with as you develop your standard products? And could you also explain some of the differences between your standard products and the more bespoke, Sondrel and EnSilica type products.

2. What price are you hoping to get for the properties being sold?

3. What are the prospects for increasing Microwave Technology margins?

4. Why did the total consideration for Microwave Technologies decline by £18m to £13.8m from the initial announcement to completion?

5. Have you had any pleasant or unpleasant surprises in terms of what you've found at the recently acquired Microwave Technologies?

6. You've recently appointed a new COO and FD. Can you say something about these changes and provide more detail about the management structures you have in place beyond the Board.

7. We hear elsewhere that the normalization of supply chains means that last year's build up of excess inventories can now be run down. Has that not been your experience?

8. Why is it that you are still seeing top line growth in existing markets and private mobile radio etc. Are the markets themselves growing, or is it to do with your customers’ innovations?

9. How much overlap do you think there will be between your current customer base and your future customer base in say, 3-5 years’ time?

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