Silex Microsystems AB (publ) (SILEX.ST) fair value

ACCE thesis

Silex Microsystems designs and sells MEMS foundry services and microphone chips, most visibly the silicon microphone components sold into consumer electronics, with its gross margin of 85.9% reflecting a licensing and foundry model rather than volume hardware. The structural edge is that its process know-how is embedded in customer designs, which makes switching costs high once a product ships. Revenue growth of 27.6% is the figure to test against the order book, since the thesis depends on whether recent wins translate into sustained volume rather than one-off engineering fees. At 42.9 times trailing earnings and an operating margin of 29.3%, the market is paying for that growth to hold, so the question for a deeper look is how durable the customer concentration and the licensing income really are. The return on equity of 0.0% in the data is a gap to resolve before drawing any conclusion about capital efficiency.