Both of Redeye's tests for the case held this quarter: customers kept building, and BeammWave kept industrialising. BeammWave now works inside its customers' designs and tests on their own prototypes, which the company describes as deeper engagement. Redeye confirmed with the company that the global Tier-1 Asian technology customer and the previously undisclosed Asian customer are the same, so the roster stands at three. The logic chip has entered physical implementation and spending is tilting towards packaging and testing, both marks of a company preparing for volume. Timing is what is missing. Redeye therefore cuts near-term revenue, raises the out-years by more, and lifts its base case to SEK15 per share from SEK10, helped by the completed equity raise, which removes financing risk. Redeye's newly launched Fair Value, which blends the DCF with relative valuation, stands at SEK14, and the value score screens BeammWave as ‘fairly valued’. The share moves from here on evidence that volume is approaching such as a named design win.
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