OLED

Samsung extends its license and blue phosphorescent ramps faster than in our base, adding $30M, $75M and $130M of revenue in FY28-30. IT and auto grow 8-10% a year as Gen 8.6 IT lines ramp. Revenue reaches $1.03B and operating margin 46.3% by FY2030, since about 42% of revenue is royalties that cost almost nothing to deliver. That gives $93.66, 20% above the $77.95 Oct 16 close. Blue has no customer production date yet; the timing is our assumption.

Samsung renews at the end of 2027 on lower terms, about a 5% hit to 2028, and blue never reaches production. Revenue falls 4% in FY2026 and margin slips to 30.8% by FY2030, with 2% terminal growth. That gives $45.45, 42% below the $77.95 close. One story, Samsung repricing: the trailing twelve months carried forward ($606.9M at 34.1%, flat) return $45.65, and the case sits above tangible book of about $34 a share, $17.69 of it net cash.