New Singer Buy research update13 Apr 2026 07:37
Singer have issued a Flash research Buy note on the 2D news.
They note a 22p per share value for 2D Photonics alone on a simplistic basis, with a further 45p per share for the rest of the portfolio.
Brief extracts FYI:
"Flash: €211m EU Approval Transforms 2D Photonics Outlook
Frontier IP notes EU approval of a €211m Italian state aid package supporting 2D Photonics, a key milestone that materially de-risks its funding pathway. On a simple pro forma basis, the Group’s 9.1% stake equates to c.22p/share; however, this is a high-level illustrative measure and not a formal valuation, which will depend on IFRS 13 and venture capital methodologies.
The wider portfolio (excluding 2D Photonics) is valued at c.45p/share. 2D targets AI and datacentre bottlenecks, with funding supporting scale-up. Further detail is expected shortly. In our view, this highlights significant embedded value not fully reflected in the current share price."
"For context, 2D Photonics was valued at £34m at the December 2025 balance sheet, with Frontier IP’s 9.1% stake carried at £3.1m (~4.1p per share). We would expect any uplift in carrying value to be recognised with greater clarity at the June year-end balance sheet.
For context, the remainder of the portfolio was valued at c.45p per share based on the December 2025 balance sheet."
2D Photonics, via CamGraPhIC, is developing graphene-based photonic chips that use light instead of electricity to move data faster and more efficiently. This helps reduce power consumption and heat in AI and hyperscale datacentres, where energy and cooling are becoming key bottlenecks. The company has attracted backing from leading strategic investors including the NATO Innovation Fund, Sony and Bosch, underlining strong industrial validation.
We expect further detail from the company shortly, at which point we will be in a position to provide more comprehensive analysis on funding structure, timing and valuation implications."
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