Good breakdown. What I like here is the focus on less obvious robotics plays—logistics, healthcare, offshore energy. That’s where investors miss the forest for the trees. TSLA and AMZN grab headlines, but the real money’s often in the niche operators who quietly own their segment
I suggest looking at Schaeffler AG who are a bearings and mechatronics producer. They are a core supplier for the actuator joints in Tesla's Optimus. Joints are the most complex and highest valued hardware part of the humanoid robot.
Its a long lasting underperforming Industrial giant which is very cheap (5x EBITDA) and has undergone significant transformation in the last 10-12 years. Bearings is their origin and the common denominator of the quite wide spread business. Via an acquisition they are now one of the largest 800-volt inverter supplier for BEV's. And they recently laid out plans to make around 15% additional rev from humanoids in 10 years time.
For me a combination of very cheap valuation, unloved stock, industrial recovery potential and exposure to growth stories as the humanoids. Of course one has to take the sub-optimal cash generation and relative high balance sheet gearing into acocunt.
Really appreciate the focus on the picks-and-shovels layer rather than the obvious names. The Allegro MicroSystems angle is particularly clever—magnetic sensors and high-voltage power ICs are critical enablers that people miss when they're fixated on the end product. What's compelling about ALGM is the design-win stickiness you mentioned: once they're embedded in an EV platform or an industrial robot's motion control system, switching costs are prohibitive. That multi-year revenue visibility is rare in semis. The automotive exposure is a two-way street though—it provides scale but also ties them to cyclical demand. However, their diversification into data centers and renewables should help buffer downside. Trading at 27x EBITDA for 60%+ growth in FY26/27 actually looks quite resonable compared to many other semi names at similar multiples with half the growth. The technical setup near multi-year support adds to the risk/reward. Solid find.
Good breakdown. What I like here is the focus on less obvious robotics plays—logistics, healthcare, offshore energy. That’s where investors miss the forest for the trees. TSLA and AMZN grab headlines, but the real money’s often in the niche operators who quietly own their segment
Spot on!
I suggest looking at Schaeffler AG who are a bearings and mechatronics producer. They are a core supplier for the actuator joints in Tesla's Optimus. Joints are the most complex and highest valued hardware part of the humanoid robot.
Will do Felix. Thanks! Any reason particularly you like them? Hows the valuation?
Its a long lasting underperforming Industrial giant which is very cheap (5x EBITDA) and has undergone significant transformation in the last 10-12 years. Bearings is their origin and the common denominator of the quite wide spread business. Via an acquisition they are now one of the largest 800-volt inverter supplier for BEV's. And they recently laid out plans to make around 15% additional rev from humanoids in 10 years time.
For me a combination of very cheap valuation, unloved stock, industrial recovery potential and exposure to growth stories as the humanoids. Of course one has to take the sub-optimal cash generation and relative high balance sheet gearing into acocunt.
Really appreciate the focus on the picks-and-shovels layer rather than the obvious names. The Allegro MicroSystems angle is particularly clever—magnetic sensors and high-voltage power ICs are critical enablers that people miss when they're fixated on the end product. What's compelling about ALGM is the design-win stickiness you mentioned: once they're embedded in an EV platform or an industrial robot's motion control system, switching costs are prohibitive. That multi-year revenue visibility is rare in semis. The automotive exposure is a two-way street though—it provides scale but also ties them to cyclical demand. However, their diversification into data centers and renewables should help buffer downside. Trading at 27x EBITDA for 60%+ growth in FY26/27 actually looks quite resonable compared to many other semi names at similar multiples with half the growth. The technical setup near multi-year support adds to the risk/reward. Solid find.