Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

A highly collaborative investment professional and research analyst with 10+ years of international experience in equity research, treasury operations, and trading positions across multiple asset classes at leading multinational banks Citibank and Morgan Stanley, UHNWI-backed family office and European independent equity research firm. A respectable background in equity capital markets, corporate treasury, investment banking operations, equity research analysis and portfolio management.

Astera Labs: 1Q’FY24 GAAP Net Loss Could Disappoint Investors, Selling Stockholders Offer ~3M Shares

Astera Labs: Early Lock-Up Expiry Is Coming, ~$450M Worth of Shares Will Be Available For Sale

Astera Labs IPO Valuation Update: Multiples Appear Rich, Limited Post-IPO Upside

Equity Bottom-Up

<ul>
<li>Astera Labs reported solid 2Q’FY24. The company beat all key estimates, showed relatively strong demand and operating metrics.  </li>
<li>With the stock trading at 19x EV/2024E Revenue and 13x EV/2025E Revenue I see shares as fairly-valued and expect the stock to trade in-line with peers. PT to $39.00.</li>
<li>All remaining Astera Labs shares held by stockholders became eligible for sale as IPO lock-up expired following public release of earnings for 2Q’FY24.</li>
</ul>


Astera Labs reported solid 2Q’FY24. The company beat all key estimates, showed relatively strong demand and operating metrics.  
With the stock trading at 19x EV/2024E Revenue and 13x EV/2025E Revenue I see shares as fairly-valued and expect the stock to trade in-line with peers. PT to $39.00.
All remaining Astera Labs shares held by stockholders became eligible for sale as IPO lock-up expired following public release of earnings for 2Q’FY24.


Astera Labs: Solid 2Q’FY24, ADTV Jumped As IPO Lock-Up Expired, PT Moves To $39.00