Allenby Capital has published an interesting report today on EnSilica’s expertise in space based communications technology and the potential should EnSilica build upon its recent success and take a larger share of the market for Application Specific Integrated Circuits (ASICs) for this industry.
I was particularly drawn to Exhibit 16 which compares enterprise value to revenue for EnSilica as well as a number of competitors. This supports and ties in nicely with my own, arguably more conservative, research suggesting a significant discount in terms of ‘Price to Sales’ (PS) for ENSI when compared to various competitors. It was based on my PS research and other recent developments, such as contract wins, that led to me investing more heavily in ENSI recently.
My hopefully conservative research in March 2025 suggested fabless ASICs design competitors had an average mean PS of about 3.04 compared to ENSI’s 1.5. I am hopeful that if ENSI has a good FY2026, which starts in June, that its PS will eventually come closer to the average PS and perhaps even rise up beyond that given their specialism in space related communications ASICs.
I’m part way through writing an article for my blog about the PS comparison and will post this in the near future.
