5N Plus (VNP) rallied 25% on the back of its Q3, which beat on the top line thanks to 34% growth in specialty semiconductors and 20% growth in performance materials…

… and crushed on profit, which should result in full-year numbers coming in above the top end of guidance - something we’ve seen from the company over the past two years.

5N reported record bookings of $164M during the quarter, driving the backlog to new highs - underpinned by strong demand in its space business…

… which the company is adding capacity to support. With additional upside from a bismuth competitor losing its certification and growth in the medical imaging market, there’s runway for VNP to keep growing into its multiple.

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