Dilikoglu ResearchIDEAS. ANALYSIS. PERSPECTIVE.

INDEPENDENT EQUITY RESEARCH · COHR

COHR — Investment dashboard

Scenario valuation, operating assumptions, funding and investment risk.

Reviewed DR scenario baselineModel dated 2026-10-03Scenario weights 10 / 25 / 45 / 20USD per share

Model scope: Scenario-based independent research. Interactive controls are diagnostics; headline values reflect the published baseline.

Core modeling rule: High-speed optics is a subset of Datacenter & Communications. Value delivered products and cash returns after reinvestment, debt and minority claims. NVIDIA proceeds and shares are already in reported balances; partnerships and CPO do not receive a separate premium.

Reported information, management guidance and Dilikoglu Research estimates are distinguished in Catalysts & Sources. Priors are shown in Failure / Bear / Base / Bull order.

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Photonics operating context

Cash-flow valuation

FY27–FY31 operating forecasts and FY32–FY36 transition estimates are discounted to opening FY27. Terminal replacement capital and working capital support growth. Issuance costs and below-fair-value dilution reduce common value; unfinanceable modeled paths receive zero common recovery. Terminal value uses FY2036 recurring EBIT at 8× / 12× / 20× / 25× across Failure / Bear / Base / Bull (DR estimates). Perpetuity FCFF is a separate cross-check.

Operating & funding model

Scenario assumptions — DR estimates

Explore assumptions

Risk & Monte Carlo

Simulation probabilities are DR judgment. They do not establish a recommendation or predict financing availability.

Sources & governance

Model limitations