Amper is one of those companies whose history weighs almost as much as its numbers. For years it was synonymous with dilution, restructuring and unfulfilled promises. Today, however, the story is different. Not because the road is finished, but because for the first time in a long time there is a clear and recognizable direction.
The company has chosen to concentrate on areas with barriers to entry and structural demand: defense, critical communications and technological solutions linked to energy and industry. Sectors that are not very attractive to the general public, but attractive from a strategic point of view. The problem, as almost always in Amper, is not what, but how and when.
Operationally, the improvement is tangible. The order backlog provides greater visibility and the corporate discourse has gained coherence. It is no longer a question of survival, but of orderly growth. Even so, the business still needs volume to dilute costs and stabilize margins, and this balance is still fragile.
On the stock market, this fragility translates into volatility. Amper continues to overreact to any relevant news: contracts, capital increases or shareholder movements. The market keeps remembering its past and demands constant proof that this time the turnaround is real. There is no credit in advance.
Financially, the company walks a tight line. Growth requires investment and investment too often means dilution. This is the main stock market brake: not so much the business itself, but the fear that the shareholder will again pay the price for growth. Until this perception changes, the share price will find it difficult to consolidate a sustained trend.
In terms of valuation, Amper does not seem demanding when looking at medium-term growth expectations. The problem is that these expectations are not yet fully reflected in margins and cash generation. The market, prudent, chooses to keep it in a range of controlled distrust.
In short, Amper is a story that has learned from its mistakes, but has yet to prove it on the stock market. Interesting, yes. Promising, perhaps. Confirmed, not yet.