Teradyne's CEO resigns from Technoprobe's board the day Goldman sees 2026 profit tripling
The director who quit Technoprobe's board is named in no wire report; the company's own roster identifies him as Teradyne's chief executive, whose company holds 10% of the stock. The same day Goldman Sachs raised its target to €44, at 42x 2028 earnings, on a mix its own note expects to normalize this quarter.
Vincent Jiang · 3 min read
A resignation no wire report named
On 29 September Technoprobe told the market that a director had resigned for personal reasons: non-executive, non-independent, holding no shares, staying only until a replacement is appointed 1. No wire report named the man. The company's own board roster does.
It lists Gregory Stephen Smith, a Raytheon-trained engineer who is president and chief executive of Teradyne, as a non-independent director 2. Teradyne's September release names Greg Smith as chief executive 3. The exit notice ran under both companies' tickers, while its sidebar pinned a different Gregory Smith: Boeing's chief financial officer, who sits on Intel's board 1.
A tenth of Technoprobe belongs to Teradyne 4. The man who runs Teradyne has just left Technoprobe's board owning no shares at all 1.
A €2.2 billion seat goes empty
Teradyne International Holdings B.V. holds 65,326,087 shares, 10.00% of the capital, about €2.2 billion at the latest quote of €33.44 14. The stake came with the strategic agreements of 7 November 2023, under which Teradyne sold its device-interface division into Technoprobe 56.
The stock is up 261% in a year 7, and its 21 September FTSE MIB entry put Milan's index trackers on the buy side 8.
The register moved first
The same register, updated 22 September, shows a new holder: Vector Line Capital Fund II LP at 5.38%, about €1.2 billion, already in a shareholders' pact with the majority holder 49. On 24 September the board co-opted the fund's founder, Geoffrey Duff Baldwin, declared non-independent; he launched the fund in June 2026 102. Five days later the Teradyne seat emptied 1.
T-PLUS holds 50.45% of shares and 59.18% of votes on doubled loyalty shares, and fellow test-equipment maker Advantest holds 5.00% 4. All other holders, the residual after five named blocks, come to just under a quarter of the capital 4.
One holding owns half of Technoprobe; Teradyne's 10% is the next block
- T-PLUS S.p.A.50.4550.5%
- Teradyne Intl Holdings1010%
- Vector Line Capital Fund II5.385.4%
- Alba Europe5.245.2%
- Advantest55%
- All other holders (residual to 100%)23.9323.9%
Data
| Slice | Value | Share |
|---|---|---|
| T-PLUS S.p.A. | 50.45 | 50.5% |
| Teradyne Intl Holdings | 10 | 10% |
| Vector Line Capital Fund II | 5.38 | 5.4% |
| Alba Europe | 5.24 | 5.2% |
| Advantest | 5 | 5% |
| All other holders (residual to 100%) | 23.93 | 23.9% |
Goldman tripled the profit line
On the day the seat emptied, Goldman Sachs lifted its 2026 EBIT estimate to €451.3 million, against €136.3 million in 2025, then €739.6 million in 2027 and €951 million in 2028, on revenue climbing from €628 million to €2.125 billion 7. The target went from €40 to €44 and the shares closed up 6.8% at €32.32 7.
Chief executive Stefano Felici calls AI a test cycle that runs for decades 8. The capacity behind it is real: about €300 million is doubling output by the end of 2027, with the Cernusco Lombardone line starting production in January 8.
Goldman sees Technoprobe EBIT tripling in 2026, near 7x its 2025 level by 2028
- EBIT
- Estimate
Data
| EBIT | |
|---|---|
| 2025 | €136.3 |
| 2026E (estimate) | €451.3 |
| 2027E (estimate) | €739.6 |
| 2028E (estimate) | €951 |
The hedges live in the same note
Goldman still assumes, in the note's own Italian, a certain normalization of the product mix in the fourth quarter of 2026, and lists an AI-spending slowdown and delays to that capacity expansion as the two risks to its price 7. The €44 target is 42 times earnings not expected before 2028 7; nine analysts average €42.11 1.
Goldman's new €44 target sits 4.5% above the analyst average and 36% above the close
Data
| Value | |
|---|---|
| Goldman Sachs target | €44 |
| Nine-analyst average | €42.11 |
| 29 September close | €32.32 |
If the mix turns this quarter, the first to pay are the index funds that had to buy into a €23.45 billion company on 21 September at that multiple 178.
10 November decides
Third-quarter results land on 10 November 1. Until then the register is the tell: whether Teradyne names a new man to the seat, and whether the majority holder's new ally keeps buying 49. Goldman sees profit tripling this year; the factory behind it opens in January 8.
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
