Celestica Inc.
Information Technology · Electronic Manufacturing Services
Structural: EMS pure-play that has pivoted from generalist contract manufacturer to hyperscaler-anchored AI infrastructure ODM. 6T networking switches, and rack-scale integration for top-3 US hyperscalers. ATS provides counter-cyclical ballast (aero/defense, healthtech, capital equipment) but the re-rating is entirely CCS-driven.
6T with $NVDA Spectrum-X and Broadcom Tomahawk silicon); HPS (Hardware Platform Solutions) margin profile materially higher than legacy EMS; share gains vs Foxconn/Quanta in white-box networking; cash generation funding buybacks.
customer concentration extreme - top-2 customers >40% of revenue, any in-sourcing or share shift is acute; multiple has re-rated from 8x to >25x forward earnings on AI narrative, leaving little margin for execution slips; tariff/geo exposure on Asia manufacturing footprint; cyclical EMS history (2008, 2015, 2019 drawdowns >50%); ATS segment growth lagging.
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