Infineon Technologies AG

Infineon Technologies is a semiconductor manufacturing company. The Automotive segment designs, develops, manufactures and markets semiconductors for use in automotive applications. The Industrial Power Control segment designs, develops, manufactures and markets semiconductors for the generation, transmission and economy in the use of electrical energy. The Power Management & Multimarket segment designs, develops, manufactures and markets semiconductors for power supplies, mobile devices and mobile phone network infrastructures. The Chip Card & Security segment designs, develops, manufactures and markets semiconductor-based security products for card applications and networked systems.
  • Ticker623100
  • ISINDE0006231004
  • SectorTechnology Hardware & Equipment
  • CountryGermany

Analysts

Alfred Glaser ...
  • Anis Zgaya
  • Delphine Brault
  • Emira Sagaama
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/08/2019

...

Alfred Glaser ...
  • Anis Zgaya
  • Delphine Brault
  • Emira Sagaama
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/05/2019

...

Frederic Yoboue

INFINEON: Low book-to-bill and cautious tone provide limited room for outperformance in H2 | NEUTRAL | EUR20(1.2%)

INFINEON - NEUTRAL | EUR20(1.2%) Low book-to-bill and cautious tone provide limited room for outperformance in H2 Cautious tone on the current environment Book-to-bill down to the lowest point in more than 6 years Underutilisation to significantly weigh on margins in H2 Limited room to outperform current guidance

Stephane Houri

Infineon Technologies AG : Still too soon, some inventory consolidation is required

>Neutral recommendation reiterated - The Q2 2019 earnings report did not bring any major surprises regarding the guidance (sales of € 8bn and operating margin of 16%) after the warning at the end of March, but the management’s tone remains cautious (see our initial comment). Faced with demand that remains flat, the group will have to manage the level of inventories by reducing production, which will weigh on margins in the short term. Once inventories have returned t...

Stephane Houri

Infineon Technologies AG : Encore trop tôt, une petite cure d’austérité sur les stocks est nécessaire

>Opinion Neutre réitérée - Cette publication des résultats T2 2019 a été sans surprise majeure sur la guidance (CA de 8 Md€ et MOP de 16%) après l’avertissement de fin mars, mais le ton reste prudent (Lire notre commentaire initial). Face à une demande qui reste atone, le groupe va devoir gérer le niveau des stocks en réduisant sa production, ce qui pèsera sur les marges à court terme. Une fois que les stocks seront revenus à un niveau plus proche des besoins du marc...

Alfred Glaser ...
  • Anis Zgaya
  • Delphine Brault
  • Emira Sagaama
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/08/2019

...

Alfred Glaser ...
  • Anis Zgaya
  • Delphine Brault
  • Emira Sagaama
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/05/2019

...

Frederic Yoboue

INFINEON: Low book-to-bill and cautious tone provide limited room for outperformance in H2 | NEUTRAL | EUR20(1.2%)

INFINEON - NEUTRAL | EUR20(1.2%) Low book-to-bill and cautious tone provide limited room for outperformance in H2 Cautious tone on the current environment Book-to-bill down to the lowest point in more than 6 years Underutilisation to significantly weigh on margins in H2 Limited room to outperform current guidance

Stephane Houri

Infineon Technologies AG : Still too soon, some inventory consolidation is required

>Neutral recommendation reiterated - The Q2 2019 earnings report did not bring any major surprises regarding the guidance (sales of € 8bn and operating margin of 16%) after the warning at the end of March, but the management’s tone remains cautious (see our initial comment). Faced with demand that remains flat, the group will have to manage the level of inventories by reducing production, which will weigh on margins in the short term. Once inventories have returned t...

Stephane Houri

Infineon Technologies AG : Encore trop tôt, une petite cure d’austérité sur les stocks est nécessaire

>Opinion Neutre réitérée - Cette publication des résultats T2 2019 a été sans surprise majeure sur la guidance (CA de 8 Md€ et MOP de 16%) après l’avertissement de fin mars, mais le ton reste prudent (Lire notre commentaire initial). Face à une demande qui reste atone, le groupe va devoir gérer le niveau des stocks en réduisant sa production, ce qui pèsera sur les marges à court terme. Une fois que les stocks seront revenus à un niveau plus proche des besoins du marc...

1 director bought

A director at Infineon Technologies Ag bought 3,900 shares at 21.595EUR and the significance rating of the trade was 59/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The nam...

Alexandre Iatrides ...
  • Alfred Glaser
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Philippe Ourpatian
  • Samantha Jeary
  • Stephane Houri
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/07/2019

If the old stock market adage is to be believed, May traditionally heralds a period of profit-taking. This scenario is underpinned by low volumes, recurring outflows, a certain complacency (VIX and V2X at their lowest level) and, on the basis of a 5% growth in EPS, the inability to create additional potential without a significant reduction in the risk premium. At the same time, the valuation remains reasonable. What to do? 1/ Go long on volatility 2/ Closely monitor emerging markets ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Philippe Ourpatian
  • Samantha Jeary
  • Stephane Houri
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/05/2019

Si l’on se réfère aux adages boursiers, le mois de mai annonce une période de prise de profits. Militent en ce sens : des volumes faibles, des outflows récurrents, une certaine complaisance (VIX et V2X au plus bas) et, sur la base d’une croissance de 5% des BPA, l’incapacité à créer du potentiel supplémentaire sans réduction significative de la prime de risque. Dans le même temps la valorisation reste raisonnable. Que faire ? 1/ Etre long volatilité 2/ Regarder avec attention les marc...

Alexandre Iatrides ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Pierre Tegner
  • Rémi Adam
  • Stephane Houri
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/15/2019

With doubts on the growth of non-conventional oil in the US gaining traction, the recovery of already necessary investment in offshore has now become vital to restoring equilibrium in the oil market out to 2025. Cost-cutting measures have rendered these projects very attractive for oil companies which should accelerate the pace of their investment decisions, thus benefiting oil services companies. We prefer Total, RD Shell, Subsea 7, SBM Offshore and GTT. Cf. report published this mor...

Alexandre Iatrides ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Pierre Tegner
  • Rémi Adam
  • Stephane Houri
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/04/2019

Alors qu’émergent des doutes de plus en plus forts quant à la dynamique de croissance du pétrole non conventionnel aux Etats-Unis, les investissements en offshore qui étaient déjà nécessaires deviennent aujourd’hui indispensables afin d’équilibrer le marché pétrolier à horizon 2025. Les efforts passés pour réduire les coûts rendent ces projets désormais très attractifs pour les groupes pétroliers qui devraient accélérer leurs prises de décisions d’investissement au profit des sociétés...

Rémi Adam ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/28/2019

...

Thanks to a better fundamental star rating, INFINEON TECHNOLOGIES AG sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to INFINEON TECHNOLOGIES AG (DE), active in the Semiconductors industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date March 5, 2019, the closing price was EUR 19.91 and its expected value was estimated at EUR 19.10.

Infineon

Infineon

Infineon

Infineon

Frederic Yoboue

SEMICONDUCTORS BG Technology Conference 2019

On March 14th and 15th, we hosted six semiconductor companies, namely ASMI, Besi, Dialog, Infineon, Soitec, and STMicroelectronics. We found the overall message as reassuring even though the tone was still on the cautious side. We key findings and conclusions relate on Besi (Neutral, FV EUR23), Infineon (Buy, FV EUR22.5), Soitec (Buy, FV EUR85) and STMicroelectronics (Buy, FV EUR19).

Frederic Yoboue

Favour Infineon, STM, and Soitec in early 2019

In this short update, we give our opinion on the current momentum and the companies we favour in early 2019. Semi stocks experienced a sharp correction with companies in our coverage down 23% in average (excl. Dialog) in H2 2018 as we started to see a deceleration in the industry momentum and macro uncertainties especially in China. However, analysts’ EPS cuts explain half of the correction suggesting the other half coming from higher perceived risks by investors. Nonetheless, we anticipate low single-digit growth of 4% in semiconductor sales for 2019 driven by the same long-term trends in aut...

Infineon Technologies – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Infineon - February 21, 2019

Item 4: We recommend to oppose the discharge of the Supervisory Board due to the insufficient attendance of three Supervisory Board members in financial year 2017/2018 as well as due to our concerns that contrary to local and international best practice, the Chairman of the Supervisory Board also acts as the Chairman of the Audit Committee. Item 5: KPMG, Munich, is proposed as auditor for the current financial year. While we have no concerns over the ratio of non-audit/audit fees, we note that KPMG has audited the Company since the financial year 1999 which exceeds our maximum acceptable term...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Ex-U.S. Equity Strategy

In our January 31 International Compass we presented a case for an incrementally improving overall global outlook, with the caveat that market bottoms tend to be a process that develops over many weeks. Since the end of January, not a lot has changed to alter our views. We remain constructive overall and continue to believe that global equities (MSCI ACWI) are going through a bottoming process. Opportunities exist but Sector leadership is mixed. In our February International Strategy, we explore various themes which lead to our overall constructive outlook, along with areas of the market wher...

Jérôme VINERIER

Analyse court terme - INFINEON TECHNOLOGIES AG : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 19,500 € prochainement. Le prochain objectif est à 15,900 €, puis 14,800 €. Le franchissement de 20,832 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - INFINEON TECHNOLOGIES AG : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €19.500. The next target is at €15.900, then €14.800. Passing €20.832 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - INFINEON TECHNOLOGIES AG : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 15,900 €. La tendance de fond serait remise en cause en cas de franchissement de 20,832 €.

Jérôme VINERIER

Short term view - INFINEON TECHNOLOGIES AG : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €15.900. The background trend would be questioned should prices rise above €20.832.

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