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

Brian Colello

Morningstar | Infineon Remains Notably Undervalued as We're Less Bearish on Cypress Deal; Maintain EUR 22 FVE

We have added Infineon Technologies to our Best Ideas list as the narrow-moat leader in automotive and power semiconductors trades at a sizable discount to our fair value estimate of EUR 22 per share ($25 per U.S. ADR). We believe the share price was unfairly punished in recent weeks by Infineon's  bid to acquire Cypress Semiconductor for EUR 9 billion (as measured by enterprise value). We remain generally in favor of the deal and don't view it as value destructive, as the strategic rationale makes sense for Infineon to strive to cross-sell its automotive products with Cypress' solutions. Inf...

Brian Colello

Infineon Remains Notably Undervalued as We're Less Bearish on Cypress Deal; Maintain EUR 22 FVE

We have added Infineon Technologies to our Best Ideas list as the narrow-moat leader in automotive and power semiconductors trades at a sizable discount to our fair value estimate of EUR 22 per share ($25 per U.S. ADR). We believe the share price was unfairly punished in recent weeks by Infineon's bid to acquire Cypress Semiconductor for EUR 9 billion (as measured by enterprise value). We remain generally in favor of the deal and don't view it as value destructive, as the strategic rationale mak...

Emmanuel Matot ...
  • Stephane Houri

ODDO : How to play the arrival at the bottom in the semiconductors cycle on Q2 2019 publications?

We have probably reached the bottom of the cycle in the semiconductors sector. The slope of the recovery in H2 remains uncertain. We prefer stocks with their own specific drivers for H2 like ASML, STMicroelectronics and ams. We are downgrading our recommendation for Aixtron to Neutral (vs Buy). - >Relatively optimistic view of the Q2 2019 publications season due to arrival at the bottom in the cycle - We have a relatively optimistic view of the sector ahead of the Q2 2...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Comment jouer l’arrivée du point bas du cycle semis sur la saison des publications du T2 2019 ?

Nous sommes probablement arrivés au point bas du cycle des semi-conducteurs. La pente de la reprise au S2 reste incertaine. Nous jouons les valeurs ayant des moteurs propres comme ASML, STM ou ams. Nous dégradons Aixtron à Neutre (vs Achat). - >Vision plutôt optimiste, à l'approche de la saison des publications des T2 2019, en raison de l’arrivée du point bas du cycle - Nous abordons la saison des publications du T2 2019 avec une vision plutôt positive sur le secteur. ...

An increasingly favourable environment allows INFINEON TECHNOLOGIES AG to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of INFINEON TECHNOLOGIES AG (DE), a company active in the Semiconductors industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date July 9, 2019, the closing price was EUR 15.65 and its expected value was estimated at EUR 16.42.

Brian Colello

Morningstar | Infineon Remains Notably Undervalued as We're Less Bearish on Cypress Deal; Maintain EUR 22 FVE

We have added Infineon Technologies to our Best Ideas list as the narrow-moat leader in automotive and power semiconductors trades at a sizable discount to our fair value estimate of EUR 22 per share ($25 per U.S. ADR). We believe the share price was unfairly punished in recent weeks by Infineon's  bid to acquire Cypress Semiconductor for EUR 9 billion (as measured by enterprise value). We remain generally in favor of the deal and don't view it as value destructive, as the strategic rationale makes sense for Infineon to strive to cross-sell its automotive products with Cypress' solutions. Inf...

Brian Colello

Infineon Remains Notably Undervalued as We're Less Bearish on Cypress Deal; Maintain EUR 22 FVE

We have added Infineon Technologies to our Best Ideas list as the narrow-moat leader in automotive and power semiconductors trades at a sizable discount to our fair value estimate of EUR 22 per share ($25 per U.S. ADR). We believe the share price was unfairly punished in recent weeks by Infineon's bid to acquire Cypress Semiconductor for EUR 9 billion (as measured by enterprise value). We remain generally in favor of the deal and don't view it as value destructive, as the strategic rationale mak...

Emmanuel Matot ...
  • Stephane Houri

ODDO : How to play the arrival at the bottom in the semiconductors cycle on Q2 2019 publications?

We have probably reached the bottom of the cycle in the semiconductors sector. The slope of the recovery in H2 remains uncertain. We prefer stocks with their own specific drivers for H2 like ASML, STMicroelectronics and ams. We are downgrading our recommendation for Aixtron to Neutral (vs Buy). - >Relatively optimistic view of the Q2 2019 publications season due to arrival at the bottom in the cycle - We have a relatively optimistic view of the sector ahead of the Q2 2...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Comment jouer l’arrivée du point bas du cycle semis sur la saison des publications du T2 2019 ?

Nous sommes probablement arrivés au point bas du cycle des semi-conducteurs. La pente de la reprise au S2 reste incertaine. Nous jouons les valeurs ayant des moteurs propres comme ASML, STM ou ams. Nous dégradons Aixtron à Neutre (vs Achat). - >Vision plutôt optimiste, à l'approche de la saison des publications des T2 2019, en raison de l’arrivée du point bas du cycle - Nous abordons la saison des publications du T2 2019 avec une vision plutôt positive sur le secteur. ...

Stephane Houri ...
  • Veysel Taze

ODDO : Worldwide sales for May 2019 - If this is not the low point, it sure looks like it

>Worldwide semiconductor sales in May 2019 came in a shade above our forecast ($ 33.1bn vs $ 32.4bn), -14.6% y-o-y (-13.7% in April) and -4.4% excl. memories (vs -4.3%). - Worldwide semiconductor sales for May 2019 were published at the weekend by WSTS (World Semiconductor Trade Statistics), with a month’s lag, as usual. On a three-month moving average, sales in May totalled $ 33.06bn, ahead of our forecast of $ 32.4bn. This represents a 14.6% decline on a full-year b...

1 director bought

A director at Infineon Technologies Ag bought 6,780 shares at 14.854EUR and the significance rating of the trade was 60/100. 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...

Bruno Cavalier ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Laurence Hofmann
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/01/2019

The trade truce is a powerful (albeit transitory) positive event for the markets. If we assume that the risk premium retraces an estimated 50% of its increase since the beginning of May, then the indices should record an increase of around 3%. But watch out, gravity will regain its natural ascendency. Overall growth continues to slow and so does EPS growth. Issues relating to the cycle will resurface and, paradoxically, the appeasing of trade tensions could remove from the Fed an argu...

Bruno Cavalier ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Laurence Hofmann
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/07/2019

La trêve décidée est un évènement positif puissant mais transitoire pour les marchés. Si l’on estime que la prime de risque retrace 50% de son augmentation depuis début mai, les indices devraient enregistrer une hausse de l’ordre de 3%. Mais attention, la gravité va reprendre ses droits. La croissance globale poursuit son ralentissement et celle des BPA aussi. Les questions relatives au cycle vont refaire surface et paradoxalement l’apaisement commercial pourrait ôter à la FED un argu...

Charles Lepetitpas ...
  • Nicolas David
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/04/2019

The unconventional oil sector (shale oil) in the US has seen fears of a slowdown mount in the last few months in connection with the trend in E&P capex. Consolidation among sector players has begun and could even accelerate. Larger E&P players would create an environment for tube manufacturers where investment decisions are less volatile, though their pricing power might be reduced. 2019 could be a transition year with capex in North America down 5%. A recovery is expected in 2020. We...

Charles Lepetitpas ...
  • Nicolas David
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/06/2019

Le secteur du pétrole non conventionnel (shale oil) aux USA suscite depuis quelques mois des craintes d’un risque de ralentissement en rapport avec l’évolution des Capex des E&P notamment. Un phénomène de consolidation s’est enclenché entre les acteurs du secteur et pourrait même s’accélérer. Le fait d’avoir des acteurs de plus grande taille permettrait aux tubistes de naviguer dans un environnement où les décisions d’investissement sont moins volatiles en contrepartie, peut-être, d’u...

Bruno Cavalier ...
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian
  • Stephane Houri
  • Veysel Taze

STMicroelectronics N.V. : ODDO BHF SThe 2019 Extel* survey has just named ODDO BHF “number 1 broker on French equities” for the fourth consecutive year. It has also ranked ODDO BHF “number 5 broker on German equities”, five places higher than last year. T

...

An increasingly favourable environment allows INFINEON TECHNOLOGIES AG to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of INFINEON TECHNOLOGIES AG (DE), a company active in the Semiconductors industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date July 9, 2019, the closing price was EUR 15.65 and its expected value was estimated at EUR 16.42.

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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