X-Fab Silicon Foundries SE

X Fab Silicon Foundries EV is a Belgium-based company primarily engaged in the semiconductors industry. The Company focuses on the design and manufacture of silicon wafers for mixed-signal integrated circuits (ICs). Its products are integrated with additional features, such as high voltage option, embedded non-volatile memory, optical, radio frequency (RF) and bipolar elements, as well as microelectromechanical sensors. The Company distributes silicon wafers for various applications, including automotive, industrial, medical, as well as consumer electronics and mobile communications sector. The Company operates in a number of countries, such as Germany, France, Malaysia and the United States.
  • TickerA2DNYG
  • ISINBE0974310428
  • ExchangeEuronext Paris
  • SectorTechnology Hardware & Equipment
  • CountryBelgium

Analysts

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Maalej
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 10/11/2019

Although there are questions about whether the group's French telecoms business (32% of revenues) has reached maturity, we are expecting it to show organic growth north of 12% out to 2021. Based on relatively cautious estimates for the international business, consolidated organic growth should average 14% per annum over 2019-2021, to which M&A and subcontracting deals must be added. Amid today’s market turbulence, the current share price is an insufficient reflection of the group’s bu...

Emmanuel Matot ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/11/2019

At the CMD on 13 November, the group will demonstrate that the price it paid for Medidata was worth it given the strategic rationale and profitable growth outlook. Medidata’s integration is set to have an accretive impact of +100bp on DSY’s structural organic growth profile and +10% on its 2020e EPS. On this basis, we have raised our target price to € 170. The recent pressure on valuation multiples offers a good entry point as the Q3 2019 results should be solid. - ...

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Maalej
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 11/10/2019

Alors que se pose la question de la maturité de l’activité Télécoms France (32% du CA), nous anticipons une croissance org >12% d’ici 2021e. Avec des estimations relativement prudentes sur l’International, la croissance org. groupe devrait se situer à 14% en moyenne par an sur 2019/2021e, à laquelle s’ajouteront le M&A et les « deals ». Dans un contexte boursier agité, le cours actuel sous-valorise le groupe dans son périmètre actuel (11.0 €) et encore plus le potentiel de futures opé...

Emmanuel Matot ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/10/2019

Lors du CMD du 13 novembre, Dassault Systèmes démontrera que le prix payé pour Medidata se justifie par son intérêt stratégique et ses perspectives de croissance rentables. Son intégration devrait avoir un impact relutif de 100 pb sur la croissance org. structurelle de DSY et de 10% sur le BPA 2020e. Cela nous amène à relever notre OC à 170 €. La récente baisse des multiples offre un bon point d’entrée alors que les résultats T3 devraient être solides. - ...

Emmanuel Matot ...
  • Stephane Houri

ODDO : How to play Q3 in a sector at the low point in the cycle, but with valuations that already look to be at record highs...?

>Relatively optimistic view retained ahead of the Q3 2019 publications season, due to the arrival at the low point in the cycle - We have a relatively positive view of the sector ahead of the Q3 2019 publications season. It is not that there has been any significant improvement to end-demand since Q2 (the macroeconomic cycle remains uncertain), but 1/ stock levels appear to be under tighter control, 2/ the first signs of stabilisation have emerged in the memory segmen...

Emmanuel Matot ...
  • Stephane Houri

ODDO : How to play Q3 in a sector at the low point in the cycle, but with valuations that already look to be at record highs...?

>Relatively optimistic view retained ahead of the Q3 2019 publications season, due to the arrival at the low point in the cycle - We have a relatively positive view of the sector ahead of the Q3 2019 publications season. It is not that there has been any significant improvement to end-demand since Q2 (the macroeconomic cycle remains uncertain), but 1/ stock levels appear to be under tighter control, 2/ the first signs of stabilisation have emerged in the memory segmen...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Comment jouer les T3 dans un secteur au point bas du cycle, mais avec des valorisations en apparence déjà au plus haut… ?

>Vision toujours plutôt optimiste, à l'approche de la saison des publications des T3 2019, en raison de l’arrivée du point bas du cycle - Nous abordons la saison des publications du T3 2019 avec une vision toujours plutôt positive sur le secteur. Non pas que la demande finale se soit significativement améliorée depuis le T2 (le cycle macroéconomique reste incertain), mais 1/ les niveaux de stocks semblent mieux maîtrisés, 2/ les 1ers signaux de stabilisation sont appa...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Worldwide sales August 2019: in line, further improvement excluding memory, September will be key

>Worldwide sales in August in line (at -15.9%). Further improvement excluding memory (-4% vs -4.8% in July) - WSTS (World Semiconductor Trade Statistics) reported worldwide semiconductor sales for August 2019 over the weekend, as usual with a one-month lag. In terms of the three-month moving average, sales came to $ 34.2bn (in line with our forecast). This represents a 15.9% decline year-on-year, after -15.5% in July and -16.5% in June. Volumes were down by 11.1% vs -...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Ventes mondiales d’août 2019 : En ligne, poursuite de l’amélioration hors mémoires, septembre sera clé

>Ventes mondiales d’août en ligne (à -15.9%). Poursuite de l’amélioration hors mémoires (-4% vs -4,8% en juillet) - Les ventes mondiales de semi-conducteurs d’août 2019 ont été publiées ce week-end par la WSTS (World Semiconductor Trade Statistics), comme d’habitude avec un mois de décalage. En données lissées (MM3 – Moyennes Mobiles 3 mois), elles ressortent à 34.2 Md$, en ligne avec notre prévision. Il s’agit d’une baisse en données annuelles de 15.9% après -15.5% e...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Apple’s Keynote: no real surprises on hardware, new focus on services

>Several products announced, with seemingly limited improvements, as expected - Apple yesterday announced a series of new products, with seemingly limited improvements: 1/ 3 iphones (the 11, 11 Pro and 11 Pro Max), 2/ an entry-level iPad with a slightly larger screen, stylet support and the emergence of the smart connector that will be available on 30 September, from € 389, and 3/ the Apple Watch is transitioning to Series 5. It has a screen which can stay lit permane...

1 director bought

A director at X-Fab Silicon Foundries SE bought 140,000 shares at 3.860EUR and the significance rating of the trade was 67/100. 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 ...

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Maalej
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 10/11/2019

Although there are questions about whether the group's French telecoms business (32% of revenues) has reached maturity, we are expecting it to show organic growth north of 12% out to 2021. Based on relatively cautious estimates for the international business, consolidated organic growth should average 14% per annum over 2019-2021, to which M&A and subcontracting deals must be added. Amid today’s market turbulence, the current share price is an insufficient reflection of the group’s bu...

Emmanuel Matot ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/11/2019

At the CMD on 13 November, the group will demonstrate that the price it paid for Medidata was worth it given the strategic rationale and profitable growth outlook. Medidata’s integration is set to have an accretive impact of +100bp on DSY’s structural organic growth profile and +10% on its 2020e EPS. On this basis, we have raised our target price to € 170. The recent pressure on valuation multiples offers a good entry point as the Q3 2019 results should be solid. - ...

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Maalej
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 11/10/2019

Alors que se pose la question de la maturité de l’activité Télécoms France (32% du CA), nous anticipons une croissance org >12% d’ici 2021e. Avec des estimations relativement prudentes sur l’International, la croissance org. groupe devrait se situer à 14% en moyenne par an sur 2019/2021e, à laquelle s’ajouteront le M&A et les « deals ». Dans un contexte boursier agité, le cours actuel sous-valorise le groupe dans son périmètre actuel (11.0 €) et encore plus le potentiel de futures opé...

Emmanuel Matot ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/10/2019

Lors du CMD du 13 novembre, Dassault Systèmes démontrera que le prix payé pour Medidata se justifie par son intérêt stratégique et ses perspectives de croissance rentables. Son intégration devrait avoir un impact relutif de 100 pb sur la croissance org. structurelle de DSY et de 10% sur le BPA 2020e. Cela nous amène à relever notre OC à 170 €. La récente baisse des multiples offre un bon point d’entrée alors que les résultats T3 devraient être solides. - ...

Christophe-Raphaël Ganet ...
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 09/30/2019

...

An unfavourable environment weighs on X-FAB, which sees a downgrade to Negative

The independent financial analyst theScreener just requalified the general evaluation of X-FAB (FR), active in the Semiconductors industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Negative. As of the analysis date August 23, 2019, the closing price was EUR 3.46 and its target price was estimated at EUR 3.16.

Matthieu DRIOL

Short term view - X-FAB : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €4.29. The background trend would be questioned should prices rise above €7.65.

Matthieu DRIOL

Analyse court terme - X-FAB : 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 4,29 €. La tendance de fond serait remise en cause en cas de franchissement de 7,65 €.

Matthieu DRIOL

Short term view - X-FAB : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €4.29, then €4.05. Passing €7.65 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - X-FAB : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 4,29 €, puis 4,05 €. Le franchissement de 7,65 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Analyse moyen terme - X-FAB : La tendance est haussière.

La tendance est haussière. La baisse récente gagne en vigueur. Le prochain support est à 4,61 €. La tendance serait remise en cause par la rupture de 3,11 €.

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