AMS provides advanced sensor and analog solutions for high value and emerging markets. Co.'s markets include Consumer and Communications and Industrial, Medical, Automotive. Co. delivers a broad range of innovative technology solutions for consumer electronics and communication device manufacturers including intelligent light sensors, MEMS microphone ICs, NFC solutions, active noise-cancelling ICs and ultra-low power management solutions. Co. offers customized, application-specific integrated circuits and standard solutions for a broad range of industrial applications including automation and control, position sensors, building automation, security and high-resolution seismic analysis.
  • TickerAMS
  • ISINAT0000A18XM4
  • ExchangeSix Swiss Exchange
  • SectorTechnology Hardware & Equipment
  • CountryAustria

Analysts

Antoine Boivin-Champeaux ...
  • Florent Laroche-Joubert
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 06/11/2019

Following our ODDO BHF Nextcap Forum, 44 French and German companies met close to 100 investors in Paris. In the complex small caps market (outflows, limited liquidity, persistently high valuations) and in a more uncertain macroeconomic environment, selectivity is paramount and a number of opportunities are taking shape. We compile 35 feedback articles in the present document, which give rise to six target price revisions: i/ three upward (Esker, ECA, Groupe Gorge), and ii/ three down...

Stephane Houri

AMS AG : Feedback from road show - current share price is a good opportunity

>Buy recommendation reiterated and target price of CHF 55 after road show. Current share price offers attractive window of opportunity - We organised a road show in Paris with Moritz Gmeiner, Head of IR at ams. We confirm our Buy recommendation with a target price of CHF 55 (WACC of 9%, long-term operating margin of 15%). We looked at the main factors behind the stock's performance: 1/ the consequences of the Huawei affair; 2/ the relationship with Apple; 3/ trends in...

Stephane Houri

AMS AG : Feedback de roadshow - Le cours actuel offre une belle opportunité

>Opinion Achat réitérée OC 55 CHF après une journée de RS. Le cours actuel offre une fenêtre de tir attractive - Nous avons organisé une journée de roadshow à Paris avec Moritz Gmeiner, Head of IR d’ams. Nous confirmons notre opinion Achat, avec un OC de 55 CHF (CMPC de 9%, MOP LT de 15%). Nous avons abordé les principaux sujets qui expliquent la performance boursière du titre : 1/ les conséquences de l’affaire Huawei, 2/ la relation avec Apple, 3/ l’évolution de la d...

Antoine Boivin-Champeaux ...
  • Florent Laroche-Joubert
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 11/06/2019

A l’issue de notre conférence ODDO BHF Nextcap, 44 sociétés françaises et allemandes ont rencontré près de 100 investisseurs à Paris. Dans un marché des Small caps complexe (décollecte, liquidité limitée, valorisations encore élevées) et dans un environnement macroéconomique plus incertain, la sélectivité est primordiale et quelques opportunités se dessinent. Nous compilons dans ce document 35 feedbacks, qui donnent lieu à 6 révisions d’objectifs de cours : i/ 3 à la hausse (Esker, EC...

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

...

Stephane Houri

AMS AG : Feedback from road show - current share price is a good opportunity

>Buy recommendation reiterated and target price of CHF 55 after road show. Current share price offers attractive window of opportunity - We organised a road show in Paris with Moritz Gmeiner, Head of IR at ams. We confirm our Buy recommendation with a target price of CHF 55 (WACC of 9%, long-term operating margin of 15%). We looked at the main factors behind the stock's performance: 1/ the consequences of the Huawei affair; 2/ the relationship with Apple; 3/ trends in...

Stephane Houri

AMS AG : Feedback de roadshow - Le cours actuel offre une belle opportunité

>Opinion Achat réitérée OC 55 CHF après une journée de RS. Le cours actuel offre une fenêtre de tir attractive - Nous avons organisé une journée de roadshow à Paris avec Moritz Gmeiner, Head of IR d’ams. Nous confirmons notre opinion Achat, avec un OC de 55 CHF (CMPC de 9%, MOP LT de 15%). Nous avons abordé les principaux sujets qui expliquent la performance boursière du titre : 1/ les conséquences de l’affaire Huawei, 2/ la relation avec Apple, 3/ l’évolution de la d...

Stephane Houri ...
  • Veysel Taze

ODDO : April very close to our expectations, too soon to gauge the impact of the stepping up of the trade war on H2

>Decline of 14.6% in sales y-o-y in April (vs -13% in March) and of 5.9% excluding memories, very close to our estimates - Worldwide semiconductor sales for April 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 April came to $ 32.1bn, ahead of our forecast of $ 31.7bn. This represents a -14.6% decline on a full-year basis, after -13% in March. We had been forecas...

Stephane Houri ...
  • Veysel Taze

ODDO : Avril très proche de nos attentes, trop tôt pour évaluer l’impact de l’intensification de la guerre commerciale sur la pente du S2

>Baisse des ventes yoy de 14,6% en avril (vs -13% en mars) et de 5,9% hors mémoires, très proche de nos attentes - Les ventes mondiales de semi-conducteurs d’avril 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 32,1 Md$, au-dessus de notre prévision de 31.7 Md$. Il s’agit d’une baisse en données annuelles de -14,6%, a...

Stephane Houri ...
  • Veysel Taze

ODDO : For Huawei, the threat from ARM is much more serious than Google stopping its support

>BBC reveals ARM is halting all contacts with Huawei - The BBC yesterday revealed that the processor designer ARM had requested its empoyees halt all active contracts, technical assistance and ongoing commitments with Huawei. See BBC article. But the company is a UK-based subsidiary of the Japanese group SoftBank, which acquired ARM in 2016. In theory, then, the company should be not be affected by the US decision. However, in its internal memo, ARM states that the ar...

Antoine Boivin-Champeaux ...
  • Florent Laroche-Joubert
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 06/11/2019

Following our ODDO BHF Nextcap Forum, 44 French and German companies met close to 100 investors in Paris. In the complex small caps market (outflows, limited liquidity, persistently high valuations) and in a more uncertain macroeconomic environment, selectivity is paramount and a number of opportunities are taking shape. We compile 35 feedback articles in the present document, which give rise to six target price revisions: i/ three upward (Esker, ECA, Groupe Gorge), and ii/ three down...

Antoine Boivin-Champeaux ...
  • Florent Laroche-Joubert
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 11/06/2019

A l’issue de notre conférence ODDO BHF Nextcap, 44 sociétés françaises et allemandes ont rencontré près de 100 investisseurs à Paris. Dans un marché des Small caps complexe (décollecte, liquidité limitée, valorisations encore élevées) et dans un environnement macroéconomique plus incertain, la sélectivité est primordiale et quelques opportunités se dessinent. Nous compilons dans ce document 35 feedbacks, qui donnent lieu à 6 révisions d’objectifs de cours : i/ 3 à la hausse (Esker, EC...

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

...

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

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/06/2019 L’enquête EXTEL* 2019 vient de désigner ODDO BHF « 1er broker sur les actions françaises » pour la 4ème année consécutive. Elle classe aussi ODDO BHF « 5ème broker sur les actions allema

...

Alain William ...
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/23/2019

...

AMS AG sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of AMS AG (CH), active in the Semiconductors industry. As regards its fundamental valuation, the title now shows 3 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date May 24, 2019, the closing price was CHF 35.88 and its target price was estimated at CHF 23.45.

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