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

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 ...
  • Laurence Hofmann
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 10/07/2019

...

Emmanuel Matot ...
  • Laurence Hofmann
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 07/10/2019

...

Stephane Houri

AMS AG : A higher bid for OSRAM is very likely following ams’ unsuccessful offer

>ams fails to get to 62.5% threshold - ams announced on Friday that it had received only 51.6% of shareholder approvals for its offer for OSRAM. This is below the minimum threshold of 62.5% set. The group said it owns 19.99% of OSRAM as a result of the purchases made prior to the expiry of the offer. The group initially made an offer at € 38.5, ahead of the bid from Carlyle and Bain at € 35, before subsequently raising it to € 41. The group said it still considers 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

...

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

The independent financial analyst theScreener just awarded an improved star rating to AMS AG (CH), 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 September 13, 2019, the closing price was CHF 48.18 and its expected value was estimated at CHF 41.46.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Not too bullish, not too bearish Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical resistance, and indicators continue to send mixed signals. As a result we are hesitant to get too bullish or bearish. Instead we want to focus on Sector/Group/industry themes where we bottoming price and RS, or attractive pullback opportunities within established price and RS uptrends. Below we highlight some of these themes along with indicators that support our overall constructive -- yet tempered -- outlook. • Positiv...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Stick with leadership: U.S., EM, and Hong Kong Amid the continued heightened volatility and consolidation, global support levels continue to hold and our long-term bullish outlook remains intact. Stick with outperforming markets: U.S., EM, and Hong Kong. • MSCI ACWI internals remain healthy. The MCSI ACWI price and advance-decline (A-D) line uptrends remain intact. This positive breadth signal helps support our bullish outlook... see below • Hong Kong and EM remain leadership, maintain overweights; Within EAFE, favor small-caps. EM relative strength is advancing to yet another new high vs. ...

Shelley Moen

Vermilion Int'l Compass: Global Equity Strategy

Weekly summary of Vermilion's global technical equity strategy calls, including sector weightings, from both a top down and bottoms up perspective. For a trial to Vermilion Research visit our website at www.vermilioncap.com or contact our sales team at (952) 922-7500.

Vermilion Int'l Compass: Global Equity Strategy

Weekly summary of Vermilion's global technical equity strategy calls, including sector weightings, from both a top down and bottoms up perspective. For a trial to Vermilion Research visit our website at www.vermilioncap.com or contact our sales team at (952) 922-7500.

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