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.
  • TickerIFX
  • ISINDE0006231004
  • SectorTechnology Hardware & Equipment
  • CountryGermany

Analysts

Emira Sagaama ...
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean-François Granjon
  • Matthias Desmarais
  • Nicolas Thorez
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 12/03/2019

Ahead of Compagnie des Alpes’ FY 2018-19 results release on 9 December, we are maintaining our Buy position on the stock and raising our target price to € 35.8 from € 33. After three years of hefty but necessary investment to fuel future growth, the group should now gradually return to more normative capex. This should reassure investors over its capacity to generate FCF again. With the arrival of a new deputy CEO and with a healthy balance sheet, the group could also step up its M&A...

Emmanuel Matot ...
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/03/2019

...

Emira Sagaama ...
  • Emmanuel Matot
  • Jean-François Granjon
  • Matthias Desmarais
  • Nicolas Thorez
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 03/12/2019

En amont de la publication des résultats annuels 2018/19 le 9 décembre, nous réitérons notre opinion Achat avec un OC de 35.8 € (vs 33 €). Après trois années marquées par un rythme d’investissements élevé mais nécessaire pour sa croissance future, Compagnie des Alpes devrait progressivement revenir vers un niveau de Capex plus normatif. Le groupe devrait alors rassurer quant à sa capacité à générer de nouveau du FCF. Avec l’arrivée de son nouveau DG Adjoint et fort d’une situation bil...

Emmanuel Matot ...
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/12/2019

...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Semiconductors sales better than we expected, market virtually flat excluding memory in October – the recovery scenario is materialising

>Worldwide sales in October ahead our expectations at -13.1% (vs -14.6% in September) - Worldwide semiconductor sales for October 2019 have been published by WSTS (World Semiconductor Trade Statistics), with a month’s lag, as usual. On a three-month moving average, they came to $ 36.6bn, beating our $ 35bn forecast. This marks an improvement on September as the year-on-year decline went from -14.6% in September vs -13.1% in October. Sequentially, sales increased by 2...

Emira Sagaama ...
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean-François Granjon
  • Matthias Desmarais
  • Nicolas Thorez
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 12/03/2019

Ahead of Compagnie des Alpes’ FY 2018-19 results release on 9 December, we are maintaining our Buy position on the stock and raising our target price to € 35.8 from € 33. After three years of hefty but necessary investment to fuel future growth, the group should now gradually return to more normative capex. This should reassure investors over its capacity to generate FCF again. With the arrival of a new deputy CEO and with a healthy balance sheet, the group could also step up its M&A...

Emmanuel Matot ...
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/03/2019

...

Emmanuel Matot ...
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/12/2019

...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Semiconductors sales better than we expected, market virtually flat excluding memory in October – the recovery scenario is materialising

>Worldwide sales in October ahead our expectations at -13.1% (vs -14.6% in September) - Worldwide semiconductor sales for October 2019 have been published by WSTS (World Semiconductor Trade Statistics), with a month’s lag, as usual. On a three-month moving average, they came to $ 36.6bn, beating our $ 35bn forecast. This marks an improvement on September as the year-on-year decline went from -14.6% in September vs -13.1% in October. Sequentially, sales increased by 2...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Ventes de semi-conducteurs supérieures à nos attentes, un marché quasi stable hors mémoire en octobre – Le scénario de reprise se matérialise

>Ventes mondiales d’octobre supérieures à notre prévision à -13.1% (vs -14.6% en septembre) - Les ventes mondiales de semi-conducteurs d’octobre 2019 ont été publiées hier soir 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 36.6 Md$, supérieures à notre prévision de 35 Md$. Il s’agit d'une amélioration par rapport au mois de septembre car la baisse e...

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...

Emira Sagaama ...
  • Emmanuel Matot
  • Jean-François Granjon
  • Matthias Desmarais
  • Nicolas Thorez
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 03/12/2019

En amont de la publication des résultats annuels 2018/19 le 9 décembre, nous réitérons notre opinion Achat avec un OC de 35.8 € (vs 33 €). Après trois années marquées par un rythme d’investissements élevé mais nécessaire pour sa croissance future, Compagnie des Alpes devrait progressivement revenir vers un niveau de Capex plus normatif. Le groupe devrait alors rassurer quant à sa capacité à générer de nouveau du FCF. Avec l’arrivée de son nouveau DG Adjoint et fort d’une situation bil...

Alexandre Iatrides ...
  • Charles Lepetitpas
  • François Maury
  • Georges Dieng
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2019

We have downgraded our recommendation to Reduce (vs Neutral) with a target price lowered to € 2.30 (vs € 2.40). Intesa Sanpaolo is still a quality stock thanks to its operating efficiency and robust balance sheet. Yet the main driver of its investment case, the dividend, is increasingly under fire due to the deterioration in the operating environment (interest rates, the Italian economy, etc.) in tandem with regulatory constraints (credit risk in particular). The justification of the ...

Alexandre Iatrides ...
  • Charles Lepetitpas
  • François Maury
  • Georges Dieng
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2019

Nous dégradons le titre à Alléger (vs Neutre) avec un OC ramené à 2.30 € (vs 2.40 €). Si ISP reste une valeur de qualité au sein du secteur pour son efficience opérationnelle et sa robustesse bilancielle, son principal catalyseur d’investissement, le dividende, semble de plus en plus challengé par la détérioration du contexte opérationnel (taux, macro Italie…) couplé aux contraintes réglementaires (risque crédit notamment). La prime dont il bénéficie face au secteur parait de plus en ...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/12/2019

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/11/2019

...

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.

MarketLine Department

Renesas Electronics Corporation - Strategy, SWOT and Corporate Finance Report

Summary Renesas Electronics Corporation - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Renesas Electronics Corporation (Renesas or "the company") develops, designs, manufactures, and markets semiconductors. The company’s product portfolio comprises microcontrollers and microprocessors, power devices, analog ICs,and system-on-chip (SoC) devices. It also offers sa...

MarketLine Department

NXP Semiconductors N.V. - Strategy, SWOT and Corporate Finance Report

Summary NXP Semiconductors N.V. - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights NXP Semiconductors N.V. (NXP or ‘the company’) is global semiconductor company engaged making sensors, microcontrollers and processors, wireless connectively products, interface, and many more. It also offers services including software services, professional engineering services, and...

MarketLine Department

Vishay Intertechnology, Inc. - Strategy, SWOT and Corporate Finance Report

Summary Vishay Intertechnology, Inc. - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Vishay Intertechnology, Inc. (Vishay or "the company") is a manufacturer of passive components and discrete semiconductors. The company offers semiconductors such as metal oxide semiconductor field-effect transistors (MOSFETs), diodes, and optoelectronic components; and passive e...

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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