Soitec S.A.

Soitec is a manufacturer of silicon and integrated circuits. Co. offers products based on Silicon-on-Insulator (SOI), which serves to support the manufacturing of more energy-efficient integrated circuits. Co.'s operations can be divided into three divisions: Electronics, Solar Energy and Lighting. The Electronics division manufactures and sells substrates and components intended for the microelectronics industry; the Solar Energy division manufactures and sells photovoltaic modules, designs and constructs turnkey projects, and operates photovoltaic power plants; and the Lighting division isolates resources to develop materials designed for the production of light emitting diodes.
  • TickerSOI
  • ISINFR0013227113
  • ExchangeEuronext Paris
  • SectorTechnology Hardware & Equipment
  • CountryFrance

Analysts

Emmanuel Matot ...
  • Jean-François Granjon
  • Martial Descoutures
  • Nicolas Thorez
  • Pierre Corby
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 09/11/2019

Mediawan’s share price has returned to a level close to the IPO price. Yet the group has made several shrewd acquisitions, built up its structure and proven capable of generating solid organic growth (+13% in 2018) and high margins (19%). There is increasing demand for content and a number of examples in the sector (Entertainment One and KKR) illustrate that the group's strategy is sound. The group is due to report its H1 2019 figures on 30 September which should confirm the favourabl...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/11/2019

...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/09/2019

...

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...

Tony Lebon

From near-insolvency to zero-coupon convertible bond!

>Reinitiation of coverage of Soitec's credit with a Buy reco. - We adopt a Buy recommendation on the Soitec 2023 OCEANE bond taking into account: i/ an attractive implied credit spread on a spot basis (190 bp), and ii/ a potential increase in the share price of around 15% (based on the TP of our equity analyst).Strengths / Opportunities - Undisputed leader in the SOI thin film wafer market (market share between 65% and 70%).Very favourable o...

Tony Lebon

De la quasi-insolvabilité à la convertible zéro-coupon !

>Ré-initiation du suivi de Soitec côté crédit avec une reco. Achat - Nous adoptons une recommandation Achat sur l’OCEANE Soitec 2023 compte tenu : i/ d’un spread de crédit implicite attractif en spot (190 bp), et ii/ d’un potentiel de hausse d’environ 15% sur l’action (sur la base du TP de notre analyste equity).Forces / Opportunités - Leader incontesté sur le marché des plaques SOI de films fins (part de marché comprise entre 65% et 70%).Pe...

Tony Lebon

Soitec : Reflections on the potential soft call on the OCEANE bonds

Since the beginning of 2017, the Soitec share price has risen by more than 80%, from € 24.40 to around € 54 at present. This performance was primarily attributable to its operating results that tally with management's expectations (whereas prior to the restructuring of its balance sheet, Soitec was better known for its profit warnings…) and a now decent EBITDA margin (16.7% in FY 2016-17). - Against this backdrop of a sharp increase in the share price, the price of the Soitec 2018 OCEANE bond (on which we have been positive since July 2015: "speculative Buy" recommendation initially, adjusted ...

Tony Lebon

Soitec : Réflexions sur le soft call potentiel de l’OCEANE

Depuis le début de l’année 2017, le cours de l’action Soitec a progressé de plus de 80%, passant de 24,40 EUR à environ 54 EUR aujourd’hui. Cette performance s’explique essentiellement par une performance opérationnelle en ligne avec les attentes du management (alors que pré-restructuration bilancielle, Soitec était plutôt connu pour ses « profit warnings »…) avec une marge d’Ebitda désormais honorable (16,7% sur l’année 2016/17). - Sur fond de forte hausse de l’equity, le prix de l’OCEANE 2018 Soitec (sur laquelle nous sommes positifs depuis juillet 2015 : recommandation Achat « Spéculatif » ...

Soitec : An investment-case that has paid off and still an interesting carry

In a Credit Focus published on 9 July 2015, we upgraded our recommendation on the 2018 Soitec convertible bond from Neutral to "Speculative" Buy. At that time, the instrument was trading at a cash price (unit trading) of € 1.70 (66% of par), which implied a yield to maturity of around 25%. - Our investment case was based on the fact that a recapitalisation would take place via a capital increase and/or a restructuring of the convertible bond. This recapitalisation has indeed taken place (two capital increases of a total net amount of € 145m) and the CB is currently trading at a cash price of €...

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...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Keynote d’Apple: pas vraiment de surprises sur le hardware, nouveau push sur les services

>Des annonces de plusieurs produits aux améliorations en apparence relativement limitées, comme attendu - Apple a annoncé hier soir une série de nouveaux produits aux améliorations en apparence relativement limitées : 1/ 3 iphone (le 11, le 11 Pro et le 11 Pro Max), 2/ un iPad d’entrée de gamme avec une dalle légèrement plus grande, le support du stylet et l'apparition du smart connector qui sera disponible le 30/09 à partir de 389 €, 3/ l'Apple Watch passe en Serie 5...

Cecile De Coincy ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Michael Foundoukidis
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/04/2019

...

Cecile De Coincy ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Michael Foundoukidis
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/09/2019

...

Emmanuel Matot ...
  • Stephane Houri

ODDO : What to expect from the launch of the iPhone 11 for European stocks?

>What announcements are expected on 10 September next? - This year again, Apple will probably announce three new iPhone models: the iPhone 11, iPhone 11 Pro, and iPhone 11 Pro Max, which will succeed the iPhone XR, XS and XS Max. These three products are expected to have a broadly similar design to their predecessor, with visible innovations in the camera and invisible (except in terms of performance) innovations in the 3D sensors. Pre-orders could begin from 13 Septe...

1 director bought

A director at Soitec bought 2,000 shares at 93.500EUR and the significance rating of the trade was 70/100. 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 names of board member...

Emmanuel Matot ...
  • Jean-François Granjon
  • Martial Descoutures
  • Nicolas Thorez
  • Pierre Corby
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 09/11/2019

Mediawan’s share price has returned to a level close to the IPO price. Yet the group has made several shrewd acquisitions, built up its structure and proven capable of generating solid organic growth (+13% in 2018) and high margins (19%). There is increasing demand for content and a number of examples in the sector (Entertainment One and KKR) illustrate that the group's strategy is sound. The group is due to report its H1 2019 figures on 30 September which should confirm the favourabl...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/11/2019

...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/09/2019

...

Antoine Boivin-Champeaux ...
  • Charles Lepetitpas
  • Emmanuel Matot
  • Louis Boujard
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 09/04/2019

...

Antoine Boivin-Champeaux ...
  • Charles Lepetitpas
  • Emmanuel Matot
  • Louis Boujard
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 04/09/2019

...

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

The independent financial analyst theScreener just lowered the general evaluation of SOITEC (FR), 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 14, 2019, the closing price was EUR 85.70 and its target price was estimated at EUR 63.83.

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...

Jehanne Leroy

Soitec, 26 Juillet 2019

GOUVERNANCELa société n’est pas contrôlée ; pourtant, son conseil ne présente un taux d’indépendance que de 25% selon Proxinvest (33,33% selon la société). Cette situation est principalement due au pacte d’actionnaires conclu entre la société et ses 3 principaux actionnaires, BPIfrance, NSIG et CEA qui ont chacun 2 sièges au conseil (soit 17% du conseil chacun). Or, ils ne détiennent chacun que 11% du capital. Ils sont donc tous les 3 en surreprésentation. C’est cette surreprésentation et le manque d’indépendance du conseil qui explique que Proxinvest ne soutienne, pour chacun de ces 3 actionn...

Soitec - Assemblée générale des actionnaires du 26 juillet 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Jehanne Leroy

Soitec S.A. - Proxy report 26/07/2018

Proxinvest attire l'attention des actionnaires sur plusieurs points. Tout d'abord sur la composition du conseil d'administration qui compte que trois membres indépendants d'après Proxinvest sur 12, ce qui porte le taux d'indépendance à 25%. ce qui est insufissant. Ensuite Proxinvest remarque et apprécie le fait que les augmentations de capital respectent maintenant les préconisations de Proxinvest en terme de montants et d'utilisation.

Jehanne Leroy

Etude de l'AG du 26/07/2017

La société améliore sa gouvernance puisqu'elle propose de mettre en oeuvre la séparation des fonctions de Président et de Directeur général, qui, jusque là, étaient toutes deux exercées par Paul Boudre. Ainsi, il est proposé de nommer Victoire de Margerie Présidente du groupe. La séparation des fonctions étant l'un des grands principes de bonne gouvernance défendus par Proxinvest, nous soutenons cette proposition, d'autant que Mme de Margerie ne semble pas entretenir de conflit d'intérêts. Cependant, cette amélioration substantielle est entachée par l'absence d'améliorations de la part de la ...

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

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Add exposure to Technology, Communications We view weakness over the past week as correcting a significant amount of the excess optimism that was baked-in to global equities. As a result, we recommend taking advantage of the pullback by adding exposure to our favorite areas - namely Technology. Our overall outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. • Index overviews: MSCI ACWI ex-US, MSCI EM, STOXX Europe 50, and the TOPIX indexes are analyzed from both a price and RS perspective... see page 2...

Valérie GASTALDY

Analyse court terme - SOITEC : La reprise est une consolidation.

La tendance est baissière. La reprise est une consolidation. La baisse risque de reprendre jusqu'à 54,50 €. La tendance de fond serait remise en cause en cas de franchissement de 71,85 €.

Valérie GASTALDY

Short term view - SOITEC : The recovery is a consolidation.

The trend is bearish. The recovery is a consolidation. The fall might resume toward €54.50. The background trend would be questioned should prices rise above €71.85.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch