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

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...

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.

Antoine Boivin-Champeaux ...
  • Aurelien Sivignon
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Hela Zarrouk
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 04/18/2019

...

Antoine Boivin-Champeaux ...
  • Aurelien Sivignon
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Hela Zarrouk
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 18/04/2019

...

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 €...

Soitec : Un investment-case qui a « payé » et un portage qui n’est pas inintéressant

Dans un Focus Crédit publié le 9 juillet 2015, nous avions relevé notre recommandation sur l’obligation convertible 2018 de Soitec de Neutre à Achat « spéculatif ». L’instrument se traitait à ce moment-là à un « cash price » (à la pièce) de 1,70 EUR (soit 66% du pair), ce qui impliquait un rendement à maturité d’environ 25%. - Notre argumentaire d’investissement reposait sur le fait qu’une recapitalisation allait avoir lieu via une augmentation de capital et/ou une restructuration de l’obligation convertible. Cette recapitalisation a bel et bien eu lieu (2 AK d’un montant total net de 145 m EU...

Emmanuel Matot

Soitec : Still excellent

>Pursuit of very sustained sales growth in Q4 – Virtual doubling of 300mm sales - Yesterday evening, Soitec reported its Q4 sales (January-March 2017). They came in at € 140m, a level significantly exceeding our estimates (€ 120m). On an organic basis, growth reached +45% over the quarter (vs +50% in Q3, +31% in Q2 and +41% in Q1) and +42% over the full year (vs target “well above 35%”).The brisk business momentum in Q4 once again comes from sales of 300mm (+95%)...

Emmanuel Matot

Soitec : Toujours excellent – Objectif de cours relevé

>Poursuite d’une croissance très soutenue du CA au T4 – Quasi doublement des ventes 300mm - Soitec a publié hier soir son CA T4 (période janvier-mars). Il ressort à 140 M€, un niveau dépassant sensiblement nos attentes (120 M€). Sur une base organique, la croissance s’établit à +45% sur le trimestre (vs +50% au T3, +31% au T2 et +41% au T1) et +42% sur l’ensemble de l’exercice (vs objectif « bien supérieur à 35% »).La forte dynamique de l’activité au T4 provient ...

Stephane Houri

Capgemini : Feedback from the third ODDO BHF TMT Forum

Our third TMT Forum in Paris and Frankfurt was attended by 21 companies and over 140 investors. We came away from the discussions with a fairly positive sentiment, particularly with the approach of the low point for semiconductors, the improved advertising trend in Q1 2019 and a more aggressive stance from telecoms operators despite the price environment. We are raising our target prices on Worldline (€ 52 to € 68) and Ericsson (SEK 85 to SEK 95). - >Third ODDO BHF TMT For...

Stephane Houri

Capgemini : Feedback du 3ème Forum TMT ODDO BHF

Nous avons organisé notre 3ème Forum TMT à Paris et Francfort avec 21 sociétés et 150 investisseurs. De nos échanges ressort un sentiment plutôt positif, notamment sur l’arrivée du point bas dans les semi-conducteurs, l’amélioration de la tendance publicitaire au T1 19, un ton plutôt offensif des opérateurs télécoms malgré l’environnement de prix. Nous relevons nos OC sur Worldline (52 € à 68 €) et Ericsson (85 SEK à 95 SEK). - >3ème Forum TMT ODDO BHF - Notre 3ème for...

Christophe-Raphaël Ganet

Teleperformance : Changes to our Top Picks List: withdrawal of Interparfums and Vétoquinol

>A pretty good start to our Top Picks List - Since its updating on 21 January, our Oddo Midcap Selected List has gained 9.8% whilst the S&Midcap indices has increased by less than 6% (Mid 60: +5.9% - Cac Mid&Small: +5.1% - Cac Small: +0.6% - 40 sales: 8.2%).In Europe, the S&Midcap indices that we track rose, on average by +4/+5% (Netherlands AMS Small Cap: +5% - Germany MDax: +4.5% - Stoxx Europe 200: +3.9% - Switzerland SMI Mid: +3.9% - FTSE Italia MidCap: +6.8%...

1 director gave away/sold

A director at Soitec gave away/sold 7,716 shares at 0.000EUR 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 names of...

Antoine Boivin-Champeaux ...
  • Aurelien Sivignon
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Hela Zarrouk
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 04/18/2019

...

Antoine Boivin-Champeaux ...
  • Aurelien Sivignon
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Hela Zarrouk
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 18/04/2019

...

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Oussema Denguir
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 03/08/2019 Date Performance since listing Date Performance since listing

Sixt Leasing, an independent player in the German vehicle leasing and fleet management market, stands out for its strong momentum in the online retail and fleet management segments and its capacity to handle the diesel risk effectively. These strengths should pave the way for buoyant growth over the coming years (2018-2021e CAGR of +8% for revenue and 15% for pre-tax profit) and a rerating of the stock (target price € 18.1, i.e. 34% upside). We are initiating coverage of the stock wit...

Alfred Glaser ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Manuel Martin
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/08/2019

An objective examination of the growth drivers of indices (macroeconomic growth expectations, EPS momentum, monetary conditions and the cost of capital) leads us to believe that the momentum observed since the start of the year cannot be maintained in the short term. In short, the market (Stoxx 600) is ahead of its transition times and should enter a fluctuation band that we estimate at between 355 and 384 points. Consequently, the most rational attitude consists in a total or partial...

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Oussema Denguir
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 08/03/2019

Sixt Leasing, acteur indépendant du marché allemand du leasing de véhicules et de gestion de flottes, se distingue par sa forte dynamique sur les segments Online Retail et Fleet Management, ainsi que par sa capacité à gérer efficacement le risque diesel. Ces atouts se traduiront par une croissance soutenue sur les prochaines années (TMVA18-21e CA : +8% ; RCAI : 15%) et par une revalorisation du titre (OC 18.1 €, soit un potentiel de 34%). Nous initions la couverture avec une opinion A...

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...

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

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.

Valérie GASTALDY

Short term view - SOITEC : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €54.50. The background trend would be questioned should prices rise above €71.85.

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