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

Alfred Glaser ...
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Martial Descoutures
  • Matthias Desmarais
  • Oussema Denguir
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/04/2019

...

Emmanuel Matot ...
  • Fehmi Ben Naamane
  • Jean-François Granjon
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 11/04/2019

...

Emmanuel Matot ...
  • Fehmi Ben Naamane
  • Jean-François Granjon
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 04/11/2019

...

Alfred Glaser ...
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Martial Descoutures
  • Matthias Desmarais
  • Oussema Denguir
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/11/2019

...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Worldwide sales for September 2019: The memory segment remains weak, but the market (excl. memory) continues to improve

>Worldwide sales for September were lower than we expected, but the market is nonetheless improving at -14.4% y-o-y vs -15.6% in August - Worldwide semiconductor sales for September 2019 were reported at the weekend by WSTS (World Semiconductor Trade Statistics), as usual with a month's lag. On a three-month moving average, sales came to $ 35.6bn, short of our $ 36.7bn forecast. This nonetheless marks an improvement compared to August as the year-on-year trend was -14...

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 : Worldwide sales for September 2019: The memory segment remains weak, but the market (excl. memory) continues to improve

>Worldwide sales for September were lower than we expected, but the market is nonetheless improving at -14.4% y-o-y vs -15.6% in August - Worldwide semiconductor sales for September 2019 were reported at the weekend by WSTS (World Semiconductor Trade Statistics), as usual with a month's lag. On a three-month moving average, sales came to $ 35.6bn, short of our $ 36.7bn forecast. This nonetheless marks an improvement compared to August as the year-on-year trend was -14...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Ventes mondiales de septembre 2019 : Les mémoires restent faibles, mais l’amélioration du marché (hors mémoire) continue

>Ventes mondiales de septembre inférieures à notre prévision, mais néanmoins en amélioration à -14,4% yoy vs -15.6% en août - Les ventes mondiales de semi-conducteurs de septembre 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 35,6 Md$, inférieures à notre prévision de 36,7 Md$. Il s’agit néanmoins d'une amélioration ...

Emmanuel Matot

Soitec : Buy recommendation, factoring in SOI, among other things

Factoring in management’s new roadmap (further buoyant growth in SOI wafers, ambitions to expand the substrate portfolio, major challenges around 5G, etc.), we are sticking to our Buy recommendation on the stock and raising our target price to € 120. - - >More SOI penetration, a drive to add substrates, big 5G challenges - Business opportunities are on the rise for Soitec. Management, whom we recently met in Grenoble (CEO + Director of Industrial Operations + new CFO ...

Emmanuel Matot

Soitec : Achat pour le SOI mais pas seulement

Saluant la nouvelle feuille de route des dirigeants (poursuite d’une croissance soutenue du SOI, ambitions affichées pour d’autres substrats, importants enjeux avec la 5G…), nous réitérons notre recommandation Achat (objectif relevé à 120 €). - - >Poursuite de la pénétration du SOI et ambitions affichées pour de nouveaux substrats – Enorme enjeu avec la 5G - Les opportunités de business se multiplient pour Soitec. Les dirigeants, que nous venons de rencontrer à Grenoble...

Emmanuel Matot

Soitec : Q2 catches up on Q1 as expected

>No surprises on interim sales vs our expectations – Brisk momentum of RF-SOI wafers driven by 4G and 5G - Soitec yesterday evening reported its Q2 sales. They came in at € 139m, a level in line with our forecasts (€ 140m) and reflecting organic growth of +40% (driven especially by RF-SOI wafers dedicated to the still dynamic 4G market and the rollout of 5G).As predicted, organic growth in Q2 made up the lag of Q1 (+20%), enabling H1 to align perfectly with full-...

1 director sold

A director at Soitec sold 196,597 shares at 91.000EUR and the significance rating of the trade was 100/100. 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 membe...

Alfred Glaser ...
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Martial Descoutures
  • Matthias Desmarais
  • Oussema Denguir
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/04/2019

...

Emmanuel Matot ...
  • Fehmi Ben Naamane
  • Jean-François Granjon
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 11/04/2019

...

Emmanuel Matot ...
  • Fehmi Ben Naamane
  • Jean-François Granjon
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 04/11/2019

...

Alfred Glaser ...
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Martial Descoutures
  • Matthias Desmarais
  • Oussema Denguir
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/11/2019

...

Christophe Chaput ...
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Nicolas Thorez
  • Oussema Denguir
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 10/16/2019

...

Despite a better risk assessment and improving to Neutral, SOITEC remains under pressure

SOITEC (FR), a company active in the Semiconductors industry, improves its market behaviour and slightly increases its general evaluation. The independent financial analyst theScreener just upgraded the stock market behaviour as moderately risky. At a fundamental level, theScreener confirms 1 out of 4 possible stars; the general evaluation is slightly increased to Neutral but the title remains under pressure. As of the analysis date September 27, 2019, the closing price was EUR 91.10 and its target price was estimated at EUR 72.42.

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.

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