Infineon Technologies AG Equity Research & Stock Reports

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16 Nov 23

H2-24 recovery outlook offsets weak Q1-24 guidance

Infineon published Q4 figures in line with the consensus and our expectations. The company guided for a weak Q1 24 with €3.8bn in revenues (~8% qoq decline) with the segment margin guided at 22%. However, the FY24 guidance was in line with the market’s expectations, with the ATV segment expected to prove more resilient than had been expected. We will slightly reduce our FY24 estimates but remain confident in the company’s long-term profile.

Companies: Infineon Technologies AG

AlphaValue

03 Aug 23

Q3 23: declining ATV margin worries the market

After two quarters of consensus beats and upgraded guidance, Infineon published its Q3 figures in-line with consensus and re-iterated its FY23 guidance. Revenue stood at €4,089m, and the operating margin at 26.1%. Like its peers, Infineon benefitted from robust automotive and industrial end-markets, partially offset by weakness in the consumer applications end market. For Q4, the company has guided for flat revenues qoq and a segment operating margin of 25% (-110bps qoq and -80bps vs consensus)

Companies: Infineon Technologies AG

AlphaValue

04 May 23

Q1 23: consensus-beating performance accompanied by FY guidance upgrade

Infineon published its Q2 figures which beat market consensus. The performance was supported by the good performances in ATV and GIP (previously: IPC). PSS and CSS continued to remain weak as expected by the company. Infineon has given nearly a flat revenue guidance for Q3, but with a lower margin due to the absence of tailwinds as observed in Q2. For the full year, it has upgraded its guidance even though it does not see much improvement in the PSS and CSS segments.

Companies: Infineon Technologies AG

AlphaValue

15 Nov 22

Q4-22: Perfect cocktail of exposure leads to a strong outlook

Infineon performed strongly in its final quarter. The forward guidance was significantly improved, in terms of both the growth prospects but especially profitability. Auto, Industry and renewable energies will continue to be the main growth drivers. Infineon also announced an increase in Capex mainly due to the construction of another fab in Dresden worth €5bn. The punchy guidance combined with the positive signals on slowing rate hikes should propel Infineon shares towards a more appropriate le

Companies: Infineon Technologies AG

AlphaValue

05 Oct 22

Automotive semiconductors, as bullish as can be

Infineon held a conference yesterday to discuss the long term outlook for Automotive and new applications. The growth drivers are not new: electrification, ADAS, premium, automation and other gadgets will continue to drive semiconductor content growth over the coming decade. However, this conference reminded investors of the growth potential to which Infineon is exposed.

Companies: Infineon Technologies AG

AlphaValue

03 Aug 22

Q3-22: Infineon does it again

A strong past, a strong present and a strong future performance. Infineon is surfing on the Auto secular trend that it announced during its last CMD. Even the business divisions exposed to consumer electronics performed better than expected. The strong beat was followed by an upward revision of its guidance on sales, profitability and FCF generation. This is the third quarter in a row with an upwards revision to guidance; simply stunning.

Companies: Infineon Technologies AG

AlphaValue

10 May 22

Q2 22: despite FY22 guidance increase, fear for future margins dominates

Infineon has produced a solid set of results, with a beat in all metrics and guidance raised for its full year. It also released guidance for the next quarter, which has frightened the market due to the sequential decline expected in margins. Though the demand for its chips remains far above its production capacity, the macro-economic environment’s pressure on profitability has given a reason for the market to sanction this growth stock.

Companies: Infineon Technologies AG

AlphaValue

04 Feb 22

Q1 22: guidance adjusted upwards

As expected after STM’s and NXP’s strong results, Infineon has published impressive figures and has upgraded its guidance. Driven by electrification and digitalisation, Infineon has performed better than consensus in all end markets but IPC. Demand remains far above its production capacities. This quarter also marks the end of Reinhard Ploss as Infineon’s CEO.

Companies: Infineon Technologies AG

AlphaValue

10 Nov 21

Q4 21: a record quarter to announce more coming

Infineon finished the year with a record quarter, with a consensus beat in both sales and margins. The profitability level is at its peak, and the trend is expected to carry on at least until FY23 as customers are recognising more and more the value in semis. The guidance for FY22 promises another solid year ahead.

Companies: Infineon Technologies AG

AlphaValue

07 Oct 21

Growth ahead

At its capital markets day, Infineon confirmed that both the market and its positioning were well orientated to provide long-term growth. Indeed, through Automotive, Green Energy and Industry, Infineon has the portfolio of products to answer customers’ increasing needs.

Companies: Infineon Technologies AG

AlphaValue

03 Aug 21

Q3 21: Austin now Malacca, supply stays under pressure

Infineon published its Q3 21 results which stood slightly below consensus. The tight supply environment is still currently weighing on revenues, especially due to factory shutdowns in Malacca, in Malaysia, because of COVID-19. Demand remains very strong in all end markets and the good margins partially offset the decline in sales.

Companies: Infineon Technologies AG

AlphaValue

04 May 21

Q2 21: good results hidden by shortage fear

Infineon released very convincing results, with growth in most applications, especially Automotive. The huge increase in the book to bill is witness that the tightness in supply is still very real. However, the market fears for “bottlenecks” in the foundries’ supply.

Companies: Infineon Technologies AG

AlphaValue

04 Feb 21

Q1 21: better to focus on the FY21 guidance

Infineon released its Q1 21 figures, which were roughly in line with expectations, but this was offset by the rather soft Q2 21 guidance. Yet, the demand environment remains robust for Infineon’s products, and is expected to last throughout 2021. We see a profitability improvement throughout the year as the fab utilisation should remain strong.

Companies: Infineon Technologies AG

AlphaValue

09 Nov 20

Q4 20: sharp automotive rebound, cautious 2021 guidance

Overall, the release was in line with estimates, helped by the rebound in automotive markets and better sales in the consumer markets. The Q1 outlook was better than anticipated while FY21’s one was very cautious. We, therefore, believe there is room for improvement. Nevertheless, we see little upwards pressure in the short term given the already demanding valuation of the stock.

Companies: IFX 1IFX IFX IFNNF IFXEUR IFXN IFX INFINEON

AlphaValue

04 Aug 20

Q3 20: slight beat on consensus and solid Q4 guidance

Infineon released its Q3 figures which included Cypress for the first time, the earnings of which have been allocated to ATV, PSS and CSS. Overall, Q3 sales beat consensus expectations while there was a slight disappointment at the profitability level, hampered by both pandemic and Cypress-related costs. Going forward, Infineon anticipates solid growth for Q4, driven by the early signs of stabilisation as well as a one-off effect due to consolidation.

Companies: Infineon Technologies AG

AlphaValue