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Research Tree provides access to ongoing research coverage, media content and regulatory news on INFINEON TECHNOLOGIES AG. We currently have 7 research reports from 1 professional analysts.
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INFINEON TECHNOLOGIES AG
INFINEON TECHNOLOGIES AG
Automotive stronger than ever
02 Feb 17
Infineon reported Q1 17 revenues of €1,642m, down 2% sequentially and up 5.5% yoy. Automotive and Industrial Power Control were up yoy (€705m, +14.8 and €265m, +6%), Chip Card & Security flat (€174m, +0.6%) and Power Management & Multimarket down (€497m, -2.5%). The gross margin reached 36.1%, down 20bp sequentially and up 20bp yoy. The Segment result margin reached 15%, down 170bp sequentially and up 90bp yoy. All business lines witnessed a decrease in their profitability compared to the previous quarter, with CSS remaining the best performing at 16.7% and the worse IPC at 9.1%. The operating margin reached 11.2%, while the net result came in at €161m. The guidance for Q2 17 is for a sequential increase of 5%, with a Segment result margin of 15%. For FY 2017, management has confirmed its guidance and is expecting an increase of 6% +/-2%, while the Segment result margin is expected to reach 16%.
Mixed release, soft top-line guidance but upgraded margins, long-term story unchanged
23 Nov 16
Infineon reported Q4 revenues of €1,675m, up 2.6% sequentially and 4.8% yoy. Automotive and Industrial Power Control were up yoy (€690m, +1.4% and €279m, +3%), Power Management & Multimarket flat (€535m, +0.2%) and Chip Card & Security down (€173m, -4.4%). The gross margin reached 36.2%, down 30bp sequentially and 270bp yoy. The Segment Result margin reached 16.7%, up 110bp sequentially but down 120bp yoy. All business lines witnessed an increase in their profitability compared to the previous quarter, with the exception of IPC, which was down to 12.9% from 15%. The operating margin reached 13.7%, while the net result came in at €225m. The guidance for Q1 17 is for a sequential decrease of 4% (+/-2%), with a Segment Result margin of 14%. The guidance for FY17 is 6% (/-2%) for the top-line, with a Segment Result margin of about 16%. The long-term profitability margin was raised from 15% to 17%. The dividend was increased by 10% to €0.22 per share.
Slight disappointment in revenues due to consumer, auto remains strong
02 Aug 16
Infineon reported Q3 revenues of €1,632m, up 1.3% sequentially and 2.9% yoy. All segments increased compared to the previous quarter, with the exception of Chip Card & Security, which was down 4.4% sequentially at €172m but flat yoy. The strongest sequential increase came from Industrial (€280m, +5.7%) while yoy it is Automotive (€676m, +8.9%). Power Management & Multimarkets showed a sequential increase (+2.6%) but a yoy decrease (-1.5%). The gross margin reached 36.6%, up 150bp sequentially and 180bp yoy. The Segment Result margin reached 15.6%, up 140bp sequentially and 20bp yoy. All business lines witnessed an increase in their profitability compared to the previous quarter, with the exception of CSS, down to 18.6% from 20%. The biggest mover was IPC, up 520bp sequentially at 15%. The operating margin reached 11.8%, while the net result came in at €186m. The guidance for Q4 16 is for a sequential increase of 3% (+/-2%), with a Segment Result margin of 17%, therefore validating the previously announced guidance for FY 2016 (revenues increase of 12% +/-2%, Segment Result margin of about 16%).
Guidance slightly downgraded but positive developments
03 May 16
Infineon reported Q4 revenues of €1,611m, up 3.5% sequentially and 8.6% yoy. Growth was the strongest in Automotive (€670m, +12% yoy) and Industrial Power Control (€265m, +10%), while Power Management & Multimarket was down sequentially (€496m, -2.7% sequentially but +6.9% yoy) and Chip Card & Security slightly down yoy (€180m, -1.1%). The gross margin reached 35.1%, down 90bp sequentially. The Segment Result margin reached 14.2%, flat sequentially and up 80bp yoy. Automotive and IPC witnessed an increase in their profitability compared to the previous quarter, CSS was flat and PMM decreased by 60bp to 14.9%. The operating margin reached 10.8%, also flat sequentially, while the net result came in at €180m. The guidance for Q2 16 is for a sequential increase of 2%, with a Segment Result margin of 16%. For FY 2016, management has slightly downgraded its guidance due to a change in the EUR/USD exchange rate (from 1.10 to 1.15) and is expecting an increase of 12% +/-2% (vs. 13% previously), while the Segment Result margin is now expected around 15-16% (vs. 16% previously).
A quarter with no surprise, FY guidance confirmed
02 Feb 16
Infineon reported Q4 revenues of €1,556m, down 2.6% sequentially. Every segment decreased compared to the previous quarter, with the exception of Automotive, which is flat. The strongest dip came from Industrial Power Control, down 8.1% sequentially, while Chip Card & Security displayed a strong yoy organic growth (+31.1%) in line with the previous quarters. The gross margin reached 35.9%, down 310bp sequentially. The Segment Result margin reached 14.1%, down 380bp sequentially and 90bp yoy. All business lines witnessed a decrease in their profitability compared to the previous quarter, CSS performing the best at 20.1% while IPC slowed down to 9.2%. The operating margin reached 10.7%, while the net result came in at €152m. The guidance for Q2 16 is for a sequential increase of 3%, with a Segment Result margin of 13%. For FY 2016, management has confirmed its guidance and is expecting an increase of 13% +/-2%, while the Segment Result margin is expected to reach 16%.
Strong release, boosted by the completion of the integration of Internatinal Rectifier
26 Nov 15
Infineon reported Q4 revenues of €1,598m, up 0.8% sequentially. Every segment grew compared to the previous quarter, with the exception of Automotive, which is down 1.1%. The strongest growth came from Chip Cards & Security, up 5.2% sequentially and 27.5% yoy organically; Power Management grew by 3.3%, while Industrial Power Control was roughly flat (+0.7%). The gross margin reached 39%, corresponding to a 420bp sequential increase. The Segment Result margin reached 17.9%, up 250bp sequentially and 190bp yoy. Once again all business lines improved their profitability compared to the previous quarter, PMM being on top at 22.1% while Automotive and IPC reached 15.1%. The operating margin reached 12.7%, while the net result reached €325m, vs. €109m in the previous quarter. The guidance for Q1 16 is for a sequential decrease of 6%, with a Segment Result margin of 14%. For FY 2016, management is expecting an increase of 13% +/-2%, while the Segment Result margin is expected to reach 16%.
N+1 Singer - NCC Group - Further issues in Assurance
22 Feb 17
NCC released a trading update yesterday afternoon highlighting further issues in its Assurance division. Sales growth has been lower than expected in all regions, resulting in a significant reduction in full year expectations. We have reduced our EPS forecasts by 25% in FY’17 and 22%/25% in FY’18/’19 respectively. Escrow continues to perform in line with expectations. In response to these issues the Board has announced a strategic review into all of the Assurance businesses. The results of the strategic review are expected to be announced at the FY results in July. With an extended period of uncertainty on the horizon we believe it will be hard for investors to gain confidence in NCC in the short term. That said we see fundamental value in the stock. Escrow is unaffected by this warning and remains an extremely high quality business, which we value at £353m in our SOTP. At the current share price this leaves Assurance valued at c.5x cal’17 EBITDA. While this appears to be an attractive multiple for a rare cybersecurity asset, we would like further clarity on the underlying nature of the current issues, hence our Hold recommendation. Our 138p target price assumes a 12x EBITDA multiple for Assurance but we apply a 20% discount to the group to account for the current uncertainty.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
N+1 Singer - PROACTIS Holdings - H1 in line
20 Feb 17
A positive interim trading update confirms that H1 results are in line with expectations, with revenues up 36% to c£11.8m on the back of strong organic growth (13%) and an in-line contribution from acquisitions. We make no changes to our forecasts, recommendation and target price pending the release of interim results on 26 April.