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INFINEON TECHNOLOGIES AG
INFINEON TECHNOLOGIES AG
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%.
Good profitability but a slowdown in the outlook
30 Jul 15
Infineon reported Q3 revenues of €1,586m, corresponding to a 6.9% sequential increase and 42.8% yoy, due to the consolidation of International Rectifier. IPC and PMM displayed a strong sequential growth (+11.6% and +11.4%), the latter almost doubling its revenues yoy (+90.8%) as most of IR’s revenues were allocated there. Automotive displayed lesser growth (+3.8% qoq, 21.7% yoy), but remained the bigger business in size, and CSS decreased sequentially (-5.5%) but grew strongly yoy (+39.8%), totally organically. Operating profit reached €245m, corresponding to a 15.4% margin, up 200bp sequentially and 10bp yoy. All segments improved their profitability compared to the previous quarter, PMM reached 20.3% (up 330bp yoy, despite the consolidation), CSS 19.8% (+220bp sequentially), while Automotive was the lowest at 11.4%. FCF was a positive €220m. Concerning the outlooks for the FY2015, revenues should be in the lower range of the guidance previously stated, with an increase of 34% yoy, while the operating margin guidance is maintained at 15%.
Taking a prudent road
28 Nov 16
As flagged in September, H1 2017 profit is indeed below LY; adj. PBT of £0.5m compares with £1.5m in H1 2016 as Trakm8 invests heavily in new technology and acquisition integration. Management remains confident in another very strong H2 performance and in particular is focused on closing a couple of large high-margin software-related sales which would see the group meeting the original FY 2017 expectations of £5.9m adj. PBT. However, should these fall outside the March year-end, profits are only likely to be in line with last year’s £3.9m, albeit on a growing revenue base. Prudence dictates we assume a worst-case scenario in our forecasts so that surprise is only in the upside – if the deals close in the year, the company will meet those original revenue and profit expectations.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Deal beefs up media & broadcast operations
28 Nov 16
SCISYS is acquiring Germany-based ANNOVA Systems for an estimated deal value of £15.3m. ANNOVA is a leading supplier of software-based editorial solutions to the media sector. It has a track record of generating strong revenue growth and in 2015 won a landmark contract with the BBC, which underpins financial forecasts for 12 years. ANNOVA complements SCISYS’s dira! product offering for radio broadcasters, extends the group’s capabilities into television and creates cross-selling opportunities. The deal significantly boosts earnings, aided by cheap debt financing costs, and is value enhancing on our assumptions. Consequently, we believe the stock continues to look attractive on c 10x our FY17e earnings.
N+1 Singer - Morning Song 29-11-2016
29 Nov 16
Vp has reported another impressive set of interims, confirming strong growth in most markets and a positive outlook. Recent acquisitions are bedding in well and the full year outturn is set to exceed previous expectations (5%/6% EPS upgrades in FY17/FY18). The recent Capital Markets Day provided a reminder of Vp’s qualities (specialist focus, high returns, strong cash generation) and its growth potential, which in our view are not reflected in a modest <11x P/E rating. We firmly believe the shares are due a re-rating and see intrinsic value in excess of 800p.