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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%.
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.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
Panmure Morning Note 18-01-2017
18 Jan 17
Blancco technology, a leading provider of data erasure solutions and mobile device diagnostics, has announced that its underlying profits are ahead of expectations. Organic sales growth remains strong, the group continues to win larger ticket orders and the mobile diagnostics is performing ahead of plan. Consequently, we are raising our FY17 PBT forecast from £8.0m to £8.3m.
N+1 Singer - NCC Group - Interims confirm underlying business sound
19 Jan 17
NCC’s interim results were largely flagged in the detailed trading update released in December. Group revenue increased 35% to £125.8 (organic growth +18%) and adj. EBITDA grew 15% to £21.3m. The group’s issues relating to contract losses/deferrals in the period were previously announced and are already included in our forecasts. The group has maintained its interim dividend at 1.5p, which we believe is an indication of the strong underlying business. Separately, NCC has announced that Paul Mitchell intends to step down as chairman in May ’17. We continue to believe that NCC remains a highly attractive asset in an area seeing strong structural growth and see the current share price weakness as an opportunity. We retain our Buy recommendation and 233p target price.
33% upgrade to January 2017 PBT
09 Jan 17
Redstone has released a trading update stating it ‘expects to report EBITDA at the upper end of market expectations’. This implies EBITDA of £1.8m which is above our current estimate of £1.5m. Accordingly, we are upgrading our PBT forecast for the year ending January 2017 by 33% to £1.2m from £0.9m. We reiterate our buy recommendation with a 2.2p price target implying 69% upside.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher