Technology equity research

Explore the most viewed and latest equity research and media content for companies within the Technology sector. Stocks in this sector focus on IT Services, Web Development, Software Development, and IT hardware.


Technology equity research

Stocks in this sector focus on IT Services, Web Development, Software Development, and IT hardware.



Latest Content

Infineon Technologies

Beating consensus is no longer enough

Q4 FY18 revenues were up 5.5% qoq to €2,047m, above our expectations and above consensus (range €2bn to €2.04bn). This brings FY18 revenues to €7,599m, up 7.6% yoy, beating again consensus and our expectations (around +7%). The Q4 Segment Result was up 25% qoq to €400m, above both the consensus and our expectations. The FY18 Segment Result was up 38% to €1,353m, however, this is slightly below consensus (€1.393bn) and our expectations (€1,427m). The company recorded a €159m provision related to the Qimonda case, bringing the whole provision for this matter to €180m in the balance sheet. As a result, the Q4 net result ended-up at €141m, down from €271m in the previous quarter. The FY18 net result was €1,075m up from €790m last year. Q4 adjusted EPS was €0.28, slightly above the estimate of €0.27 (range €0.22-0.30), which brought the FY18 adjusted EPS to €0.98. On the back of this good set of results, the company proposed increasing its dividend to €0.27/share (we expected €0.28). Going forward, Infineon sees its Q1 19 revenues declining 4% qoq due to seasonal effects, implying €1,956m of revenues, which comes slightly above our expectations (€1,931m). The Q1 Segment Result’s margin should reach 17.5% at mid-point of the PY, based on a EUR/USD FX rate of 1.15. For FY19, the company sees revenue to grow 11% (+/- 2pts) and the Segment Result’s margin to reach 18% at the mid-point of the FY (vs 17.6% for consensus).

  • 12 Nov 18
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