Melexis N.V.

Melexis designs, develops, tests and markets advanced integrated circuits primarily for the automotive industry. Co. sells its products to a wide customer base in the automotive, medical and industrial markets in Europe, Asia and North America. Co.'s main products are Hall effect ICs, Pressure and Acceleration Sensors, Sensor Interface ICs, Automotive Systems-on-a-Chip, Embedded Microcontrollers, Bus System Chips, Optical and Infrared sensors. In each case the products are primarily developed for automotive applications and designated lead customers with subsequent use in commercial and industrial applications.
  • TickerMELE
  • ISINBE0165385973
  • ExchangeEuronext Brussels
  • SectorTechnology Hardware & Equipment
  • CountryBelgium

Analysts

Alfred Glaser ...
  • Bruno Cavalier
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/06/2020

The rotation towards cyclicals penalised tyre names in H2, but they could return to favour in 2020 thanks to their strengths (lower volume sensitivity, price mix, firm grip on capex, FCF, etc.), attractive valuations and despite persistent volumes weakness (estimates cut by ~3% on avg.). However, a selective approach is called for. We play Michelin vs Continental (Large Caps) and Pirelli vs Nokian (Midcaps). - Cf. sector report published this morning. - ...

Emmanuel Matot ...
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 01/06/2020

The rotation towards cyclicals penalised tyre names in H2, but they could return to favour in 2020 thanks to their strengths (lower volume sensitivity, price mix, firm grip on capex, FCF, etc.), attractive valuations and despite persistent volumes weakness (estimates cut by ~3% on avg.). However, a selective approach is called for. We play Michelin vs Continental (Large Caps) and Pirelli vs Nokian (Midcaps). - Cf. sector report published today. - ...

Emmanuel Matot ...
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 06/01/2020

Après avoir été pénalisés par la rotation vers les cycliques au S2, les pneumaticiens pourraient revenir en grâce en 2020 et profiter de leurs atouts (moindre sensibilité volumes, prix-mix, investissements maîtrisés, FCF…) et d’une valorisation attractive, malgré notre prudence sur les volumes (estim. -3%en moy.). Il faudra cependant rester sélectif. Nous jouons Michelin vs Continental (Large Caps) et Pirelli vs Nokian (Midcaps). - Cf. étude publiée ce jour. - ...

Alfred Glaser ...
  • Bruno Cavalier
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/01/2020

Après avoir été pénalisés par la rotation vers les cycliques au S2, les pneumaticiens pourraient revenir en grâce en 2020 et profiter de leurs atouts (moindre sensibilité volumes, prix-mix, investissements maîtrisés, FCF…) et d’une valorisation attractive, malgré notre prudence sur les volumes (estim. -3%en moy.). Il faudra cependant rester sélectif. Nous jouons Michelin vs Continental (Large Caps) et Pirelli vs Nokian (Midcaps). - Cf. étude publiée ce jour. - ...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Worldwide semiconductor sales in November 2019 - the improvement continues

>Worldwide sales in November perfectly in line with our forecast at -10.8% y-o-y (vs 12.7% in October) - Worldwide semiconductor sales for November 2019 were published last week by WSTS (World Semiconductor Trade Statistics), with a month’s lag, as usual. On a three-month moving average, sales came to $ 36.7bn, in line with our forecast ($ 36.6bn). This represents a further improvement, since the y-o-y contraction has reduced from -12.7% in October (figure corrected b...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Worldwide semiconductor sales in November 2019 - the improvement continues

>Worldwide sales in November perfectly in line with our forecast at -10.8% y-o-y (vs 12.7% in October) - Worldwide semiconductor sales for November 2019 were published last week by WSTS (World Semiconductor Trade Statistics), with a month’s lag, as usual. On a three-month moving average, sales came to $ 36.7bn, in line with our forecast ($ 36.6bn). This represents a further improvement, since the y-o-y contraction has reduced from -12.7% in October (figure corrected b...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Ventes mondiales de semi-conducteurs de novembre 2019 : poursuite de l’amélioration

>Ventes mondiales de novembre exactement en ligne avec notre prévision à -10.8% yoy (vs -12.7% en octobre) - Les ventes mondiales de semi-conducteurs de novembre 2019 ont été publiées la semaine dernière par la WSTS (World Semiconductor Trade Statistics), comme d’habitude avec un mois de décalage. En données lissées (MM3 – Moyennes Mobiles 3 mois), elles ressortent à 36.7 Md$, en ligne avec notre prévision (36.6 Md$). Il s’agit de nouveau d'une amélioration, car la ba...

Emmanuel Matot ...
  • Stephane Houri

ODDO : What to expect from CES 2020?

>A more positive climate than this time last year, although the structural framework has never been called into question - Last year, the warning from Apple on 2 January 2019 cast a shadow over the beginning of the Consumer Electronic Show (CES). At the time we were struck by the fact that participants attached little importance to this short-term context and by the overarching idea that the structural growth dynamic in technology was unchanged. This year, CES 2020, w...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Que faut-il attendre du CES 2020 ?

>Un contexte plus positif que l’an dernier au même moment, même si la trame de fonds structurelle n’a jamais été remise en cause - L’an dernier, le début du CES (Consumer Electronic Show) avait été plombé par l’avertissement d’Apple du 2 janvier 2019. Nous avions alors été frappés par le peu d’importance donné par les participants à ce contexte conjoncturel, et par l’idée dominante que la trame de croissance structurelle dans la technologie demeurait inchangée. Cette ...

Emira Sagaama ...
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean-François Granjon
  • Matthias Desmarais
  • Nicolas Thorez
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 12/03/2019

Ahead of Compagnie des Alpes’ FY 2018-19 results release on 9 December, we are maintaining our Buy position on the stock and raising our target price to € 35.8 from € 33. After three years of hefty but necessary investment to fuel future growth, the group should now gradually return to more normative capex. This should reassure investors over its capacity to generate FCF again. With the arrival of a new deputy CEO and with a healthy balance sheet, the group could also step up its M&A...

Alfred Glaser ...
  • Bruno Cavalier
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/06/2020

The rotation towards cyclicals penalised tyre names in H2, but they could return to favour in 2020 thanks to their strengths (lower volume sensitivity, price mix, firm grip on capex, FCF, etc.), attractive valuations and despite persistent volumes weakness (estimates cut by ~3% on avg.). However, a selective approach is called for. We play Michelin vs Continental (Large Caps) and Pirelli vs Nokian (Midcaps). - Cf. sector report published this morning. - ...

Emmanuel Matot ...
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 01/06/2020

The rotation towards cyclicals penalised tyre names in H2, but they could return to favour in 2020 thanks to their strengths (lower volume sensitivity, price mix, firm grip on capex, FCF, etc.), attractive valuations and despite persistent volumes weakness (estimates cut by ~3% on avg.). However, a selective approach is called for. We play Michelin vs Continental (Large Caps) and Pirelli vs Nokian (Midcaps). - Cf. sector report published today. - ...

Emmanuel Matot ...
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 06/01/2020

Après avoir été pénalisés par la rotation vers les cycliques au S2, les pneumaticiens pourraient revenir en grâce en 2020 et profiter de leurs atouts (moindre sensibilité volumes, prix-mix, investissements maîtrisés, FCF…) et d’une valorisation attractive, malgré notre prudence sur les volumes (estim. -3%en moy.). Il faudra cependant rester sélectif. Nous jouons Michelin vs Continental (Large Caps) et Pirelli vs Nokian (Midcaps). - Cf. étude publiée ce jour. - ...

Alfred Glaser ...
  • Bruno Cavalier
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/01/2020

Après avoir été pénalisés par la rotation vers les cycliques au S2, les pneumaticiens pourraient revenir en grâce en 2020 et profiter de leurs atouts (moindre sensibilité volumes, prix-mix, investissements maîtrisés, FCF…) et d’une valorisation attractive, malgré notre prudence sur les volumes (estim. -3%en moy.). Il faudra cependant rester sélectif. Nous jouons Michelin vs Continental (Large Caps) et Pirelli vs Nokian (Midcaps). - Cf. étude publiée ce jour. - ...

Emira Sagaama ...
  • Emmanuel Matot
  • Jean-François Granjon
  • Matthias Desmarais
  • Nicolas Thorez
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 03/12/2019

En amont de la publication des résultats annuels 2018/19 le 9 décembre, nous réitérons notre opinion Achat avec un OC de 35.8 € (vs 33 €). Après trois années marquées par un rythme d’investissements élevé mais nécessaire pour sa croissance future, Compagnie des Alpes devrait progressivement revenir vers un niveau de Capex plus normatif. Le groupe devrait alors rassurer quant à sa capacité à générer de nouveau du FCF. Avec l’arrivée de son nouveau DG Adjoint et fort d’une situation bil...

Thanks to a better fundamental star rating, MELEXIS NV sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to MELEXIS NV (BE), active in the Semiconductors industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date September 27, 2019, the closing price was EUR 64.50 and its expected value was estimated at EUR 62.73.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Dave Nicoski ...
  • John Betz

Int'l Insights: Bullish Stocks

Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). So, within EAFE, where would we want to be invested? Our answer: outperforming SMID-caps, as displayed via the 10-year chart (attached). We expect this outperformance to continue; stick with this trend. In today's report we use a bottom-up approach to highlight actionable charts, sorted by market cap (all buys at current levels). Charts highlighted: NMC-GB, ASC-GB, TEMN-CH, EVR-GB, DIM-FR, WCH-DE, KRX-IE, POM-FR, BCVN-CH, WLN-FR, JE-GB, RUI-FR, LOGI-US, 4004-JP, HLMA-GB, ASRNL-NL,...

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