STMicroelectronics

STMicroelectronics is a global independent semiconductor company that designs, develops, manufactures and markets a broad range of semiconductor integrated circuits (“ICs”) and discrete devices. Co. offers a diversified product portfolio and develops products for a wide range of market applications, including automotive products, computer peripherals, telecommunications systems, consumer products, industrial automation and control systems. Within its diversified portfolio, Co. is focused on developing products that leverage its technological strengths in creating customized, system-level solutions with digital and mixed-signal content.
  • TickerSTM
  • ISINNL0000226223
  • ExchangeEuronext Paris
  • SectorTechnology Hardware & Equipment
  • CountryNetherlands
Emmanuel Matot

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/09/2020

The group has raised its COVID scenario twice, a clear indication that sales and margins are holding up well against the current health crisis. The second half of the year appears to point to stable sales l-f-l and we expect the group to return to more normative growth in 2021. The balance sheet is very healthy and acquisitions can be made. We are raising our rating to Buy from Neutral and lifting our target price to € 177 from € 160. - ...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Stocks

EAFE > EM; Add exposure to Japan Continue to favor EAFE over EM. As long as the U.S. dollar remains elevated, we believe developed international (EAFE) will remain in a leadership position relative to EM (MSCI EM). Below we highlight attractive and actionable themes within developed int'l: • Japan, Switzerland, Australia, Canada. Major Japanese indexes have been underperforming for nearly two years but are making bullish price and RS inflections and exhibit early signs of bottoming. Switzerland, Australia, and Canada are all trading at multi-year highs and are among the most attractive co...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Not too bullish, not too bearish Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical resistance, and indicators continue to send mixed signals. As a result we are hesitant to get too bullish or bearish. Instead we want to focus on Sector/Group/industry themes where we bottoming price and RS, or attractive pullback opportunities within established price and RS uptrends. Below we highlight some of these themes along with indicators that support our overall constructive -- yet tempered -- outlook. • Posit...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy r...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Ex-U.S. Equity Strategy

In our January 31 International Compass we presented a case for an incrementally improving overall global outlook, with the caveat that market bottoms tend to be a process that develops over many weeks. Since the end of January, not a lot has changed to alter our views. We remain constructive overall and continue to believe that global equities (MSCI ACWI) are going through a bottoming process. Opportunities exist but Sector leadership is mixed. In our February International Strategy, we explore various themes which lead to our overall constructive outlook, along with areas of the market wher...

Jérôme VINERIER

Short term view - STMICRO ELECTRONICS NV : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €10.460. The background trend would be questioned should prices rise above €16.701.

Emmanuel Matot ...
  • Stephane Houri

ODDO : We approach the Q3 earnings season with optimism for semiconductors manufacturers, but with a touch of caution for equipment makers

>Momentum became very favourable again in Q3, but also in Q4 - We had feared a collapse when the lockdowns were imposed due to a simultaneous slump in demand and supply (disruption to supply chains), but global semiconductor sales held up pretty well overall. In view of the recent comments from several market actors, and even in some cases increases in guidance (STM, Dialog, ams), it even seems as though momentum accelerated in Q3 and should continue to do so in Q4 §r...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Nous abordons la saison des T3 avec optimisme pour les fabricants de semis, mais avec une touche de prudence pour les équipementiers

>Un momentum redevenu très favorable sur le T3, mais aussi sur le T4 - Alors que nous avions craint un effondrement au moment des confinements en raison d’une crise simultanée de demande et d’offre (disruption des supply chain), les ventes mondiales de semiconducteurs ont globalement plutôt bien tenu. Au regard des commentaires récents de plusieurs acteurs du marché et même parfois des relèvements de prévisions (STM, Dialog, ams), il s’avère même que le momentum s’acc...

Frederic Yoboue

Semiconductors & Hardware: ST our Top Pick for the quarter, ams at Neutral and cautioun on ASML

Semiconductors & Hardware ST our Top Pick for the quarter, ams at Neutral and cautioun on ASML Our preference goes to chip suppliers STMicroelectronics our top pick, Infineon right behind Expect a guidance upgrade for Soitec Caution on ASML as orders will be highly scrutinised An improving risk profile for ams prompts us to upgrade to Neutral

Stephane Houri

STMicroelectronics N.V. : Target of $ 12bn (run rate) should be achieved in Q4 2021 - Buy reiterated, target price raised to € 36 (vs € 33)

>Buy reiterated – target price raised to € 36 (vs € 33). Investment case reiterated - Following the upward revision to forecasts for Q3 2020 and positive indications on the level of sales announced last week, we reiterate our Buy recommendation, have raised our forecasts by 11% for 2020-2021 as well as our target price (average of DCF and peer group multiples) to € 36 vs € 33 previously, i.e. upside of 30%. We still appreciate STMicroelectronics’ profile due to: 1/ it...

Stephane Houri

STMicroelectronics N.V. : L’objectif de 12 Md$ (en runrate) doit finalement pouvoir être atteint au T4 2021 - Achat réitéré, OC relevé à 36 € (vs 33 €)

>Achat réitéré, OC relevé à 36 € (vs 33 €). Thèse d’investissement + réitérée - Suite au relèvement de prévisions sur le T3 2020 et aux indications positives sur le niveau du CA annuel annoncés la semaine dernière, nous réitérons notre opinion Achat, relevons nos prévisions de 11% pour 2020/2021, ainsi que notre OC (moyenne DCF et multiples) à 36 € vs 33 € auparavant, soit un potentiel de 30%. Nous apprécions toujours le profil de STM en raison : 1/ de son exposition ...

STMicroelectronics – AGM 17 june 2020

In accordance with Dutch law, the company now proposes an advisory vote on the remuneration granted to the executive and on the remuneration policies of the Board and the Management Board.   With regard to the executive's 2019 compensation, the company's communication falls far short of its CAC 40 peers and is not commensurate with a company of the scale of STMicroelectronics. It does not make it possible to understand how the amounts awarded were determined. With regard to the compensation policies of the Board and the Management Board, the Company does not disclose any information on the ...

STMicroelectronics N.V. - Assemblée Générale des actionnaires du 17 Juin 2020

Conformément au droit néerlandais, la société propose désormais un vote consultatif sur les rémunérations attribuées au dirigeant et sur les politiques de rémunérations du conseil et du directoire.Concernant les rémunérations 2019 du dirigeant, la communication de la société est très en deçà des pairs du CAC 40 et n’est pas à la hauteur d’une société de l’envergure de STMicroelectronics. Elle ne permet pas de comprendre comment ont été déterminés les montants attribués. Concernant les politiques de rémunérations du conseil et du directoire, la société ne communique aucune information sur les ...

Expert Corporate Governance Service (ECGS)

STMicroelectronics N.V. - Assemblée Générale des actionnaires du 23 mai 2019

Comme chaque année, il est proposé de voter l'attribution au Président du Directoire, 100 000 actions de performance. Depuis Juin 2018, M. Jean-Marc Chery est à la tête de la société en remplacement de M. Carlo Bozotti. Cependant, malgré une quantité maîtrisée, en raison des conditions de performance court-termistes et non quanti?ées, la résolution ne semble pas acceptable (résolution 5.a). La société propose de voter à faveur d’un bonus exceptionnel en actions pour le Directeur Général pouvant représenter jusqu'à 60% de son salaire fixe et basé sur des critères "pré-déterminés et quantifiabl...

Expert Corporate Governance Service (ECGS)

STMicroelectronics - AGM 23 May 2019

As every year, it is proposed to vote  the grant to the CEO of 100,000 performance shares. Since June 2018, Jean-Marc Chery is the CEO of the company, replacing Carlo Bozotti. However, despite a low number of shares, due to short-term and non-quantified performance conditions, the resolution does not seem acceptable (Resolution 5.a ). The company proposes to vote for an exceptional bonus payable in shares for the CEO that can represent up to 60% of his fixed salary and based on "pre-determined and quantifiable" criteria, but they are not communicated. By adding the cash bonus (150% of the fix...

St Microelectronics – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

STMicroelectronics N.V. - June 2020 (LTM): Peer Snapshot

Peer Snapshot:  STMicroelectronics N.V. - June 2020 (LTM) 11 September 2020 (in US millions) FYE Dec-18 FYE Dec-19 LTM Jun-20 FYE Dec-18 FYE Dec-19 LTM Jun-20 FYE Dec-18 FYE Dec-19 LTM

STMicroelectronics N.V.: Solid Q2 20 results and strong outlook for full year despite a challenging environment

ST reported solid Q2 figures and provided a strong outlook on FY 20 despite covid 19 challenges

STMicroelectronics N.V.: Solid Q2 20 results and strong outlook for full year despite a challenging environment

ST reported solid Q2 figures and provided a strong outlook on FY 20 despite covid 19 challenges

STMicroelectronics N.V.: Sound Q1 20 results and a solid outlook despite a challenging environment

ST reported solid Q1 figures and provided a sound outlook on FY 20 despite covid 19 challenges

STMicroelectronics N.V. - December 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Emmanuel Matot

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/09/2020

The group has raised its COVID scenario twice, a clear indication that sales and margins are holding up well against the current health crisis. The second half of the year appears to point to stable sales l-f-l and we expect the group to return to more normative growth in 2021. The balance sheet is very healthy and acquisitions can be made. We are raising our rating to Buy from Neutral and lifting our target price to € 177 from € 160. - ...

Emmanuel Matot

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/10/2020

Le titre Scor a nettement sous-performé le secteur et ses grands concurrents depuis le début de l’année, compte tenu notamment de l’impact COVID sur la mortalité US et de l’abandon du dividende 2019. Or, le coût COVID reste maîtrisé et les perspectives de résultats et de dividendes favorables sur 2021/2022. Nous réitérons notre recommandation Achat avec un objectif de cours relevé à 33 € (vs 31 €). - ...

Bruno Cavalier ...
  • Christophe-Raphaël Ganet

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/05/2020

After an atypical year marked by an unprecedented slump in electricity consumption, the conditions have come together for electricity prices to resume an upward trajectory. In our view, the ecological shift enshrined in the European stimulus plans will be conducive to a return to earnings growth. The “green” premium is set to underpin the stock, bearing in mind that consensus revisions are now geared more to the upside. Rating raised to Buy from Reduce, with the target price raised to...

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

The independent financial analyst theScreener just awarded an improved star rating to STMICROELECTRONICS (FR), 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 October 2, 2020, the closing price was EUR 27.74 and its expected value was estimated at EUR 25.43.

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