Siltronic AG

Siltronic AG is a Germany-based producer of hyperpure silicon wafers. The Company offers polished wafers, epitaxial wafers and annealed wafers, among others. Its products are used for semiconductor components, including high-voltage applications, low resistivity devices in automotive engineering and telecommunications, as well as integrated microprocessors and memory modules for information processing in cell phones, laptops and other consumer goods. The Company also produces high reflectivity (HiREF) wafers, as well as PowerFZ wafers for power applications and Ultimate Silicon for complementary metal-oxide semiconductor (CMOS) applications. It operates production facilities in Europe, Asia and the United States.
  • TickerWAF300
  • ISINDE000WAF3001
  • SectorTechnology Hardware & Equipment
  • CountryGermany

Analysts

Baptiste Lebacq ...
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 03/09/2020

GTT is currently benefiting from buoyant LNG carrier orders, providing good visibility for the coming years. LNG Fuel is another major growth driver, as GTT is set to benefit from an increasingly “green” profile. We are indeed anticipating a sharp rebound in earnings in 2020 with a 2019-2021 EBITDA CAGR of 17.5%. Our target price, at € 120, could be raised by 8-10% depending on the assumptions used for LNG Fuel. Buy recommendation confirmed on GTT, which is included in our mid cap Sel...

Baptiste Lebacq ...
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 09/03/2020

GTT bénéficie d’une dynamique des commandes de méthaniers qui assure une bonne visibilité pour les prochains exercices. Le GNL carburant constitue également un important relais de croissance. GTT devrait bénéficier d’un profil « green » accru. Nous attendons un fort rebond des résultats en 2020 et tablons sur un TMVA 2019/21 de l’EBITDA de 17.5%. Notre objectif de cours de 120 € pourrait être relevé de 8% à 10% selon les hypothèses retenues pour le GNL carburant. Achat confirmé – Titr...

Stephane Houri

Siltronic AG : Two scenarios for 2020 guidance depending on COVID-19 – Consensus probably too high - Reduce rating reiterated.

>Q4 2019 in line with preliminary results, EPS slightly above forecast - This morning, Siltronic released its final Q4 2019 earnings, which were mostly in line with its preliminary results (released on 29 January 2020). As a reminder, Q4 2019 sales were € 304m, above the ‘Vara Research’ consensus of € 288m, up 1.4% q-o-q and down 21.7% y-o-y. They were better than expected because the group initially said that the Q4 2019 sales would be ‘significantly below Q3’, which...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Growth Over Value We continue to see coronavirus concerns as helping correct the excess bullish sentiment in the short-term. Additionally, considering the dearth of breakdowns, we continue to believe this is a bull market until proven otherwise and a “buy the dip” strategy remains warranted. • Major Indexes Holding Up Well. As mentioned above, breakdowns in major indexes are hard to come by. EM (MSCI EM), China (MSCI China), Europe (STOXX 600), MSCI ACWI, ACWI ex-US, and EAFE have all pulled back to their 50-day MAs, while Japan (TOPIX) appears to be finding support at its 100-day MA. With s...

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,...

Stephane Houri

Siltronic AG : Two scenarios for 2020 guidance depending on COVID-19 – Consensus probably too high - Reduce rating reiterated.

>Q4 2019 in line with preliminary results, EPS slightly above forecast - This morning, Siltronic released its final Q4 2019 earnings, which were mostly in line with its preliminary results (released on 29 January 2020). As a reminder, Q4 2019 sales were € 304m, above the ‘Vara Research’ consensus of € 288m, up 1.4% q-o-q and down 21.7% y-o-y. They were better than expected because the group initially said that the Q4 2019 sales would be ‘significantly below Q3’, which...

Stephane Houri

Siltronic AG : Two scenarios for 2020 guidance depending on COVID-19 – Consensus probably too high - Reduce rating reiterated.

>Q4 2019 in line with preliminary results, EPS slightly above forecast - This morning, Siltronic released its final Q4 2019 earnings, which were mostly in line with its preliminary results (released on 29 January 2020). As a reminder, Q4 2019 sales were € 304m, above the ‘Vara Research’ consensus of € 288m, up 1.4% q-o-q and down 21.7% y-o-y. They were better than expected because the group initially said that the Q4 2019 sales would be ‘significantly below Q3’, which...

Emmanuel Matot ...
  • Stephane Houri

ODDO : A very good January 2020, but that was before (Covid-19)...

>January beat forecasts, with a market that was almost flat once again vs the previous year - Worldwide semiconductor sales for January 2020 were published yesterday evening by WSTS (World Semiconductor Trade Statistics), with a month’s lag, as usual. On a three-month moving average, they came to $ 35.4bn, 1.7% above our forecast for $ 34.8bn. This marks a significant improvement, with the year-on-year decline moving from -5.5% in December to -0.2% in January. In seq...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Très bon mois de janvier 2020, mais ça c’était avant (COVID-19)…

>Janvier supérieur aux attentes, avec un marché qui revient presque flat par rapport à l’an dernier - Les ventes mondiales de semi-conducteurs de janvier 2020 ont été publiées hier soir 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 35.4 Md$, supérieure de 1.7% à notre prévision de 34.8 Md$. Il s’agit d'une forte amélioration, car la baisse en variat...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Coronavirus and semiconductors: what impact? Which stocks to buy quickly, monitor or sell?

>A sector unfortunately and unsurprisingly exposed to the impact of the virus - As we explained in our cross-sector flash of 3 February (link to flash), the semiconductors sector is one of the most exposed to the potential consequences of the coronavirus, because 1/ a large share of the semiconductor manufacturing and consumption chain is in China or in vulnerable zones such as Taiwan and South Korea and 2/ the weight of Chinese consumption, notably in the purchase of...

Baptiste Lebacq ...
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 03/09/2020

GTT is currently benefiting from buoyant LNG carrier orders, providing good visibility for the coming years. LNG Fuel is another major growth driver, as GTT is set to benefit from an increasingly “green” profile. We are indeed anticipating a sharp rebound in earnings in 2020 with a 2019-2021 EBITDA CAGR of 17.5%. Our target price, at € 120, could be raised by 8-10% depending on the assumptions used for LNG Fuel. Buy recommendation confirmed on GTT, which is included in our mid cap Sel...

Baptiste Lebacq ...
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 09/03/2020

GTT bénéficie d’une dynamique des commandes de méthaniers qui assure une bonne visibilité pour les prochains exercices. Le GNL carburant constitue également un important relais de croissance. GTT devrait bénéficier d’un profil « green » accru. Nous attendons un fort rebond des résultats en 2020 et tablons sur un TMVA 2019/21 de l’EBITDA de 17.5%. Notre objectif de cours de 120 € pourrait être relevé de 8% à 10% selon les hypothèses retenues pour le GNL carburant. Achat confirmé – Titr...

Charles Lepetitpas ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Johanna Jourdain
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 03/03/2020

...

Charles Lepetitpas ...
  • Emira Sagaama
  • Emmanuel Matot
  • Jerôme Bodin
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/03/2020

The recent correction has opened up opportunities. We have calculated an impact of -5% on Q1 2020 EBIT from COVID-19. Above all, we think: i/ organic growth momentum will remain higher than the sector’s; ii/ the acquisitions model is intact; and iii/ the issue with the EBIT margin, which is still north of 15.5%, must not be overestimated. Buy rating maintained. Cf. equity report published last evening. - ...

Charles Lepetitpas ...
  • Emira Sagaama
  • Emmanuel Matot
  • Jerôme Bodin
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/03/2020

La correction récente offre des opportunités. Nous avons calculé un impact COVID-19 de -5% sur l’EBIT T1. Surtout, nous estimons que : i/ la dynamique de croissance organique va rester supérieure à celle du secteur, ii/ le modèle d’acquisitions est intact et iii/ l’enjeu sur la marge d’EBIT, qui reste supérieure à 15.5%, ne doit pas être surestimé. Achat maintenu. Cf. étude publiée hier soir. - ...

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

The independent financial analyst theScreener just awarded an improved star rating to SILTRONIC AG (DE), active in the Semiconductors industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 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 December 13, 2019, the closing price was EUR 89.94 and its expected value was estimated at EUR 77.75.

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...

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