Dialog Semiconductor: Good traction from the mixed-signal business, but the main issue remains elsewhere
Dialog Semiconductor: (NEUTRAL, Fair Value EUR23.9 (+55%))Good traction from the mixed-signal business, but the main issue remains elsewhere
Yesterday, Dialog reported Q2 results with adjusted EPS of USD0.45 well above the consensus, and guidance broadly in line with expectations. We believe Dialog’s strategy in its mixed-signal business through both power conversion and Silego is bearing fruit with attractive opportunities ahead. In addition, the company also continues to leverage its PMIC leadership with several design wins. However, these positive developments are unlikely to compensate for the business loss at Apple for which the magnitude remains uncertain going forward. We believe M&As remain the sole option to mitigate this headwind. We reiterate our Neutral recommendation and Fair Value at EUR23.9.
Dialog Semiconductor is engaged in creating and marketing mixed signal integrated circuits for personal, portable, hand-held devices, low energy short-range wireless, LED solid-state lighting and automotive applications. Co. has four segments: Mobile Systems, which includes its power management and audio chips for the wireless systems markets; Automotive and Industrial, which markets products that address the safety, management and control of electronic systems in cars and for industrial applications; Connectivity, with activities that include short-range wireless, digital cordless, Bluetooth and VoIP technology; and Power Conversion, which includes its AC/DC converter solutions.
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