Bryan Garnier - INFINEON TECHNOLOGIES AG (INFINEON) Infineon: Infineon lifted its long-term growth and capex plans as it prepares for strong demand

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Bryan Garnier

Gregory Ramirez

Infineon: Infineon lifted its long-term growth and capex plans as it prepares for strong demand

Infineon: (BUY, Fair Value EUR26.7 vs. EUR26.4 (+9%))
Infineon lifted its long-term growth and capex plans as it prepares for strong demand
Last Friday, two business days ahead of its CMD, Infineon updated its guidance for the coming fiscal years. The company is experiencing a strong momentum all-across its segments and in particular for power semiconductors, and as a consequence expects at least 10% growth in FY19e and 9% in average vs. 8% going forward. Infineon also updated its capex plan in order to meet this important demand. Accordingly, we updated our model and raised our FV by 1.1% to EUR26.7 with little change on the topline as we partly anticipated this momentum, hence the bulk of the change coming from the FX.

11/06/2018 4 EN

Underlying

INFINEON TECHNOLOGIES AG

Infineon Technologies is a semiconductor manufacturing company. The Automotive segment designs, develops, manufactures and markets semiconductors for use in automotive applications. The Industrial Power Control segment designs, develops, manufactures and markets semiconductors for the generation, transmission and economy in the use of electrical energy. The Power Management & Multimarket segment designs, develops, manufactures and markets semiconductors for power supplies, mobile devices and mobile phone network infrastructures. The Chip Card & Security segment designs, develops, manufactures and markets semiconductor-based security products for card applications and networked systems.

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DE0006231004 Budapest Stock Exchange Germany

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Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

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Analysts

Gregory Ramirez

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