INFINEON: FY20 guidance withdrawn | NEUTRAL | EUR18.5 vs. EUR21 (+29%)
INFINEON - NEUTRAL | EUR18.5 vs. EUR21 (+29%)FY20 guidance withdrawn
FY20 guidance cancelled, Q2 2020 at the low-end
Significant disruption in customer production and demand
Far from having the full picture yet
We decrease our Fair Value from EUR21 to EUR18.5
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.
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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