Soitec: Clarification on the EBITDA margin guidance, and still a bright outlook for Soitec
Soitec: (BUY, Fair Value EUR84 (+6%))Clarification on the EBITDA margin guidance, and still a bright outlook for Soitec
Following solid full year results, Soitec’s share price decreased as EBITDA margin guidance was lower-than-expected by the consensus. Indeed, in April, the management called for an EBITDA margin well above 25%, however it comprised some non-recurring revenues that misguided the market. Restated from this effect, the group’s EBITDA margin continues to improve with room for outperformance in our view as Soitec’s environment remains very attractive and the company gears up for a significant peak in demand. We reiterate our Buy rating and our FV at EUR84.
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