X-FAB - Transition year 2024, albeit with growth
FY24 will be a transition year with slower than usual growth due to e.g. inventory corrections, and above-average expansion capexBased on guidance, we cut our sales and earnings estimates for FY24 and beyond, and we pulled some capex forward from FY25 to FY24In response, we lower our TP to EUR 10 (from EUR 12), Buy reiteratedX Fab Silicon Foundries EV is a Belgium-based company primarily engaged in the semiconductors industry. The Company focuses on the design and manufacture of silicon wafers for mixed-signal integrated circuits (ICs). Its products are integrated with additional features, such as high voltage option, embedded non-volatile memory, optical, radio frequency (RF) and bipolar elements, as well as microelectromechanical sensors. The Company distributes silicon wafers for various applications, including automotive, industrial, medical, as well as consumer electronics and mobile communications sector. The Company operates in a number of countries, such as Germany, France, Malaysia and the United States.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
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