Melexis 2Q23 beating on every line and guidance increased
With €236.7m sales in 2Q23, Melexis achieved a y/y sales increase of 14% which is at the higher end of the guidance and beating our and CSS forecasts. Melexis is also increasing its FY23 sales and profit guidance. Furthermore, Melexis now expects higher Capex than forecasted at the start of FY23, mainly as a result of the swift execution of the construction of its new probing facility in Malaysia.We updated our model resulting in a new €127.5 Target Price (was 120). Accumulate rating maintained
Melexis designs, develops, tests and markets advanced integrated circuits primarily for the automotive industry. Co. sells its products to a wide customer base in the automotive, medical and industrial markets in Europe, Asia and North America. Co.'s main products are Hall effect ICs, Pressure and Acceleration Sensors, Sensor Interface ICs, Automotive Systems-on-a-Chip, Embedded Microcontrollers, Bus System Chips, Optical and Infrared sensors. In each case the products are primarily developed for automotive applications and designated lead customers with subsequent use in commercial and industrial applications.
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