Melexis FIRST LOOK: Guidance FY23 EBIT-margin above 27% (was around 27%)
Despite geopolitical challenges and softer EV (electric vehicles) demand, Melexis continued its growth path. Impacted by a beat in 3Q23 results and the slightly higher guidance for FY23E EBIT-margin (now above 27% compared to previously around 27%) we have to up slightly our FY23E profitability forecasts. We maintain our Accumulate rating and € 110 TP.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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