Melexis FIRST LOOK : Short term impacted by uncertainties/inventory corrections
Melexis' 4Q23 sales came out at the high end of the guidance at € 250.5m but profitability was just below our and CSS forecasts. Melexis indicated it has initiated an organizational update. The OpEx linked to this strategic project were included in 4Q23. In FY23 Melexis realized a 15% y/y increase of sales.Melexis highlighted that even if its short-term results are impacted by uncertainties in the market and some inventory corrections, they are confident about their long-term growth objectives. As we believe in their focus on electrification and the growing need for comfort and safety applications as the driving forces behind Melexis growth path we maintain our Accumulate rating and € 110 Target Price
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.
We are a financial services provider for several types of professional clients, each with distinct needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.