MELEXIS - KBC Securities Company Note 28.09.2018 - It is always darkest just before dawn
After the recent underperformance compared to its peers, Melexis’ multiples are now in line with sector averages (globally as well as pure fabless players). Melexis used to trade at a premium as they are concentrating on the fast growing automotive semiconductor market which is expected to continue growing faster than both the automotive industry and the overall semiconductor market.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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