Melexis Model update before 3Q23 results
Melexis will release 3Q23 results on Wednesday before markets.We are banking on € 247.4m 3Q23E sales (CSS € 248.3m) and 44.5% gross profit margin while CSS is somewhat higher (45.5%), resulting in € 66.2m 3Q23E EBIT (CSS € 68.1m) or 26.8% 3Q23E EBIT-margin (CSS 27.4%). We are banking on € 57.3m 3Q23E net profit (CSS € 55.9m). We updated -ahead of the 3Q23 results- our valuation matrix and lower our Target Price to € 110 (was € 127.5) while maintaining our Accumulate rating.
The next trigger for Melexis could be its CMD on 14 November were we expect Melexis to set new longer term targets.
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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