X Fab Silicon Foundries EV Still in a sweet spot of the semiconductor market
We updated our X-Fab model after the FY23 results. As a result, we lower our Target Price from €12 to € 11. Nevertheless, we think investors were over-reacting as the shortfall in 4Q24 top-line was related to the demand for older 150mm CMOS technologies. Also their explanation for the shortfall in 4Q23 profitability made sense.We maintain our Accumulate rating as X-Fab is still in the sweet spot of the semiconductor market and its expertise in specialty applications for the automotive, industrial and medical sector continues to get a lot of traction in the market. Their long-term agreements with customers has significantly increased the visibility of its business, providing a solid foundation for the major investment projects they have initiated.
X Fab Silicon Foundries EV is a Belgium-based company primarily engaged in the semiconductors industry. The Company focuses on the design and manufacture of silicon wafers for mixed-signal integrated circuits (ICs). Its products are integrated with additional features, such as high voltage option, embedded non-volatile memory, optical, radio frequency (RF) and bipolar elements, as well as microelectromechanical sensors. The Company distributes silicon wafers for various applications, including automotive, industrial, medical, as well as consumer electronics and mobile communications sector. The Company operates in a number of countries, such as Germany, France, Malaysia and the United States.
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