AMS Bears the Brunt of Apple Weakness; Lowering FVE to CHF 54
We are lowering our fair value estimate for AMS to CHF 54 from CHF 65. The Austrian sensor company supplies components into Apple’s Face ID technology, and with Apple’s iPhone revenue warning on Jan. 2, we have further lowered near- and midterm revenue and margin expectations. AMS’ management had previously updated guidance for the fourth quarter in November after several prior reports of iPhone weakness, but we viewed the updated forecast as slightly too optimistic at the time. With Apple’s rec...AMS provides advanced sensor and analog solutions for high value and emerging markets. Co.'s markets include Consumer and Communications and Industrial, Medical, Automotive. Co. delivers a broad range of innovative technology solutions for consumer electronics and communication device manufacturers including intelligent light sensors, MEMS microphone ICs, NFC solutions, active noise-cancelling ICs and ultra-low power management solutions. Co. offers customized, application-specific integrated circuits and standard solutions for a broad range of industrial applications including automation and control, position sensors, building automation, security and high-resolution seismic analysis.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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