Infineon's Call for 2H Rebound Was Premature; Maintain EUR 22 FVE, Shares Undervalued
We will maintain our fair value estimate of EUR 22 ($25 per U.S. ADR) for narrow-moat Infineon Technologies despite the company's downward forecast revision amid a sluggish macroeconomic environment and weakness in China, particularly related to automobile sales and a buildup of power management chip inventory in the region. For all of fiscal 2019 (ending September), Infineon now foresees 6% revenue growth, down from its prior forecast of 9%. The revenue slowdown will weigh on Infineon's bottom ...Infineon Technologies is a semiconductor manufacturing company. The Automotive segment designs, develops, manufactures and markets semiconductors for use in automotive applications. The Industrial Power Control segment designs, develops, manufactures and markets semiconductors for the generation, transmission and economy in the use of electrical energy. The Power Management & Multimarket segment designs, develops, manufactures and markets semiconductors for power supplies, mobile devices and mobile phone network infrastructures. The Chip Card & Security segment designs, develops, manufactures and markets semiconductor-based security products for card applications and networked systems.
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