Infineon: Near-term downside priced in. Attractively valued for the long-term. Buy €45
As a follow-up to the work we published two weeks ago, which called for a downcycle in the auto semiconductor market, we review our expectations for Infineon.In summary, we expect Infineon to outperform the broader market, driven by a favorable exposure to xEVs and microcontroller share gains. We still see downside to expectations over the next 12 months, but from a stock perspective, we find the company attractively valued ahead of another leg of strong secular growth beyond this year.
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.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
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