Report

AMS AG : Reduce recommendation on the entire bond curve

We maintain our Reduce recommendation on the two ams unguaranteed convertible bonds (that have been juniorized following the guaranteed straight bonds issue). We also adopt a Reduce recommendation on the two new straight bonds. Our recommendations are underpinned by the following elements: i/ strong customer concentration at ams stand-alone (top customer – Apple in our understanding – representing in the 2017-19 period, between 50% and more than 60% of the group’s revenue, this p...
Underlying
Ams AG

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.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

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