ams OSRAM : Disappointment on 2027 guidance raises further questions about liquidity
>Underperform rating maintained, target price adjusted to CHF 7 (vs CHF 12) - ams OSRAM’s share price has shed ~10% since the Q3 24 release (07/11), after the 2027 guidance came in ~7% short of expectations at the EBITDA level, with limited visibility in the short term (Q1 25 expected to be ‘weak’) and disappointing FCF (-€ 35m excluding the effect of a prepayment vs a consensus of -€ 17m). On this basis, we have downgraded our 2026-2027 EPS estimates by ~45/32% and c...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.
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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