Dialog Semiconductor Plc : Successful transformation, valuation still low - Buy, target price raised to € 48
>Q1 2020 earnings ahead of expectations - Sales came to $ 248m, down 16% y-o-y, higher than the consensus estimate of $ 228m and at the upper end of the guidance range of $ 220m-250m. Group sales rose 34%, excluding revenues for Apple’s PMIC. The underlying gross margin came to 54% (vs 49.6% for the consensus), thanks to the positive contribution of licence revenues and ongoing savings in manufacturing costs. After adjustments to factor in the positive shift of 80bp i...Dialog Semiconductor is engaged in creating and marketing mixed signal integrated circuits for personal, portable, hand-held devices, low energy short-range wireless, LED solid-state lighting and automotive applications. Co. has four segments: Mobile Systems, which includes its power management and audio chips for the wireless systems markets; Automotive and Industrial, which markets products that address the safety, management and control of electronic systems in cars and for industrial applications; Connectivity, with activities that include short-range wireless, digital cordless, Bluetooth and VoIP technology; and Power Conversion, which includes its AC/DC converter solutions.
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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