Elmos Semiconductor AG : Growth in 2019, reassuring message that allows us to be more demanding on the valuation – Buy vs Neutral
>Q4 2018 results slightly higher than expected - Yesterday, Elmos published earlier than expected (mid-session) its Q4 results and preliminary 2018 earnings. They beat forecasts: Revenues were € 75.6m (+10.3% y-o-y) for Q4 and € 277.6m (+10.8% y-o-y) for the full year, a shade above the consensus forecast of € 276m. The full-year gross margin was 45.2% vs 44.7% for the consensus. Q4 2018 EBIT was € 16.9m, i.e. an operating margin of 22.4%. As a result, full-year EBIT ...ELMOS Semiconductor is engaged in the development, manufacture and distribution of microelectronic components and system parts (application specific integrated circuits or, in short: ASICs) and technological devices with similar functions.Co. divides its activities into: medical technology, semiconductor, which is engaged in the sale of automotive electronics and supplying semiconductors e.g. for applications in household appliances, photo cameras, installation and building technology, and machine control systems; and micromechanics, which is engaged in the sales of product containing micro-electro-mechanical systems which are for the most part silicon-based high-precision pressure sensors.
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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