Melexis : La fin de la correction de stocks justifie un relèvement à Neutre (vs Alléger), mais la valorisation (au plus haut historique) ne justifie pas un Achat
>Neutre vs Alléger, de bonnes surprises sont probables sur les guidances, mais la valorisation est trop exigeante pour passer à l’Achat - Suite à la publication la semaine dernière des résultats du T4 2019, nous relevons notre opinion à Neutre (vs Alléger). Le management a 1/ confirmé la fin de la correction d’inventaires, 2/ guidé sur un T1 2020 clairement supérieur aux attentes et 3/ sur une croissance de 10% pour 2020. L’analyse trimestrielle de l’exercice 2020 nou...Melexis designs, develops, tests and markets advanced integrated circuits primarily for the automotive industry. Co. sells its products to a wide customer base in the automotive, medical and industrial markets in Europe, Asia and North America. Co.'s main products are Hall effect ICs, Pressure and Acceleration Sensors, Sensor Interface ICs, Automotive Systems-on-a-Chip, Embedded Microcontrollers, Bus System Chips, Optical and Infrared sensors. In each case the products are primarily developed for automotive applications and designated lead customers with subsequent use in commercial and industrial applications.
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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