Siltronic AG : A complicated year in 2022 (but in good shape), with no capital increase and with a valuation of only 4x EBITDA…
>Outperform rating maintained – target price adjusted to € 160 vs € 165 - Following the 2021 results release, we maintain our Outperform rating. But we have lowered our estimates by 2% and cut our target price to € 160€ vs € 165. 2022 is set to be mixed year in a robust market environment, with: 1/ volumes limited by production capacity, 2/ significant selling price growth, and 3/ electricity and raw material cost inflation. The group continues to invest heavily in it...Siltronic AG is a Germany-based producer of hyperpure silicon wafers. The Company offers polished wafers, epitaxial wafers and annealed wafers, among others. Its products are used for semiconductor components, including high-voltage applications, low resistivity devices in automotive engineering and telecommunications, as well as integrated microprocessors and memory modules for information processing in cell phones, laptops and other consumer goods. The Company also produces high reflectivity (HiREF) wafers, as well as PowerFZ wafers for power applications and Ultimate Silicon for complementary metal-oxide semiconductor (CMOS) applications. It operates production facilities in Europe, Asia and the United States.
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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