From near-insolvency to zero-coupon convertible bond!
>Reinitiation of coverage of Soitec's credit with a Buy reco. - We adopt a Buy recommendation on the Soitec 2023 OCEANE bond taking into account: i/ an attractive implied credit spread on a spot basis (190 bp), and ii/ a potential increase in the share price of around 15% (based on the TP of our equity analyst).Strengths / Opportunities - Undisputed leader in the SOI thin film wafer market (market share between 65% and 70%).Very favourable o...Soitec is a manufacturer of silicon and integrated circuits. Co. offers products based on Silicon-on-Insulator (SOI), which serves to support the manufacturing of more energy-efficient integrated circuits. Co.'s operations can be divided into three divisions: Electronics, Solar Energy and Lighting. The Electronics division manufactures and sells substrates and components intended for the microelectronics industry; the Solar Energy division manufactures and sells photovoltaic modules, designs and constructs turnkey projects, and operates photovoltaic power plants; and the Lighting division isolates resources to develop materials designed for the production of light emitting diodes.
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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