Soitec : Buy recommendation on the two CBs
We have a Stable credit opinion on Soitec. FCF should remain fairly low in the next few semesters, on the back of WCR swings to finance the strong revenue growth along with some increase in capex. Nonetheless, the current topline scenario for the coming years remains auto-financed (through cash flows from operations). We do not therefore expect any material deterioration in leverage. - Our equity analyst has a Buy recommendation on the stock with a target price of EUR 155 (+11% ups...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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