Soitec : Growth ahead, albeit at a slower pace
Our research, supplemented by a private visit to Bernin, shows a return to growth is still on the cards between now and year-end (end of RF-SOI destocking + extension of POI customer portfolio). However, as the auto industry (17% of revenues) is plagued with negative news flow, we believe growth should gather pace more slowly in subsequent years and it would take management a year longer to deliver on its roadmap, i.e. FY 2028-29. We are accordingly lowering our target price to €...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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