Soitec : La valorisation et le newsflow sectoriel en soutien pour un futur rebond
Alors que le newsflow sectoriel s’améliore, la valorisation est au plus bas (P/B = 1x, VE/EBITDA identique à Siltronic…). Nous restons positifs sur la valeur (objectif relevé de 54 € à 58 € avec la réduction de la décote de gouvernance). A court terme, l’ampleur des stocks chez les clients justifie de baisser de nouveau nos prévisions de résultats.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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