Strong y-o-y growth: EEs +18%, SCs +36%, sales +22%. EBIT margin 23% (25%), ~33% adjusted for FX effects. End-of-life programme in H2 will be partly offset by others ramping.
Volumes to begin ramping up in newly added foundries ’22 and ’24 series production targets reiterated 21x ’22e EV/EBIT (adj.), 5-8% ’22e-’24e dividend yields