reports
- Brian Colello
Morningstar | Infineon Remains Notably Undervalued as We're Less Beari...
We have added Infineon Technologies to our Best Ideas list as the narrow-moat leader in automotive and power semiconductors trades at a sizable discount to our fair value estimate of EUR 22 per share ($25 per U.S. ADR). We believe the share price was unfairly punished in recent weeks by Infineon's bid to acquire Cypress Semiconductor for EUR 9 billion (as measured by enterprise value). We remain generally in favor of the deal and don't view it as value destructive, as the strategic rationale ...
- Brian Colello
Infineon Remains Notably Undervalued as We're Less Bearish on Cypress ...
We have added Infineon Technologies to our Best Ideas list as the narrow-moat leader in automotive and power semiconductors trades at a sizable discount to our fair value estimate of EUR 22 per share ($25 per U.S. ADR). We believe the share price was unfairly punished in recent weeks by Infineon's bid to acquire Cypress Semiconductor for EUR 9 billion (as measured by enterprise value). We remain generally in favor of the deal and don't view it as value destructive, as the strategic rationale ma...
- Brian Colello
Morningstar | Infineon's Bid for Cypress Puts Automotive Business Into...
We're generally in favor of Infineon Technologies' plan to acquire Cypress Semiconductor for $23.85 per share, representing an enterprise value of EUR 9 billion ($10.1 billion). We will maintain our fair value estimates of EUR 22 and $25 per U.S. ADR for narrow-moat Infineon. The shares appeared cheap to us before the surprise announcement, as we think Infineon will weather the near-term industry slowdown, but with the 8% sell-off on June 3 after the news, we think they are even more attractivel...
- Brian Colello
Infineon's Bid for Cypress Puts Automotive Business Into Overdrive; Ma...
We're generally in favor of Infineon Technologies' plan to acquire Cypress Semiconductor for $23.85 per share, representing an enterprise value of EUR 9 billion ($10.1 billion). We will maintain our fair value estimates of EUR 22 and $25 per U.S. ADR for narrow-moat Infineon. The shares appeared cheap to us before the surprise announcement, as we think Infineon will weather the near-term industry slowdown, but with the 8% sell-off on June 3 after the news, we think they are even more attractivel...
- Brian Colello
Morningstar | Infineon Sees Near-Term Softness, but Secular Growth Dri...
Infineon reported solid fiscal second-quarter results and provided investors with a decent outlook for its fiscal third quarter and for all of fiscal 2019 (ending in September) consistent with the firm's revised forecast provided to investors in late March. Chip demand remain sluggish due to trade tensions, as evidenced by the firm's lowest book-to-bill ratio in six years. We still think Infineon is well positioned to capitalize on the secular trend of rising chip content per car, especially in ...
- Brian Colello
Infineon Sees Near-Term Softness, but Secular Growth Drivers Remain In...
Infineon reported solid fiscal second-quarter results and provided investors with a decent outlook for its fiscal third quarter and for all of fiscal 2019 (ending in September) consistent with the firm's revised forecast provided to investors in late March. Chip demand remain sluggish due to trade tensions, as evidenced by the firm's lowest book-to-bill ratio in six years. We still think Infineon is well positioned to capitalize on the secular trend of rising chip content per car, especially in ...
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Upgrading equal-weight Energy Of the ten items highlighted in last week's Compass that we would like to see in order to turn more bullish, two have happened -- equal-weighted Energy and UK/European Financials are breaking out. Just as important, the other eight items have not deteriorated significantly. This only serves to add to our already positive outlook as equities are poised to test all-time highs. • Upgrading equal-weight Energy to market weight. Energy equities are waking up and begi...
QRVO QORVO INC.
NXPIN NXP SEMICONDUCTORS NV
STMICROELECTRONICS N.V. ADS
ADI ANALOG DEVICES INC.
TXN TEXAS INSTRUMENTS INCORPORATED
SLAB SILICON LABORATORIES INC.
RMBS RAMBUS INC.
POWI POWER INTEGRATIONS INC.
NBL NOBLE ENERGY INC.
MXL MAXLINEAR INC
MPWR MONOLITHIC POWER SYSTEMS INC.
MCHP MICROCHIP TECHNOLOGY INCORPORATED
IPHI INPHI CORPORATION
INTC INTEL CORPORATION
HES HESS CORPORATION
DVN DEVON ENERGY CORPORATION
CREE CREE INC.
AMBA AMBARELLA INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
SWKS SKYWORKS SOLUTIONS INC.
CRUS CIRRUS LOGIC INC.
MXIM MAXIM INTEGRATED PRODUCTS INC.
PTEN PATTERSON-UTI ENERGY INC.
WPX WPX ENERGY INC.
IFNNY INFINEON TECHNOLOGIES AG
AMD ADVANCED MICRO DEVICES INC.
AVGO BROADCOM INC.
- Brian Colello
Morningstar | Infineon's Call for 2H Rebound Was Premature; Maintain E...
We will maintain our fair value estimate of EUR 22 ($25 per U.S. ADR) for narrow-moat Infineon Technologies despite the company's downward forecast revision amid a sluggish macroeconomic environment and weakness in China, particularly related to automobile sales and a buildup of power management chip inventory in the region. For all of fiscal 2019 (ending September), Infineon now foresees 6% revenue growth, down from its prior forecast of 9%. The revenue slowdown will weigh on Infineon's bottom...
- Brian Colello
Infineon's Call for 2H Rebound Was Premature; Maintain EUR 22 FVE, Sha...
We will maintain our fair value estimate of EUR 22 ($25 per U.S. ADR) for narrow-moat Infineon Technologies despite the company's downward forecast revision amid a sluggish macroeconomic environment and weakness in China, particularly related to automobile sales and a buildup of power management chip inventory in the region. For all of fiscal 2019 (ending September), Infineon now foresees 6% revenue growth, down from its prior forecast of 9%. The revenue slowdown will weigh on Infineon's bottom...
- Brian Colello
Morningstar | Infineon Expects to Outlast the Latest Chip Industry Dow...
Infineon reported solid fiscal first-quarter earnings despite sluggish demand for semiconductors. Unsurprisingly, the company lowered its full-year revenue forecast to the low end of its prior guidance of 9%-13% annual growth, but we're still impressed that the firm's forecast for the March quarter calls for 7% year-over-year sales growth at the midpoint. We're encouraged that Infineon expects its automotive business to grow at an even faster pace than its 9% total revenue forecast, even though ...
- Brian Colello
Infineon Expects to Outlast the Latest Chip Industry Downturn; Maintai...
Infineon reported solid fiscal first-quarter earnings despite sluggish demand for semiconductors. Unsurprisingly, the company lowered its full-year revenue forecast to the low end of its prior guidance of 9%-13% annual growth, but we're still impressed that the firm's forecast for the March quarter calls for 7% year-over-year sales growth at the midpoint. We're encouraged that Infineon expects its automotive business to grow at an even faster pace than its 9% total revenue forecast, even though ...
- Brian Colello
Morningstar | Infineon Still Powering Ahead in Automotive and Power Se...
Infineon reported strong fiscal fourth-quarter results and provided investors with an impressive forecast for fiscal 2019, in our view, in light of recent sluggishness in near-term chip demand. Infineon appears to be well positioned within pockets of healthy demand and believes it is on pace to outperform many of its U.S.-based peers in the months ahead. We are raising our fair value estimate for narrow-moat Infineon to EUR 22 per share from EUR 20, mainly due to the time value of money as we ro...
- Brian Colello
Infineon Still Powering Ahead in Automotive and Power Semis; Shares Un...
Infineon reported strong fiscal fourth-quarter results and provided investors with an impressive forecast for fiscal 2019, in our view, in light of recent sluggishness in near-term chip demand. Infineon appears to be well positioned within pockets of healthy demand and believes it is on pace to outperform many of its U.S.-based peers in the months ahead. We are raising our fair value estimate for narrow-moat Infineon to EUR 22 per share from EUR 20, mainly due to the time value of money as we ro...
- Brian Colello
Morningstar | Infineon Remains a European Powerhouse in Power Semicond...
Infineon is a leading broad-based European chipmaker with nice exposure to secular growth drivers in the industrial and automotive chip sectors. However, like most chipmakers, its business remains highly cyclical as demand ebbs and flows in line with the health of its various end markets.Looking at the automotive chip market, vehicles with advanced powertrain technology and safety systems require a variety of sensors and power management chips supplied by firms like Infineon. Similarly, the comp...
- Brian Colello
Infineon Remains a European Powerhouse in Power Semiconductors
Infineon reported solid fiscal third-quarter results and provided investors with a fourth-quarter outlook that should put the company's year-end results at the high end of the firm's previous guidance. On the downside, management suspects that customers are double ordering power semiconductors, as the firm's book/bill ratio of 1.8 implies overheating, and chip orders sell in excess of what can be produced, shipped out, and billed. Such dynamics sometimes point to the top of an industry cycle, bu...
- Brian Colello
Morningstar | Infineon Provided Solid Financial Results but Sees Signs...
Infineon reported solid fiscal third-quarter results and provided investors with a fourth-quarter outlook that should put the company's year-end results at the high end of the firm's previous guidance. On the downside, management suspects that customers are double ordering power semiconductors, as the firm's book/bill ratio of 1.8 implies overheating, and chip orders sell in excess of what can be produced, shipped out, and billed. Such dynamics sometimes point to the top of an industry cycle, bu...
- Brian Colello
Morningstar | Infineon Provided Solid Financial Results but Sees Signs...
Infineon reported solid fiscal third-quarter results and provided investors with a fourth-quarter outlook that should put the company's year-end results at the high end of the firm's previous guidance. On the downside, management suspects that customers are double ordering power semiconductors, as the firm's book/bill ratio of 1.8 implies overheating, and chip orders sell in excess of what can be produced, shipped out, and billed. Such dynamics sometimes point to the top of an industry cycle, bu...
- Brian Colello
Infineon Provided Solid Financial Results but Sees Signs of Overheatin...
Infineon reported solid fiscal third-quarter results and provided investors with a fourth-quarter outlook that should put the company's year-end results at the high end of the firm's previous guidance. On the downside, management suspects that customers are double ordering power semiconductors, as the firm's book/bill ratio of 1.8 implies overheating, and chip orders sell in excess of what can be produced, shipped out, and billed. Such dynamics sometimes point to the top of an industry cycle, bu...
- Brian Colello
Infineon remains a leader in power semiconductors.
Infineon reported solid fiscal second-quarter results and provided investors with a fiscal third-quarter forecast that was relatively in line with our expectations and continues to point toward healthy automotive and industrial chip demand. We are maintaining our EUR 20 fair value estimate and U.S. ADR fair value estimate of $25 for this narrow-moat company as we are encouraged by Infineon's booming automotive and promising power chip businesses. Revenue came in at EUR 1,836, up 3% sequentially,...
- Brian Colello
- CPA
Infineon Continues to See Healthy Demand in Auto and Industrial Power;...
Infineon reported solid fiscal second-quarter results and provided investors with a fiscal third-quarter forecast that was relatively in line with our expectations and continues to point toward healthy automotive and industrial chip demand. We are maintaining our EUR 20 fair value estimate and U.S. ADR fair value estimate of $25 for this narrow-moat company as we are encouraged by Infineon's booming automotive and promising power chip businesses. Revenue came in at EUR 1,836, up 3% sequentially,...
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