End of coverage

From 2nd January 2024, we will no longer include in our research universe:HMSBaslerTKH GroupInfineonSTMicroelectronics

Model update

We have updated our estimates ahead of Q3 2023 results. Our estimates change by low-single digits, as detailed in the table below. PT and Buy recommendation unchanged.

Bryan, Garnier & Co Technology Daily | CPGI, SOW, COP, ALVGV, SEMIS

Bryan, Garnier & Co Technology Daily | ISS, Infineon, CAP, SES, Legran...

Solid Q2 2023 results and FY 2023 guidance revision driven by automoti...

The Automotive segment generated steady results for the group in Q1 2023 with 11% growth qoq, and 31.1% EBITA margin. Even after raising FY 2023 guidance a month ago, Infineon again managed to surprise the consensus on these metrics. For FY 2023, the group now expects EUR16.2bn in sales vs USD16.0b

Bryan, Garnier & Co Technology Daily | IFX, NHOA, DTE, WLN, SEMIS

IFX revises sales and EBITA guidance upwards

Based on positive business trends observed in the automotive and industrial end-markets, IFX's management has revised its sales guidance for Q2 2022/23 and FY 2022/23 upwards to respectively EUR4.0bn (vs EUR3.9bn prev.) and >EUR15.5bn (+/-EUR500m). While the announcement is a surprise to the con

European IDMs risk marginalisation in an electric deglobalisation

We initiate coverage of STM with a SELL rating and a PT of EUR32, and of IFX with a BUY rating and a PT at EUR40. European Integrated Device Manufacturers (IDMs) are facing overlooked risks associated with deglobalisation as China is heavily supporting its semiconductor industry with the aim of sub

Bryan, Garnier & Co Technology Daily | Semiconductors, Eutelsat

Infineon: the best bet in tough times

While we remain cautious in view of rising Chinese competition, especially when it comes to European IDMs, we believe that Infineon is best positioned to defend its market share and thus benefit from growth in power semiconductors, MCUs and sensors in the automotive and industrial end-markets (86%