29.01.2018

Zugemailt von / gefunden bei: Baader Bank (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)

Die Analysten der Baader Bank haben eine schnelle Einschätzung zu den ams -News von Montagmorgen gebracht. Ihre aktuelle Empfehlung lautet auf Hold, das Kursziel liegt bei 72 CHF. Die neue Umsatzprognose würde über den Konsensus-Schätzungen liegen, so die Analysten. Die aktuelle Bewertung reflektiere einen Discount zur Peer Group, so die Baader-Experten. Ein Risiko sei die starke Apple -Komponente. Die Analysten  schätzen, dass Apple im Jahr 2018 60 Prozent des Umsatz bei ams ausmachen wird und 40 Prozent im Jahr 2017.

Hier die Original-Worte der Analysten:

- As indicated at the analyst day on 12 December 2017 ams upgraded guidance for 2019 this morning. The company increased its sales growth expectations for 2016-2019 from more than 40% to 60% CAGR with an adj. EBIT margin target of 30% from 2019 (unchanged). The upgrade translates into 2019 expected sales of more than EUR 2.2bn, at least 22% above consensus of EUR 1,797mn. ams referred to a range of sales pipeline opportunities in smartphone and consumer applications (3D, optical and spectral sensing) that were clearly coming into view.

- Sales of EUR 2.2bn and 30% adj. EBIT margin would translate in 2019E EV/EBIT of about 10x. Accordingly, the current valuation corresponds with a significant discount to the peer group average of about 14x, reflecting the single customer risk with Apple, who will account for more than 60% of sales in 2018E based on our estimates. Furthermore, over the past weeks increasing competition in 3D sensing components (incl. Finisar VCSEL deal with Apple) and solutions as well as market concerns about the tail of iPhone X demand weighted on the shares.

- The company also pre-announced 4Q17 sales of EUR 470mn (3% above consensus EUR 456.5mn), in-line with the guidance range of EUR 440-480mn (2% above midpoint). Accordingly, sales in 2017 amounted to record EUR 1,064mn, up 93% yoy driven by new consumer business in 3D sensing and advanced light sensing. We estimate that Apple accounted for about 40% of ams’ sales in 2017.

- ams will report detailed 4Q17 results on 6 February before market open.

Companies im Artikel

AMS

Apple

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9595

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195670

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