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Infineon Technologies AG ADR IFNNY

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Infineon's Automotive Chip Business Accelerates After COVID Shutdowns; Raising FVE to EUR 30

Brian Colello, CPA Sector Director

Analyst Note

| Brian Colello, CPA |

Narrow-moat Infineon reported solid fiscal fourth-quarter results that were toward the high end of its forecast range, while providing an outlook for the December quarter and all of fiscal 2021 (ending September 2021) that was mostly in line with our prior expectations. Like many of its peers, Infineon prospered from a recovery in auto manufacturing that should continue into next fiscal year. We are raising our fair value estimate to EUR 30 per share from EUR 25, mostly due to the time value of money as we roll our valuation model. We view the shares as roughly 10% undervalued today.

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Company Profile

Business Description

Infineon was spun off from German industrial conglomerate Siemens in 2000 and today is one of Europe's largest chipmakers. The company is a leader in the automotive and industrial chip markets and has also focused on ID cards and security solutions that include semiconductor content. Infineon has divested itself of some less profitable businesses in recent years, most notably the sale of its wireless chip division to Intel in 2010.

Am Campeon 1-15, Neubiberg
Munich, 85579, Germany
T +49 892340
Sector Technology
Industry Semiconductors
Most Recent Earnings Sep 30, 2020
Fiscal Year End Sep 30, 2019
Stock Type
Employees 46,665