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Infineon Technologies AG IFNNY

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Infineon Raises Full-Year Guidance With Strong Demand on Horizon; EUR 32 FVE

Brian Colello, CPA Sector Director

Analyst Note

| Brian Colello, CPA |

Narrow-moat Infineon reported strong fiscal second-quarter results and provided investors with a solid fiscal third-quarter forecast while raising its guidance for the rest of fiscal 2021 (ending September). We have raised our fair value estimate to EUR 32/$38 from EUR 30/$36 and view the shares as fairly valued. Similar to the situation at peers, semiconductor demand is outpacing supply, and Infineon noted supply constraints with some of its products like microcontrollers and Internet of Things chipsets, which are outsourced to external foundries. Infineon estimates that the constraints may extend into 2022, a sentiment shared by peers.

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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 Mar 31, 2021
Fiscal Year End Sep 30, 2021
Stock Type
Employees 48,150