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STMicroelectronics NV ADR STM

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Morningstar’s Analysis

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STMicro’s Revised Midterm Targets Are a Mild Concern, but We’re Not Panicked; FVEs of $33, EUR 27

Brian Colello, CPA Sector Director

Analyst Note

| Brian Colello, CPA |

Narrow-moat STMicro reported solid fourth-quarter results with top and bottom lines significantly up sequentially and year over year. The company saw a strong rebound in automotive chip demand, in light of supply constraints seen across ST’s peer group, while the firm also prospered from a recovery in industrial chip demand and higher content within Apple’s latest slate of iPhones. We are raising our fair value estimate for ST to EUR 28 from EUR 27 (and to $35 from $33 for the U.S. ADR). Despite the strong results, we view ST as modestly overvalued.

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Company Profile

Business Description

A merger between Italian firm SGS Microelettronica and the nonmilitary business of Thomson Semiconductors in France formed STMicroelectronics in 1987. STMicro is a leader in a variety of semiconductor products, including analog chips, discrete power semiconductors, microcontrollers, and sensors. STMicro is an especially prominent chip supplier into the industrial and automotive industries.

39, Chemin du Champ des Filles, Plan-Les-Ouates
Geneva, 1228, Netherlands
T +41 229292929
Sector Technology
Industry Semiconductors
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 46,016