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Infineon Technologies AG ADR IFNNY

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Morningstar’s Analysis

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Infineon Shows Its Strength in Power Semis and Digitalization; Raising Fair Value to EUR 34

Brian Colello, CPA Sector Director

Analyst Note

| Brian Colello, CPA |

Narrow-moat Infineon provided investors with an upbeat set of analyst day presentations, calling for midteens revenue growth in fiscal 2022 (ending September 2022) and EUR 16 billion-plus in revenue in fiscal 2025, both of which were modestly ahead of our expectations. The company focused its event on the two key themes of digitalization (centered around the “Internet of Things” and artificial intelligence) and electrification (mainly energy efficiency), and we continue to believe that Infineon is well positioned to profit from both trends over the next decade. We nudge our fair value estimate up to EUR 34 from EUR 32 and view shares as fairly valued.

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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 Jun 30, 2021
Fiscal Year End Sep 30, 2021
Stock Type
Employees 48,866