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.