Analyse Melexis NV

Fundamentele Analyse : Q1 2018


Fundamentele Analyse : FY 2017


Fundamentele Analyse : FY 2016

8 - 2 De koers van Melexis gaat verder omhoog na de publicatie van de jaarcijfers. Voor 2017 verwacht zij een omzet van 125 miljoen en dat is dan weer flink hoger dan de 109.4 milj van k1 2016.

 De marges verbeteren daarbij niet of nauwelijks - bij een gross margin close to 46% en een operating margin van 25%. Die komen overeen met de margins over geheel 2016 van resp 45.7 en 25.1

 De hogere omzet wordt derhalve niet vertaald in verbeterende margins en bij oplopende prijsratio's en dalende cf ratio's begint het erop te lijken dat het aandeel last heeft van groeistuipen.

Business comment – Françoise Chombar, CEO:

 

“Melexis proudly presents its full year 2016 results: with a year over year growth of 14%, a gross margin close to 46% and an operating margin of 25%, we exceed our outlook given at the beginning of the year. Based on the latest market data1, Melexis 2016 growth doubles automotive semiconductor growth, with all regions contributing.

The last quarter of the year was exceptionally strong: typical negative inventory corrections did not occur, the strong demand in all product lines contributed to a sequential sales growth of 5% and a year over year growth of 17%. The main growth drivers, both in the last quarter and the full year continue to be our magnetic sensor product lines, pressure sensors and fan drivers.

 On average, every new car in the world now carries 8 chips of Melexis. It is with confidence we look forward to 2017: top line growth is expected to be supported by many new and existing products in multiple product lines such as magnetic sensors, sensor interfaces, optical sensors, pressure sensors, fan drivers, BLDC and LIN. In order to support that growth, Melexis continues to invest in R&D, sales & marketing and automation.

 Sales to automotive customers represented 88% of total sales in the fourth quarter and 89% of total sales for the full year 2016.

The portion of standard product (ASSPs) sales represented 61% of total sales, both in the fourth quarter and full year 2016.''

 

Source : Press Release Melexis NV, Ieper, Belgium - February 8th, 2017