Melexis (Page 1 sur 2)

bonjour Patrick

la voiture sans chauffeur = train tram bus en 1° classe malheureusement le transport en commun à un problème, il est "commun", reste le taxi limousine

bonne journée

philippe

Dernière modification par Philippe (06-02-2015 10:23:58)

Je déterre ce sujet car je trouve qu'on ne mise pas assez souvent sur Melexis, quand même une valeur sûre au cours des dernières années (a bien dévissé ces derniers jours, mais laquelle n'a pas chuté ...) Personnellement, je me laisserais bien tenter vers 40€, d'autant que par les temps qui courent, un beau dividende dans la poche une fois par an n'est sûrement pas chose négligeable.

Bonjour Doc,

Oui, j'ai parlé trop vite avec mon objectif de 40. Je trouve en revanche le dividende assez généreux, mais il est vrai que je ne suis pas grand connaisseur en la matière, ne m'étant jamais (à tort !) particulièrement intéressé à ce genre de titre. Ce qui est certain, c'est que tout est flou pour l'instant et que tous les secteurs trinquent. Mais il faut bien se lancer à un moment pour essayer de profiter d'une remontée on l'espère durable ...

Bonne soirée

Désolé Scrooge d'avoir refroidi ton intuition. :/
Mais j'ajouterai que se fier à l'intuition en matière de marchés financiers, c'est comme jouer à la roulette.

Salut Scrooge,
on n'est pas obligé de garder 6 mois. Si on fait une bonne pv, mieux vaut p-ê ne pas attendre, car on ne sait jamais ce qui peut se passer après les 6 mois en question. Je sais que ça fait mal, mais mieux vaut p-ê gagner 100%-33% (il reste 67%) que d'attendre et risquer une mv.
En tout cas c'est mon point de vue et il n'engage que moi bien entendu.
Bonne journée,
demat

Dernière modification par demat (10-02-2016 11:20:09)

Salut à tous ceux qui suivent Melexis,
ce qu'en dit KBC ce matin.

Melexis 4Q15 sales came in at a nice € 102.4m; while CSS was aiming at
€ 98.7m (KBCSe € 99.0m). The 4Q15 sales were a 16% increase y/y and
1% higher compared to 3Q15. FX had a positive impact of 9% y/y and no
impact compared to 3Q15. Melexis indicated that 2H15 was marked by
increased economic uncertainty resulting in cautious order behaviour and
inventory management by a number of customers. 4Q15 sales increased
slightly versus the third quarter, mainly due to a stronger USD currency
versus the EUR. As expected, the main contributors for growth were
magnetic sensors and sensor interfaces. Other product lines outperforming
company growth were wireless sensing, far infrared (FIR) and local
interconnect network (LIN). 4Q15 sales to automotive customers represented
89% of total sales, The portion of standard product (ASSPs) sales
represented 60% of 4Q15 sales.
4Q15 gross profit was € 47.5m (46.4% gross margin). CSS and we were
expecting 4Q15 gross margin of 46.6% (€ 46.0m gross profit). R&D
expenses were a somewhat higher 15.8% of sales, G&A was at 5.1% of
sales and Selling was at 2.2% of sales. As a result, 4Q15 EBIT came in at
€ 23.9m (23.3% 4Q15 EBIT-margin) while we and CSS were at respectively
25.3% (€ 25.0m EBIT) and 25.2% (€ 24.9m). The lower than expected 4Q15
EBIT is fully impacted by the higher than expected 4Q15 R&D costs (€ 16.1m
while we were at € 14.2m). 4Q15 net income was € 22.0m (€ 0.54 EPS),
perfect in line with CSS.
In previous notes we were indicating we saw room for further shareholder
remuneration. Today, Melexis proposes a total dividend of € 1.90 gross per
share. Recall that this contains an interim dividend of € 1.30 per share (paid
in October 2015), so there is a final dividend of € 0.60 (ex-date 26 April).
Melexis expects 1Q16E sales to be around the level of € 105m. We and CSS
were at respectively € 101.9 and € 101.6m. For full year 2016, Melexis
expects sales growth to be between 8% and 12%. So Melexis is guiding for
a range between € 432 and € 448 while CSS was at the lower and of this
range (€ 431m). For FY16, Melexis expects a gross profit margin around 47%
and an operating margin around 25%, all taking into account a EUR/USD
exchange rate of 1.10. We think this is prudent as we and CSS are at a
somewhat higher FY16E EBIT-margin of 27.4% and 27.1% respectively.
Conclusion
The 4Q15 and FY15 results demonstrate that the Melexis product portfolio is
able to address its customer challenges to build the car of the future: smart,
safe, sustainable and stylish. We welcome that Melexis continues to invest in
new equipment and research and development, confidently preparing the
company for continued growth. We were happy to see that -in line with the
October announcement- Melexis observed improved momentum in the
beginning of 2016. We like Melexis preparing for continuing growth while
increasing its pay-out ratio (combining an increased R&D spending with a
nice cash flow generation). Melexis remains one of our Top Picks with a
€ 52.5 Target Price