2024-02-15 20:49:10 ET
Summary
- Siltronic AG's long-term growth prospects in the semiconductor industry remain strong due to increasing demand for semiconductors driven by megatrends such as AI.
- Despite disappointing preliminary full-year results, Siltronic remains financially healthy with manageable debt and a projected decrease in capital expenditures.
- Challenges include high customer inventories and global capacity growth, which may lead to stagnation in revenues and price pressure.
- Nonetheless, I expect an up-cycle, eventually, albeit a little later than I initially thought.
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Siltronic AG: The Turnaround Is Taking Longer Than Expected (Rating Downgrade)