European Tech Hardware: AI Infrastructure Meets Humanoids

研报英文原文证据摘录

European Tech Hardware: AI Infrastructure Meets Humanoids

IdeaMValuation Methodology and Risks

Infineon Technologies AG (IFXGn.DE,€73)

We apply a 50x P/E multiple to the server rack contribution as we think the structural driver

deserves a premium to the rest of the group. We continue to view the rest of the group as a

cyclical story valuing it at 24x reflecting our view that Infineon is moving through a cycle

recovery. Using a SOTP and assuming a 10% WACC, we value IFX at €91.

Risks to Upside

n Faster than expected recovery of industrial output & consumer sales

n Longer autos semi cycle than normal & better pricing power with OEMs

n Greater deployment of power semis to the data centre than expected

Risks to Downside

n Sustained weakness in global automotive sales and/or PMIs

n Capex ramp leads to over-capacity and impairs future returns

n Backlog slowdown

n Chinese designs limiting longer term share expansion

Melexis N.V. (MLXS.BR, €77)

We apply a c.20x P/E to FY27 earnings to derive our €65 price target. 20x is in-line with the

automotive peer group which we see as a ceiling, for now, given lower growth.

n Better 2H26 than expected

n Better pricing environment leading to margin upside

n Evidence of sustained growth in the non-automotive segment

n Lower than expected growth in automotive

n Lack of gross margin improvement

n Chinese competition impacting pricing environment

STMicroelectronics NV (STMPA.PA, €62)

We value STM at €78/share based on a sum-of-the-parts framework. We value the underlying

core business at 18x P/E multiple on FY28e EPS €2.11 and the optical and LEO business on a

36x P/E multiple on FY28e EPS €1.34, to reflect the different growth trajectories of the cyc-

lical and structural segments. Discounting using a 10% WACC, this implies a €78 PT.