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AMS: Oddo confirms rating

( - AMS has confirmed that its acquisition of OSRAM is going according to plan and that it should be completed in the second quarter of 2020.

Oddo says that AMS intends to finance its offer with bridge loans amounting to 4.4 billion euros and share issues of 1.6 billion euros.

The group has reinstated its forecast for Q1 2020 sales of 480 million to 520 million dollars, with an operating margin of 17%-19%. Oddo adds that this is clearly good news and reflects a certain solidity in the activity of Android smartphone manufacturers (Samsung, Huawei and Chinese manufacturers) most of which occurs in H1, Oddo adds.

However, that says nothing about 1/ demand and visibility over the next few quarters, in particular Q2, and 2/ what will be Apple demand in H2.

Oddo says that in the current framework, it cannot see enough positive catalysts to consider upgrading the share Buy. It therefore confirms its Neutral rating on the share, with a target price of 56 Swiss francs.

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