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ams-OSRAM (AUKUF)
OTHER OTC:AUKUF
Top Page
Positive Factors
Earnings
Q4 results were above consensus with a beat on adjusted EBITDA.
Financial Performance
Growth is expected in the second half of the year with positive free cash flow over €100m.
Financial Strategy
Disposals are expected to raise the margin and cash flow profile into 2025.
Negative Factors
Demand Environment
The ongoing weak demand environment in auto and industrial applications negatively impacts Ams-Osram's semiconductor business.
Earnings Forecast
Reduced earnings forecasts have led to a decrease in the price target from CHF 15.00 to CHF 9.50.
Inventory Management
Inventory corrections in the industrial business are likely to continue, impacting future performance.
ams-OSRAM (AUKUF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$944.36M
Dividend YieldN/A
Average Volume (3M)0.00
Price to Earnings (P/E)―
Beta (1Y)0.86
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees19,700
SectorTechnology
Sector Strength83
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.26
Shares Outstanding99,844,390
10 Day Avg. Volume0
30 Day Avg. Volume0
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)0.75
Price to Sales (P/S)0.00
P/FCF Ratio-18.56
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$12.04Price Target Upside24.77% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
ams-OSRAM Business Overview & Revenue Model
Company Descriptionams-OSRAM AG designs, manufactures, and sells LED and optical sensor solutions in Europe, the Middle East, Africa, the Americas, and the Asia/Pacific. The company operates through Semiconductor and Lamps & Systems segments. The Semiconductor segment offers semiconductor-based products and solutions, such as LEDs, lasers, and optical and image sensors for automotive, consumer, and industrial end markets. The Lamps & Systems segment provides lamps and lighting systems, such as spectral sensing, ambient and smart lighting, horticulture lighting, time-of-flight, presence detection, near-infrared, human-centric lighting, outdoor and indoor lighting solutions for automotive, industrial, and medical end markets. The company was formerly known as ams AG and changed its name to ams-OSRAM AG in January 2022. ams-OSRAM AG was founded in 1981 and is headquartered in Premstätten, Austria.
How the Company Makes Money
ams-OSRAM Earnings Call Summary
Earnings Call Date:Apr 30, 2025
(Q1-2025)
| % Change Since: 16.27%|
Next Earnings Date:Jul 31, 2025
Earnings Call Sentiment Neutral
While the company reported improved profitability metrics and positive order intake trends, challenges such as cash flow decline, continued net losses, and debt obligations remain. The company's strategic initiatives and successful product launches are promising, but uncertainties related to tariffs and market conditions pose significant risks.Q1-2025 Updates
Positive Updates
Above Guidance Revenue
Revenues came in at €820 million, above the midpoint of the guidance, despite seasonality and cyclical weaknesses, with a year-over-year decline of only 3%.
Improved Profitability
Adjusted EBITDA margin improved year-over-year by almost 2 percentage points to 16.4%, with a 9% increase in adjusted EBITDA coming in €11 million higher at €135 million, despite lower revenues.
Book-to-Bill Ratio Improvement
Book-to-bill ratio improved to above 1 during the quarter across all business segments, indicating a positive trend in order intake.
Re-establish the Base Program
Realized run rate savings at €135 million by the end of the first quarter, significantly ahead of plan, contributing to structural improvement in profitability.
Successful New Product Launches
Further car models featuring EVIYOS headlamp product are being launched, with significant design wins in automotive, industrial, and consumer segments.
Negative Updates
Operating Cash Flow Decline
First-quarter operating cash flow declined to €10 million from €79 million in the December quarter due to several negative effects, including increased inventories and decreased accounts payable.
Net Earnings and Earnings Per Share
Adjusted net result remained negative at €23 million, with a quarter-over-quarter adjusted earnings per share turning negative from €0.03 in Q4 to minus €0.23 in Q1.
Debt and Liquidity Challenges
Net debt position slightly increased to €1.9 billion, with cash on hand reduced to €573 million by end of March due to planned payback and FX effects.
Tariff and Marketplace Uncertainties
There are uncertainties regarding global car production and sales of smartphones due to potential impacts from tariff wars.
Company Guidance
During the ams-OSRAM first-quarter 2025 earnings call, the company provided guidance highlighting a strategic focus on profitability and cash flow improvement. Revenues for the quarter came in at €820 million, exceeding the midpoint of guidance despite a 7% sequential decline and a 3% year-over-year decrease. The adjusted EBITDA margin improved by nearly 2 percentage points year-over-year to 16.4%. The company aims to achieve run-rate savings of €225 million by the end of 2026, with €135 million already realized by the end of the first quarter. For the full fiscal year 2025, ams-OSRAM expects free cash flow to exceed €100 million, supported by Re-establish the Base program savings and government subsidies. The company also plans to maintain CapEx below 8% of sales and is considering strategic asset sales to generate cash well above €500 million, aiding in debt reduction below 2 times net debt to adjusted EBITDA.ams-OSRAM Financial Statement Overview
Summary
ams-OSRAM faces substantial financial challenges, highlighted by declining revenues, persistent net losses, and high leverage. While the company has shown some improvement in cash flow and efforts toward deleveraging, profitability remains a significant concern. The semiconductor industry is experiencing rapid changes, and ams-OSRAM must enhance its operational efficiency and financial stability to navigate these challenges effectively.Income Statement
The income statement reveals a challenging environment for ams-OSRAM, with declining revenue and persistent net losses. The TTM gross profit margin stands at 24.92%, which is relatively stable compared to prior periods, but the company is struggling with negative net profit margins, currently at -4.61% TTM. Revenue growth is negative, with a decrease of approximately 6.26% compared to the previous year. Additionally, EBIT and EBITDA margins have shown signs of improvement but remain a concern due to ongoing losses.42
Neutral
Balance Sheet
The balance sheet highlights a high debt burden with a debt-to-equity ratio of 1.89 TTM, indicating significant leverage. However, the company's equity ratio is relatively low at 17.62% TTM, suggesting a modest level of financial stability. Return on Equity (ROE) is negative, reflecting ongoing profitability challenges. Despite these concerns, the reduction in total liabilities year-over-year signals some efforts toward deleveraging.55
Neutral
Cash Flow
Cash flow analysis shows volatility, with the TTM free cash flow remaining negative at -44 million. The operating cash flow to net income ratio is negative due to ongoing losses, while the free cash flow to net income ratio demonstrates the company's struggle to convert earnings into cash. The free cash flow growth rate is positive compared to the previous period, indicating some improvement in cash generation, although capital expenditures remain significant.46
Neutral
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 3.40B | 3.43B | 3.59B | 4.82B | 5.04B | 3.50B | Gross Profit |
| 848.00M | 857.00M | 840.00M | 1.26B | 1.44B | 1.03B | EBIT |
| 71.00M | -547.00M | -1.43B | -323.00M | -26.00M | 2.00M | EBITDA |
| 545.00M | 462.00M | 471.00M | 855.00M | 938.00M | 613.00M | Net Income Common Stockholders |
| -157.00M | -786.00M | -1.61B | -443.00M | -32.00M | -90.00M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 644.00M | 1.12B | 1.15B | 1.11B | 1.34B | 1.62B | Total Assets |
| 6.18B | 6.90B | 7.40B | 8.83B | 9.64B | 9.96B | Total Debt |
| 2.06B | 2.69B | 2.67B | 3.02B | 3.40B | 3.59B | Net Debt |
| 1.48B | 1.59B | 1.52B | 1.93B | 2.06B | 2.00B | Total Liabilities |
| 5.09B | 5.67B | 5.50B | 6.00B | 6.49B | 6.94B | Stockholders Equity |
| 1.09B | 1.23B | 1.90B | 2.83B | 3.14B | 3.09B |
| Cash Flow | Free Cash Flow | ||||
| -44.00M | -67.00M | -375.00M | 62.00M | 482.00M | 525.00M | Operating Cash Flow |
| 390.00M | 435.00M | 674.00M | 599.00M | 792.00M | 702.00M | Investing Cash Flow |
| -348.00M | -424.00M | -826.00M | -183.00M | -560.00M | -1.49B | Financing Cash Flow |
| -556.00M | -98.00M | 245.00M | -726.00M | -534.00M | 1.95B |
ams-OSRAM Peers Comparison
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Performance Comparison
AUKUF
ams-OSRAM
9.65
-5.35
-35.67%
LOGI
Logitech
85.25
-14.58
-14.60%
TMNSF
Temenos
76.38
10.39
15.74%
UBLXF
u-blox Holding AG
114.94
7.43
6.91%
CH:SWON
SoftwareOne Holding Ltd.
7.42
-8.88
-54.48%
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.