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AMS-Osram Q4 Rev and adj-EBIT In-Line Though Outlook Implies Weak FY24

CONSUMER STAPLES


  • Q423 Rev and adj-EBIT in line with consensus though CapEx of EUR 222mn came in higher than that EUR 180mn consensus and a loss of EUR 16mn came against an expected EUR 15mn profit. Adj-EBIT margin of 7.9% was towards the upper end of the 5%-8% guidance.
  • Net debt improved signifincantly on the back of their refinancing (EUR 2.3bn in Q3 to EUR EUR 1.7bn) though OCF declined 60% YoY to EUR 80mn while CF From CapEx stayed broadly stable.
  • Q1 Rev seen at EUR 800-900mn (from EUR 927mn last year), affected by seasonal trends and weak demand in industrial and medical market and adj-EBIT margin of 4% to 7% on normalised China demand.
  • FY24 outlook includes “sustained weakness” in industrial and medical segments in H1, with improvement expected in H2. Plans to exit non-core semiconductor businesses, projecting EUR 75mn EBIT run-rate improvements by end-year. The see positive FCF including divestment proceeds.
  • EUR bonds all muted in early trading.
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