Stifel is maintaining its buy rating on Soitec shares, with an unchanged target price of 140 euros, after the company published 2024 results and a 2025 guidance in line with the expectations announced two months ago, as well as with consensus.

Sales came in at 978 ME (consensus: 977 ME), with an EBITDA margin of 34% (consensus: 35%).

On the other hand, FCF came in at -43 ME, worse than the -10 ME expected, due to negative working capital of -142 ME resulting from certain advance payments to suppliers.

In addition, Soitec announced the third customer for its SmartSiC product, X-Fab.

This agreement does not constitute a license for the technology, but rather a complete contract under which Soitec will sell the wafers to X-Fab, which will then be able to offer them to its customers.


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