Semiconductors, STMicroelectronics, Tesla. Fleas that roll

Published on 27 Jan. 2022 at 20: 50

Even on the stock market, overheating is not always a driver. The records of STMicroelectronics (45, 2% gross margin in the last quarter, two points above its target) and Tesla (14,7% operational profitability) are the two sides of the same massive phenomenon of automotive electrification which nevertheless aroused divergent stock market reactions (+2% for the first and -6% for the second).

The ground was not much easier for Jean-Marc Chéry, the boss of the Franco-Italian group, than for Elon Musk. The obvious undervaluation of STMicroelectronics against the German Infineon, suffering from a discount of 20% while the profitability gap, with an operating margin at its highest for twenty-one years, has been closed, admittedly gave it a small advantage compared to the multiple off- floor of the leader in the electric car.

But both have to face the stock market counter-current of portfolio rotation, accelerated by the problem of interest rates. This caused a 14% drop in semiconductor values ​​since the beginning of the year, and close to 30 % the price of Tesla since the peak of last November.

The virtually doubling of investments by STMicroelectronics this year did not frighten investors, however. They seem so much more tangible than the humanoid revolution promised by the boss of Tesla…