Habe übrigens auch gefunden, warum das Mgmt beim letzten Mal meinte, dass sie von mehr Andienungen von Osram Aktien bis Ende des Jahres 2025 (Anfang 2026) ausgehen („I mean, as we said, we expect the verdict in the second half of the year. We certainly expect a bigger portion of the shares than being tendered, not all of them (…)“:
“A domination and profit and loss transfer agreement was entered into by OSRAM and ams Offer GmbH (“ams”) on September 22, 2020, amended on November 2, 2020, approved by the Extraordinary General Meeting of OSRAM Licht AG on No-vember 3, 2020, and entered in the commercial register on March 3, 2021. On the basis of this agreement, there is a time-limited obligation to acquire the OSRAM shares of any outside OSRAM shareholder, upon request by such shareholder, in return for a cash settlement of EUR 45.54 per OSRAM share. (…) Experience shows that such proceedings last four to five years from the entry of the domination and profit and loss transfer agreement in the commercial register.” (Quelle: 2023er Geschäftsbericht)
Beim aktuellen Kurs von 52 Euro in der Osram Aktie sehe ich das Risiko eher als gering an, zumal AMSO dafür den RCF als Refinanzierungsmöglichkeit hat.
Und zum anderen Thema nochmals:
Menon: „You referenced a number of design wins in the second half for your strong second half, including mobile sensors. Can you confirm that you will be gaining further content because you already gained some content in the second half of 2024. Are you gaining further content broadly in mobile phones, including flagship phones in the second half of 2025?“
Kamper: “I mean it's clear that the launch that we had this year will continue to spread throughout the various platforms in next year. So we will see more and more usage of the products that we just recently introduced both in the non- and in the Android space.”
Aus diesem “spread throughout the various platforms” entsprang meine Interpretation, dass damit weitere iPhone Generationen, das iPad und evtl. die Watch gemeint sein könnte – und nicht ein neuer zweiter Chip oder ALS Sensor in der Sep 2025er iPhone Generation.
Damit verbunden die Sanders Frage: „So just interested to know whether you can do theoretically more than $2 per device? Or is that not realistic?“
Kamper: “Yes, $2 -- more than $2 is possible. And actually, there, for example, the flip phones or even the threefold phones help because usually, they require also an ALS for every display. That's one thing. And obviously, also on the camera side, people are still striving for better and better image quality. So they are putting more sensors on that side as well. And on the ALS product, sensitivities are increasing. The screens are getting less and less transmittent. So you need higher and higher sensitivities, and that is also not making the product cheaper.”
Das erinnert mich an die guten alten Dialog-Tage – Dich nicht auch, Jack?
Quellen jeweils:
https://seekingalpha.com/article/...-q4-2024-earnings-call-transcript
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