| Valuation method | Value, CHF | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 45.60 | 35 |
| Intrinsic value (DCF) | n/a | |
| Graham-Dodd Method | n/a | |
| Graham Formula | n/a |
OSRAM Licht AG is a global leader in lighting technology, specializing in innovative lighting solutions across multiple industries. Headquartered in Munich, Germany, and listed on the Swiss Exchange (SIX), OSRAM operates through three key segments: Opto Semiconductors, Automotive, and Digital. The company manufactures high-performance LEDs, infrared and laser sensors, and advanced lighting systems for applications in general lighting, automotive, industrial, and entertainment sectors. OSRAM's product portfolio includes LED-based plant cultivation systems, UV lamps for medical use, and automotive lighting solutions under well-known brands like OSRAM, SYLVANIA, and Clay Paky. With a history dating back to 1906, OSRAM has evolved into a subsidiary of ams AG, focusing on cutting-edge optoelectronic technologies. The company serves diverse markets, including smart cities, horticulture, and automotive, positioning itself as a key player in the transition to energy-efficient and intelligent lighting solutions.
OSRAM Licht AG presents a mixed investment profile. The company benefits from its strong brand recognition, technological leadership in optoelectronics, and diversified revenue streams across automotive, industrial, and entertainment lighting. However, investors should note the competitive pressures in the LED market, potential margin erosion due to pricing pressures, and the company's moderate net income of €59.6 million in FY 2023. The negative beta (-0.053) suggests low correlation with broader market movements, which could appeal to defensive investors. The dividend yield, based on a €2.22 per share payout, may attract income-focused investors, but the lack of disclosed revenue and operating cash flow figures warrants caution. Long-term growth prospects hinge on OSRAM's ability to innovate in smart lighting and automotive applications, though sector competition remains intense.
OSRAM Licht AG holds a competitive edge through its strong R&D capabilities and diversified product portfolio in high-growth segments like automotive lighting and optoelectronics. The company's vertical integration in semiconductor manufacturing allows for cost efficiencies and customization, particularly in automotive LED applications where it collaborates closely with OEMs. However, OSRAM faces intense competition from larger electronics conglomerates and Asian LED manufacturers that benefit from economies of scale. The company's niche in specialty lighting (e.g., entertainment, horticulture) provides some insulation from mass-market competition but limits its total addressable market. OSRAM's ownership by ams AG could provide synergies in sensor technologies, though integration risks remain. The company's European base offers proximity to premium automotive clients but may result in higher production costs compared to Asian rivals. Its brand strength in professional lighting applications remains an asset, though consumer lighting has become increasingly commoditized.