HIMAX TECHNOLOGIES INC-ADR (HIMX) Stock Fundamental Analysis
NASDAQ:HIMX - Nasdaq - US43289P1066 - ADR - Currency: USD
HIMX gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 108 industry peers in the Semiconductors & Semiconductor Equipment industry. HIMX scores excellent on profitability, but there are concerns on its financial health. HIMX has a correct valuation and a medium growth rate.
1. Profitability
1.1 Basic Checks
In the past year HIMX was profitable.
HIMX had a positive operating cash flow in the past year.
Of the past 5 years HIMX 4 years were profitable.
Each year in the past 5 years HIMX had a positive operating cash flow.
1.2 Ratios
HIMX has a Return On Assets of 4.83%. This is in the better half of the industry: HIMX outperforms 62.96% of its industry peers.
Looking at the Return On Equity, with a value of 9.09%, HIMX is in the better half of the industry, outperforming 66.67% of the companies in the same industry.
HIMX has a Return On Invested Capital of 3.71%. This is comparable to the rest of the industry: HIMX outperforms 58.33% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for HIMX is significantly above the industry average of 11.67%.
The 3 year average ROIC (19.60%) for HIMX is well above the current ROIC(3.71%). The reason for the recent decline needs to be investigated.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.83% | ||
| ROE | 9.09% | ||
| ROIC | 3.71% |
ROA(3y)14.75%
ROA(5y)9.55%
ROE(3y)27.57%
ROE(5y)17.87%
ROIC(3y)19.6%
ROIC(5y)N/A
1.3 Margins
With a decent Profit Margin value of 8.77%, HIMX is doing good in the industry, outperforming 62.04% of the companies in the same industry.
HIMX's Profit Margin has improved in the last couple of years.
Looking at the Operating Margin, with a value of 6.89%, HIMX is in line with its industry, outperforming 59.26% of the companies in the same industry.
In the last couple of years the Operating Margin of HIMX has grown nicely.
HIMX has a worse Gross Margin (30.42%) than 69.44% of its industry peers.
HIMX's Gross Margin has improved in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 6.89% | ||
| PM (TTM) | 8.77% | ||
| GM | 30.42% |
OM growth 3Y-11.19%
OM growth 5Y57.62%
PM growth 3Y0.29%
PM growth 5Y35.12%
GM growth 3Y3.85%
GM growth 5Y3.61%
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so HIMX is still creating some value.
HIMX has about the same amout of shares outstanding than it did 1 year ago.
The number of shares outstanding for HIMX has been increased compared to 5 years ago.
Compared to 1 year ago, HIMX has a worse debt to assets ratio.
2.2 Solvency
HIMX has an Altman-Z score of 3.12. This indicates that HIMX is financially healthy and has little risk of bankruptcy at the moment.
The Altman-Z score of HIMX (3.12) is comparable to the rest of the industry.
The Debt to FCF ratio of HIMX is 4.34, which is a neutral value as it means it would take HIMX, 4.34 years of fcf income to pay off all of its debts.
With a Debt to FCF ratio value of 4.34, HIMX perfoms like the industry average, outperforming 58.33% of the companies in the same industry.
A Debt/Equity ratio of 0.62 indicates that HIMX is somewhat dependend on debt financing.
HIMX's Debt to Equity ratio of 0.62 is on the low side compared to the rest of the industry. HIMX is outperformed by 79.63% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.62 | ||
| Debt/FCF | 4.34 | ||
| Altman-Z | 3.12 |
ROIC/WACC0.34
WACC10.95%
2.3 Liquidity
A Current Ratio of 1.64 indicates that HIMX should not have too much problems paying its short term obligations.
HIMX's Current ratio of 1.64 is on the low side compared to the rest of the industry. HIMX is outperformed by 80.56% of its industry peers.
A Quick Ratio of 1.37 indicates that HIMX should not have too much problems paying its short term obligations.
HIMX has a worse Quick ratio (1.37) than 75.93% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.64 | ||
| Quick Ratio | 1.37 |
3. Growth
3.1 Past
HIMX shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 13.67%, which is quite good.
The Earnings Per Share has been growing by 31.32% on average over the past years. This is a very strong growth
The Revenue has decreased by -8.44% in the past year.
Measured over the past years, HIMX shows a small growth in Revenue. The Revenue has been growing by 5.49% on average per year.
EPS 1Y (TTM)13.67%
EPS 3Y-1.46%
EPS 5Y31.32%
EPS Q2Q%15.62%
Revenue 1Y (TTM)-8.44%
Revenue growth 3Y2.14%
Revenue growth 5Y5.49%
Sales Q2Q%-6.75%
3.2 Future
The Earnings Per Share is expected to grow by 36.80% on average over the next years. This is a very strong growth
Based on estimates for the next years, HIMX will show a small growth in Revenue. The Revenue will grow by 3.50% on average per year.
EPS Next Y48.24%
EPS Next 2Y12.09%
EPS Next 3Y36.8%
EPS Next 5YN/A
Revenue Next Year11.17%
Revenue Next 2Y-0.84%
Revenue Next 3Y3.5%
Revenue Next 5YN/A
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
A Price/Earnings ratio of 23.62 indicates a rather expensive valuation of HIMX.
Based on the Price/Earnings ratio, HIMX is valued a bit cheaper than 76.85% of the companies in the same industry.
HIMX's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 29.63.
Based on the Price/Forward Earnings ratio of 29.27, the valuation of HIMX can be described as expensive.
HIMX's Price/Forward Earnings ratio is in line with the industry average.
HIMX's Price/Forward Earnings ratio indicates a valuation a bit more expensive than the S&P500 average which is at 22.68.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 23.62 | ||
| Fwd PE | 29.27 |
4.2 Price Multiples
71.30% of the companies in the same industry are more expensive than HIMX, based on the Enterprise Value to EBITDA ratio.
Based on the Price/Free Cash Flow ratio, HIMX is valued cheaply inside the industry as 95.37% of the companies are valued more expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 14.97 | ||
| EV/EBITDA | 21.33 |
4.3 Compensation for Growth
The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
HIMX has a very decent profitability rating, which may justify a higher PE ratio.
A more expensive valuation may be justified as HIMX's earnings are expected to grow with 36.80% in the coming years.
PEG (NY)0.49
PEG (5Y)0.75
EPS Next 2Y12.09%
EPS Next 3Y36.8%
5. Dividend
5.1 Amount
HIMX has a Yearly Dividend Yield of 2.82%.
HIMX's Dividend Yield is rather good when compared to the industry average which is at 2.34. HIMX pays more dividend than 91.67% of the companies in the same industry.
HIMX's Dividend Yield is a higher than the S&P500 average which is at 2.29.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.82% |
5.2 History
The dividend of HIMX is nicely growing with an annual growth rate of 36.87%!
HIMX has paid a dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)36.87%
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
HIMX pays out 64.67% of its income as dividend. This is not a sustainable payout ratio.
The dividend of HIMX is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP64.67%
EPS Next 2Y12.09%
EPS Next 3Y36.8%
10.63
-0.62 (-5.51%)
Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)
Earnings (Next)
Inst Owners16.96%
Inst Owner Change20.72%
Ins Owners30.98%
Ins Owner ChangeN/A
Market Cap1.86B
Analysts82.22
Price Target11.08 (4.23%)
Short Float %11.52%
Short Ratio1.65
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.82% |
Yearly Dividend0.24
Dividend Growth(5Y)36.87%
DP64.67%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)76.14%
Min EPS beat(2)10.46%
Max EPS beat(2)141.83%
EPS beat(4)4
Avg EPS beat(4)50.52%
Min EPS beat(4)10.46%
Max EPS beat(4)141.83%
EPS beat(8)7
Avg EPS beat(8)33.07%
EPS beat(12)9
Avg EPS beat(12)22.25%
EPS beat(16)12
Avg EPS beat(16)20.17%
Revenue beat(2)2
Avg Revenue beat(2)4.43%
Min Revenue beat(2)2.43%
Max Revenue beat(2)6.43%
Revenue beat(4)4
Avg Revenue beat(4)2.34%
Min Revenue beat(4)0.04%
Max Revenue beat(4)6.43%
Revenue beat(8)7
Avg Revenue beat(8)2.76%
Revenue beat(12)8
Avg Revenue beat(12)1.33%
Revenue beat(16)11
Avg Revenue beat(16)1.6%
PT rev (1m)0%
PT rev (3m)32.52%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0%
EPS NY rev (3m)-3.45%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0%
Revenue NY rev (3m)3.09%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 23.62 | ||
| Fwd PE | 29.27 | ||
| P/S | 2.07 | ||
| P/FCF | 14.97 | ||
| P/OCF | 12.46 | ||
| P/B | 2.15 | ||
| P/tB | 2.22 | ||
| EV/EBITDA | 21.33 |
EPS(TTM)0.45
EY4.23%
EPS(NY)0.36
Fwd EY3.42%
FCF(TTM)0.71
FCFY6.68%
OCF(TTM)0.85
OCFY8.03%
SpS5.13
BVpS4.95
TBVpS4.78
PEG (NY)0.49
PEG (5Y)0.75
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.83% | ||
| ROE | 9.09% | ||
| ROCE | 6.76% | ||
| ROIC | 3.71% | ||
| ROICexc | 4.34% | ||
| ROICexgc | 4.45% | ||
| OM | 6.89% | ||
| PM (TTM) | 8.77% | ||
| GM | 30.42% | ||
| FCFM | 13.84% |
ROA(3y)14.75%
ROA(5y)9.55%
ROE(3y)27.57%
ROE(5y)17.87%
ROIC(3y)19.6%
ROIC(5y)N/A
ROICexc(3y)27.01%
ROICexc(5y)N/A
ROICexgc(3y)28.11%
ROICexgc(5y)N/A
ROCE(3y)28.19%
ROCE(5y)N/A
ROICexcg growth 3Y-34.99%
ROICexcg growth 5Y39.15%
ROICexc growth 3Y-33.75%
ROICexc growth 5Y40.67%
OM growth 3Y-11.19%
OM growth 5Y57.62%
PM growth 3Y0.29%
PM growth 5Y35.12%
GM growth 3Y3.85%
GM growth 5Y3.61%
F-Score6
Asset Turnover0.55
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.62 | ||
| Debt/FCF | 4.34 | ||
| Debt/EBITDA | 6.37 | ||
| Cap/Depr | 114.48% | ||
| Cap/Sales | 2.79% | ||
| Interest Coverage | 15.05 | ||
| Cash Conversion | 178.32% | ||
| Profit Quality | 157.82% | ||
| Current Ratio | 1.64 | ||
| Quick Ratio | 1.37 | ||
| Altman-Z | 3.12 |
F-Score6
WACC10.95%
ROIC/WACC0.34
Cap/Depr(3y)69.99%
Cap/Depr(5y)85.11%
Cap/Sales(3y)1.34%
Cap/Sales(5y)2.32%
Profit Quality(3y)124.16%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)13.67%
EPS 3Y-1.46%
EPS 5Y31.32%
EPS Q2Q%15.62%
EPS Next Y48.24%
EPS Next 2Y12.09%
EPS Next 3Y36.8%
EPS Next 5YN/A
Revenue 1Y (TTM)-8.44%
Revenue growth 3Y2.14%
Revenue growth 5Y5.49%
Sales Q2Q%-6.75%
Revenue Next Year11.17%
Revenue Next 2Y-0.84%
Revenue Next 3Y3.5%
Revenue Next 5YN/A
EBIT growth 1Y14.3%
EBIT growth 3Y-9.29%
EBIT growth 5Y66.27%
EBIT Next Year96.93%
EBIT Next 3Y53.29%
EBIT Next 5YN/A
FCF growth 1Y-49.91%
FCF growth 3Y10.18%
FCF growth 5YN/A
OCF growth 1Y-42.51%
OCF growth 3Y14.21%
OCF growth 5Y107.22%