HIMAX TECHNOLOGIES INC-ADR (HIMX)
US43289P1066 - ADR
We assign a fundamental rating of 5 out of 10 to HIMX. HIMX was compared to 108 industry peers in the Semiconductors & Semiconductor Equipment industry. While HIMX has a great profitability rating, there are quite some 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.
In the past year HIMX had a positive cash flow from operations.
HIMX had positive earnings in 4 of the past 5 years.
HIMX had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
Looking at the Return On Assets, with a value of 4.83%, HIMX is in the better half of the industry, outperforming 63.89% of the companies in the same industry.
Looking at the Return On Equity, with a value of 9.09%, HIMX is in the better half of the industry, outperforming 64.81% 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 59.26% of its industry peers.
HIMX had an Average Return On Invested Capital over the past 3 years of 19.60%. This is significantly above the industry average of 11.24%.
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
Looking at the Profit Margin, with a value of 8.77%, HIMX is in the better half of the industry, outperforming 61.11% of the companies in the same industry.
In the last couple of years the Profit Margin of HIMX has grown nicely.
Looking at the Operating Margin, with a value of 6.89%, HIMX is in the better half of the industry, outperforming 60.19% of the companies in the same industry.
HIMX's Operating Margin has improved in the last couple of years.
HIMX has a worse Gross Margin (30.42%) than 68.52% 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
With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), HIMX is creating some value.
Compared to 1 year ago, HIMX has about the same amount of shares outstanding.
HIMX has more shares outstanding than it did 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 2.63. This is not the best score and indicates that HIMX is in the grey zone with still only limited risk for bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 2.63, HIMX is in line with its industry, outperforming 43.52% of the companies in the same industry.
HIMX has a debt to FCF ratio of 4.34. This is a neutral value as HIMX would need 4.34 years to pay back of all of its debts.
HIMX has a Debt to FCF ratio (4.34) which is comparable to the rest of the industry.
HIMX has a Debt/Equity ratio of 0.62. This is a neutral value indicating HIMX is somewhat dependend on debt financing.
The Debt to Equity ratio of HIMX (0.62) is worse than 78.70% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.62 | ||
| Debt/FCF | 4.34 | ||
| Altman-Z | 2.63 |
ROIC/WACC0.3
WACC12.21%
2.3 Liquidity
A Current Ratio of 1.64 indicates that HIMX should not have too much problems paying its short term obligations.
The Current ratio of HIMX (1.64) is worse than 78.70% of its industry peers.
HIMX has a Quick Ratio of 1.37. This is a normal value and indicates that HIMX is financially healthy and should not expect problems in meeting its short term obligations.
Looking at the Quick ratio, with a value of 1.37, HIMX is doing worse than 74.07% of the companies in the same industry.
| 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.
HIMX shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 31.32% yearly.
HIMX shows a decrease in Revenue. In the last year, the revenue decreased by -8.44%.
The Revenue has been growing slightly by 5.49% on average over the past years.
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
HIMX is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 21.64% yearly.
Based on estimates for the next years, HIMX will show a decrease in Revenue. The Revenue will decrease by -2.66% on average per year.
EPS Next Y48.24%
EPS Next 2Y-7.01%
EPS Next 3Y21.64%
EPS Next 5YN/A
Revenue Next Year11.17%
Revenue Next 2Y-4.61%
Revenue Next 3Y-2.66%
Revenue Next 5YN/A
3.3 Evolution
Although the future EPS growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
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
HIMX is valuated correctly with a Price/Earnings ratio of 16.98.
Based on the Price/Earnings ratio, HIMX is valued cheaply inside the industry as 86.11% of the companies are valued more expensively.
HIMX is valuated rather cheaply when we compare the Price/Earnings ratio to 28.77, which is the current average of the S&P500 Index.
HIMX is valuated quite expensively with a Price/Forward Earnings ratio of 30.57.
Compared to the rest of the industry, the Price/Forward Earnings ratio of HIMX is on the same level as its industry peers.
The average S&P500 Price/Forward Earnings ratio is at 23.38. HIMX is valued slightly more expensive when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 16.98 | ||
| Fwd PE | 30.57 |
4.2 Price Multiples
HIMX's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. HIMX is cheaper than 79.63% of the companies in the same industry.
97.22% of the companies in the same industry are more expensive than HIMX, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 10.75 | ||
| EV/EBITDA | 13.95 |
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.
HIMX's earnings are expected to grow with 21.64% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.35
PEG (5Y)0.54
EPS Next 2Y-7.01%
EPS Next 3Y21.64%
5. Dividend
5.1 Amount
HIMX has a Yearly Dividend Yield of 2.88%. Purely for dividend investing, there may be better candidates out there.
HIMX's Dividend Yield is rather good when compared to the industry average which is at 2.21. HIMX pays more dividend than 92.59% of the companies in the same industry.
HIMX's Dividend Yield is a higher than the S&P500 average which is at 2.24.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.88% |
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
64.67% of the earnings are spent on dividend by HIMX. This is not a sustainable payout ratio.
HIMX's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP64.67%
EPS Next 2Y-7.01%
EPS Next 3Y21.64%
HIMAX TECHNOLOGIES INC-ADR
NASDAQ:HIMX (12/18/2024, 4:49:11 PM)
After market: 7.9443 +0.3 (+3.98%)7.64
-0.09 (-1.16%)
Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)
Earnings (Next)
Inst Owners
Inst Owner Change
Ins Owners
Ins Owner Change
Market Cap1.33B
Analysts
Price Target
Short Float %
Short Ratio
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.88% |
Dividend Growth(5Y)
DP
Div Incr Years
Div Non Decr Years
Ex-Date
Surprises & Revisions
EPS beat(2)
Avg EPS beat(2)
Min EPS beat(2)
Max EPS beat(2)
EPS beat(4)
Avg EPS beat(4)
Min EPS beat(4)
Max EPS beat(4)
EPS beat(8)
Avg EPS beat(8)
EPS beat(12)
Avg EPS beat(12)
EPS beat(16)
Avg EPS beat(16)
Revenue beat(2)
Avg Revenue beat(2)
Min Revenue beat(2)
Max Revenue beat(2)
Revenue beat(4)
Avg Revenue beat(4)
Min Revenue beat(4)
Max Revenue beat(4)
Revenue beat(8)
Avg Revenue beat(8)
Revenue beat(12)
Avg Revenue beat(12)
Revenue beat(16)
Avg Revenue beat(16)
PT rev (1m)
PT rev (3m)
EPS NQ rev (1m)
EPS NQ rev (3m)
EPS NY rev (1m)
EPS NY rev (3m)
Revenue NQ rev (1m)
Revenue NQ rev (3m)
Revenue NY rev (1m)
Revenue NY rev (3m)
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 16.98 | ||
| Fwd PE | 30.57 | ||
| P/S | |||
| P/FCF | |||
| P/OCF | |||
| P/B | |||
| P/tB | |||
| EV/EBITDA |
EPS(TTM)
EY
EPS(NY)
Fwd EY
FCF(TTM)
FCFY
OCF(TTM)
OCFY
SpS
BVpS
TBVpS
PEG (NY)0.35
PEG (5Y)0.54
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.83% | ||
| ROE | 9.09% | ||
| ROCE | |||
| ROIC | |||
| ROICexc | |||
| ROICexgc | |||
| OM | 6.89% | ||
| PM (TTM) | 8.77% | ||
| GM | 30.42% | ||
| FCFM |
ROA(3y)
ROA(5y)
ROE(3y)
ROE(5y)
ROIC(3y)
ROIC(5y)
ROICexc(3y)
ROICexc(5y)
ROICexgc(3y)
ROICexgc(5y)
ROCE(3y)
ROCE(5y)
ROICexcg growth 3Y
ROICexcg growth 5Y
ROICexc growth 3Y
ROICexc growth 5Y
OM growth 3Y
OM growth 5Y
PM growth 3Y
PM growth 5Y
GM growth 3Y
GM growth 5Y
F-Score
Asset Turnover0.55
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.62 | ||
| Debt/FCF | |||
| Debt/EBITDA | |||
| Cap/Depr | |||
| Cap/Sales | |||
| Interest Coverage | |||
| Cash Conversion | |||
| Profit Quality | |||
| Current Ratio | 1.64 | ||
| Quick Ratio | 1.37 | ||
| Altman-Z |
F-Score
WACC
ROIC/WACC
Cap/Depr(3y)
Cap/Depr(5y)
Cap/Sales(3y)
Cap/Sales(5y)
Profit Quality(3y)
Profit Quality(5y)
High Growth Momentum
Growth
EPS 1Y (TTM)13.67%
EPS 3Y-1.46%
EPS 5Y
EPS Q2Q%
EPS Next Y48.24%
EPS Next 2Y
EPS Next 3Y
EPS Next 5Y
Revenue 1Y (TTM)-8.44%
Revenue growth 3Y2.14%
Revenue growth 5Y
Sales Q2Q%
Revenue Next Year
Revenue Next 2Y
Revenue Next 3Y
Revenue Next 5Y
EBIT growth 1Y
EBIT growth 3Y
EBIT growth 5Y
EBIT Next Year
EBIT Next 3Y
EBIT Next 5Y
FCF growth 1Y
FCF growth 3Y
FCF growth 5Y
OCF growth 1Y
OCF growth 3Y
OCF growth 5Y