HIMAX TECHNOLOGIES INC-ADR (HIMX) Stock Fundamental Analysis
NASDAQ:HIMX - Nasdaq - US43289P1066 - ADR - Currency: USD
Overall HIMX gets a fundamental rating of 4 out of 10. We evaluated HIMX against 110 industry peers in the Semiconductors & Semiconductor Equipment industry. While HIMX is still in line with the averages on profitability rating, there are concerns on its financial health. HIMX has a correct valuation and a medium growth rate.
1. Profitability
1.1 Basic Checks
HIMX had positive earnings in the past year.
HIMX had a positive operating cash flow in the past year.
Each year in the past 5 years HIMX has been 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 5.33%. This is in the better half of the industry: HIMX outperforms 68.18% of its industry peers.
HIMX's Return On Equity of 9.59% is fine compared to the rest of the industry. HIMX outperforms 66.36% of its industry peers.
HIMX's Return On Invested Capital of 4.23% is fine compared to the rest of the industry. HIMX outperforms 60.91% of its industry peers.
The Average Return On Invested Capital over the past 3 years for HIMX is below the industry average of 11.17%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 5.33% | ||
| ROE | 9.59% | ||
| ROIC | 4.23% |
ROA(3y)7.29%
ROA(5y)10.86%
ROE(3y)13.81%
ROE(5y)20.29%
ROIC(3y)7%
ROIC(5y)13.05%
1.3 Margins
The Profit Margin of HIMX (9.54%) is better than 65.45% of its industry peers.
HIMX's Profit Margin has declined in the last couple of years.
The Operating Margin of HIMX (8.53%) is comparable to the rest of the industry.
HIMX's Operating Margin has declined in the last couple of years.
The Gross Margin of HIMX (30.73%) is worse than 69.09% of its industry peers.
HIMX's Gross Margin has improved in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 8.53% | ||
| PM (TTM) | 9.54% | ||
| GM | 30.73% |
OM growth 3Y-40.23%
OM growth 5YN/A
PM growth 3Y-32.22%
PM growth 5YN/A
GM growth 3Y-14.3%
GM growth 5Y8.21%
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so HIMX is destroying value.
Compared to 1 year ago, HIMX has about the same amount of shares outstanding.
Compared to 5 years ago, HIMX has more shares outstanding
The debt/assets ratio for HIMX is higher compared to a year ago.
2.2 Solvency
An Altman-Z score of 2.88 indicates that HIMX is not a great score, but indicates only limited risk for bankruptcy at the moment.
HIMX has a Altman-Z score of 2.88. This is comparable to the rest of the industry: HIMX outperforms 46.36% of its industry peers.
The Debt to FCF ratio of HIMX is 5.39, which is a neutral value as it means it would take HIMX, 5.39 years of fcf income to pay off all of its debts.
HIMX has a Debt to FCF ratio (5.39) which is comparable to the rest of the industry.
A Debt/Equity ratio of 0.58 indicates that HIMX is somewhat dependend on debt financing.
HIMX's Debt to Equity ratio of 0.58 is on the low side compared to the rest of the industry. HIMX is outperformed by 76.36% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.58 | ||
| Debt/FCF | 5.39 | ||
| Altman-Z | 2.88 |
ROIC/WACC0.42
WACC10.05%
2.3 Liquidity
HIMX has a Current Ratio of 1.71. This is a normal value and indicates that HIMX is financially healthy and should not expect problems in meeting its short term obligations.
With a Current ratio value of 1.71, HIMX is not doing good in the industry: 80.00% of the companies in the same industry are doing better.
A Quick Ratio of 1.52 indicates that HIMX should not have too much problems paying its short term obligations.
With a Quick ratio value of 1.52, HIMX is not doing good in the industry: 68.18% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.71 | ||
| Quick Ratio | 1.52 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an impressive 81.09% over the past year.
Measured over the past years, HIMX shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -44.43% on average per year.
The Revenue has been growing slightly by 0.62% in the past year.
HIMX shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 6.18% yearly.
EPS 1Y (TTM)81.09%
EPS 3Y-44.43%
EPS 5YN/A
EPS Q2Q%60.56%
Revenue 1Y (TTM)0.62%
Revenue growth 3Y-16.31%
Revenue growth 5Y6.18%
Sales Q2Q%3.65%
3.2 Future
The Earnings Per Share is expected to grow by 13.08% on average over the next years. This is quite good.
HIMX is expected to show a decrease in Revenue. In the coming years, the Revenue will decrease by -1.43% yearly.
EPS Next Y3.87%
EPS Next 2Y31.38%
EPS Next 3Y13.08%
EPS Next 5YN/A
Revenue Next Year-13.36%
Revenue Next 2Y-2.9%
Revenue Next 3Y-1.43%
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 accelerating.
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
The Price/Earnings ratio is 16.88, which indicates a correct valuation of HIMX.
HIMX's Price/Earnings ratio is rather cheap when compared to the industry. HIMX is cheaper than 82.73% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 26.60, HIMX is valued a bit cheaper.
HIMX is valuated reasonably with a Price/Forward Earnings ratio of 10.75.
Based on the Price/Forward Earnings ratio, HIMX is valued cheaper than 92.73% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.43, HIMX is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 16.88 | ||
| Fwd PE | 10.75 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, HIMX is valued a bit cheaper than 77.27% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, HIMX is valued cheaper than 90.00% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 14.82 | ||
| EV/EBITDA | 12.22 |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
HIMX's earnings are expected to grow with 13.08% in the coming years. This may justify a more expensive valuation.
PEG (NY)4.36
PEG (5Y)N/A
EPS Next 2Y31.38%
EPS Next 3Y13.08%
5. Dividend
5.1 Amount
HIMX has a Yearly Dividend Yield of 3.32%. Purely for dividend investing, there may be better candidates out there.
In the last 3 months the price of HIMX has falen by -20.60%. A price decline artificially increases the dividend yield. It may be a sign investors do not expect the dividend to last.
HIMX's Dividend Yield is rather good when compared to the industry average which is at 2.41. HIMX pays more dividend than 94.55% of the companies in the same industry.
HIMX's Dividend Yield is a higher than the S&P500 average which is at 2.36.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.32% |
5.2 History
HIMX has paid a dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
HIMX pays out 58.35% of its income as dividend. This is a bit on the high side, but may be sustainable.
DP58.35%
EPS Next 2Y31.38%
EPS Next 3Y13.08%
8.44
+0.1 (+1.2%)
Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)
Earnings (Next)
Inst Owners20.75%
Inst Owner Change-4.92%
Ins Owners30.93%
Ins Owner ChangeN/A
Market Cap1.48B
Analysts84
Price Target11.45 (35.66%)
Short Float %11.1%
Short Ratio3.48
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.32% |
Yearly Dividend0.15
Dividend Growth(5Y)N/A
DP58.35%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)25%
Min EPS beat(2)11.76%
Max EPS beat(2)38.24%
EPS beat(4)4
Avg EPS beat(4)50.57%
Min EPS beat(4)10.46%
Max EPS beat(4)141.83%
EPS beat(8)7
Avg EPS beat(8)36.8%
EPS beat(12)10
Avg EPS beat(12)26.41%
EPS beat(16)12
Avg EPS beat(16)21.78%
Revenue beat(2)1
Avg Revenue beat(2)2.49%
Min Revenue beat(2)-0.65%
Max Revenue beat(2)5.63%
Revenue beat(4)3
Avg Revenue beat(4)3.46%
Min Revenue beat(4)-0.65%
Max Revenue beat(4)6.43%
Revenue beat(8)6
Avg Revenue beat(8)1.76%
Revenue beat(12)9
Avg Revenue beat(12)2.18%
Revenue beat(16)10
Avg Revenue beat(16)1.78%
PT rev (1m)0%
PT rev (3m)3.3%
EPS NQ rev (1m)0%
EPS NQ rev (3m)50%
EPS NY rev (1m)-4.8%
EPS NY rev (3m)30.15%
Revenue NQ rev (1m)2.48%
Revenue NQ rev (3m)18.62%
Revenue NY rev (1m)-3.93%
Revenue NY rev (3m)-2.04%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 16.88 | ||
| Fwd PE | 10.75 | ||
| P/S | 1.61 | ||
| P/FCF | 14.82 | ||
| P/OCF | 12.81 | ||
| P/B | 1.62 | ||
| P/tB | 1.68 | ||
| EV/EBITDA | 12.22 |
EPS(TTM)0.5
EY5.92%
EPS(NY)0.79
Fwd EY9.31%
FCF(TTM)0.57
FCFY6.75%
OCF(TTM)0.66
OCFY7.81%
SpS5.23
BVpS5.2
TBVpS5.04
PEG (NY)4.36
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 5.33% | ||
| ROE | 9.59% | ||
| ROCE | 8.2% | ||
| ROIC | 4.23% | ||
| ROICexc | 5.25% | ||
| ROICexgc | 5.38% | ||
| OM | 8.53% | ||
| PM (TTM) | 9.54% | ||
| GM | 30.73% | ||
| FCFM | 10.89% |
ROA(3y)7.29%
ROA(5y)10.86%
ROE(3y)13.81%
ROE(5y)20.29%
ROIC(3y)7%
ROIC(5y)13.05%
ROICexc(3y)8.36%
ROICexc(5y)17.92%
ROICexgc(3y)8.57%
ROICexgc(5y)18.72%
ROCE(3y)12.5%
ROCE(5y)20.45%
ROICexcg growth 3Y-56.95%
ROICexcg growth 5YN/A
ROICexc growth 3Y-56.65%
ROICexc growth 5YN/A
OM growth 3Y-40.23%
OM growth 5YN/A
PM growth 3Y-32.22%
PM growth 5YN/A
GM growth 3Y-14.3%
GM growth 5Y8.21%
F-Score8
Asset Turnover0.56
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.58 | ||
| Debt/FCF | 5.39 | ||
| Debt/EBITDA | 5.31 | ||
| Cap/Depr | 71.07% | ||
| Cap/Sales | 1.71% | ||
| Interest Coverage | 19.93 | ||
| Cash Conversion | 115.23% | ||
| Profit Quality | 114.18% | ||
| Current Ratio | 1.71 | ||
| Quick Ratio | 1.52 | ||
| Altman-Z | 2.88 |
F-Score8
WACC10.05%
ROIC/WACC0.42
Cap/Depr(3y)77.16%
Cap/Depr(5y)58.81%
Cap/Sales(3y)1.65%
Cap/Sales(5y)1.23%
Profit Quality(3y)138.09%
Profit Quality(5y)141.33%
High Growth Momentum
Growth
EPS 1Y (TTM)81.09%
EPS 3Y-44.43%
EPS 5YN/A
EPS Q2Q%60.56%
EPS Next Y3.87%
EPS Next 2Y31.38%
EPS Next 3Y13.08%
EPS Next 5YN/A
Revenue 1Y (TTM)0.62%
Revenue growth 3Y-16.31%
Revenue growth 5Y6.18%
Sales Q2Q%3.65%
Revenue Next Year-13.36%
Revenue Next 2Y-2.9%
Revenue Next 3Y-1.43%
Revenue Next 5YN/A
EBIT growth 1Y118.48%
EBIT growth 3Y-49.98%
EBIT growth 5YN/A
EBIT Next Year-21.32%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y50.7%
FCF growth 3Y-35.35%
FCF growth 5YN/A
OCF growth 1Y49.13%
OCF growth 3Y-33.16%
OCF growth 5Y72.02%