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. HIMX has a medium profitability rating, but doesn't score so well on its financial health evaluation. HIMX is not valued too expensively and it also shows a decent 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.
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
The Return On Assets of HIMX (5.33%) is better than 68.18% of its industry peers.
Looking at the Return On Equity, with a value of 9.59%, HIMX is in the better half of the industry, outperforming 67.27% of the companies in the same industry.
HIMX's Return On Invested Capital of 4.23% is in line compared to the rest of the industry. HIMX outperforms 60.00% of its industry peers.
HIMX had an Average Return On Invested Capital over the past 3 years of 7.00%. This is below the industry average of 10.58%.
| 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
With a decent Profit Margin value of 9.54%, HIMX is doing good in the industry, outperforming 64.55% of the companies in the same industry.
HIMX's Profit Margin has declined in the last couple of years.
HIMX has a Operating Margin of 8.53%. This is comparable to the rest of the industry: HIMX outperforms 58.18% of its industry peers.
In the last couple of years the Operating Margin of HIMX has declined.
HIMX has a Gross Margin of 30.73%. This is in the lower half of the industry: HIMX underperforms 70.91% 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.
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
An Altman-Z score of 3.00 indicates that HIMX is not in any danger for bankruptcy at the moment.
HIMX has a Altman-Z score of 3.00. This is comparable to the rest of the industry: HIMX outperforms 43.64% of its industry peers.
HIMX has a debt to FCF ratio of 5.39. This is a neutral value as HIMX would need 5.39 years to pay back of all of its debts.
The Debt to FCF ratio of HIMX (5.39) is comparable to the rest of the industry.
HIMX has a Debt/Equity ratio of 0.58. This is a neutral value indicating 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 74.55% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.58 | ||
| Debt/FCF | 5.39 | ||
| Altman-Z | 3 |
ROIC/WACC0.41
WACC10.32%
2.3 Liquidity
A Current Ratio of 1.71 indicates that HIMX should not have too much problems paying its short term obligations.
Looking at the Current ratio, with a value of 1.71, HIMX is doing worse than 80.91% of the companies in the same industry.
A Quick Ratio of 1.52 indicates that HIMX should not have too much problems paying its short term obligations.
HIMX has a worse Quick ratio (1.52) than 70.91% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.71 | ||
| Quick Ratio | 1.52 |
3. Growth
3.1 Past
HIMX shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 81.09%, which is quite impressive.
HIMX shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -44.43% yearly.
HIMX shows a small growth in Revenue. In the last year, the Revenue has grown by 0.62%.
The Revenue has been growing slightly by 6.18% on average over the past years.
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.
Based on estimates for the next years, HIMX will show a decrease in Revenue. The Revenue will decrease by -1.43% on average per year.
EPS Next Y-9.58%
EPS Next 2Y8.66%
EPS Next 3Y13.08%
EPS Next 5YN/A
Revenue Next Year-17.62%
Revenue Next 2Y-6.05%
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.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
4. Valuation
4.1 Price/Earnings Ratio
With a Price/Earnings ratio of 18.76, HIMX is valued on the expensive side.
82.73% of the companies in the same industry are more expensive than HIMX, based on the Price/Earnings ratio.
When comparing the Price/Earnings ratio of HIMX to the average of the S&P500 Index (27.30), we can say HIMX is valued slightly cheaper.
Based on the Price/Forward Earnings ratio of 17.46, the valuation of HIMX can be described as rather expensive.
Based on the Price/Forward Earnings ratio, HIMX is valued a bit cheaper than the industry average as 79.09% of the companies are valued more expensively.
HIMX is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 21.76, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.76 | ||
| Fwd PE | 17.46 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, HIMX is valued a bit cheaper than 78.18% of the companies in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of HIMX indicates a rather cheap valuation: HIMX is cheaper than 90.00% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 16.47 | ||
| EV/EBITDA | 13.69 |
4.3 Compensation for Growth
A more expensive valuation may be justified as HIMX's earnings are expected to grow with 13.08% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y8.66%
EPS Next 3Y13.08%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 3.82%, HIMX has a reasonable but not impressive dividend return.
HIMX's Dividend Yield is rather good when compared to the industry average which is at 2.18. HIMX pays more dividend than 96.36% of the companies in the same industry.
Compared to an average S&P500 Dividend Yield of 2.37, HIMX pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.82% |
5.2 History
HIMX has paid a dividend for at least 10 years, which is a reliable track record.
The dividend of HIMX decreased recently.
Dividend Growth(5Y)N/A
Div Incr Years1
Div Non Decr Years1
5.3 Sustainability
58.35% of the earnings are spent on dividend by HIMX. This is a bit on the high side, but may be sustainable.
DP58.35%
EPS Next 2Y8.66%
EPS Next 3Y13.08%
9.38
+0.1 (+1.08%)
Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)
Earnings (Next)
Inst Owners19.71%
Inst Owner Change0%
Ins Owners30.96%
Ins Owner ChangeN/A
Market Cap1.64B
Analysts83.64
Price Target10.14 (8.1%)
Short Float %10.91%
Short Ratio5.19
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.82% |
Yearly Dividend0.15
Dividend Growth(5Y)N/A
DP58.35%
Div Incr Years1
Div Non Decr Years1
Ex-Date
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)-11.45%
PT rev (3m)-11.45%
EPS NQ rev (1m)0%
EPS NQ rev (3m)11.11%
EPS NY rev (1m)-12.95%
EPS NY rev (3m)0%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)2.48%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-8.65%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.76 | ||
| Fwd PE | 17.46 | ||
| P/S | 1.79 | ||
| P/FCF | 16.47 | ||
| P/OCF | 14.23 | ||
| P/B | 1.8 | ||
| P/tB | 1.86 | ||
| EV/EBITDA | 13.69 |
EPS(TTM)0.5
EY5.33%
EPS(NY)0.54
Fwd EY5.73%
FCF(TTM)0.57
FCFY6.07%
OCF(TTM)0.66
OCFY7.03%
SpS5.23
BVpS5.2
TBVpS5.04
PEG (NY)N/A
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 | 3 |
F-Score8
WACC10.32%
ROIC/WACC0.41
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 Y-9.58%
EPS Next 2Y8.66%
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-17.62%
Revenue Next 2Y-6.05%
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-44.59%
EBIT Next 3Y-0.84%
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%