HIMAX TECHNOLOGIES INC-ADR (HIMX) Stock Fundamental Analysis
NASDAQ:HIMX - US43289P1066 - ADR
8.47 USD
+0.29 (+3.55%)
8.4 USD
-0.07 (-0.83%)
We assign a fundamental rating of 4 out of 10 to HIMX. HIMX was compared to 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 valued correctly, but it does not seem to be growing.
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.
In the past 5 years HIMX always reported a positive cash flow from operatings.
1.2 Ratios
HIMX has a Return On Assets of 4.39%. This is in the better half of the industry: HIMX outperforms 66.36% of its industry peers.
HIMX has a better Return On Equity (8.67%) than 69.09% of its industry peers.
HIMX has a Return On Invested Capital of 3.73%. This is comparable to the rest of the industry: HIMX outperforms 57.27% of its industry peers.
HIMX had an Average Return On Invested Capital over the past 3 years of 6.99%. This is below the industry average of 10.98%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.39% | ||
| ROE | 8.67% | ||
| ROIC | 3.73% |
ROA(3y)7.3%
ROA(5y)10.87%
ROE(3y)13.83%
ROE(5y)20.31%
ROIC(3y)6.99%
ROIC(5y)13.04%
1.3 Margins
With a decent Profit Margin value of 8.43%, HIMX is doing good in the industry, outperforming 64.55% of the companies in the same industry.
In the last couple of years the Profit Margin of HIMX has declined.
HIMX has a Operating Margin of 7.51%. This is comparable to the rest of the industry: HIMX outperforms 59.09% of its industry peers.
HIMX's Operating Margin has declined in the last couple of years.
HIMX has a Gross Margin of 30.51%. This is in the lower half of the industry: HIMX underperforms 68.18% of its industry peers.
In the last couple of years the Gross Margin of HIMX has grown nicely.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 7.51% | ||
| PM (TTM) | 8.43% | ||
| GM | 30.51% |
OM growth 3Y-40.29%
OM growth 5YN/A
PM growth 3Y-32.15%
PM growth 5YN/A
GM growth 3Y-14.3%
GM growth 5Y8.21%
2. Health
2.1 Basic Checks
HIMX has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
The number of shares outstanding for HIMX has been increased compared to 1 year ago.
HIMX has more shares outstanding than it did 5 years ago.
The debt/assets ratio for HIMX is higher compared to a year ago.
2.2 Solvency
HIMX has an Altman-Z score of 2.49. 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.
HIMX's Altman-Z score of 2.49 is on the low side compared to the rest of the industry. HIMX is outperformed by 60.00% of its industry peers.
HIMX has a debt to FCF ratio of 4.01. This is a neutral value as HIMX would need 4.01 years to pay back of all of its debts.
The Debt to FCF ratio of HIMX (4.01) is comparable to the rest of the industry.
A Debt/Equity ratio of 0.61 indicates that HIMX is somewhat dependend on debt financing.
HIMX has a worse Debt to Equity ratio (0.61) than 75.45% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.61 | ||
| Debt/FCF | 4.01 | ||
| Altman-Z | 2.49 |
ROIC/WACC0.36
WACC10.35%
2.3 Liquidity
HIMX has a Current Ratio of 1.54. This is a normal value and indicates that HIMX is financially healthy and should not expect problems in meeting its short term obligations.
HIMX has a worse Current ratio (1.54) than 83.64% of its industry peers.
A Quick Ratio of 1.37 indicates that HIMX should not have too much problems paying its short term obligations.
With a Quick ratio value of 1.37, HIMX is not doing good in the industry: 78.18% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.54 | ||
| Quick Ratio | 1.37 |
3. Growth
3.1 Past
The earnings per share for HIMX have decreased by -3.42% in the last 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 decreased by -2.58% in the past year.
The Revenue has been growing slightly by 6.18% on average over the past years.
EPS 1Y (TTM)-3.42%
EPS 3Y-44.43%
EPS 5YN/A
EPS Q2Q%-43.79%
Revenue 1Y (TTM)-2.58%
Revenue growth 3Y-16.31%
Revenue growth 5Y6.18%
Sales Q2Q%-10.36%
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-8.18%
EPS Next 2Y11.96%
EPS Next 3Y13.08%
EPS Next 5YN/A
Revenue Next Year-15.53%
Revenue Next 2Y-2.61%
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
HIMX is valuated rather expensively with a Price/Earnings ratio of 20.17.
Compared to the rest of the industry, the Price/Earnings ratio of HIMX indicates a somewhat cheap valuation: HIMX is cheaper than 80.00% of the companies listed in the same industry.
HIMX is valuated rather cheaply when we compare the Price/Earnings ratio to 27.14, which is the current average of the S&P500 Index.
Based on the Price/Forward Earnings ratio of 14.85, the valuation of HIMX can be described as correct.
HIMX's Price/Forward Earnings ratio is rather cheap when compared to the industry. HIMX is cheaper than 90.91% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.80, HIMX is valued a bit cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 20.17 | ||
| Fwd PE | 14.85 |
4.2 Price Multiples
73.64% 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 cheaper than 96.36% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 11.09 | ||
| EV/EBITDA | 16.65 |
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 2Y11.96%
EPS Next 3Y13.08%
5. Dividend
5.1 Amount
HIMX has a Yearly Dividend Yield of 4.80%, which is a nice return.
Compared to an average industry Dividend Yield of 2.43, HIMX pays a better dividend. On top of this HIMX pays more dividend than 96.36% of the companies listed in the same industry.
HIMX's Dividend Yield is rather good when compared to the S&P500 average which is at 2.34.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.8% |
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
68.59% of the earnings are spent on dividend by HIMX. This is not a sustainable payout ratio.
DP68.59%
EPS Next 2Y11.96%
EPS Next 3Y13.08%
8.47
+0.29 (+3.55%)
Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)
Earnings (Next)
Inst Owners20.65%
Inst Owner Change-0.59%
Ins Owners30.96%
Ins Owner ChangeN/A
Market Cap1.48B
Analysts83.64
Price Target9.5 (12.16%)
Short Float %9.92%
Short Ratio4.88
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.8% |
Yearly Dividend0.15
Dividend Growth(5Y)N/A
DP68.59%
Div Incr Years1
Div Non Decr Years1
Ex-Date
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)2.45%
Min EPS beat(2)-6.86%
Max EPS beat(2)11.76%
EPS beat(4)3
Avg EPS beat(4)46.24%
Min EPS beat(4)-6.86%
Max EPS beat(4)141.83%
EPS beat(8)7
Avg EPS beat(8)36.18%
EPS beat(12)10
Avg EPS beat(12)27.23%
EPS beat(16)11
Avg EPS beat(16)19.22%
Revenue beat(2)0
Avg Revenue beat(2)-0.89%
Min Revenue beat(2)-1.13%
Max Revenue beat(2)-0.65%
Revenue beat(4)2
Avg Revenue beat(4)2.57%
Min Revenue beat(4)-1.13%
Max Revenue beat(4)6.43%
Revenue beat(8)6
Avg Revenue beat(8)1.89%
Revenue beat(12)9
Avg Revenue beat(12)2.63%
Revenue beat(16)9
Avg Revenue beat(16)1.06%
PT rev (1m)-6.34%
PT rev (3m)-17.06%
EPS NQ rev (1m)-38.46%
EPS NQ rev (3m)33.33%
EPS NY rev (1m)-8.37%
EPS NY rev (3m)-11.6%
Revenue NQ rev (1m)-13.49%
Revenue NQ rev (3m)-13.97%
Revenue NY rev (1m)-3.12%
Revenue NY rev (3m)-2.5%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 20.17 | ||
| Fwd PE | 14.85 | ||
| P/S | 1.67 | ||
| P/FCF | 11.09 | ||
| P/OCF | 9.94 | ||
| P/B | 1.71 | ||
| P/tB | 1.77 | ||
| EV/EBITDA | 16.65 |
EPS(TTM)0.42
EY4.96%
EPS(NY)0.57
Fwd EY6.73%
FCF(TTM)0.76
FCFY9.02%
OCF(TTM)0.85
OCFY10.06%
SpS5.09
BVpS4.95
TBVpS4.78
PEG (NY)N/A
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.39% | ||
| ROE | 8.67% | ||
| ROCE | 7.35% | ||
| ROIC | 3.73% | ||
| ROICexc | 3.73% | ||
| ROICexgc | 3.81% | ||
| OM | 7.51% | ||
| PM (TTM) | 8.43% | ||
| GM | 30.51% | ||
| FCFM | 15.01% |
ROA(3y)7.3%
ROA(5y)10.87%
ROE(3y)13.83%
ROE(5y)20.31%
ROIC(3y)6.99%
ROIC(5y)13.04%
ROICexc(3y)8.35%
ROICexc(5y)17.91%
ROICexgc(3y)8.56%
ROICexgc(5y)18.71%
ROCE(3y)12.48%
ROCE(5y)20.44%
ROICexcg growth 3Y-57%
ROICexcg growth 5YN/A
ROICexc growth 3Y-56.7%
ROICexc growth 5YN/A
OM growth 3Y-40.29%
OM growth 5YN/A
PM growth 3Y-32.15%
PM growth 5YN/A
GM growth 3Y-14.3%
GM growth 5Y8.21%
F-Score5
Asset Turnover0.52
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.61 | ||
| Debt/FCF | 4.01 | ||
| Debt/EBITDA | 6.04 | ||
| Cap/Depr | 73.52% | ||
| Cap/Sales | 1.74% | ||
| Interest Coverage | 17.41 | ||
| Cash Conversion | 169.59% | ||
| Profit Quality | 178.08% | ||
| Current Ratio | 1.54 | ||
| Quick Ratio | 1.37 | ||
| Altman-Z | 2.49 |
F-Score5
WACC10.35%
ROIC/WACC0.36
Cap/Depr(3y)76.97%
Cap/Depr(5y)58.69%
Cap/Sales(3y)1.62%
Cap/Sales(5y)1.21%
Profit Quality(3y)137.84%
Profit Quality(5y)141.18%
High Growth Momentum
Growth
EPS 1Y (TTM)-3.42%
EPS 3Y-44.43%
EPS 5YN/A
EPS Q2Q%-43.79%
EPS Next Y-8.18%
EPS Next 2Y11.96%
EPS Next 3Y13.08%
EPS Next 5YN/A
Revenue 1Y (TTM)-2.58%
Revenue growth 3Y-16.31%
Revenue growth 5Y6.18%
Sales Q2Q%-10.36%
Revenue Next Year-15.53%
Revenue Next 2Y-2.61%
Revenue Next 3Y-1.43%
Revenue Next 5YN/A
EBIT growth 1Y0.09%
EBIT growth 3Y-50.03%
EBIT growth 5YN/A
EBIT Next Year-29.43%
EBIT Next 3Y-0.84%
EBIT Next 5YN/A
FCF growth 1Y128.7%
FCF growth 3Y-35.3%
FCF growth 5YN/A
OCF growth 1Y113.16%
OCF growth 3Y-33.15%
OCF growth 5Y72.03%