HIMX  Himax Technologies Inc.

Exchange

NASDAQ

Sector

Technology

Industry

Semiconductors

Market Cap.

1.20B

Vuru Grade

43.88/100

Current Price

$6.99
-0.08 (-1.13%)

Growth Price

$3.02
Overvalued by 56.76%

Stability Price

$4.54
Overvalued by 35.02%

Company Metrics

  • P/E 23.69
  • P/S 1.51
  • P/B 2.6
  • EPS 0.29
  • Cash ROIC 13.33%
  • Cash Ratio 0.42
  • Dividend 0.13 / 1.86%
  • Avg. Vol. 4.57M
  • Shares 171.67M
  • Market Cap. 1.20B

Company Description

Himax Technologies, Inc., together with its subsidiaries, designs, develops, and markets semiconductors for flat panel displays. Its products include display drivers and timing controllers for various thin film transistor liquid crystal displays (TFT-LCD) panels, which are used in desktop monitors, notebook computers, televisions, and mobile handsets, as well as consumer electronics products compr... more


Download 10 Years of Financial Statements:
Income Statement   Balance Sheet   Cash Flow

News

Himax Technologies Inc. ADR
MarketWatch - Dec 21, 2009
Himax Technologies Inc. ADR. NASDAQ: HIMX. GO. Set Alerts · Find a Broker · Join TD Ameritrade · Market Index · Overview Profile News Charts Financials Historical Quotes Analyst Estimates Options SEC Filings Insiders.
Why Himax Technologies Inc. (ADR) Stock Plunged Today
Motley Fool - May 12, 2016
So what: Quarterly revenue rose 1.3% sequentially and 0.7% year over year, to $180.3 million, within Himax's guidance range for revenue to be in the range of down 1% to up 4% on a sequential basis.
Brean Capital Weighs In on Himax Technologies, Inc. (ADR) (HIMX) and NVIDIA ... - Smarter Analyst
Earnings Whispers: Kohl's Corporation (KSS), Himax Technologies, Inc. (ADR ... - TCC
Can Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) Find Revival In IoT?
Market Exclusive - Dec 15, 2016
Himax Technologies, Inc. (ADR) (NASDAQ:HIMX), through its subsidiary Himax Imaging, has teamed up with CEVA, Inc. (NASDAQ:CEVA) and emza Visual Sense to create a significantly enhanced visual sensor system called WiseEye IoT sensor.
Nomura Securities Upgrades Himax Technologies, Inc. (ADR) (HIMX) from Neutral ...
Smarter Analyst - Jul 6, 2016
Nomura analyst Donnie Teng upgraded his position on Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) from Neutral to Buy following a reset of expectations for the company.
Why Himax Technologies, Inc. (ADR) (HIMX), Johnson & Johnson (JNJ) and Netflix ... - Investorplace.com
Himax Technologies, Inc. (ADR) (HIMX) Unlikely To See Revenue Upside This Year ... - TCC
VR/AR Bonanza for Himax Technologies, Inc. (ADR) (NASDAQ:HIMX)? Not So Fast
Scibility Media - Sep 27, 2016
Shares of Taiwanese fabless semiconductor company Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) were sent into a tailspin yesterday after Nomura analyst Donnie Teng downgraded his rating on the stock from Buy to Neutral, and chopped the price ...
Overbuying Stock Buzz: Himax Technologies, Inc. (ADR) (NASDAQ:HIMX)
Post Registrar - Feb 22, 2017
Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) share price soared 6.77% or +0.47 points to reach at $7.41 during previous trading session.
Stock Price of Himax Technologies, Inc. (HIMX) Increases 37.15% - Energy Index
Forward Earnings Estimate of Himax Technologies, Inc.(HIMX) - Highland Mirror
Call Players Pounce as Oversold Himax Technologies, Inc. (HIMX) Snaps Back
Schaeffers Research (blog) - Dec 15, 2016
Semiconductor stock Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) has made some sharp moves on the charts today, after brokerage firm Nomura cut its price target to $7.70 from $9.
Overselling Stock in the Spotlight: Himax Technologies, Inc. (ADR) (NASDAQ:HIMX)
Post Registrar - Dec 20, 2016
Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) share price plunged -1.93% or -0.12 points to reach at $6.10 during previous trading session.
Where Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) Stands on Analytical Review ...
Post Registrar - Jan 31, 2017
Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) fell -5.18% during previous trade. Robert W. Baird issued rating on the stock of Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) in a research note issued to investors on Jan-30-17, the stock received ...
2 Stocks in Focus ESCO Technologies Inc. (NYSE:ESE), Himax Technologies, Inc ... - Wall Street 24
Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) announced preliminary GAAP EPS at ... - Benchmark Monitor
Analysts Opinion on Rating and Recommendation: Himax Technologies, Inc. (ADR ...
Post Registrar - Feb 17, 2017
Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) rose 6.12% during previous trade. Northland Capital issued rating on the stock of Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) in a research note issued to investors on Feb-16-17, the stock received ...
Himax Technologies (ADR) (HIMX) is Upgraded by Nomura to ” Buy” - Highland Mirror
Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) reported Q4 net revenue decreased ... - Benchmark Monitor
Growth Rate Assumed by Market

We did a reverse valuation to calculate the growth rate the market is assuming for HIMX to be considered fairly valued at its current market price. It's useful to compare this to the growth rate we're assuming for the Growth Price.

Future Free Cash Flow Growth Rate

This is the annual growth rate we've applied to calculate HIMX's Free Cash Flow for the next 10 years. To calculate it, we looked at several time periods of the last 10 years. Feel free to adjust it, but we limit the initial growth rate to 20% and slow it down over the years. Otherwise, long-term sustainability issues come into play.

Discount Rate

The discount rate is the annual rate of return an investor requires to take the risk of investing in a single stock. To account for that risk, this should be above 8-10%, as this is the avg. annual rate of return for the S&P500 over the past 100 years.

$6.99 Current Price

$3.02 Growth Price (DCF)

Overvalued by 56.76%


Growth Rate Assumed by Market: 53.83%


Future Free Cash Flow Growth Rate: -0.2%


Discount Rate: 15.0%


Show Free Cash Flow numbers

$4.54 Stability Price (EPV)

Overvalued by 35.02%


Discount Rate: 15.0%

$1.95 NCA Price

Overvalued by 72.15%

$5.34 Book Price

Overvalued by 23.66%


Inconsistent Cash Return on Invested Capital over the past 5 years

HIMX has somewhat efficiently invested its financial resources in buildings, projects, and equipment. However, there has been some inconsistency from year-to-year. Look at reasons for this inconsistency to determine the likelihood of future sustainability.

HIMX has created $13.33 of cash for every $100 invested.
Figures in USD. Fiscal year ends in December
20112012201320142015
Free Cash Flow 24.59M 45.61M 32.71M 82.79M 12.55M
divided by
Invested Capital 293.29M 293.57M 327.39M 289.75M 301.27M
Cash ROIC 8.38% 15.54% 9.99% 28.57% 4.16%

Poor Return on Equity over the past 5 years

HIMX has shown an inability to deliver strong results for shareholders. This could be due to poor management, HIMX operating in a highly competitive industry, or having a weak business in general.

HIMX has only generated $9.06 of Earnings for every $100 of Shareholders' Equity.
Figures in USD. Fiscal year ends in December
20112012201320142015
Net Income 10.71M 50.14M 55.92M 63.90M 21.46M
divided by
Stockholders' Equity 393.44M 427.94M 449.82M 472.62M 438.70M
Return on Equity 2.72% 11.72% 12.43% 13.52% 4.89%

Excellent Business Performance over the past 10 years

HIMX has been able to maintain profitability in good times and bad. This could mean HIMX has an extremely strong business or has the ability to scale down costs when needed. This should be a fairly resilient business, but double check for future sustainability by looking at its Risk Factors in the Annual Report.

HIMX has created positive free cash flow for 9 or more of the past 10 years.
Figures in USD. Fiscal year ends in December
2006200720082009201020112012201320142015
Free Cash Flow 11.87M 58.16M 119.01M 63.04M 50.46M 24.59M 45.61M 32.71M 82.79M 12.55M

Good Balance Sheet

HIMX's Total Assets double Total Liabilities. Its financial position is adequate. Remember to check Shareholders' Equity to see if it's stable or growing. It's one of the best measures of whether a company is creating value for shareholders.
Figures in USD. Fiscal year ends in December
2006200720082009201020112012201320142015
Cash 118.58M 109.99M 149.07M 121.65M 105.47M 106.33M 138.91M 128.11M 187.84M 148.34M
Current Assets 466.72M 538.27M 434.65M 423.80M 485.92M 515.71M 567.09M 639.66M 729.58M 697.84M
Total Assets 518.79M 652.76M 565.55M 550.45M 619.62M 644.98M 674.60M 759.33M 832.99M 802.34M
Current Liabilities 153.28M 185.60M 91.63M 120.65M 205.75M 245.36M 242.12M 303.83M 355.41M 352.73M
Total Liabilities 154.87M 201.45M 102.38M 131.00M 213.74M 251.54M 246.66M 309.50M 360.37M 363.63M
Stockholder' Equity 363.93M 451.31M 463.17M 419.45M 405.88M 393.44M 427.94M 449.82M 472.62M 438.70M
Current Ratio 3.04 2.90 4.74 3.51 2.36 2.10 2.34 2.11 2.05 1.98
TL-to-TA 0.30 0.31 0.18 0.24 0.34 0.39 0.37 0.41 0.43 0.45

Consistent Reinvestment of Profits over the past 10 years

HIMX has consistently retained profits. This may put HIMX in a strong position to invest for the future, by buying new machinery, investing in R&D or a number of other options. By effectively using these earnings, HIMX can greatly improve their long-term economic picture.
Figures in USD. Fiscal year ends in December
2006200720082009201020112012201320142015
Retained Earnings 142.52M 215.40M 224.97M 209.12M 198.23M 187.71M 228.63M 247.71M 268.27M 237.38M
Retained Earnings Growth - 51.14% 4.44% -7.04% -5.21% -5.31% 21.80% 8.35% 8.30% -11.52%

Competitive Industry over the past 10 years

HIMX is likely operating in an industry with medium to low barriers to entry. This may mean that HIMX doesn't have a characteristic that's hard to replicate, such as exclusive distribution, branding or the ability to keep costs low. If Gross Margins are at least satisfactory, it's likely that HIMX invests heavily in R&D and Sales, General & Administrative expenses.

Only $6.89 of every $100 of Revenue have been profit, on average over the past 10 years.
Figures in USD. Fiscal year ends in December
2006200720082009201020112012201320142015
Net Income 75.19M 112.60M 76.38M 39.65M 33.21M 10.71M 50.14M 55.92M 63.90M 21.46M
divided by
Revenue 744.52M 918.21M 832.80M 692.38M 642.69M 633.02M 737.26M 770.74M 840.54M 691.79M
Net Profit Margin 10.10% 12.26% 9.17% 5.73% 5.17% 1.69% 6.80% 7.26% 7.60% 3.10%

Inconsistent Gross Profit Margins over the past 10 years

HIMX has good gross profit margins, however inconsistency of these margins is a cause for concern. Look at reasons for this inconsistency to determine the likelihood of future sustainability.

$29.08 of every $100 worth of sales have been Gross Profit, on average over the past 10 years.
Figures in USD. Fiscal year ends in December
2006200720082009201020112012201320142015
Gross Profit 142.95M 202.05M 204.11M 141.83M 135.05M 553.98M 170.56M 191.85M 205.88M 163.14M
divided by
Revenue 744.52M 918.21M 832.80M 692.38M 642.69M 633.02M 737.26M 770.74M 840.54M 691.79M
Gross Margin 19.20% 22.00% 24.51% 20.48% 21.01% 87.51% 23.13% 24.89% 24.49% 23.58%

Medium Capital Intensity over the past 10 years

HIMX has used a reasonable amount of their financial resources to invest in facilities and equipment required to produce its goods and services. This isn't perfect, but it shouldn't be an area of concern unless this number is strongly trending upwards.

39.76% of Profits are being spent on Capital Expenditures, like Property, Plant, & Equipment, required to run the business.
Figures in USD. Fiscal year ends in December
2006200720082009201020112012201320142015
Capital Expenditure 17.83M 19.00M 17.49M 10.59M 7.17M 18.86M 6.56M 18.41M 10.93M 9.98M
divided by
Net Income 75.19M 112.60M 76.38M 39.65M 33.21M 10.71M 50.14M 55.92M 63.90M 21.46M
Capital Expenditure Ratio 23.71% 16.87% 22.90% 26.71% 21.60% 176.15% 13.08% 32.92% 17.11% 46.51%

Strong Dividend History over the past 10 years

HIMX has consistently distributed a dividend for the past 9 years. This suggests HIMX is established and will likely continue to distribute its dividend for the foreseeable future.
Figures in USD. Fiscal year ends in December
2006200720082009201020112012201320142015
Dividend Paid - 39.71M 66.82M 55.50M 44.10M 21.22M 10.68M 42.39M 46.04M 51.36M
divided by
Shares Outstanding 192.79M 197.54M 191.88M 370.23M 355.69M 176.91M 170.76M 171.81M 172.00M 171.79M
Dividend Paid Per Share - 0.20 0.35 0.15 0.12 0.12 0.06 0.25 0.27 0.30
Price at Year End 3.38 3.13 1.15 2.45 2.05 1.00 2.37 14.17 8.04 8.33
Dividend Yield - 6.42% 30.28% 6.12% 6.05% 12.00% 2.64% 1.74% 3.33% 3.59%

History of Stock Buybacks over the past 10 years

HIMX has some history of delivering increased value for shareholders in the form of stock buybacks. These have helped improve financial metrics and increase each shareholders' relative ownership stake in the company, due to fewer shares outstanding and holding the same number of shares.
Figures in USD. Fiscal year ends in December
2006200720082009201020112012201320142015
Shares Outstanding 192.79M 197.54M 191.88M 370.23M 355.69M 176.91M 170.76M 171.81M 172.00M 171.79M
Stock Bought Back - -2.40% 2.95% -48.17% 4.09% 101.05% 3.60% -0.61% -0.11% 0.12%
Share your thoughts about HIMX

Sign Up or Log In to start contributing!


Discussion

Nothing here yet. Be the first to post!