Siltronic AG's (ETR:WAF) Low P/E No Reason For Excitement
Jul 19
German (DAX) Semiconductors Industry Analysis
UpdatedJul 26, 2024
DataAggregated Company Financials
Companies16
- 7D-9.9%
- 3M-8.6%
- 1Y-23.2%
- YTD-19.4%
Over the last 7 days, the Semiconductors industry has dropped 9.9%, driven by a pullback from Infineon Technologies of 5.4%. Meanwhile, SÜSS MicroTec actually outperformed within the industry, gaining 12% in the last week. Overall the industry is down 23% in 12 months. As for the next few years, earnings are expected to grow by 11% per annum.
Industry Valuation and Performance
Has the German Semiconductors Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Fri, 26 Jul 2024 | €48.4b | €21.3b | €3.2b | 13.3x | 15.1x | 2.3x |
| Sun, 23 Jun 2024 | €52.9b | €21.3b | €3.2b | 13.7x | 16.4x | 2.5x |
| Tue, 21 May 2024 | €58.9b | €21.4b | €3.2b | 15.7x | 18.3x | 2.8x |
| Thu, 18 Apr 2024 | €50.6b | €21.8b | €3.7b | 13.7x | 13.7x | 2.3x |
| Sat, 16 Mar 2024 | €52.0b | €21.6b | €3.7b | 14x | 14x | 2.4x |
| Mon, 12 Feb 2024 | €55.4b | €21.6b | €3.8b | 14.7x | 14.7x | 2.6x |
| Wed, 10 Jan 2024 | €57.3b | €21.9b | €3.9b | 14.8x | 14.7x | 2.6x |
| Fri, 08 Dec 2023 | €59.1b | €21.9b | €3.9b | 15.6x | 15.2x | 2.7x |
| Sun, 05 Nov 2023 | €48.3b | €21.5b | €3.8b | 13.8x | 12.7x | 2.2x |
| Tue, 03 Oct 2023 | €52.0b | €21.7b | €3.9b | 13.2x | 13.5x | 2.4x |
| Thu, 31 Aug 2023 | €54.5b | €21.7b | €3.9b | 15.1x | 14.1x | 2.5x |
| Sat, 29 Jul 2023 | €63.9b | €21.0b | €3.5b | 17.8x | 18.4x | 3x |
| Mon, 26 Jun 2023 | €58.5b | €20.9b | €3.5b | 19x | 16.9x | 2.8x |
| Wed, 24 May 2023 | €58.4b | €20.9b | €3.5b | 17.1x | 16.8x | 2.8x |
| Fri, 21 Apr 2023 | €57.5b | €20.0b | €3.1b | 19.8x | 18.6x | 2.9x |
| Sun, 19 Mar 2023 | €55.8b | €19.8b | €3.0b | 18.8x | 18.8x | 2.8x |
| Tue, 14 Feb 2023 | €57.6b | €19.7b | €2.9b | 18.8x | 19.5x | 2.9x |
| Thu, 12 Jan 2023 | €51.5b | €18.9b | €2.7b | 18.7x | 19x | 2.7x |
| Sat, 10 Dec 2022 | €51.6b | €18.9b | €2.7b | 18.9x | 19.1x | 2.7x |
| Mon, 07 Nov 2022 | €42.6b | €17.7b | €2.4b | 15.8x | 17.6x | 2.4x |
| Wed, 05 Oct 2022 | €41.0b | €17.5b | €2.4b | 14.3x | 17.3x | 2.3x |
| Fri, 02 Sep 2022 | €39.4b | €17.5b | €2.4b | 15.4x | 16.7x | 2.2x |
| Sun, 31 Jul 2022 | €44.2b | €16.6b | €2.1b | 17.9x | 21x | 2.7x |
| Tue, 28 Jun 2022 | €40.9b | €16.5b | €2.1b | 17.1x | 19.7x | 2.5x |
| Thu, 26 May 2022 | €44.5b | €16.5b | €2.1b | 17.3x | 21.5x | 2.7x |
| Sat, 23 Apr 2022 | €45.8b | €15.6b | €1.7b | 24.3x | 26.2x | 2.9x |
| Mon, 21 Mar 2022 | €48.8b | €15.7b | €1.8b | 26.6x | 26.6x | 3.1x |
| Wed, 16 Feb 2022 | €52.8b | €15.5b | €1.8b | 32x | 30.2x | 3.4x |
| Fri, 14 Jan 2022 | €63.0b | €15.0b | €1.6b | 33.6x | 40.2x | 4.2x |
| Sun, 12 Dec 2021 | €62.4b | €15.0b | €1.6b | 33.9x | 39.8x | 4.2x |
| Tue, 09 Nov 2021 | €66.8b | €14.4b | €1.2b | 35x | 54.8x | 4.6x |
| Thu, 07 Oct 2021 | €61.6b | €15.5b | €1.2b | 44.6x | 50.7x | 4x |
| Sat, 04 Sep 2021 | €59.5b | €15.1b | €1.0b | 38.8x | 57x | 3.9x |
| Mon, 02 Aug 2021 | €54.7b | €15.1b | €1.0b | 39.7x | 52.4x | 3.6x |
Price to Earnings Ratio
52.4x
Current Industry PE
- Investors are pessimistic on the German Semiconductor industry, indicating that they anticipate long term growth rates will be lower than they have historically.
- The industry is trading at a PE ratio of 15.1x which is lower than its 3-year average PE of 25.4x.
- The 3-year average PS ratio of 2.9x is higher than the industry's current PS ratio of 2.3x.
Past Earnings Growth
- The earnings for companies in the Semiconductor industry have grown 45% per year over the last three years.
- Revenues for these companies have grown 12% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Industry Trends
Which industries have driven the changes within the German Tech industry?
| DE Market | -0.99% | |
| Tech | 3.82% | |
| Semiconductors | -9.91% | |
| Semiconductor Equipment | -0.89% | |
| Semiconductors | -11.26% | |
Industry PE
- Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 6.9x.
- Analysts are expecting annual earnings growth of 12.7%, which is higher than its past year's earnings growth of 6.5% per year.
- Investors are most pessimistic about the Semiconductor Equipment industry, which is trading below its 3-year average of 19.4x.
Forecasted Growth
- Analysts are most optimistic on the Semiconductors industry, expecting annual earnings growth of 13% over the next 5 years.
- This is better than its past earnings growth rate of 6.5% per year.
- In contrast, the Semiconductor Equipment industry is expected to see its earnings grow by 3.5% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| WAF Siltronic | €76.15 | 6.7% +€144.0m | -2.6% | PE20.6x | |
| TPE PVA TePla | €14.07 | 1.7% +€5.0m | -34.9% | PE12.1x | |
| P4O Planoptik | €4.48 | 7.7% +€1.4m | -4.3% | PE12.1x | |
| SWVK SolarWorld | €0.11 | 243.8% +€1.2m | n/a | n/a | |
| S92 SMA Solar Technology | €24.82 | 0.08% +€694.0k | -71.2% | PE4.3x |
