Elmos Semiconductor SE (ETR:ELG) Surges 28% Yet Its Low P/E Is No Reason For Excitement
May 23
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German (DAX) Semiconductors Industry Analysis
UpdatedMay 23, 2025
DataAggregated Company Financials
Companies16
- 7D1.6%
- 3M-9.4%
- 1Y-14.4%
- YTD8.0%
In the last week, the Semiconductors industry is up 1.6%, with Infineon Technologies up 2.6%. Meanwhile, Siltronic actually underperformed within the industry, shrinking 9.4% in the last week. In the past year, the industry is down 14%. As for the next few years, earnings are expected to grow by 25% 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 |
|---|---|---|---|---|---|---|
| Sat, 24 May 2025 | €51.3b | €20.1b | €1.4b | 13.4x | 36.2x | 2.6x |
| Mon, 21 Apr 2025 | €39.7b | €20.0b | €1.6b | 11.5x | 24.4x | 2x |
| Wed, 19 Mar 2025 | €52.6b | €20.1b | €1.8b | 12.3x | 29.4x | 2.6x |
| Fri, 14 Feb 2025 | €55.3b | €20.1b | €1.8b | 13.4x | 30.3x | 2.8x |
| Sun, 12 Jan 2025 | €48.6b | €20.2b | €2.2b | 13.7x | 21.8x | 2.4x |
| Tue, 10 Dec 2024 | €50.3b | €20.4b | €2.2b | 13.9x | 22.9x | 2.5x |
| Thu, 07 Nov 2024 | €43.6b | €20.8b | €2.7b | 13.1x | 16.4x | 2.1x |
| Sat, 05 Oct 2024 | €47.3b | €20.8b | €2.7b | 14.2x | 17.7x | 2.3x |
| Mon, 02 Sep 2024 | €51.3b | €20.8b | €2.7b | 15x | 19.2x | 2.5x |
| Wed, 31 Jul 2024 | €50.0b | €21.2b | €3.2b | 14.2x | 15.9x | 2.4x |
| Fri, 28 Jun 2024 | €52.7b | €21.3b | €3.2b | 13x | 16.4x | 2.5x |
| Sun, 26 May 2024 | €59.8b | €21.4b | €3.2b | 15.8x | 18.5x | 2.8x |
| Tue, 23 Apr 2024 | €48.7b | €21.8b | €3.7b | 13.1x | 13.2x | 2.2x |
| Thu, 21 Mar 2024 | €50.6b | €21.6b | €3.7b | 13.6x | 13.7x | 2.3x |
| Sat, 17 Feb 2024 | €55.3b | €21.6b | €3.8b | 14.6x | 14.7x | 2.6x |
| Mon, 15 Jan 2024 | €55.8b | €21.9b | €3.9b | 14.4x | 14.4x | 2.6x |
| Wed, 13 Dec 2023 | €60.4b | €21.9b | €3.9b | 15.9x | 15.5x | 2.8x |
| Fri, 10 Nov 2023 | €49.2b | €21.6b | €3.8b | 14.4x | 12.9x | 2.3x |
| Sun, 08 Oct 2023 | €53.5b | €21.7b | €3.9b | 13.8x | 13.9x | 2.5x |
| Tue, 05 Sep 2023 | €54.9b | €21.7b | €3.9b | 15x | 14.2x | 2.5x |
| Thu, 03 Aug 2023 | €62.7b | €21.0b | €3.5b | 17.7x | 18.1x | 3x |
| Sat, 01 Jul 2023 | €61.9b | €20.9b | €3.5b | 18.1x | 17.9x | 3x |
| Mon, 29 May 2023 | €57.2b | €20.9b | €3.5b | 17.7x | 16.5x | 2.7x |
| Wed, 26 Apr 2023 | €56.0b | €19.9b | €3.1b | 18.2x | 18.2x | 2.8x |
| Fri, 24 Mar 2023 | €58.1b | €19.8b | €3.0b | 20.2x | 19.5x | 2.9x |
| Sun, 19 Feb 2023 | €57.1b | €19.7b | €2.9b | 20.1x | 19.4x | 2.9x |
| Tue, 17 Jan 2023 | €52.6b | €18.9b | €2.7b | 19.2x | 19.5x | 2.8x |
| Thu, 15 Dec 2022 | €52.4b | €18.9b | €2.7b | 19.2x | 19.4x | 2.8x |
| Sat, 12 Nov 2022 | €48.0b | €17.8b | €2.4b | 18.7x | 19.8x | 2.7x |
| Mon, 10 Oct 2022 | €40.6b | €17.6b | €2.4b | 13.8x | 17.1x | 2.3x |
| Wed, 07 Sep 2022 | €40.2b | €17.5b | €2.4b | 15.7x | 17x | 2.3x |
| Fri, 05 Aug 2022 | €46.9b | €17.6b | €2.4b | 19x | 19.6x | 2.7x |
| Sun, 03 Jul 2022 | €37.3b | €16.5b | €2.1b | 14.8x | 18x | 2.3x |
| Tue, 31 May 2022 | €56.3b | €19.8b | €2.6b | 19x | 22x | 2.8x |
Price to Earnings Ratio
22x
Current Industry PE
- Investors are optimistic on the German Semiconductor industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 36.2x which is higher than its 3-year average PE of 18.5x.
- The industry is trading close to its 3-year average PS ratio of 2.5x.
Past Earnings Growth
- The earnings for companies in the Semiconductor industry have declined 18% per year over the last three years.
- Meanwhile revenues have remained mostly flat.
- This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.
Industry Trends
Which industries have driven the changes within the German Tech industry?
| DE Market | 0.53% | |
| Tech | 0.62% | |
| Semiconductors | 1.64% | |
| Semiconductors | 2.33% | |
| Semiconductor Equipment | -5.18% | |
Industry PE
- Investors are most optimistic about the Semiconductor Equipment industry which is trading above its 3-year average PE ratio of 17.0x.
- Analysts are expecting annual earnings growth of 17.1%, which is higher than its past year's earnings growth of 2.5% per year.
- Investors are most pessimistic about the Semiconductors industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 18.8x.
Forecasted Growth
- Analysts are most optimistic on the Semiconductors industry, expecting annual earnings growth of 25% over the next 5 years.
- This is better than its past earnings decline of 51% per year.
- In contrast, the Semiconductor Equipment industry is expected to see its earnings grow by 17% 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 | |
|---|---|---|---|---|---|
| CTNK centrotherm international | €6.30 | 21.2% +€23.3m | 49.3% | PE5.1x | |
| TPE PVA TePla | €17.07 | 6.4% +€21.5m | -11.3% | PE13.7x | |
| M5Z Manz | €0.15 | 40.7% +€444.9k | -98.0% | PS0.007x | |
| SWVK SolarWorld | €0.14 | 11.9% +€223.4k | n/a | n/a | |
| P4O Planoptik | €3.22 | 1.3% +€180.7k | -7.5% | PE20.8x |
