Buy Or Sell Opportunity • May 29
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 81% to €104. The fair value is estimated to be €86.53, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company became loss making. For the next 3 years, revenue is forecast to grow by 7.1% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Announcement • May 28
Siltronic AG announced that it has received €187.635 million in funding from Wacker Chemie AG and other investors Siltronic AG announced a private placement to issue 2,100,000 shares at an issue price of €89.35 per share for gross proceeds of €187,635,000 on May 26, 2026. The transaction included participation from returning investor Wacker Chemie AG and qualified investors and to international institutional investors only. The investor Wacker remains the largest shareholder with approximately 24% of the capital stock. Reported Earnings • May 02
First quarter 2026 earnings released: €1.92 loss per share (vs €0.08 profit in 1Q 2025) First quarter 2026 results: €1.92 loss per share (down from €0.08 profit in 1Q 2025). Revenue: €306.5m (down 11% from 1Q 2025). Net loss: €57.7m (down €60.1m from profit in 1Q 2025). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 112 percentage points per year, which is a significant difference in performance. Announcement • Mar 30
Siltronic AG, Annual General Meeting, May 08, 2026 Siltronic AG, Annual General Meeting, May 08, 2026, at 10:00 W. Europe Standard Time. New Risk • Mar 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.6% average weekly change). Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. Reported Earnings • Mar 12
Full year 2025 earnings released: €2.31 loss per share (vs €2.10 profit in FY 2024) Full year 2025 results: €2.31 loss per share (down from €2.10 profit in FY 2024). Revenue: €1.35b (down 4.7% from FY 2024). Net loss: €69.2m (down 210% from profit in FY 2024). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Announcement • Feb 14
Siltronic AG Provides Earnings Guidance for Financial Year 2026 Siltronic AG provided earnings guidance for financial year 2026. Due to the continued weakness of the US dollar against the euro, a declining 200 mm wafer demand, the ongoing price pressure outside of long-term agreements, and the first full-year effect of the SD closure, the company expects sales in the mid-single-digit percent range below the previous year (exchange rate assumption: EUR/USD 1.18) and significant decrease in EBIT compared to the previous year. New Risk • Jan 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 13% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Share price has been highly volatile over the past 3 months (6.8% average weekly change). Earnings are forecast to decline by an average of 13% per year for the foreseeable future. New Risk • Jan 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Share price has been highly volatile over the past 3 months (7.1% average weekly change). Earnings are forecast to decline by an average of 2.2% per year for the foreseeable future. Reported Earnings • Oct 29
Third quarter 2025 earnings released: €1.29 loss per share (vs €0.60 profit in 3Q 2024) Third quarter 2025 results: €1.29 loss per share (down from €0.60 profit in 3Q 2024). Revenue: €300.3m (down 16% from 3Q 2024). Net loss: €38.6m (down 316% from profit in 3Q 2024). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Announcement • Oct 22
Siltronic AG to Report Fiscal Year 2025 Results on Feb 03, 2026 Siltronic AG announced that they will report fiscal year 2025 results on Feb 03, 2026 Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €53.00, the stock trades at a trailing P/E ratio of 55.5x. Average forward P/E is 20x in the Semiconductor industry in Europe. Total loss to shareholders of 7.8% over the past three years. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €40.08, the stock trades at a trailing P/E ratio of 41.1x. Average forward P/E is 19x in the Semiconductor industry in Europe. Total loss to shareholders of 34% over the past three years. Reported Earnings • Jul 29
Second quarter 2025 earnings released: EPS: €0.38 (vs €0.73 in 2Q 2024) Second quarter 2025 results: EPS: €0.38 (down from €0.73 in 2Q 2024). Revenue: €329.1m (down 6.3% from 2Q 2024). Net income: €11.5m (down 47% from 2Q 2024). Profit margin: 3.5% (down from 6.2% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 44 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • May 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 29% to €34.60. The fair value is estimated to be €43.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.8% over the last 3 years. Earnings per share has declined by 52%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are forecast to decline by 24% per annum over the same time period. Upcoming Dividend • May 07
Upcoming dividend of €0.20 per share Eligible shareholders must have bought the stock before 13 May 2025. Payment date: 15 May 2025. Payout ratio is a comfortable 9.5% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Austrian dividend payers (5.0%). Lower than average of industry peers (1.1%). Announcement • May 02
Siltronic AG Reaffirms Earnings Guidance for the First Half and Full Year of Financial Year 2025 Siltronic AG reaffirmed earnings guidance for the first half and full year of financial year 2025. For the first half 2025 sales expected to be in the mid to high single-digit percentage range below second half of 2024.
The sales guidance for the full year 2025 remains unchanged, although it is not yet possible to estimate the impact of American tariff policies and the corresponding countermeasures on expected end-market growth and FX rates for the remainder of the year (assumption for guidance: EUR/USD 1.08). The company also expects EBIT to have a significant decline. Reported Earnings • May 02
First quarter 2025 earnings released: EPS: €0.08 (vs €0.86 in 1Q 2024) First quarter 2025 results: EPS: €0.08 (down from €0.86 in 1Q 2024). Revenue: €345.8m (flat on 1Q 2024). Net income: €2.40m (down 91% from 1Q 2024). Profit margin: 0.7% (down from 7.5% in 1Q 2024). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €38.70, the stock trades at a trailing P/E ratio of 18.3x. Average forward P/E is 14x in the Semiconductor industry in Europe. Total loss to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €32.26, the stock trades at a trailing P/E ratio of 15.2x. Average forward P/E is 10x in the Semiconductor industry in Europe. Total loss to shareholders of 60% over the past three years. Announcement • Apr 03
Siltronic AG, Annual General Meeting, May 12, 2025 Siltronic AG, Annual General Meeting, May 12, 2025, at 10:00 W. Europe Standard Time. Reported Earnings • Mar 06
Full year 2024 earnings released: EPS: €2.10 (vs €6.15 in FY 2023) Full year 2024 results: EPS: €2.10 (down from €6.15 in FY 2023). Revenue: €1.41b (down 6.7% from FY 2023). Net income: €63.0m (down 66% from FY 2023). Profit margin: 4.5% (down from 12% in FY 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. New Risk • Feb 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Austrian stocks, typically moving 6.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (6.1% average weekly change). Earnings are forecast to decline by an average of 71% per year for the foreseeable future. High level of non-cash earnings (22% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.8% net profit margin). Declared Dividend • Feb 06
Dividend reduced to €0.20 Dividend of €0.20 is 83% lower than last year. Ex-date: 15th May 2025 Payment date: 19th May 2025 Dividend yield will be 0.5%, which is lower than the industry average of 1.2%. Sustainability & Growth Dividend is covered by earnings (37% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 76 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 97% over the next 3 years. Since a fall of 58% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Announcement • Feb 04
Siltronic AG Proposes Dividend for the Financial Year 2024 Siltronic AG decided to suspend the dividend policy for the 2024 financial year. It plans to propose a reduced dividend of EUR 0.20 for the financial year 2024 to the Annual General Meeting on May 12, 2025. New Risk • Oct 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 18% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 18% per year for the foreseeable future. High level of non-cash earnings (22% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.8% net profit margin). Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: €0.60 (vs €1.10 in 3Q 2023) Third quarter 2024 results: EPS: €0.60 (down from €1.10 in 3Q 2023). Revenue: €357.3m (up 2.3% from 3Q 2023). Net income: €17.9m (down 46% from 3Q 2023). Profit margin: 5.0% (down from 9.5% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has fallen by 23% per year whereas the company’s share price has fallen by 24% per year. New Risk • Oct 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (30% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (4.4% average weekly change). Profit margins are more than 30% lower than last year (7.9% net profit margin). New Risk • Jul 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Austrian stocks, typically moving 4.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (30% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (4.0% average weekly change). Profit margins are more than 30% lower than last year (7.9% net profit margin). Reported Earnings • Jul 26
Second quarter 2024 earnings released: EPS: €0.73 (vs €1.83 in 2Q 2023) Second quarter 2024 results: EPS: €0.73 (down from €1.83 in 2Q 2023). Revenue: €351.3m (down 13% from 2Q 2023). Net income: €21.8m (down 60% from 2Q 2023). Profit margin: 6.2% (down from 14% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. New Risk • Jun 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. High level of non-cash earnings (42% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (9.9% net profit margin). Upcoming Dividend • May 07
Upcoming dividend of €1.20 per share Eligible shareholders must have bought the stock before 14 May 2024. Payment date: 16 May 2024. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Austrian dividend payers (5.8%). Higher than average of industry peers (0.8%). Reported Earnings • May 05
First quarter 2024 earnings released: EPS: €0.86 (vs €2.20 in 1Q 2023) First quarter 2024 results: EPS: €0.86 (down from €2.20 in 1Q 2023). Revenue: €343.5m (down 15% from 1Q 2023). Net income: €25.7m (down 61% from 1Q 2023). Profit margin: 7.5% (down from 16% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. New Risk • Apr 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 2.5% per year for the foreseeable future. High level of non-cash earnings (43% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (12% net profit margin). Reported Earnings • Mar 13
Full year 2023 earnings released: EPS: €6.15 (vs €13.02 in FY 2022) Full year 2023 results: EPS: €6.15 (down from €13.02 in FY 2022). Revenue: €1.51b (down 16% from FY 2022). Net income: €184.4m (down 53% from FY 2022). Profit margin: 12% (down from 22% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 15
Dividend of €1.20 announced Shareholders will receive a dividend of €1.20. Ex-date: 14th May 2024 Payment date: 16th May 2024 Dividend yield will be 1.3%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.1% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to decline by 73% over the next 3 years. Since a fall of 62% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Nov 05
Third quarter 2023 earnings released: EPS: €1.10 (vs €3.32 in 3Q 2022) Third quarter 2023 results: EPS: €1.10 (down from €3.32 in 3Q 2022). Revenue: €349.1m (down 26% from 3Q 2022). Net income: €33.1m (down 67% from 3Q 2022). Profit margin: 9.5% (down from 21% in 3Q 2022). Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: €1.83 (vs €2.66 in 2Q 2022) Second quarter 2023 results: EPS: €1.83 (down from €2.66 in 2Q 2022). Revenue: €403.7m (down 8.7% from 2Q 2022). Net income: €54.9m (down 31% from 2Q 2022). Profit margin: 14% (down from 18% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Jul 03
New major risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Austrian stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 3.8% per year for the foreseeable future. High level of non-cash earnings (50% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.6% average weekly change). Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €70.75, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 20x in the Semiconductor industry in Europe. Total loss to shareholders of 11% over the past three years. Reported Earnings • May 21
First quarter 2023 earnings released: EPS: €2.20 (vs €3.47 in 1Q 2022) First quarter 2023 results: EPS: €2.20 (down from €3.47 in 1Q 2022). Revenue: €404.4m (down 3.0% from 1Q 2022). Net income: €66.1m (down 37% from 1Q 2022). Profit margin: 16% (down from 25% in 1Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 01
Upcoming dividend of €3.00 per share at 4.6% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 10 May 2023. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 4.6%. Lower than top quartile of Austrian dividend payers (5.1%). Higher than average of industry peers (1.1%). Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: €13.02 (vs €8.44 in FY 2021) Full year 2022 results: EPS: €13.02 (up from €8.44 in FY 2021). Revenue: €1.81b (up 28% from FY 2021). Net income: €390.6m (up 54% from FY 2021). Profit margin: 22% (up from 18% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Dec 21
Siltronic AG Announces Executive Changes The Supervisory Board of Siltronic AG has appointed Dr. Michael Heckmeier as future CEO. He succeeds Dr. Christoph von Plotho (67), who has led the Company as CEO since 2010 and who will retire. Michael Heckmeier will take up his position on July 1, 2023 at the latest and has been appointed for an initial period of three years. Dr. Christoph von Plotho: The chemist who holds a doctorate, born in 1955, was appointed as CEO to the Executive Board of Siltronic AG in 2010. Prior to that, he spent 26 years at Wacker Chemie AG, where he held various management positions in different business units. Dr. Michael Heckmeier: Dr. Michael Heckmeier, born in 1967, studied mathematics and physics and received his doctorate in physics from the University of Constance. In his professional career at Merck, he has worked in various positions in Liquid Crystals since 1998, was responsible for a materials development program and the New Business department, took over the global Pigment & Cosmetics business unit in 2015 and has led the global Display Solutions business as Executive Vice President since 2017. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improved over the past week After last week's 18% share price gain to €75.45, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 22x in the Semiconductor industry in Europe. Total returns to shareholders of 3.7% over the past three years. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: €3.32 (vs €2.15 in 3Q 2021) Third quarter 2022 results: EPS: €3.32 (up from €2.15 in 3Q 2021). Revenue: €474.0m (up 28% from 3Q 2021). Net income: €99.7m (up 55% from 3Q 2021). Profit margin: 21% (up from 17% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Jul 30
Siltronic AG Revises Sales Guidance for the Year 2022 Siltronic AG revised sales guidance for the year 2022. The company adjusted the guidance range for sales growth to 21% to 27%. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: €2.66 (vs €1.83 in 2Q 2021) Second quarter 2022 results: EPS: €2.66 (up from €1.83 in 2Q 2021). Revenue: €442.2m (up 30% from 2Q 2021). Net income: €79.9m (up 46% from 2Q 2021). Profit margin: 18% (up from 16% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 10.0%, compared to a 21% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 5% per year. Announcement • Jul 27
Siltronic AG Adjusts Dividend Policy and Plans A Dividend of EUR 3.00 for Fiscal 2022 The Executive Board of Siltronic AG resolved to adjust the company's dividend policy. As before, around 40% of the consolidated net income attributable to shareholders according to IFRS standards shall be distributed. In the future, however, the distribution will now be limited to a maximum of EUR 3.00 per dividend-bearing share. Reported Earnings • May 10
First quarter 2022 earnings released: EPS: €3.47 (vs €1.67 in 1Q 2021) First quarter 2022 results: EPS: €3.47 (up from €1.67 in 1Q 2021). Revenue: €417.0m (up 32% from 1Q 2021). Net income: €104.2m (up 108% from 1Q 2021). Profit margin: 25% (up from 16% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 13%, compared to a 27% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • May 01
Upcoming dividend of €3.00 per share Eligible shareholders must have bought the stock before 06 May 2022. Payment date: 10 May 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Austrian dividend payers (4.8%). Higher than average of industry peers (1.1%). Reported Earnings • Oct 28
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €371.6m (up 24% from 3Q 2020). Net income: €64.5m (up 100% from 3Q 2020). Profit margin: 17% (up from 11% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS €1.83 (vs €1.80 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: €341.1m (up 5.6% from 2Q 2020). Net income: €54.9m (up 1.7% from 2Q 2020). Profit margin: 16% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • May 09
First quarter 2021 earnings released: EPS €1.67 (vs €1.32 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €316.1m (up 5.3% from 1Q 2020). Net income: €50.1m (up 27% from 1Q 2020). Profit margin: 16% (up from 13% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 24
Upcoming dividend of €2.00 per share Eligible shareholders must have bought the stock before 30 April 2021. Payment date: 04 May 2021. Trailing yield: 1.4%. Lower than top quartile of Austrian dividend payers (3.2%). Higher than average of industry peers (0.6%). Analyst Estimate Surprise Post Earnings • Mar 11
Revenue misses expectations Revenue missed analyst estimates by 0.04%. Over the next year, revenue is forecast to grow 5.0%, compared to a 17% growth forecast for the Semiconductor industry in Austria. Reported Earnings • Mar 11
Full year 2020 earnings released: EPS €5.36 (vs €7.52 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €1.21b (down 5.0% from FY 2019). Net income: €160.8m (down 29% from FY 2019). Profit margin: 13% (down from 18% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 21
New 90-day high: €140 The company is up 63% from its price of €85.72 on 23 October 2020. The Austrian market is up 36% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 37% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €165 per share. Is New 90 Day High Low • Jan 04
New 90-day high: €131 The company is up 63% from its price of €80.34 on 06 October 2020. The Austrian market is up 27% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €168 per share. Announcement • Dec 17
Siltronic AG, Annual General Meeting, Apr 29, 2021 Siltronic AG, Annual General Meeting, Apr 29, 2021. Is New 90 Day High Low • Dec 07
New 90-day high: €125 The company is up 63% from its price of €76.44 on 08 September 2020. The Austrian market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €183 per share. Valuation Update With 7 Day Price Move • Nov 26
Market bids up stock over the past week After last week's 16% share price gain to €108, the stock is trading at a trailing P/E ratio of 20x, up from the previous P/E ratio of 17.3x. This compares to an average P/E of 50x in the Semiconductor industry in Europe. Total return to shareholders over the past three years is a loss of 12%. Is New 90 Day High Low • Nov 11
New 90-day high: €89.42 The company is up 16% from its price of €77.26 on 12 August 2020. The Austrian market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Semiconductor industry, which is also up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €152 per share. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of €162.1m, down 43% from the prior year. Total revenue was €1.23b over the last 12 months, down 9.3% from the prior year. Analyst Estimate Surprise Post Earnings • Nov 01
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 0.5% at €299.2m. Revenue is forecast to grow 1.4% over the next year, compared to a 12% growth forecast for the Semiconductor industry in Austria. Is New 90 Day High Low • Sep 22
New 90-day low: €73.46 The company is down 18% from its price of €89.94 on 24 June 2020. The Austrian market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €131 per share. 
