WBAG:ATS

Stock Analysis Report

AT & S Austria Technologie & Systemtechnik

Executive Summary

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, together with its subsidiaries, manufactures and distributes printed circuit boards (PCBs) worldwide.

Snowflake

Fundamentals

Undervalued with reasonable growth potential and pays a dividend.


Similar Companies

Share Price & News

How has AT & S Austria Technologie & Systemtechnik's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ATS has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-3.5%

ATS

0.7%

AT Electronic

0.4%

AT Market


1 Year Return

-10.2%

ATS

21.9%

AT Electronic

2.1%

AT Market

Return vs Industry: ATS underperformed the Austrian Electronic industry which returned 21.9% over the past year.

Return vs Market: ATS underperformed the Austrian Market which returned 2.1% over the past year.


Shareholder returns

ATSIndustryMarket
7 Day-3.5%0.7%0.4%
30 Day12.2%9.2%5.2%
90 Day24.7%15.7%8.5%
1 Year-6.3%-10.2%24.1%21.9%5.8%2.1%
3 Year79.7%67.2%50.3%43.6%46.4%33.2%
5 Year109.2%83.6%108.3%90.6%69.3%45.5%

Price Volatility Vs. Market

How volatile is AT & S Austria Technologie & Systemtechnik's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is AT & S Austria Technologie & Systemtechnik undervalued compared to its fair value and its price relative to the market?

41.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ATS (€16.8) is trading below our estimate of fair value (€28.63)

Significantly Below Fair Value: ATS is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: ATS is good value based on its PE Ratio (14.5x) compared to the Electronic industry average (17.9x).

PE vs Market: ATS is poor value based on its PE Ratio (14.5x) compared to the Austrian market (14.5x).


Price to Earnings Growth Ratio

PEG Ratio: ATS is good value based on its PEG Ratio (0.6x)


Price to Book Ratio

PB vs Industry: ATS is good value based on its PB Ratio (0.8x) compared to the XE Electronic industry average (2x).


Next Steps

Future Growth

How is AT & S Austria Technologie & Systemtechnik forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

24.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ATS's forecast earnings growth (24.3% per year) is above the savings rate (0.5%).

Earnings vs Market: ATS's earnings (24.3% per year) are forecast to grow faster than the Austrian market (8.7% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: ATS's revenue (9.7% per year) is forecast to grow faster than the Austrian market (2.8% per year).

High Growth Revenue: ATS's revenue (9.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ATS's Return on Equity is forecast to be low in 3 years time (11.3%).


Next Steps

Past Performance

How has AT & S Austria Technologie & Systemtechnik performed over the past 5 years?

3.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ATS has high quality earnings.

Growing Profit Margin: ATS's current net profit margins (4.5%) are lower than last year (8.7%).


Past Earnings Growth Analysis

Earnings Trend: ATS's earnings have grown by 3% per year over the past 5 years.

Accelerating Growth: ATS's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: ATS had negative earnings growth (-49.8%) over the past year, making it difficult to compare to the Electronic industry average (4.6%).


Return on Equity

High ROE: ATS's Return on Equity (6.7%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is AT & S Austria Technologie & Systemtechnik's financial position?


Financial Position Analysis

Short Term Liabilities: ATS's short term assets (€872.0M) exceeds its short term liabilities (€265.3M)

Long Term Liabilities: ATS's short term assets (872.0M) exceeds its long term liabilities (775.9M)


Debt to Equity History and Analysis

Debt Level: ATS's debt to equity ratio (95.9%) is considered high

Reducing Debt: ATS's debt to equity ratio has increased from 86.4% to 95.9% over the past 5 years.

Debt Coverage: ATS's debt is well covered by operating cash flow (23.7%).

Interest Coverage: ATS's interest payments on its debt are well covered by EBIT (14.7x coverage).


Balance Sheet

Inventory Level: ATS has a high level of physical assets or inventory.

Debt Coverage by Assets: ATS's debt is covered by short term assets (assets are 1.2x debt).


Next Steps

Dividend

What is AT & S Austria Technologie & Systemtechnik's current dividend yield, its reliability and sustainability?

3.57%

Current Dividend Yield


Dividend Yield vs Market

company3.6%marketbottom25%1.7%markettop25%4.2%industryaverage1.7%forecastin3Years2.9%

Current dividend yield vs market & industry

Notable Dividend: ATS's dividend (3.57%) is higher than the bottom 25% of dividend payers in the Austrian market (1.69%).

High Dividend: ATS's dividend (3.57%) is low compared to the top 25% of dividend payers in the Austrian market (4.18%).


Stability and Growth of Payments

Stable Dividend: ATS's dividend payments have been volatile in the past 10 years.

Growing Dividend: ATS's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (51.9%), ATS's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ATS's dividends in 3 years are forecast to be well covered by earnings (25.3% payout ratio).


Next Steps

Management

What is the CEO of AT & S Austria Technologie & Systemtechnik's salary, the management and board of directors tenure and is there insider trading?

6.1yrs

Average management tenure


CEO

Andreas Gerstenmayer (54yo)

9.8yrs

Tenure

€1,246,000

Compensation

Mr. Andreas Gerstenmayer has been the Chairman of the Board of Management and Chief Executive Officer of AT&S Austria Technologie & Systemtechnik Aktiengesellschaft since February 1, 2010. Mr. Gerstenmayer ...


CEO Compensation Analysis

Compensation vs Market: Andreas's total compensation ($USD1.37M) is about average for companies of similar size in the Austrian market ($USD1.16M).

Compensation vs Earnings: Andreas's compensation has been consistent with company performance over the past year.


Management Age and Tenure

6.1yrs

Average Tenure

54yo

Average Age

Experienced Management: ATS's management team is seasoned and experienced (6.1 years average tenure).


Board Age and Tenure

11.2yrs

Average Tenure

66yo

Average Age

Experienced Board: ATS's board of directors are seasoned and experienced ( 11.2 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Heinz Moitzi (63yo)

    COO & Member of Management Board

    • Tenure: 14.6yrs
    • Compensation: €603.00k
  • Andreas Gerstenmayer (54yo)

    Chairman of Management Board & CEO

    • Tenure: 9.8yrs
    • Compensation: €1.25m
  • Monika Stoisser-Göhring (50yo)

    Deputy Chairwoman of the Management Board & CFO

    • Tenure: 2.4yrs
    • Compensation: €566.00k
  • Marina Konrad

    Head of Corporate Communications

    • Tenure: 0yrs
  • Gerda Königstorfer

    Director of Investor Relations & Communications

    • Tenure: 1.6yrs

Board Members

  • Hannes Androsch (81yo)

    Chairman of Supervisory Board

    • Tenure: 0yrs
    • Compensation: €93.24k
  • Albert Hochleitner (79yo)

    Member of Supervisory Board

    • Tenure: 14.3yrs
    • Compensation: €44.72k
  • Regina Prehofer (63yo)

    Second Deputy Chairman of Supervisory Board

    • Tenure: 0yrs
    • Compensation: €65.36k
  • Karl Fink (74yo)

    Member of Supervisory Board

    • Tenure: 14.3yrs
    • Compensation: €45.12k
  • Willi Dörflinger (69yo)

    First Deputy Chairman of Supervisory Board

    • Tenure: 0yrs
    • Compensation: €69.16k
  • Georg Riedl (60yo)

    Member of Supervisory Board

    • Tenure: 20.5yrs
    • Compensation: €51.12k
  • Günther Wölfler (59yo)

    Employee Representative Member of Supervisory Board

    • Tenure: 10.4yrs
  • Wolfgang Fleck (57yo)

    Employee Representative Member of Supervisory Board

    • Tenure: 11.2yrs
  • Karin Schaupp (69yo)

    Member of the Supervisory Board

    • Tenure: 8.3yrs
    • Compensation: €45.12k
  • Siegfried Trauch (59yo)

    Employee Representative Member of Supervisory Board

    • Tenure: 3.8yrs

Company Information

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: AT & S Austria Technologie & Systemtechnik Aktiengesellschaft
  • Ticker: ATS
  • Exchange: WBAG
  • Founded: 1987
  • Industry: Electronic Components
  • Sector: Tech
  • Market Cap: €652.680m
  • Shares outstanding: 38.85m
  • Website: https://www.ats.net

Number of Employees


Location

  • AT & S Austria Technologie & Systemtechnik Aktiengesellschaft
  • Fabriksgasse 13
  • Leoben-Hinterberg
  • Leoben
  • Styria
  • 8700
  • Austria

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AUSDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJul 1999
AUSXTRA (XETRA Trading Platform)YesOrdinary SharesDEEURJul 1999
0O5CLSE (London Stock Exchange)YesOrdinary SharesGBEURJul 1999
ATSWBAG (Wiener Boerse AG)YesOrdinary SharesATEURJul 1999
ATSVBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJul 1999
ATSSWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFJul 1999
AUSDBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJul 1999
ATSSEP (The Stock Exchange Prague Co. Ltd.)YesOrdinary SharesCZCZKJul 1999

Biography

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, together with its subsidiaries, manufactures and distributes printed circuit boards (PCBs) worldwide. It operates through three segments: Mobi ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/13 21:13
End of Day Share Price2019/11/13 00:00
Earnings2019/09/30
Annual Earnings2019/03/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.