WBAG:JEN

Stock Analysis Report

Executive Summary

Jenoptik AG operates as an integrated photonics company in Germany and internationally.

Rewards

PE ratio (18.9x) is below the Electronic industry average (18.9x)

Earnings are forecast to grow 5.72% per year

Risk Analysis

No risks detected for JEN from our risk checks.


Snowflake Analysis

Flawless balance sheet with questionable track record.


Similar Companies

Share Price & News

How has Jenoptik's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

-3.1%

JEN

0.6%

AT Electronic

-0.4%

AT Market


1 Year Return

-17.5%

JEN

27.9%

AT Electronic

3.9%

AT Market

Return vs Industry: JEN underperformed the Austrian Electronic industry which returned 27.9% over the past year.

Return vs Market: JEN underperformed the Austrian Market which returned 3.9% over the past year.


Shareholder returns

JENIndustryMarket
7 Day-3.1%0.6%-0.4%
30 Day10.6%4.3%-0.2%
90 Day-2.0%11.3%-0.7%
1 Year-16.5%-17.5%30.2%27.9%7.7%3.9%
3 Yearn/a52.6%45.1%26.0%14.7%
5 Yearn/a98.7%81.4%52.7%31.5%

Price Volatility Vs. Market

How volatile is Jenoptik's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Jenoptik undervalued compared to its fair value and its price relative to the market?

18.91x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: JEN (€25.96) is trading above our estimate of fair value (€24.56)

Significantly Below Fair Value: JEN is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: JEN is good value based on its PE Ratio (18.9x) compared to the Electronic industry average (18.9x).

PE vs Market: JEN is poor value based on its PE Ratio (18.9x) compared to the Austrian market (14.2x).


Price to Earnings Growth Ratio

PEG Ratio: JEN is poor value based on its PEG Ratio (3.3x)


Price to Book Ratio

PB vs Industry: JEN is overvalued based on its PB Ratio (2.4x) compared to the XE Electronic industry average (2.2x).


Next Steps

Future Growth

How is Jenoptik forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

5.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: JEN's forecast earnings growth (5.7% per year) is above the savings rate (-0.1%).

Earnings vs Market: JEN's earnings (5.7% per year) are forecast to grow slower than the Austrian market (9.8% per year).

High Growth Earnings: JEN's earnings are forecast to grow, but not significantly.

Revenue vs Market: JEN's revenue (4.6% per year) is forecast to grow faster than the Austrian market (2.7% per year).

High Growth Revenue: JEN's revenue (4.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: JEN's Return on Equity is forecast to be low in 3 years time (11.1%).


Next Steps

Past Performance

How has Jenoptik performed over the past 5 years?

17.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: JEN has high quality earnings.

Growing Profit Margin: JEN's current net profit margins (9.3%) are lower than last year (10.1%).


Past Earnings Growth Analysis

Earnings Trend: JEN's earnings have grown by 17.1% per year over the past 5 years.

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

Earnings vs Industry: JEN had negative earnings growth (-5.4%) over the past year, making it difficult to compare to the Electronic industry average (9.9%).


Return on Equity

High ROE: JEN's Return on Equity (12.5%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Jenoptik's financial position?


Financial Position Analysis

Short Term Liabilities: JEN's short term assets (€491.3M) exceed its short term liabilities (€236.2M).

Long Term Liabilities: JEN's short term assets (€491.3M) exceed its long term liabilities (€183.2M).


Debt to Equity History and Analysis

Debt Level: JEN's debt to equity ratio (15.8%) is considered satisfactory.

Reducing Debt: JEN's debt to equity ratio has reduced from 31.3% to 15.8% over the past 5 years.

Debt Coverage: JEN's debt is well covered by operating cash flow (91.1%).

Interest Coverage: JEN's interest payments on its debt are well covered by EBIT (28.8x coverage).


Balance Sheet

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

Debt Coverage by Assets: JEN's debt is covered by short term assets (assets are 5x debt).


Next Steps

Dividend

What is Jenoptik's current dividend yield, its reliability and sustainability?

1.36%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: JEN's dividend (1.36%) isn’t notable compared to the bottom 25% of dividend payers in the Austrian market (1.58%).

High Dividend: JEN's dividend (1.36%) is low compared to the top 25% of dividend payers in the Austrian market (4.54%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, JEN has been paying a dividend for less than 10 years.

Growing Dividend: JEN's dividend payments have increased, but the company has only paid a dividend for 8 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (25.7%), JEN's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: JEN's dividends in 3 years are forecast to be well covered by earnings (28.2% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.5yrs

Average management tenure


CEO

Stefan Traeger (52yo)

2.8yrs

Tenure

€1,660,894

Compensation

Dr. Stefan Traeger has been Chairman of the Executive Board, Chief Executive Officer and President at Jenoptik AG since May 01, 2017. Dr. Traeger is responsible for the operational business as well as for  ...


CEO Compensation Analysis

Compensation vs Market: Stefan's total compensation ($USD1.79M) is about average for companies of similar size in the Austrian market ($USD1.61M).

Compensation vs Earnings: Stefan's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Stefan Traeger
Chairman of the Executive Board2.8yrs€1.66mno data
Hans-Dieter Schumacher
CFO & Member of the Executive Board4.8yrs€1.22mno data
Thomas Fritsche
Head of Investor Relations0yrsno datano data
Steffen Müller
Vice President of Corporate Development and M&A1.4yrsno datano data
Maria Koller
Head of Global Human Resources2.3yrsno datano data
Stefan Stenzel
Head of VINCORION Division0yrsno datano data
Jay Kumler
Head of the Optics Business Unit0yrsno datano data
Kevin Chevis
Head of Light & Safety Division0yrsno datano data
Ralf Kuschnereit
Head of Light & Optics Division0yrsno datano data
Martin Kuhnhen
Head of Light & Production Division0yrsno datano data

2.5yrs

Average Tenure

51.5yo

Average Age

Experienced Management: JEN's management team is considered experienced (2.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Matthias Wierlacher
Chairman of the Supervisory Board4.6yrs€126.90kno data
Doreen Nowotne
Member of Supervisory Board4.6yrs€84.80kno data
Dieter Kröhn
Employee Representative Member of Supervisory Board9.2yrs€60.50kno data
Thomas Klippstein
Employee Representative Member of Supervisory Board24.1yrs€79.70kno data
Andreas Tünnermann
Member of Supervisory Board & Member of Scientific Advisory Council12.7yrs€61.70kno data
Günther Tränkle
Member of Scientific Advisory Council0yrsno datano data
Jurgen Petzoldt
Member of Scientific Advisory Council0yrsno datano data
Gerhard Fettweis
Member of Scientific Advisory Council0yrsno datano data
Michael Ebenau
Employee Representative Deputy Chairman of Supervisory Board0yrs€91.50kno data
Heinrich Reimitz
Member of Supervisory Board11.8yrs€82.10kno data

10.5yrs

Average Tenure

Experienced Board: JEN's board of directors are seasoned and experienced ( 10.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

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.


Top Shareholders

Company Information

Jenoptik AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Jenoptik AG
  • Ticker: JEN
  • Exchange: WBAG
  • Founded: 1846
  • Industry: Electronic Equipment and Instruments
  • Sector: Tech
  • Market Cap: €1.472b
  • Shares outstanding: 57.24m
  • Website: https://www.jenoptik.com

Number of Employees


Location

  • Jenoptik AG
  • Carl-Zeiss-Strasse 1
  • Jena
  • Thuringia
  • 7743
  • Germany

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
JENWBAG (Wiener Boerse AG)NPVATEURNo data
JENSWX (SIX Swiss Exchange)NPVCHCHFNo data
JENDB (Deutsche Boerse AG)NPVDEEURNo data
JENDB (Deutsche Boerse AG)YesBearer SharesDEEURJun 1998
JENXTRA (XETRA Trading Platform)YesBearer SharesDEEURJun 1998
0ZPVLSE (London Stock Exchange)YesBearer SharesGBEURJun 1998
JNPK.FOTCPK (Pink Sheets LLC)YesBearer SharesUSUSDJun 1998
JENDBATS-CHIXE (BATS 'Chi-X Europe')YesBearer SharesGBEURJun 1998
JENSWX (SIX Swiss Exchange)YesBearer SharesCHCHFJun 1998
JENWBAG (Wiener Boerse AG)YesBearer SharesATEURJun 1998
JEN-UETLX (Eurotlx)YesBearer SharesITEURJun 1998

Biography

Jenoptik AG operates as an integrated photonics company in Germany and internationally. The company's Opticals & Life Science division develops and manufactures micro-optics for beam shaping for use in the semiconductor industry, as well as for laser material processing; and optical systems and components for information and communication, security, and defense technologies. It also produces polymer optical and optoelectronic modules and components, as well as integrated solutions for the laser, automotive, and lighting applications. In addition, this division provides original equipment manufacturer solutions for customers in the medical technology and life sciences industries; and diode and thin-disk lasers for ophthalmology, as well as supplies medical technology companies. Its Mobility division offers measurement technology for tactile, optical, and pneumatic inspection of roughness, contour, shape, and the determination of dimensions at various stages of the production process and in the measuring room; consultation, training, and maintenance services; and 3D laser processing machines. This division also provides components, systems, and services covering various aspects of road traffic, including speed and red light monitoring systems, as well as custom solutions for identifying other traffic violations; and system development, construction and installation of the monitoring infrastructure, capturing images of traffic violations and their automatic processing, and toll payment monitoring pillars. The company’s Defense & Civil Systems division offers energy systems, optical sensor systems, stabilization systems, aviation sub systems, and radomes and composites. This division provides mechatronic and sensor products for the civil and military markets. The company was founded in 1846 and is headquartered in Jena, Germany. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/20 22:48
End of Day Share Price2020/02/20 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.