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SMHN

SÜSS MicroTec XTRA:SMHN Stock Report

Last Price

€12.48

Market Cap

€238.6m

7D

-13.9%

1Y

-53.3%

Updated

05 Jul, 2022

Data

Company Financials +
SMHN fundamental analysis
Snowflake Score
Valuation6/6
Future Growth4/6
Past Performance2/6
Financial Health5/6
Dividends2/6

SMHN Stock Overview

SÜSS MicroTec SE, together with its subsidiaries, develops, manufactures, and markets machines for the production of microelectronics, microelectromechanical systems, and related applications.

Rewards

Trading at 82.2% below our estimate of its fair value

Earnings are forecast to grow 35.76% per year

Risk Analysis

No risks detected for SMHN from our risk checks.

SÜSS MicroTec Competitors

Price History & Performance

Summary of all time highs, changes and price drops for SÜSS MicroTec
Historical stock prices
Current Share Price€12.48
52 Week High€28.00
52 Week Low€12.22
Beta1.83
1 Month Change-24.64%
3 Month Change-20.31%
1 Year Change-53.35%
3 Year Change34.19%
5 Year Change11.88%
Change since IPO29.87%

Recent News & Updates

Jun 17
Investors Will Want SÜSS MicroTec's (ETR:SMHN) Growth In ROCE To Persist

Investors Will Want SÜSS MicroTec's (ETR:SMHN) Growth In ROCE To Persist

There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a...

Jun 01
Is SÜSS MicroTec (ETR:SMHN) Using Too Much Debt?

Is SÜSS MicroTec (ETR:SMHN) Using Too Much Debt?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...

Shareholder Returns

SMHNDE SemiconductorDE Market
7D-13.9%-12.8%-5.9%
1Y-53.3%-35.3%-25.7%

Return vs Industry: SMHN underperformed the German Semiconductor industry which returned -33.6% over the past year.

Return vs Market: SMHN underperformed the German Market which returned -24.4% over the past year.

Price Volatility

Is SMHN's price volatile compared to industry and market?
SMHN volatility
SMHN Average Weekly Movement6.6%
Semiconductor Industry Average Movement7.0%
Market Average Movement5.6%
10% most volatile stocks in DE Market10.2%
10% least volatile stocks in DE Market2.8%

Stable Share Price: SMHN is not significantly more volatile than the rest of German stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: SMHN's weekly volatility (7%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19491,194Gotz Bendelehttps://www.suss.com

SÜSS MicroTec SE, together with its subsidiaries, develops, manufactures, and markets machines for the production of microelectronics, microelectromechanical systems, and related applications. It operates through five divisions: Photomask Equipment, Lithography, Bonder, Microoptics, and Others. The company develops, manufactures, and sells mask aligners, coaters and developers, UV projection scanners, and laser processing tool.

SÜSS MicroTec Fundamentals Summary

How do SÜSS MicroTec's earnings and revenue compare to its market cap?
SMHN fundamental statistics
Market Cap€238.56m
Earnings (TTM)€16.66m
Revenue (TTM)€274.12m

14.3x

P/E Ratio

0.9x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
SMHN income statement (TTM)
Revenue€274.12m
Cost of Revenue€177.76m
Gross Profit€96.36m
Other Expenses€79.70m
Earnings€16.66m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 04, 2022

Earnings per share (EPS)0.87
Gross Margin35.15%
Net Profit Margin6.08%
Debt/Equity Ratio5.5%

How did SMHN perform over the long term?

See historical performance and comparison

Dividends

1.3%

Current Dividend Yield

19%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is SMHN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SMHN?

Other financial metrics that can be useful for relative valuation.

SMHN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.7x
Enterprise Value/EBITDA7.2x
PEG Ratio0.4x

Price to Earnings Ratio vs Peers

How does SMHN's PE Ratio compare to its peers?

SMHN PE Ratio vs Peers
The above table shows the PE ratio for SMHN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average15.8x
TPE PVA TePla
26.9x19.6%€358.2m
CTNK centrotherm international
7.5xn/a€87.0m
WAF Siltronic
6.3x6.1%€1.9b
AIXA AIXTRON
22.6x18.0%€2.4b
SMHN SÜSS MicroTec
14.3x35.8%€238.6m

Price-To-Earnings vs Peers: SMHN is good value based on its Price-To-Earnings Ratio (14.3x) compared to the peer average (15.8x).


Price to Earnings Ratio vs Industry

How does SMHN's PE Ratio compare vs other companies in the European Semiconductor Industry?

Price-To-Earnings vs Industry: SMHN is good value based on its Price-To-Earnings Ratio (14.3x) compared to the German Semiconductor industry average (14.6x)


Price to Earnings Ratio vs Fair Ratio

What is SMHN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SMHN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.3x
Fair PE Ratio27.3x

Price-To-Earnings vs Fair Ratio: SMHN is good value based on its Price-To-Earnings Ratio (14.3x) compared to the estimated Fair Price-To-Earnings Ratio (27.3x).


Share Price vs Fair Value

What is the Fair Price of SMHN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SMHN (€12.48) is trading below our estimate of fair value (€70.11)

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


Price to Earnings Growth Ratio

PEG Ratio: SMHN is good value based on its PEG Ratio (0.4x)


Discover undervalued companies

Future Growth

How is SÜSS MicroTec forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


35.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SMHN's forecast earnings growth (35.8% per year) is above the savings rate (-0.01%).

Earnings vs Market: SMHN's earnings (35.8% per year) are forecast to grow faster than the German market (8.4% per year).

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

Revenue vs Market: SMHN's revenue (11% per year) is forecast to grow faster than the German market (4.7% per year).

High Growth Revenue: SMHN's revenue (11% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SMHN's Return on Equity is forecast to be low in 3 years time (13.2%).


Discover growth companies

Past Performance

How has SÜSS MicroTec performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


10.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SMHN has high quality earnings.

Growing Profit Margin: SMHN's current net profit margins (6.1%) are lower than last year (7%).


Past Earnings Growth Analysis

Earnings Trend: SMHN's earnings have grown by 10.7% per year over the past 5 years.

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

Earnings vs Industry: SMHN had negative earnings growth (-10.1%) over the past year, making it difficult to compare to the Semiconductor industry average (79.5%).


Return on Equity

High ROE: SMHN's Return on Equity (10.5%) is considered low.


Discover strong past performing companies

Financial Health

How is SÜSS MicroTec's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: SMHN's short term assets (€215.7M) exceed its short term liabilities (€97.4M).

Long Term Liabilities: SMHN's short term assets (€215.7M) exceed its long term liabilities (€31.6M).


Debt to Equity History and Analysis

Debt Level: SMHN has more cash than its total debt.

Reducing Debt: SMHN's debt to equity ratio has increased from 3.5% to 5.5% over the past 5 years.

Debt Coverage: SMHN's debt is well covered by operating cash flow (190.3%).

Interest Coverage: SMHN's interest payments on its debt are well covered by EBIT (55.6x coverage).


Balance Sheet


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Dividend

What is SÜSS MicroTec current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


1.28%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: SMHN's dividend (1.28%) isn’t notable compared to the bottom 25% of dividend payers in the German market (1.5%).

High Dividend: SMHN's dividend (1.28%) is low compared to the top 25% of dividend payers in the German market (4.57%).


Stability and Growth of Payments

Stable Dividend: Too early to tell whether SMHN's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if SMHN's dividend payments are increasing as they only just started paying a dividend.


Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (18.6%), SMHN's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (42.5%), SMHN's dividend payments are well covered by cash flows.


Discover strong dividend paying companies

Management

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

1.2yrs

Average management tenure


CEO

Gotz Bendele (52 yo)

1.17yrs

Tenure

€635,841

Compensation

Dr. Gotz M. Bendele has been Chief Executive Officer and Member of Management Board of SÜSS MicroTec SE since May 01, 2021. Dr. Bendele served as Chairman of Management Board and Chief Executive Officer at...


CEO Compensation Analysis

Compensation vs Market: Gotz's total compensation ($USD651.41K) is about average for companies of similar size in the German market ($USD823.86K).

Compensation vs Earnings: Insufficient data to compare Gotz's compensation with company performance.


Leadership Team

Experienced Management: SMHN's management team is not considered experienced ( 1.2 years average tenure), which suggests a new team.


Board Members

Experienced Board: SMHN's board of directors are not considered experienced ( 2.2 years average tenure), which suggests a new board.


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

SÜSS MicroTec SE's employee growth, exchange listings and data sources


Key Information

  • Name: SÜSS MicroTec SE
  • Ticker: SMHN
  • Exchange: XTRA
  • Founded: 1949
  • Industry: Semiconductor Equipment
  • Sector: Semiconductors
  • Implied Market Cap: €238.562m
  • Shares outstanding: 19.12m
  • Website: https://www.suss.com

Number of Employees


Location

  • SÜSS MicroTec SE
  • Schleissheimer Street 90
  • Garching bei München
  • Bavaria
  • 85748
  • Germany

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/07/05 00:00
End of Day Share Price2022/07/05 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


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.