XTRA:WAF

Stock Analysis Report

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Executive Summary

Siltronic AG, together with its subsidiaries, manufactures and sells semiconductor silicon wafers with diameters of up to 300 mm worldwide. More Details


Snowflake Analysis

Undervalued with excellent balance sheet.

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

-1.7%

WAF

-6.0%

DE Semiconductor

-4.7%

DE Market


1 Year Return

-2.1%

WAF

30.8%

DE Semiconductor

-3.8%

DE Market

Return vs Industry: WAF underperformed the German Semiconductor industry which returned 33.7% over the past year.

Return vs Market: WAF exceeded the German Market which returned -3.8% over the past year.


Shareholder returns

WAFIndustryMarket
7 Day-1.7%-6.0%-4.7%
30 Day21.2%10.0%-2.4%
90 Day-0.4%15.1%-4.4%
1 Year1.3%-2.1%32.5%30.8%-0.8%-3.8%
3 Year-25.2%-33.2%6.2%2.0%-4.5%-12.9%
5 Year305.3%261.9%116.2%104.5%15.5%-1.0%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

38.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: WAF (€85) is trading below our estimate of fair value (€137.26)

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


Price To Earnings Ratio

PE vs Industry: WAF is good value based on its PE Ratio (14.2x) compared to the DE Semiconductor industry average (27x).

PE vs Market: WAF is good value based on its PE Ratio (14.2x) compared to the German market (21.8x).


Price to Earnings Growth Ratio

PEG Ratio: WAF is good value based on its PEG Ratio (0.9x)


Price to Book Ratio

PB vs Industry: WAF is overvalued based on its PB Ratio (3.2x) compared to the DE Semiconductor industry average (2x).


Next Steps

Future Growth

How is Siltronic forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

15.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: WAF's forecast earnings growth (15.2% per year) is above the savings rate (0.2%).

Earnings vs Market: WAF's earnings (15.2% per year) are forecast to grow slower than the German market (26.2% per year).

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

Revenue vs Market: WAF's revenue (3.8% per year) is forecast to grow slower than the German market (6% per year).

High Growth Revenue: WAF's revenue (3.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: WAF's Return on Equity is forecast to be low in 3 years time (16.9%).


Next Steps

Past Performance

How has Siltronic performed over the past 5 years?

47.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: WAF has a high level of non-cash earnings.

Growing Profit Margin: WAF's current net profit margins (14.6%) are lower than last year (23.9%).


Past Earnings Growth Analysis

Earnings Trend: WAF has become profitable over the past 5 years, growing earnings by 47.4% per year.

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

Earnings vs Industry: WAF had negative earnings growth (-47.6%) over the past year, making it difficult to compare to the Semiconductor industry average (-54.5%).


Return on Equity

High ROE: WAF's Return on Equity (24.4%) is considered high.


Next Steps

Financial Health

How is Siltronic's financial position?


Financial Position Analysis

Short Term Liabilities: WAF's short term assets (€807.0M) exceed its short term liabilities (€219.2M).

Long Term Liabilities: WAF's short term assets (€807.0M) do not cover its long term liabilities (€823.3M).


Debt to Equity History and Analysis

Debt Level: WAF is debt free.

Reducing Debt: WAF has no debt compared to 5 years ago when its debt to equity ratio was 7.9%.

Debt Coverage: WAF has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: WAF has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

What is Siltronic current dividend yield, its reliability and sustainability?

3.53%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: WAF's dividend (3.53%) is higher than the bottom 25% of dividend payers in the German market (1.26%).

High Dividend: WAF's dividend (3.53%) is low compared to the top 25% of dividend payers in the German market (3.74%).


Stability and Growth of Payments

Stable Dividend: WAF has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: WAF's dividend payments have increased, but the company has only paid a dividend for 3 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (50.2%), WAF's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: WAF's dividends in 3 years are forecast to be well covered by earnings (39.5% payout ratio).


Next Steps

Management

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

9.9yrs

Average management tenure


CEO

Christoph von Plotho (65 yo)

10yrs

Tenure

€1,560,503

Compensation

Dr. Christoph von Plotho has been the Chairman of Executive Board and Chief Executive Officer of Siltronic AG since October 2010 and served as its President until 2018. Dr. von Plotho served as the Head o ...


CEO Compensation Analysis

Compensation vs Market: Christoph's total compensation ($USD1.85M) is below average for companies of similar size in the German market ($USD2.87M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Christoph von Plotho
Chairman of Executive Board & CEO10yrs€1.56mno data
Rainer Irle
CFO, Labor Relations Director & Member of Executive Board7.75yrs€1.13mno data
Andreas Mühe
Senior Vice President of Operations9.75yrsno datano data
Rudiger Schmolke
Senior Vice President of Technology9.75yrsno datano data
Petra Müller
Head of Investor Relations & Communicationsno datano datano data
Volker Braetsch
Senior Vice President of Sales & Marketing10.75yrsno datano data
Bernhard Schmidt
Senior Vice President of Engineering16.75yrsno datano data

9.9yrs

Average Tenure

56.5yo

Average Age

Experienced Management: WAF's management team is seasoned and experienced (9.9 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Hermann Gerlinger
Independent Member of Supervisory Board9.58yrs€56.25kno data
Gertraud Lauber
Employee Representative Member of Supervisory Board7.67yrs€40.00kno data
Michael Hankel
Independent Member of Supervisory Board2.5yrs€37.50kno data
Tobias Ohler
Chairman of Supervisory Board4.83yrs€112.50kno data
Bernd Jonas
Independent Member of Supervisory Board5.42yrs€80.00kno data
Sieglinde Feist
Member of Supervisory Board5.83yrs€40.00kno data
Johann Hautz
Employee Representative Deputy Chairman of Supervisory Board4.75yrs€73.75kno data
Gebhard Fraunhofer
Employee Representative Member of Supervisory Board4.75yrs€65.00kno data
Gabrijela Rodosek
Independent Member of Supervisory Board2.5yrs€40.00kno data
Mandy Breyer
Employee Representatives Member of Supervisory Board2.5yrs€40.00kno data
Klaus-Peter Estermaier
Employee Representatives Member of Supervisory Board2.5yrs€40.00kno data
Jorg Kammermann
Employee Representative Member of Supervisory Board1.42yrs€25.83kno data

4.8yrs

Average Tenure

57.5yo

Average Age

Experienced Board: WAF's board of directors are considered experienced (4.8 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

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


Key Information

  • Name: Siltronic AG
  • Ticker: WAF
  • Exchange: XTRA
  • Founded: 1953
  • Industry: Semiconductor Equipment
  • Sector: Semiconductors
  • Market Cap: €2.550b
  • Shares outstanding: 30.00m
  • Website: https://www.siltronic.com

Number of Employees


Location

  • Siltronic AG
  • Hanns-Seidel-Platz 4
  • Munich
  • Bavaria
  • 81737
  • Germany

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
WAFDB (Deutsche Boerse AG)YesOrdinary Registered SharesDEEURJun 2015
WAFXTRA (XETRA Trading Platform)YesOrdinary Registered SharesDEEURJun 2015
0R8PLSE (London Stock Exchange)YesOrdinary Registered SharesGBEURJun 2015
WAFDBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary Registered SharesGBEURJun 2015
WAFSWX (SIX Swiss Exchange)YesOrdinary Registered SharesCHCHFJun 2015
WAFWBAG (Wiener Boerse AG)YesOrdinary Registered SharesATEURJun 2015
WAFETLX (Eurotlx)YesOrdinary Registered SharesITEURJun 2015
SSLL.FOTCPK (Pink Sheets LLC)YesOrdinary Registered SharesUSUSDJun 2015

Biography

Siltronic AG, together with its subsidiaries, manufactures and sells semiconductor silicon wafers with diameters of up to 300 mm worldwide. The company offers polished and epitaxial wafers; and special pro ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/27 22:08
End of Day Share Price2020/10/27 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


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.