XTRA:WAF

Stock Analysis Report

Executive Summary

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

Snowflake

Fundamentals

Flawless balance sheet, good value and pays a dividend.


Similar Companies

Share Price & News

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


Latest Share Price and Events


Market Performance


7 Day Return

4.3%

WAF

-2.4%

DE Semiconductor

1.4%

DE Market


1 Year Return

-15.4%

WAF

-0.8%

DE Semiconductor

3.7%

DE Market

Return vs Industry: WAF underperformed the German Semiconductor industry which returned -0.8% over the past year.

Return vs Market: WAF underperformed the German Market which returned 3.7% over the past year.


Shareholder returns

WAFIndustryMarket
7 Day4.3%-2.4%1.4%
30 Day3.2%-7.8%1.3%
90 Day15.1%1.4%3.4%
1 Year-10.0%-15.4%0.9%-0.8%7.0%3.7%
3 Year234.8%209.3%14.4%10.7%18.5%8.3%
5 Yearn/a98.9%88.8%42.2%22.9%

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

No news available

Valuation

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

48.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: WAF (€76.64) is trading below our estimate of fair value (€149.64)

Significantly Undervalued: 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 (6.7x) compared to the Semiconductor industry average (20.6x).

PE vs Market: WAF is good value based on its PE Ratio (6.7x) compared to the German market (19.3x).


Price to Earnings Growth Ratio

Low PEG Ratio: WAF's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: WAF is overvalued based on its PB Ratio (3x) compared to the DE Semiconductor industry average (2.3x).


Next Steps

Future Growth

How is Siltronic forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

-4.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: WAF's earnings are forecast to decline over the next 3 years (-4.8% per year).

Earnings vs Market: WAF's earnings are forecast to decline over the next 3 years (-4.8% per year).

High Growth Earnings: WAF's earnings are forecast to decline over the next 3 years.

Revenue vs Market: WAF's revenue (1.8% per year) is forecast to grow slower than the German market (5% per year).

High Growth Revenue: WAF's revenue (1.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: WAF's Return on Equity is forecast to be low in 3 years time (19.3%).


Next Steps

Past Performance

How has Siltronic performed over the past 5 years?

77.4%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: WAF has become profitable over the past 5 years, growing earnings by 77.4% per year.

Accelerating Growth: WAF's earnings growth over the past year (12.6%) is below its 5-year average (77.4% per year).

Earnings vs Industry: WAF earnings growth over the past year (12.6%) underperformed the Semiconductor industry 20.6%.


Return on Equity

High ROE: WAF's Return on Equity (46.9%) is considered outstanding.


Return on Assets

ROA vs Industry: WAF has a higher Return on Assets than the Semiconductor industry average last year.


Return on Capital Employed

ROCE Improving: WAF has significantly improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is Siltronic's financial position?


Financial Position Analysis

Short Term Liabilities: WAF's short term assets (€870.5M) exceeds its short term liabilities (€262.2M)

Long Term Liabilities: WAF's short term assets (870.5M) exceeds its long term liabilities (786.5M)


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 19.2%.

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

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

Debt Coverage by Assets: Insufficient data to determine if WAF's debt is covered by short term assets.


Next Steps

Dividend

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

6.52%

Current Dividend Yield


Dividend Yield vs Market

company6.5%marketbottom25%1.5%markettop25%3.8%industryaverage1.3%forecastin3Years4.0%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: WAF's dividend (6.52%) is higher than the bottom 25% of dividend payers in the German market (1.47%).

High Dividend: WAF's dividend (6.52%) is in the top 25% of dividend payers in the German market (3.83%)

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

Growing Dividend: WAF's dividend payments have increased, but the company has only paid a dividend for 2 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (43.7%), WAF's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: WAF's dividends in 3 years are forecast to be well covered by earnings (40.2% payout ratio).


Next Steps

Management

What is the CEO of Siltronic's salary, the management and board of directors tenure and is there insider trading?

8.9yrs

Average management tenure


CEO

Christoph von Plotho (64yo)

9yrs

Tenure

€1,653,953

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 ($USD1.84M) is below average for companies of similar size in the German market ($USD2.80M).

Compensation vs Earnings: Christoph's compensation has increased by more than 20% in the past year.


Management Age and Tenure

8.9yrs

Average Tenure

55.5yo

Average Age

Experienced Management: WAF's management team is seasoned and experienced (8.9 years average tenure).


Board Age and Tenure

3.8yrs

Average Tenure

58yo

Average Age

Experienced Board: WAF's board of directors are considered experienced (3.8 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


Management Team

  • Christoph von Plotho (64yo)

    Chairman of Executive Board & CEO

    • Tenure: 9yrs
    • Compensation: €1.65m
  • Rainer Irle (49yo)

    CFO, Labor Relations Director & Member of Executive Board

    • Tenure: 6.8yrs
    • Compensation: €1.18m
  • Volker Braetsch (62yo)

    Senior Vice President of Sales & Marketing

    • Tenure: 9.8yrs
  • Andreas Muhe (49yo)

    Senior Vice President of Operations

    • Tenure: 8.8yrs
  • Bernhard Schmidt (56yo)

    Senior Vice President of Engineering

    • Tenure: 15.8yrs
  • Rudiger Schmolke (55yo)

    Senior Vice President of Technology

    • Tenure: 8.8yrs
  • Petra Müller

    Head of Investor Relations & Communications

    • Tenure: 0yrs

Board Members

  • Hermann Gerlinger (66yo)

    Member of Supervisory Board

    • Tenure: 8.6yrs
    • Compensation: €62.50k
  • Gertraud Lauber (60yo)

    Employee Representative Member of Supervisory Board

    • Tenure: 6.7yrs
    • Compensation: €42.50k
  • Michael Hankel (62yo)

    Member of Supervisory Board

    • Tenure: 1.5yrs
    • Compensation: €31.12k
  • Tobias Ohler (48yo)

    Chairman of Supervisory Board

    • Tenure: 3.8yrs
    • Compensation: €118.75k
  • Bernd Jonas (68yo)

    Member of Supervisory Board

    • Tenure: 4.4yrs
    • Compensation: €82.50k
  • Sieglinde Feist (56yo)

    Member of Supervisory Board

    • Tenure: 4.8yrs
    • Compensation: €42.50k
  • Johann Hautz (57yo)

    Deputy Chairman of Supervisory Board

    • Tenure: 3.8yrs
    • Compensation: €71.25k
  • Gebhard Fraunhofer (59yo)

    Employee Representative Member of Supervisory Board

    • Tenure: 3.8yrs
    • Compensation: €60.56k
  • Gabi Rodosek (54yo)

    Member of Supervisory Board

    • Tenure: 1.5yrs
    • Compensation: €31.12k
  • Mandy Breyer (49yo)

    Employee Representatives Member of Supervisory Board

    • Tenure: 1.5yrs
    • Compensation: €31.12k

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: €2.299b
  • 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
SSLL.FOTCPK (Pink Sheets LLC)YesOrdinary Registered SharesUSUSDJun 2015

Biography

Siltronic AG, together with its subsidiaries, produces and sells semiconductor silicon wafers with diameters of up to 300 mm worldwide. The company’s products include polished and epitaxial wafers; and spe ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/19 21:45
End of Day Share Price2019/10/18 00:00
Earnings2019/06/30
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.