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Kalray

DB:3FS
Snowflake Description

Excellent balance sheet with limited growth.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
3FS
DB
€77M
Market Cap
  1. Home
  2. DE
  3. Semiconductors
Company description

Kalray S.A. provides low-power and time-critical processor solutions in France. The last earnings update was 45 days ago. More info.


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3FS Share Price and Events
7 Day Returns
0%
DB:3FS
-3.1%
DE Semiconductor
-0.6%
DE Market
1 Year Returns
-
DB:3FS
-28.9%
DE Semiconductor
-10.8%
DE Market
3FS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Kalray (3FS) 0% -2.3% 1.9% - - -
DE Semiconductor -3.1% -16.7% -9.5% -28.9% 33.6% 62.8%
DE Market -0.6% -3.3% 2.3% -10.8% 8% 8%
1 Year Return vs Industry and Market
  • No trading data on 3FS.
  • No trading data on 3FS.
Price Volatility
Industry
5yr Volatility vs Market

Value

 Is Kalray undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
  • It is not possible to calculate the future cash flow value for Kalray. This is due to cash flow or dividend data being unavailable. The share price is €16.95.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Kalray's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Kalray's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:3FS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €-2.99
ENXTPA:ALKAL Share Price ** ENXTPA (2019-05-23) in EUR €16.95
Germany Semiconductor Industry PE Ratio Median Figure of 10 Publicly-Listed Semiconductor Companies 21.89x
Germany Market PE Ratio Median Figure of 422 Publicly-Listed Companies 20.28x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Kalray.

DB:3FS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:ALKAL Share Price ÷ EPS (both in EUR)

= 16.95 ÷ -2.99

-5.68x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kalray is loss making, we can't compare its value to the DE Semiconductor industry average.
  • Kalray is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does Kalray's expected growth come at a high price?
Raw Data
DB:3FS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -5.68x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
41.6%per year
Germany Semiconductor Industry PEG Ratio Median Figure of 8 Publicly-Listed Semiconductor Companies 1.84x
Germany Market PEG Ratio Median Figure of 271 Publicly-Listed Companies 1.51x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Kalray, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Kalray's assets?
Raw Data
DB:3FS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €8.15
ENXTPA:ALKAL Share Price * ENXTPA (2019-05-23) in EUR €16.95
Germany Semiconductor Industry PB Ratio Median Figure of 12 Publicly-Listed Semiconductor Companies 1.83x
Germany Market PB Ratio Median Figure of 576 Publicly-Listed Companies 1.78x
DB:3FS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:ALKAL Share Price ÷ Book Value per Share (both in EUR)

= 16.95 ÷ 8.15

2.08x

* Primary Listing of Kalray.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kalray is overvalued based on assets compared to the DE Semiconductor industry average.
X
Value checks
We assess Kalray's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Semiconductor industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Semiconductor industry average (and greater than 0)? (1 check)
  5. Kalray has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Kalray expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
41.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Kalray expected to grow at an attractive rate?
  • Unable to compare Kalray's earnings growth to the low risk savings rate as it is expected to be loss making during the next 1-3 years.
Growth vs Market Checks
  • Unable to compare Kalray's earnings growth to the Germany market average as it is expected to be loss making during the next 1-3 years.
  • Kalray's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:3FS Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:3FS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 41.6%
DB:3FS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 63.9%
Germany Semiconductor Industry Earnings Growth Rate Market Cap Weighted Average 10.1%
Germany Semiconductor Industry Revenue Growth Rate Market Cap Weighted Average 5.4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 13.2%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:3FS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:3FS Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 19 5 -2 2
2019-12-31 4 -2 -9 2
DB:3FS Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 6 -7 -9
2018-06-30 8 -8
2018-03-31 8 -8
2017-12-31 7 -2 -7
2016-12-31 8 0 -10

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Kalray is not considered high growth as it is expected to be loss making for the next 1-3 years.
  • Kalray's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:3FS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Kalray Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:3FS Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 -0.88 -0.39 -1.36 2.00
2019-12-31 -1.92 -1.64 -2.20 2.00
DB:3FS Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31
2018-06-30 -2.99
2018-03-31 -3.36
2017-12-31 -3.96
2016-12-31 -8.65

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Kalray will efficiently use shareholders’ funds in the future (Return on Equity greater than 20%) as it is not expected to be profitable.
X
Future performance checks
We assess Kalray's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Kalray has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Kalray performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Kalray's growth in the last year to its industry (Semiconductor).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Kalray does not make a profit and there is insufficient past data to establish if their 5 year on year earnings growth rate was positive.
  • Unable to compare Kalray's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Kalray's 1-year growth to the DE Semiconductor industry average as it is not currently profitable.
Earnings and Revenue History
Kalray's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Kalray Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:3FS Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 6.43 -8.53 12.18 -2.61
2018-06-30 7.81 -8.28 6.09
2018-03-31 7.62 -7.56 5.96
2017-12-31 7.44 -6.84 5.82
2016-12-31 8.46 -9.55 5.53

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Kalray has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Kalray has efficiently used its assets last year compared to the DE Semiconductor industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Kalray improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Kalray's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Semiconductor industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Kalray has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Kalray's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Kalray's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Kalray is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Kalray's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Kalray's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 5.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Kalray Company Filings, last reported 4 months ago.

DB:3FS Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 35.54 6.27 28.78
2018-06-30 35.32 6.52 32.24
2018-03-31 35.32 6.52 32.24
2017-12-31 -0.34 8.50 2.95
2016-12-31 -7.86 11.31 0.80
  • Kalray's level of debt (17.6%) compared to net worth is satisfactory (less than 40%).
  • Unable to establish if Kalray's debt level has increased without past 5-year debt data.
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Kalray has sufficient cash runway for 1.9 years based on current free cash flow.
  • Kalray has sufficient cash runway for 1.6 years if free cash flow continues to grow at historical rates of 67.2% each year.
X
Financial health checks
We assess Kalray's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Kalray has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Kalray dividends. Estimated to be 0% next year.
If you bought €2,000 of Kalray shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Kalray's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Kalray's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:3FS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Germany Semiconductor Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 2.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:3FS Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.00 1.00
2019-12-31 0.00 1.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Kalray has not reported any payouts.
  • Unable to verify if Kalray's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Kalray's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Kalray has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Kalray's dividends in 3 years as they are not expected to pay a notable one for Germany.
X
Income/ dividend checks
We assess Kalray's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Kalray afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Kalray has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Eric Baissus
TENURE AS CEO 5.3 years
CEO Bio

Mr. Eric Baissus co-founded Open-Plug SA in 2002 and served as its President, Chief Executive Officer and Chief Technology Officer. Mr. Baissus has been Chief Executive Officer of Kalray S.A. since 2014. He has more than 12 years experience in the wireless industry and has occupied various positions especially in the domain of the development and market deployment of complete software solutions for cellular market. Prior to founding Open-Plug, he led the development of Texas Instruments software reference solution for TI 2G and 2.5G platforms. He is graduated from the Ecole Polytechnique (Paris - France) and the Ecole Nationale des Telecommunications (Paris - France).

CEO Compensation
  • Insufficient data for Eric to compare compensation growth.
  • Insufficient data for Eric to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team

Eric Baissus

TITLE
Chief Executive Officer
TENURE
5.3 yrs

Anne Gabrot

TITLE
Chief Financial Officer

Benoît de Dinechin

TITLE
Chief Technical Officer

Olivier Lauvray

TITLE
Executive VP of Global Sales & Business Development
TENURE
0.5 yrs
Board of Directors

Gilles Defassy

TITLE
President of Supervisory Board

Eric Bantégnie

TITLE
Vice Chairman of Supervisory Board
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Kalray's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Kalray has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Kalray S.A. provides low-power and time-critical processor solutions in France. It offers massively parallel manycore array processors. The company also provides data center solutions, including Kalray Target Controller, a family of storage solutions offering an all-in-one system to build optimized NVMe-of just a bunch of flash; and TurboBoost, a solution to offload the encryption/decryption operations involved in secure communications. In addition, it offers software development kits, such as AccessCore that allows customers to program the massively parallel processor array using standard languages comprising C/C++/OpenCL, programming models, APIs, and tools; and Kalray Neural Network, a tool for implementing deep learning networks on the massively parallel processor array, as well as other software and tools. Further, the company provides PCIe and PCIe acceleration boards for storage, networking, cryptography applications; and development platforms. It serves autonomous vehicle, aerospace/avionic, artificial intelligence, data storage, data networking, and computer vision markets. The company is headquartered in Montbonnot Saint Martin, France.

Details
Name: Kalray S.A.
3FS
Exchange: DB
Founded:
€76,730,785
4,526,890
Website: http://www.kalrayinc.com
Address: Kalray S.A.
180 avenue de l’Europe,
Montbonnot Saint Martin,
Rhône-Alpes, 38330,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA ALKAL Common Shares Euronext Paris FR EUR 11. Jun 2018
DB 3FS Common Shares Deutsche Boerse AG DE EUR 11. Jun 2018
Number of employees
Current staff
Staff numbers
74
Kalray employees.
Industry
Semiconductors
Semiconductors
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 22:54
End of day share price update: 2019/05/23 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/04/08
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.