inTEST (DB:IN9) - Share price, News & Analysis

IN9 fundamental analysis
Snowflake Score
Valuation	6/6
Future Growth	4/6
Past Performance	4/6
Financial Health	4/6
Dividends	0/6

IN9 Stock Overview

inTEST Corporation supplies test and process solutions for use in manufacturing and testing in automotive, defense/aerospace, industrial, life sciences, security, and semiconductor markets worldwide.

Rewards

Trading at 89.1% below our estimate of its fair value

Earnings are forecast to grow 40.45% per year

Earnings grew by 129.6% over the past year

Risk Analysis

Volatile share price over the past 3 months

Large one-off items impacting financial results

Shareholders have been diluted in the past year

Does not have a meaningful market cap (€76M)

inTEST Competitors

Thermo Fisher Scientific

NYSE:TMO

US$211.9b

Teradyne

NasdaqGS:TER

US$17.2b

Advantest

TSE:6857

JP¥1.6t

PHC Holdings

TSE:6523

JP¥197.2b

Price History & Performance

Summary of all time highs, changes and price drops for inTEST
Historical stock prices
Current Share Price	US$6.45
52 Week High	US$14.80
52 Week Low	US$6.30
Beta	1.99
1 Month Change	-24.12%
3 Month Change	-31.02%
1 Year Change	n/a
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	-30.65%

Shareholder Returns

	IN9	DE Semiconductor	DE Market
7D	-16.8%	4.1%	1.2%
1Y	n/a	-8.7%	-12.2%

Return vs Industry: Insufficient data to determine how IN9 performed against the German Semiconductor industry.

Return vs Market: Insufficient data to determine how IN9 performed against the German Market.

Price Volatility

Is IN9's price volatile compared to industry and market?
IN9 volatility
IN9 Average Weekly Movement	8.9%
Semiconductor Industry Average Movement	7.1%
Market Average Movement	6.4%
10% most volatile stocks in DE Market	10.7%
10% least volatile stocks in DE Market	3.5%

Stable Share Price: IN9 is more volatile than 75% of German stocks over the past 3 months, typically moving +/- 9% a week.

Volatility Over Time: IN9's weekly volatility (9%) has been stable over the past year, but is still higher than 75% of German stocks.

About the Company

Founded	Employees	CEO	Website
1981	310	Nick Grant	https://www.intest.com

inTEST Corporation supplies test and process solutions for use in manufacturing and testing in automotive, defense/aerospace, industrial, life sciences, security, and semiconductor markets worldwide. The company operates through two segments, Thermal Products (Thermal) and Electromechanical Semiconductor Products (EMS). The Thermal segment offers ThermoStream products that are used in the semi market as a stand-alone temperature management tool, or in various electronic test applications; Thermal Chambers; Thermal Platforms; Thermonics temperature conditioning products that provide tempered gas or fluid; ultra-cold storage solutions, including biomedical freezers, refrigerators, and mobile storage solutions; EKOHEAT and EASYHEAT induction heating systems; and digital streaming and image capturing solutions.

inTEST Fundamentals Summary

How do inTEST's earnings and revenue compare to its market cap?
IN9 fundamental statistics
Market Cap	US$76.05m
Earnings (TTM)	US$5.65m
Revenue (TTM)	US$89.40m

13.5x

P/E Ratio

0.9x

P/S Ratio

Is IN9 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
IN9 income statement (TTM)
Revenue	US$89.40m
Cost of Revenue	US$46.69m
Gross Profit	US$42.72m
Other Expenses	US$37.07m
Earnings	US$5.65m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	0.53
Gross Margin	47.78%
Net Profit Margin	6.32%
Debt/Equity Ratio	34.3%

How did IN9 perform over the long term?

See historical performance and comparison

Valuation

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

Valuation Score

6/6

Valuation Score 6/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: IN9 (€6.45) is trading below our estimate of fair value (€59.01)

Significantly Below Fair Value: IN9 is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: IN9 is good value based on its PE Ratio (13.5x) compared to the German Semiconductor industry average (18.2x).

PE vs Market: IN9 is good value based on its PE Ratio (13.5x) compared to the German market (17.3x).

Price to Earnings Growth Ratio

PEG Ratio: IN9 is good value based on its PEG Ratio (0.3x)

Price to Book Ratio

PB vs Industry: IN9 is good value based on its PB Ratio (1.4x) compared to the DE Semiconductor industry average (2.9x).

Future Growth

How is inTEST forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

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

40.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: IN9's forecast earnings growth (40.4% per year) is above the savings rate (-0.05%).

Earnings vs Market: IN9's earnings (40.4% per year) are forecast to grow faster than the German market (7.9% per year).

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

Revenue vs Market: IN9's revenue (19.4% per year) is forecast to grow faster than the German market (4.9% per year).

High Growth Revenue: IN9's revenue (19.4% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if IN9's Return on Equity is forecast to be high in 3 years time

Past Performance

How has inTEST performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

9.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: IN9 has a large one-off loss of $2.2M impacting its March 31 2022 financial results.

Growing Profit Margin: IN9's current net profit margins (6.3%) are higher than last year (4%).

Past Earnings Growth Analysis

Earnings Trend: IN9's earnings have grown by 9% per year over the past 5 years.

Accelerating Growth: IN9's earnings growth over the past year (129.6%) exceeds its 5-year average (9% per year).

Earnings vs Industry: IN9 earnings growth over the past year (129.6%) exceeded the Semiconductor industry 79.5%.

Return on Equity

High ROE: IN9's Return on Equity (10.1%) is considered low.

Financial Health

How is inTEST's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: IN9's short term assets ($51.3M) exceed its short term liabilities ($24.1M).

Long Term Liabilities: IN9's short term assets ($51.3M) exceed its long term liabilities ($22.8M).

Debt to Equity History and Analysis

Debt Level: IN9's net debt to equity ratio (3.6%) is considered satisfactory.

Reducing Debt: Insufficient data to determine if IN9's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: IN9's debt is well covered by operating cash flow (43.6%).

Interest Coverage: Insufficient data to determine if IN9's interest payments on its debt are well covered by EBIT.

Balance Sheet

Dividend

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

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate IN9's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate IN9's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if IN9's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if IN9's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as IN9 has not reported any payouts.

Next Steps

Explore strong dividend paying companies in the Semiconductors industry.

Management

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

0.6yrs

Average management tenure

CEO

Nick Grant (51 yo)

1.75yrs

Tenure

US$1,478,834

Compensation

Mr. Richard N. Grant, Jr., also known as Nick, has been President, Chief Executive Officer and Director of inTEST Corporation since August 24, 2020. Mr. Grant served as Senior Vice President Americas Regio...

CEO Compensation Analysis

Compensation vs Market: Nick's total compensation ($USD1.48M) is above average for companies of similar size in the German market ($USD391.04K).

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

Leadership Team

Experienced Management: IN9's management team is not considered experienced ( 0.6 years average tenure), which suggests a new team.

Board Members

Experienced Board: IN9's board of directors are not considered experienced ( 2.9 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: IN9 insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.4%.

Data	Last Updated (UTC time)
Company Analysis	2022/05/15 00:00
End of Day Share Price	2022/05/13 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31