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S9M

Silicon Motion Technology DB:S9M Stock Report

Last Price

€72.00

Market Cap

€2.5b

7D

0%

1Y

11.6%

Updated

11 Sep, 2022

Data

Company Financials +
S9M fundamental analysis
Snowflake Score
Valuation6/6
Future Growth4/6
Past Performance5/6
Financial Health6/6
Dividends4/6

S9M Stock Overview

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices.

Silicon Motion Technology Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Silicon Motion Technology
Historical stock prices
Current Share PriceUS$72.00
52 Week HighUS$90.00
52 Week LowUS$57.00
Beta0.99
1 Month Change-7.69%
3 Month Change-14.79%
1 Year Change11.63%
3 Year Change130.81%
5 Year Change82.51%
Change since IPO3,217.97%

Recent News & Updates

Shareholder Returns

S9MDE SemiconductorDE Market
7D0%2.8%0.3%
1Y11.6%-29.5%-23.5%

Return vs Industry: S9M exceeded the German Semiconductor industry which returned -29.5% over the past year.

Return vs Market: S9M exceeded the German Market which returned -23.5% over the past year.

Price Volatility

Is S9M's price volatile compared to industry and market?
S9M volatility
S9M Average Weekly Movement4.0%
Semiconductor Industry Average Movement7.0%
Market Average Movement5.7%
10% most volatile stocks in DE Market10.0%
10% least volatile stocks in DE Market2.9%

Stable Share Price: S9M is less volatile than 75% of German stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: S9M's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19951,434Wallace Kouhttps://www.siliconmotion.com

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. It offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications. It markets its controllers under the SMI brand; enterprise-grade SSDs under the Shannon Systems brand; and single-chip industrial-grade SSDs under the Ferri SSD, Ferri-eMMC, and Ferri-UFS brands.

Silicon Motion Technology Fundamentals Summary

How do Silicon Motion Technology's earnings and revenue compare to its market cap?
S9M fundamental statistics
Market Cap€2.54b
Earnings (TTM)€221.25m
Revenue (TTM)€1.01b

11.5x

P/E Ratio

2.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
S9M income statement (TTM)
RevenueUS$1.01b
Cost of RevenueUS$497.48m
Gross ProfitUS$515.47m
Other ExpensesUS$293.32m
EarningsUS$222.14m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)6.45
Gross Margin50.89%
Net Profit Margin21.93%
Debt/Equity Ratio0.0%

How did S9M perform over the long term?

See historical performance and comparison

Dividends

2.7%

Current Dividend Yield

28%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is S9M 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

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for S9M?

Other financial metrics that can be useful for relative valuation.

S9M 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/Revenue2.3x
Enterprise Value/EBITDA8.1x
PEG Ratio0.8x

Price to Earnings Ratio vs Peers

How does S9M's PE Ratio compare to its peers?

S9M PE Ratio vs Peers
The above table shows the PE ratio for S9M vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average20.5x
ELG Elmos Semiconductor
14.1x5.5%€740.0m
SIS First Sensor
25.7xn/a€604.3m
IFX Infineon Technologies
17.5x9.5%€33.1b
AIXA AIXTRON
24.7x16.3%€2.8b
S9M Silicon Motion Technology
11.5x15.2%€2.5b

Price-To-Earnings vs Peers: S9M is good value based on its Price-To-Earnings Ratio (11.5x) compared to the peer average (20.5x).


Price to Earnings Ratio vs Industry

How does S9M's PE Ratio compare vs other companies in the European Semiconductor Industry?

Price-To-Earnings vs Industry: S9M is good value based on its Price-To-Earnings Ratio (11.5x) compared to the European Semiconductor industry average (24.7x)


Price to Earnings Ratio vs Fair Ratio

What is S9M'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.

S9M PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.5x
Fair PE Ratio23.7x

Price-To-Earnings vs Fair Ratio: S9M is good value based on its Price-To-Earnings Ratio (11.5x) compared to the estimated Fair Price-To-Earnings Ratio (23.7x).


Share Price vs Fair Value

What is the Fair Price of S9M when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: S9M (€72) is trading below our estimate of fair value (€184.29)

Significantly Below Fair Value: S9M is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

How is Silicon Motion Technology forecast to perform in the next 1 to 3 years based on estimates from 9 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


15.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: S9M's forecast earnings growth (15.2% per year) is above the savings rate (-0.01%).

Earnings vs Market: S9M's earnings (15.2% per year) are forecast to grow faster than the German market (9.9% per year).

High Growth Earnings: S9M's earnings are forecast to grow, but not significantly.

Revenue vs Market: S9M's revenue (7.2% per year) is forecast to grow faster than the German market (4.6% per year).

High Growth Revenue: S9M's revenue (7.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: S9M's Return on Equity is forecast to be high in 3 years time (25.3%)


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Past Performance

How has Silicon Motion Technology performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


19.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: S9M has a high level of non-cash earnings.

Growing Profit Margin: S9M's current net profit margins (21.9%) are higher than last year (16.3%).


Past Earnings Growth Analysis

Earnings Trend: S9M's earnings have grown by 19.3% per year over the past 5 years.

Accelerating Growth: S9M's earnings growth over the past year (102.7%) exceeds its 5-year average (19.3% per year).

Earnings vs Industry: S9M earnings growth over the past year (102.7%) exceeded the Semiconductor industry 92.7%.


Return on Equity

High ROE: S9M's Return on Equity (34.4%) is considered high.


Discover strong past performing companies

Financial Health

How is Silicon Motion Technology's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: S9M's short term assets ($774.7M) exceed its short term liabilities ($248.1M).

Long Term Liabilities: S9M's short term assets ($774.7M) exceed its long term liabilities ($44.0M).


Debt to Equity History and Analysis

Debt Level: S9M is debt free.

Reducing Debt: S9M has no debt compared to 5 years ago when its debt to equity ratio was 5%.

Debt Coverage: S9M has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: S9M has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


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Dividend

What is Silicon Motion Technology current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


2.70%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: S9M's dividend (2.7%) is higher than the bottom 25% of dividend payers in the German market (1.52%).

High Dividend: S9M's dividend (2.7%) is low compared to the top 25% of dividend payers in the German market (4.82%).


Stability and Growth of Payments

Stable Dividend: S9M's dividends per share have been stable in the past 10 years.

Growing Dividend: S9M's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (28.5%), S9M's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (105.1%), S9M's dividend payments are not well covered by cash flows.


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Management

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

15.4yrs

Average management tenure


CEO

Wallace Kou (64 yo)

27.67yrs

Tenure

Mr. Chia-Chang Kou, also known as Wallace is a Senior Consultant at Concord Venture Capital Co., Ltd. Mr. Kou serves as the President at Silicon Motion Inc. He founded Silicon Motion, Inc. in 1995. He has...


Leadership Team

Experienced Management: S9M's management team is seasoned and experienced (15.4 years average tenure).


Board Members

Experienced Board: S9M's board of directors are seasoned and experienced ( 17.3 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

Top 25 shareholders own 51.59% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
4.84%
Cardinal Capital Management, L.L.C.
1,666,194$120.0m-11.42%3.64%
4.83%
Yiheng Capital Management, L.P.
1,663,484$119.8m-43%6.9%
4.57%
Balyasny Asset Management L.P.
1,573,072$113.3m46275.94%0.47%
3.4%
Acadian Asset Management LLC
1,171,435$84.3m-21.71%0.31%
3.22%
Millennium Management LLC
1,108,852$79.8m-10.71%0.1%
2.37%
Westchester Capital Management, LLC
817,133$58.8m0%2.31%
2.18%
Investicni Spolecnost Ceske Sporitelny, A.S.
750,000$54.0m0%6.06%
2.09%
Sand Grove Capital Management LLP
720,198$51.9m0%5%
2.08%
Lord, Abbett & Co. LLC
715,412$51.5m-45.54%0.17%
1.99%
Baillie Gifford & Co.
684,447$49.3m-13.24%0.02%
1.83%
Summit Partners Public Asset Management, LLC
630,206$45.4m79.92%3.11%
1.79%
State Street Global Advisors, Inc.
617,491$44.5m-4.1%no data
1.55%
Systematic Financial Management LP
534,571$38.5m-8.27%1.17%
1.45%
TIG Advisors, LLC
499,824$36.0m0%1.68%
1.44%
Adage Capital Management, L.P.
496,275$35.7m0%0.08%
1.35%
Grantham Mayo Van Otterloo & Co. LLC
465,638$33.5m0%0.11%
1.32%
Bangji Chow
456,193$32.8m0%no data
1.32%
Riyadh Lai
454,545$32.7m0%no data
1.25%
Chia-Chang Kou
431,812$31.1m0%no data
1.25%
AQR Arbitrage, LLC
430,218$31.0m0%0.97%
1.2%
AllianceBernstein L.P.
412,643$29.7m0%0.01%
1.1%
Herald Investment Management Limited
377,506$27.2m0%2.45%
1.08%
Westfield Capital Management Company, L.P.
372,760$26.8m-65.18%0.19%
1.08%
Merrill Lynch & Co. Inc., Banking Investments
372,155$26.8m-17.44%0.01%
1%
Lazard Asset Management LLC
346,084$24.9m-2.51%0.02%

Company Information

Silicon Motion Technology Corporation's employee growth, exchange listings and data sources


Key Information

  • Name: Silicon Motion Technology Corporation
  • Ticker: S9M
  • Exchange: DB
  • Founded: 1995
  • Industry: Semiconductors
  • Sector: Semiconductors
  • Implied Market Cap: US$2.546b
  • Listing Market Cap: US$2.536b
  • Shares outstanding: 34.44m
  • Website: https://www.siliconmotion.com

Number of Employees


Location

  • Silicon Motion Technology Corporation
  • Wing Cheong Commercial Building
  • Flat C, 19th Floor
  • Hong Kong
  • Hong Kong


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SIMONasdaqGS (Nasdaq Global Select)YesSPONS ADR EACH REP 4 COM USD0.01USUSDJun 2005
S9MDB (Deutsche Boerse AG)YesSPONS ADR EACH REP 4 COM USD0.01DEEURJun 2005
SIMO NBMV (Bolsa Mexicana de Valores)YesSPONS ADR EACH REP 4 COM USD0.01MXMXNJun 2005

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/11 00:00
End of Day Share Price2022/09/09 00:00
Earnings2022/06/30
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.