DB:VANA

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Executive Summary

Advantest Corporation manufactures and sells semiconductor and component test system products and mechatronics-related products.


Snowflake Analysis

Flawless balance sheet with moderate growth potential.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: VANA's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

2.8%

VANA

6.6%

DE Semiconductor

2.0%

DE Market


1 Year Return

113.3%

VANA

21.0%

DE Semiconductor

-2.6%

DE Market

Return vs Industry: VANA exceeded the German Semiconductor industry which returned 16.8% over the past year.

Return vs Market: VANA exceeded the German Market which returned -4.6% over the past year.


Shareholder returns

VANAIndustryMarket
7 Day2.8%6.6%2.0%
30 Day4.7%27.9%8.4%
90 Day5.2%-2.2%-7.3%
1 Year116.3%113.3%22.2%21.0%-1.0%-2.6%
3 Year212.0%195.4%4.9%1.2%-6.6%-13.9%
5 Year355.9%321.6%53.3%45.6%1.1%-11.7%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

19.7x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: VANA (€44.8) is trading above our estimate of fair value (€36.17)

Significantly Below Fair Value: VANA is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: VANA is poor value based on its PE Ratio (19.7x) compared to the Semiconductor industry average (17x).

PE vs Market: VANA is poor value based on its PE Ratio (19.7x) compared to the German market (18.6x).


Price to Earnings Growth Ratio

PEG Ratio: VANA is poor value based on its PEG Ratio (3.1x)


Price to Book Ratio

PB vs Industry: VANA is overvalued based on its PB Ratio (4.6x) compared to the DE Semiconductor industry average (2x).


Next Steps

Future Growth

How is Advantest forecast to perform in the next 1 to 3 years based on estimates from 14 analysts?

6.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VANA's forecast earnings growth (6.3% per year) is above the savings rate (0.2%).

Earnings vs Market: VANA's earnings (6.3% per year) are forecast to grow slower than the German market (21.7% per year).

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

Revenue vs Market: VANA's revenue (6% per year) is forecast to grow faster than the German market (5.7% per year).

High Growth Revenue: VANA's revenue (6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: VANA's Return on Equity is forecast to be high in 3 years time (21.6%)


Next Steps

  • Explore growth companies in the Semiconductors industry.

Past Performance

How has Advantest performed over the past 5 years?

38.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: VANA has high quality earnings.

Growing Profit Margin: VANA's current net profit margins (19.4%) are lower than last year (20.2%).


Past Earnings Growth Analysis

Earnings Trend: VANA's earnings have grown significantly by 38.7% per year over the past 5 years.

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

Earnings vs Industry: VANA had negative earnings growth (-6%) over the past year, making it difficult to compare to the Semiconductor industry average (-6.5%).


Return on Equity

High ROE: VANA's Return on Equity (23.1%) is considered high.


Next Steps

Financial Health

How is Advantest's financial position?


Financial Position Analysis

Short Term Liabilities: VANA's short term assets (¥240.1B) exceed its short term liabilities (¥70.5B).

Long Term Liabilities: VANA's short term assets (¥240.1B) exceed its long term liabilities (¥53.8B).


Debt to Equity History and Analysis

Debt Level: VANA is debt free.

Reducing Debt: VANA has no debt compared to 5 years ago when its debt to equity ratio was 52.8%.

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

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


Balance Sheet


Next Steps

Dividend

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

1.54%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: VANA's dividend (1.54%) is higher than the bottom 25% of dividend payers in the German market (1.36%).

High Dividend: VANA's dividend (1.54%) is low compared to the top 25% of dividend payers in the German market (4.18%).


Stability and Growth of Payments

Stable Dividend: VANA's dividend payments have been volatile in the past 10 years.

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


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (30.4%), VANA's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

5.9yrs

Average management tenure


CEO

Yoshiaki Yoshida (61yo)

3.33yrs

Tenure

JP¥132,000,000

Compensation

Mr. Yoshiaki Yoshida has been the Chief Executive Officer and President at Advantest Corporation since January 26, 2017. Mr. Yoshida served as the Managing Executive Officer of Corporate Planning & Corpora ...


CEO Compensation Analysis

Compensation vs Market: Yoshiaki's total compensation ($USD1.23M) is below average for companies of similar size in the German market ($USD5.19M).

Compensation vs Earnings: Insufficient data to compare Yoshiaki's compensation with company performance.


Leadership Team

NamePositionTenureCompensationOwnership
Yoshiaki Yoshida
CEO, President & Representative Director3.33yrsJP¥132.00m0.024% ¥2.1m
Hans-Juergen Wagner
Managing Executive Officer & Director2.92yrsJP¥112.00mno data
Atsushi Fujita
CFO, Executive VP of Corporate Administration Group0.92yrno data0.0011% ¥95.5k
Kimiya Sakamoto
Executive VP of Sales Group & Managing Executive Officer1.33yrsno datano data
Keith Hardwick
Global HR Executive VP & Managing Executive Officerno datano datano data
Soichi Tsukakoshi
Executive VP of Production Group2.92yrsno data0.0024% ¥213.6k
Makoto Nakahara
Senior VP of Sales Group & Executive Officer8.92yrsno datano data
Toshiyuki Okayasu
Executive VP of New Concept Product Initiative & Managing Executive Officer1.33yrsno datano data
Kazuhiro Yamashita
Managing Executive Officer7.92yrsno datano data
Isao Sasaki
Executive VP of Quality Assurance Group & Managing Executive Officer5.92yrsno datano data

5.9yrs

Average Tenure

59yo

Average Age

Experienced Management: VANA's management team is seasoned and experienced (5.9 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Yoshiaki Yoshida
CEO, President & Representative Director3.33yrsJP¥132.00m0.024% ¥2.1m
Hans-Juergen Wagner
Managing Executive Officer & Director2.92yrsJP¥112.00mno data
Atsushi Fujita
CFO, Executive VP of Corporate Administration Group0.92yrno data0.0011% ¥95.5k
Soichi Tsukakoshi
Executive VP of Production Group2.92yrsno data0.0024% ¥213.6k
Shinichiro Kuroe
Senior Executive Advisor6.92yrsno datano data
Yuichi Kurita
Director4.92yrsno data0.0057% ¥513.8k
Osamu Karatsu
Independent Outside Director7.92yrsno data0.0014% ¥127.1k
Toshimitsu Urabe
Outside Director0.92yrno datano data
Tsuneko Murata
Outside Director1.92yrsno data0.00015% ¥13.5k
Kouichi Nanba
Outside Director0.92yrno datano data

2.9yrs

Average Tenure

61yo

Average Age

Experienced Board: VANA'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: 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

Advantest Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Advantest Corporation
  • Ticker: VANA
  • Exchange: DB
  • Founded: 1954
  • Industry: Semiconductor Equipment
  • Sector: Semiconductors
  • Market Cap: JP¥1.056t
  • Listing Market Cap: JP¥9.013b
  • Shares outstanding: 198.41m
  • Website: https://www.advantest.com

Number of Employees


Location

  • Advantest Corporation
  • Shin Marunouchi Center Building
  • 1-6-2, Marunouchi
  • Tokyo
  • 100-0005
  • Japan

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
6857TSE (The Tokyo Stock Exchange)YesOrdinary SharesJPJPYJan 1992
ADTT.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
VANDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
ATEY.YOTCPK (Pink Sheets LLC)SPON ADR EACH REP 1 ORD SHSUSUSDSep 2001
VANADB (Deutsche Boerse AG)SPON ADR EACH REP 1 ORD SHSDEEURSep 2001

Biography

Advantest Corporation manufactures and sells semiconductor and component test system products and mechatronics-related products. It operates through Semiconductor and Component Test System; Mechatronics System; and Services, Support and Others segments. The Semiconductor and Component Test System segment provides customers with test system products for the semiconductor industry and the electronic parts industry. This segment offers test systems for SoC semiconductors for use in non-memory semiconductor devices; and test systems for memory semiconductors for use in memory semiconductor devices. The Mechatronics System segment provides test handlers; mechatronic-applied products for handling semiconductor devices; and device interfaces, which serve as interfaces with the devices that are measured. This segment also engages in the operations related to nano-technology products. The Services, Support and Others segment provides customer solutions for the semiconductor and component test system and mechatronics system segments; and support services. This segment is also involved in the equipment lease business and others. In addition, the company engages in research and development activities measuring and testing technologies; and sale of used products. Advantest Corporation serves fabless semiconductor companies, foundries, and test houses, as well as industrial, design, and manufacturing companies in Japan, Korea, the People's Republic of China, Taiwan, Singapore, the Americas, and Europe. The company was founded in 1954 and is headquartered in Tokyo, Japan. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/25 23:09
End of Day Share Price2020/05/25 00:00
Earnings2020/03/31
Annual Earnings2020/03/31


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.