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AudioCodes

DB:AU1
Snowflake Description

Flawless balance sheet with solid track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AU1
DB
$462M
Market Cap
  1. Home
  2. DE
  3. Tech
Company description

AudioCodes Ltd. designs, develops, and sells voice over IP (VoIP), converged VoIP, and data networking solutions, products, and applications for enterprise unified communications, contact centers, service provider business services, mobile VoIP, and cloud virtualized data centers worldwide. The last earnings update was 34 days ago. More info.


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  • AudioCodes has significant price volatility in the past 3 months.
AU1 Share Price and Events
7 Day Returns
0.1%
DB:AU1
-8.4%
DE Communications
1.8%
DE Market
1 Year Returns
149.7%
DB:AU1
17.9%
DE Communications
-6%
DE Market
AU1 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
AudioCodes (AU1) 0.1% 15.2% 28.6% 149.7% 263.1% 192.3%
DE Communications -8.4% -3.9% 21.8% 17.9% 0.2% 53.1%
DE Market 1.8% 6% 7.8% -6% 10.1% 15.3%
1 Year Return vs Industry and Market
  • AU1 outperformed the Communications industry which returned 17.9% over the past year.
  • AU1 outperformed the Market in Germany which returned -6% over the past year.
Price Volatility
AU1
Industry
5yr Volatility vs Market
Related Companies

AU1 Value

 Is AudioCodes 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
Here we compare the current share price of AudioCodes to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for AudioCodes.

DB:AU1 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.6%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:AU1
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Communications Unlevered Beta Simply Wall St/ S&P Global 1.09
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.09 (1 + (1- 23%) (1.34%))
1.068
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.07
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.068 * 5.96%)
6.59%

Discounted Cash Flow Calculation for DB:AU1 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for AudioCodes is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:AU1 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 6.59%)
2019 27.04 Est @ 12.83% 25.37
2020 29.48 Est @ 9.05% 25.95
2021 31.37 Est @ 6.4% 25.90
2022 32.80 Est @ 4.55% 25.41
2023 33.86 Est @ 3.25% 24.61
2024 34.66 Est @ 2.35% 23.63
2025 35.25 Est @ 1.71% 22.55
2026 35.70 Est @ 1.27% 21.42
2027 36.04 Est @ 0.95% 20.29
2028 36.30 Est @ 0.74% 19.17
Present value of next 10 years cash flows $234.28
DB:AU1 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $36.30 × (1 + 0.23%) ÷ (6.59% – 0.23%)
$571.65
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $571.65 ÷ (1 + 6.59%)10
$301.88
DB:AU1 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $234.28 + $301.88
$536.17
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $536.17 / 28.82
$18.61
DB:AU1 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:AU1 represents 0.85718x of NasdaqGS:AUDC
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.85718x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 18.61 x 0.85718
€15.95
Value per share (EUR) From above. €15.95
Current discount Discount to share price of €13.73
= -1 x (€13.73 - €15.95) / €15.95
13.9%

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

Current Discount
Amount off the current price AudioCodes is available for.
Intrinsic value
14%
Share price is €13.73 vs Future cash flow value of €15.95
Current Discount Checks
For AudioCodes to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • AudioCodes's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • AudioCodes's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 AudioCodes's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are AudioCodes's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:AU1 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $0.47
NasdaqGS:AUDC Share Price ** NasdaqGS (2019-04-18) in USD $16.02
Germany Communications Industry PE Ratio Median Figure of 5 Publicly-Listed Communications Companies 27.71x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.59x

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

** Primary Listing of AudioCodes.

DB:AU1 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:AUDC Share Price ÷ EPS (both in USD)

= 16.02 ÷ 0.47

34.35x

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

  • AudioCodes is overvalued based on earnings compared to the DE Communications industry average.
  • AudioCodes is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does AudioCodes's expected growth come at a high price?
Raw Data
DB:AU1 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 34.35x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
Not available
Europe Communications Industry PEG Ratio Median Figure of 13 Publicly-Listed Communications Companies 1.31x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.56x

*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 AudioCodes, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on AudioCodes's assets?
Raw Data
DB:AU1 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $3.25
NasdaqGS:AUDC Share Price * NasdaqGS (2019-04-18) in USD $16.02
Germany Communications Industry PB Ratio Median Figure of 7 Publicly-Listed Communications Companies 1.53x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.84x
DB:AU1 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:AUDC Share Price ÷ Book Value per Share (both in USD)

= 16.02 ÷ 3.25

4.93x

* Primary Listing of AudioCodes.

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

  • AudioCodes is overvalued based on assets compared to the DE Communications industry average.
X
Value checks
We assess AudioCodes'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 Communications 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 Communications industry average (and greater than 0)? (1 check)
  5. AudioCodes 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.

AU1 Future Performance

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

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
8.5%
Expected annual growth in revenue.
Earnings growth vs Low Risk Savings
Is AudioCodes expected to grow at an attractive rate?
  • Unable to compare AudioCodes's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare AudioCodes's earnings growth to the Germany market average as no estimate data is available.
  • AudioCodes's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:AU1 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:AU1 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 8.5%
Germany Communications Industry Earnings Growth Rate Market Cap Weighted Average 19.3%
Europe Communications Industry Revenue Growth Rate Market Cap Weighted Average 2.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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:AU1 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:AU1 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 209 1
2019-12-31 193 1
DB:AU1 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 176 26 13
2018-09-30 172 22 10
2018-06-30 167 25 7
2018-03-31 162 25 5
2017-12-31 157 18 4
2017-09-30 153 16 18
2017-06-30 151 13 18
2017-03-31 148 16 18
2016-12-31 146 18 16
2016-09-30 143 19 4
2016-06-30 140 18 3
2016-03-31 137 16 1

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if AudioCodes is high growth as no earnings estimate data is available.
  • AudioCodes's revenue is expected to grow by 8.5% yearly, however this is not considered high growth (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:AU1 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from AudioCodes Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AU1 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
DB:AU1 Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 0.47
2018-09-30 0.33
2018-06-30 0.22
2018-03-31 0.17
2017-12-31 0.13
2017-09-30 0.57
2017-06-30 0.55
2017-03-31 0.52
2016-12-31 0.46
2016-09-30 0.12
2016-06-30 0.08
2016-03-31 0.01

*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 AudioCodes will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess AudioCodes'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 Europe 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.
AudioCodes has a total score of 1/6, 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.

AU1 Past Performance

  How has AudioCodes 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 AudioCodes's growth in the last year to its industry (Communications).
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.
  • AudioCodes has delivered over 20% year on year earnings growth in the past 5 years.
  • AudioCodes's 1-year earnings growth exceeds its 5-year average (234.8% vs 39.3%)
  • AudioCodes's earnings growth has exceeded the Europe Communications industry average in the past year (234.8% vs 23.7%).
Earnings and Revenue History
AudioCodes'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 AudioCodes Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AU1 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 176.22 13.49 59.38 34.66
2018-09-30 171.86 9.64 59.97 33.75
2018-06-30 166.55 6.55 59.87 33.16
2018-03-31 161.79 5.17 59.34 31.83
2017-12-31 156.74 4.03 57.97 30.35
2017-09-30 153.08 18.13 56.50 29.90
2017-06-30 151.06 18.05 55.58 29.51
2017-03-31 148.19 17.76 54.08 29.43
2016-12-31 145.57 16.24 51.45 29.14
2016-09-30 143.46 4.27 51.89 28.12
2016-06-30 140.50 3.17 51.09 27.48
2016-03-31 137.04 0.52 51.87 27.28
2015-12-31 139.76 0.37 52.09 28.00
2015-09-30 143.23 -1.48 53.18 29.27
2015-06-30 147.95 -2.06 53.89 30.72
2015-03-31 153.11 -0.19 53.53 32.04
2014-12-31 151.58 -0.09 53.21 32.28
2014-09-30 148.71 1.74 52.28 31.54
2014-06-30 144.79 3.38 51.27 30.14
2014-03-31 140.92 3.87 49.62 28.70
2013-12-31 137.23 4.22 47.74 28.19
2013-09-30 133.79 1.97 46.85 27.23
2013-06-30 130.12 -0.07 46.37 27.71
2013-03-31 127.45 -2.55 47.05 27.87
2012-12-31 127.49 -4.18 48.25 28.68
2012-09-30 131.91 -4.03 49.74 30.69
2012-06-30 136.59 -3.45 51.46 31.43

*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.
  • AudioCodes has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • AudioCodes used its assets more efficiently than the DE Communications industry average last year based on Return on Assets.
  • AudioCodes has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess AudioCodes'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 Communications 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.
AudioCodes has a total score of 5/6, 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.

AU1 Health

 How is AudioCodes'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 AudioCodes's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • AudioCodes is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • AudioCodes's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of AudioCodes'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 18.5x 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 AudioCodes Company Filings, last reported 3 months ago.

DB:AU1 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 94.55 6.17 56.11
2018-09-30 91.28 6.82 53.28
2018-06-30 89.86 7.45 54.39
2018-03-31 89.90 8.18 43.93
2017-12-31 92.38 8.76 31.32
2017-09-30 99.46 9.35 28.05
2017-06-30 103.99 10.22 28.78
2017-03-31 105.19 11.00 28.18
2016-12-31 108.66 11.94 31.12
2016-09-30 99.97 7.19 30.43
2016-06-30 113.25 8.47 37.30
2016-03-31 113.94 10.22 23.72
2015-12-31 117.45 11.37 21.69
2015-09-30 119.13 6.47 22.23
2015-06-30 123.88 7.45 21.75
2015-03-31 129.16 8.82 22.49
2014-12-31 133.72 9.79 15.87
2014-09-30 134.81 11.21 24.95
2014-06-30 137.66 12.19 20.80
2014-03-31 136.64 13.55 87.74
2013-12-31 104.81 14.83 48.25
2013-09-30 101.89 16.20 45.32
2013-06-30 99.78 17.92 49.56
2013-03-31 99.17 20.79 44.57
2012-12-31 98.30 23.27 22.84
2012-09-30 95.84 26.13 27.14
2012-06-30 98.76 28.61 33.04
  • AudioCodes's level of debt (6.5%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (14.1% vs 6.5% today).
  • Debt is well covered by operating cash flow (414.3%, greater than 20% of total debt).
  • AudioCodes earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess AudioCodes'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. AudioCodes has a total score of 6/6, 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.

AU1 Dividends

 What is AudioCodes'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
1.37%
Current annual income from AudioCodes dividends.
If you bought €2,000 of AudioCodes shares you are expected to receive €27 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?
  • AudioCodes's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.43%).
  • AudioCodes's dividend is below the markets top 25% of dividend payers in Germany (3.71%).
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:AU1 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 1 Analyst Estimates (S&P Global) See Below
Europe Communications Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 2.5%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3%
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 3.7%

Industry and Market average data is calculated daily.

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

DB:AU1 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31
2019-12-31
DB:AU1 Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-01-28 0.220 1.573
2018-10-23 0.200 1.765
2018-07-24 0.200 1.980

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

  • It is too early to tell whether AudioCodes has stable dividend payments.
  • AudioCodes only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of AudioCodes's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess AudioCodes'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 AudioCodes afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. AudioCodes has a total score of 1/6, see the detailed checks below.


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

AU1 Management

 What is the CEO of AudioCodes'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
Shabtai Adlersberg
COMPENSATION $1,451,858
AGE 65
TENURE AS CEO 26.3 years
CEO Bio

Mr. Shabtai Adlersberg serves as the Chief Executive Officer of AudioCodes, Inc. Mr. Adlersberg co-founded Audiocodes Ltd. in 1993 and has been its Chief Executive Officer and President since 1993. Until December 2012, Mr. Adlersberg also served as the Chairman of Board of Directors. He serves as the President of Audiocodes. Mr. Adlersberg co-founded DSP Group Inc., in 1987. He served as Acting Chief Financial Officer of AudioCodes Ltd. from April 2010 to July 1, 2010. From 1987 to 1990, He served as Vice President of Engineering at DSP Group and served as its Vice President of Advanced Technology from 1990 to 1992. As Vice President of Engineering, he established a research and development team for digital cellular communication which was spun-off in 1992 as DSP Communications Inc. Mr. Adlersberg serves as the Chairman of Natural Speech Communication Ltd. He served as the Chairman of AudioCodes Ltd and has been its Director since 1993. He serves as a Director of Netrake Corporation, Natural Speech Communication Ltd., MailVision Ltd and CTI Squared Ltd. He serves as a Member of the Advisory Board at Mplicity. He served as a Member of the Advisory Board at Provigent Inc. Mr. Adlersberg holds a M.Sc. degree in Electronics and Computer Engineering from Tel Aviv University and a B.Sc. degree in Electrical Engineering from the Technion-Israel Institute of Technology, or the Technion.

CEO Compensation
  • Shabtai's compensation has been consistent with company performance over the past year.
  • Shabtai's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the AudioCodes management team in years:

11.4
Average Tenure
49
Average Age
  • The average tenure for the AudioCodes management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Shabtai Adlersberg

TITLE
Co-Founder
COMPENSATION
$1M
AGE
65
TENURE
26.3 yrs

Niran Baruch

TITLE
CFO & VP of Finance
COMPENSATION
$606K
AGE
47
TENURE
2.8 yrs

Nimrode Borovsky

TITLE
Vice President of Global Marketing
COMPENSATION
$499K
AGE
47
TENURE
5.5 yrs

Lior Aldema

TITLE
Executive VP
COMPENSATION
$826K
AGE
52
TENURE
17.3 yrs

Shirley Nakar

TITLE
Director of Investor Relations

Tal Dor

TITLE
Vice President of Human Resources
AGE
49
TENURE
19.1 yrs

Ofer Nimtsovich

TITLE
Chief Operating Officer
COMPENSATION
$302K
AGE
49
TENURE
1.3 yrs
Board of Directors Tenure

Average tenure and age of the AudioCodes board of directors in years:

15.8
Average Tenure
61
Average Age
  • The average tenure for the AudioCodes board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Stanley Stern

TITLE
Chairman of the Board
AGE
61
TENURE
6.3 yrs

Shabtai Adlersberg

TITLE
Co-Founder
COMPENSATION
$1M
AGE
65
TENURE
26.3 yrs

Lior Aldema

TITLE
Executive VP
COMPENSATION
$826K
AGE
52
TENURE
0.8 yrs

Doron Nevo

TITLE
Outside Director
AGE
62
TENURE
19.3 yrs

Eyal Kishon

TITLE
Outside Director
AGE
58
TENURE
22.3 yrs

Joseph Tenne

TITLE
Director
AGE
63
TENURE
15.8 yrs

Zehava Simon

TITLE
Director
AGE
59
TENURE
5.2 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 AudioCodes'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. AudioCodes 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.

AU1 News

Simply Wall St News

AU1 Company Info

Description

AudioCodes Ltd. designs, develops, and sells voice over IP (VoIP), converged VoIP, and data networking solutions, products, and applications for enterprise unified communications, contact centers, service provider business services, mobile VoIP, and cloud virtualized data centers worldwide. The company’s products include IP phones, session border controllers (SBC), media gateways, multi-service business routers, huddle room solutions, managed IP Phones, and survivable branch appliances; CloudBond 365, an adaptable solution for the data center, customer premises or the branch; CloudBond 365 CCE appliances; User Management Pack 365, a software management application; VoIP management and routing, a suite of lifecycle applications for large scale cloud or premises-based unified communications deployments. It also provides MobilityPLUS, a mobile VoIP solution; VocaNOM call routing products; SmartTAP call recording products; Auto Attendant, a tool for managing inbound calls and delivery services; Fax Server, a tool for managing inbound and outbound enterprise fax transmissions; SIP Phone Support, a value-added application for SBC and gateways; signal processor chips; communications boards; and voice and data logging hardware integration board products. In addition, the company offers planning, implementation, operations, and support services, as well as consulting and training services. It primarily markets and sells its products through a direct sales force and sales representatives to original equipment manufacturers, system integrators and distributors, and network equipment providers in the telecommunication and networking industries. The company was incorporated in 1992 and is headquartered in Lod, Israel.

Details
Name: AudioCodes Ltd.
AU1
Exchange: DB
Founded: 1992
$410,031,473
28,816,678
Website: http://www.audiocodes.com
Address: AudioCodes Ltd.
1 Hayarden Street,
Airport City,
Lod,
7019900,
Israel
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS AUDC Ordinary Shares Nasdaq Global Select US USD 28. May 1999
DB AU1 Ordinary Shares Deutsche Boerse AG DE EUR 28. May 1999
TASE AUDC Ordinary Shares The Tel-Aviv Stock Exchange IL ILS 28. May 1999
Number of employees
Current staff
Staff numbers
706
AudioCodes employees.
Industry
Communications Equipment
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/22 20:55
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/01/28
Last earnings filing: 2019/03/19
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.