DB:AUS

Stock Analysis Report

AT & S Austria Technologie & Systemtechnik

Executive Summary

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, together with its subsidiaries, manufactures and distributes printed circuit boards (PCBs) worldwide.


Snowflake Analysis

Adequate balance sheet and fair value.


Similar Companies

Share Price & News

How has AT & S Austria Technologie & Systemtechnik's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

-1.7%

AUS

-2.4%

DE Electronic

-0.2%

DE Market


1 Year Return

11.1%

AUS

8.1%

DE Electronic

13.7%

DE Market

Return vs Industry: AUS exceeded the German Electronic industry which returned 8.7% over the past year.

Return vs Market: AUS underperformed the German Market which returned 14.4% over the past year.


Shareholder returns

AUSIndustryMarket
7 Day-1.7%-2.4%-0.2%
30 Day-20.3%9.1%0.3%
90 Day-0.7%6.8%3.7%
1 Year15.8%11.1%10.5%8.1%17.2%13.7%
3 Year87.2%74.2%48.0%43.1%15.4%5.3%
5 Year55.8%36.7%113.5%98.2%21.3%4.7%

Price Volatility Vs. Market

How volatile is AT & S Austria Technologie & Systemtechnik's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is AT & S Austria Technologie & Systemtechnik undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: AUS (€18.08) is trading below our estimate of fair value (€65.08)

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


Price To Earnings Ratio

PE vs Industry: AUS is poor value based on its PE Ratio (51x) compared to the Electronic industry average (33.5x).

PE vs Market: AUS is poor value based on its PE Ratio (51x) compared to the German market (20.7x).


Price to Earnings Growth Ratio

PEG Ratio: AUS is poor value based on its PEG Ratio (1x)


Price to Book Ratio

PB vs Industry: AUS is good value based on its PB Ratio (0.9x) compared to the DE Electronic industry average (1.8x).


Next Steps

Future Growth

How is AT & S Austria Technologie & Systemtechnik forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

49.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AUS's forecast earnings growth (49.7% per year) is above the savings rate (-0.4%).

Earnings vs Market: AUS's earnings (49.7% per year) are forecast to grow faster than the German market (13.3% per year).

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

Revenue vs Market: AUS's revenue is expected to decline over the next 3 years (-9.6% per year).

High Growth Revenue: AUS's revenue is forecast to decline over the next 3 years (-9.6% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: AUS's Return on Equity is forecast to be low in 3 years time (12.1%).


Next Steps

Past Performance

How has AT & S Austria Technologie & Systemtechnik performed over the past 5 years?

-0.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: AUS has high quality earnings.

Growing Profit Margin: AUS's current net profit margins (1.4%) are lower than last year (9.1%).


Past Earnings Growth Analysis

Earnings Trend: AUS's earnings have declined by -0.5% per year over the past 5 years.

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

Earnings vs Industry: AUS had negative earnings growth (-85.3%) over the past year, making it difficult to compare to the Electronic industry average (-3.9%).


Return on Equity

High ROE: AUS's Return on Equity (2.6%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is AT & S Austria Technologie & Systemtechnik's financial position?


Financial Position Analysis

Short Term Liabilities: AUS's short term assets (€928.3M) exceed its short term liabilities (€369.4M).

Long Term Liabilities: AUS's short term assets (€928.3M) exceed its long term liabilities (€780.8M).


Debt to Equity History and Analysis

Debt Level: AUS's debt to equity ratio (104.3%) is considered high.

Reducing Debt: AUS's debt to equity ratio has increased from 80.2% to 104.3% over the past 5 years.

Debt Coverage: AUS's debt is well covered by operating cash flow (24.7%).

Interest Coverage: AUS's interest payments on its debt are well covered by EBIT (4.2x coverage).


Balance Sheet

Inventory Level: AUS has a high level of physical assets or inventory.

Debt Coverage by Assets: AUS's debt is covered by short term assets (assets are 1.2x debt).


Next Steps

Dividend

What is AT & S Austria Technologie & Systemtechnik's current dividend yield, its reliability and sustainability?

3.35%

Current Dividend Yield


Upcoming Dividend Payment

Purchase AT & S Austria Technologie & Systemtechnik before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company3.3%marketbottom25%1.3%markettop25%3.7%industryaverage1.2%forecastin3Years2.7%

Current dividend yield vs market & industry

Notable Dividend: AUS's dividend (3.35%) is higher than the bottom 25% of dividend payers in the German market (1.32%).

High Dividend: AUS's dividend (3.35%) is low compared to the top 25% of dividend payers in the German market (3.63%).


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (170.6%), AUS's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: AUS's dividends in 3 years are forecast to be well covered by earnings (26.2% payout ratio).


Next Steps

Management

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

6.3yrs

Average management tenure


CEO

Andreas Gerstenmayer (54yo)

10yrs

Tenure

€1,246,000

Compensation

Mr. Andreas Gerstenmayer has been the Chairman of the Board of Management and Chief Executive Officer of AT&S Austria Technologie & Systemtechnik Aktiengesellschaft since February 1, 2010. Mr. Gerstenmayer ...


CEO Compensation Analysis

Compensation vs Market: Andreas's total compensation ($USD1.35M) is about average for companies of similar size in the German market ($USD1.19M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Andreas Gerstenmayer
Chairman of Management Board & CEO10yrs€1.25m0.026% 179.3k
Monika Stoisser-Göhring
Deputy Chairwoman of the Management Board & CFO2.7yrs€566.00k0.0052% 35.9k
Heinz Moitzi
COO & Member of Management Board14.8yrs€603.00k0.015% 107.6k
Silvo Leitner
Director of Corporate Finance0yrsno datano data
Gerda Königstorfer
Director of Investor Relations & Communications1.8yrsno datano data
Marina Konrad
Head of Corporate Communications0yrsno datano data

6.3yrs

Average Tenure

54yo

Average Age

Experienced Management: AUS's management team is seasoned and experienced (6.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Hannes Androsch
Chairman of Supervisory Board0yrs€93.24k0.31% 2.2m
Albert Hochleitner
Member of Supervisory Board14.6yrs€44.72kno data
Regina Prehofer
Second Deputy Chairman of Supervisory Board0yrs€65.36kno data
Karl Fink
Member of Supervisory Board14.6yrs€45.12kno data
Willibald Dörflinger
First Deputy Chairman of Supervisory Board0yrs€69.16kno data
Georg Riedl
Member of Supervisory Board20.8yrs€51.12k0.040% 277.6k
Günther Wölfler
Employee Representative Member of Supervisory Board10.7yrsno datano data
Wolfgang Fleck
Employee Representative Member of Supervisory Board11.4yrsno datano data
Karin Schaupp
Member of the Supervisory Board8.6yrs€45.12kno data
Siegfried Trauch
Employee Representative Member of Supervisory Board4.1yrsno datano data

11.4yrs

Average Tenure

66yo

Average Age

Experienced Board: AUS's board of directors are seasoned and experienced ( 11.4 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

Company Information

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: AT & S Austria Technologie & Systemtechnik Aktiengesellschaft
  • Ticker: AUS
  • Exchange: DB
  • Founded: 1987
  • Industry: Electronic Components
  • Sector: Tech
  • Market Cap: €696.581m
  • Shares outstanding: 38.85m
  • Website: https://www.ats.net

Number of Employees


Location

  • AT & S Austria Technologie & Systemtechnik Aktiengesellschaft
  • Fabriksgasse 13
  • Leoben-Hinterberg
  • Leoben
  • Styria
  • 8700
  • Austria

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AUSDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJul 1999
AUSXTRA (XETRA Trading Platform)YesOrdinary SharesDEEURJul 1999
0O5CLSE (London Stock Exchange)YesOrdinary SharesGBEURJul 1999
ATSWBAG (Wiener Boerse AG)YesOrdinary SharesATEURJul 1999
ATSVBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJul 1999
ATSSWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFJul 1999
AUSDBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJul 1999
ATSSEP (The Stock Exchange Prague Co. Ltd.)YesOrdinary SharesCZCZKJul 1999
AUSETLX (Eurotlx)YesOrdinary SharesITEURJul 1999

Biography

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, together with its subsidiaries, manufactures and distributes printed circuit boards (PCBs) worldwide. It operates through three segments: Mobile Devices & Substrates; Automotive, Industrial, Medical; and Others. The company offers double sided standard, metal core, and copper inlay PCBs; multilayer standard, high frequency/low loss, and thick copper PCBs; high density interconnect (HDI) Microvia PCBs; HDI any-layer PCBs; flexible, semi-flexible, rigid-flexible, and HDI rigid flex PCBs; integrated circuit substrates; and insulated metallic substrates PCBs, as well as related services. It is also involved in embedding active and passive electronic components into printed circuit boards by using the embedded component packaging technology. The company distributes its products directly to original equipment and contract electronic manufacturers. AT & S Austria Technologie & Systemtechnik Aktiengesellschaft was founded in 1987 and is headquartered in Leoben, Austria. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/20 21:00
End of Day Share Price2020/02/20 00:00
Earnings2019/12/31
Annual Earnings2019/03/31


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.