DB:VHY

Stock Analysis Report

Vishay Intertechnology

Executive Summary

Vishay Intertechnology, Inc. manufactures and supplies discrete semiconductors and passive components in the United States, Europe, Asia, and internationally.


Snowflake Analysis

Excellent balance sheet and fair value.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: VHY has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-2.1%

VHY

-1.9%

DE Electronic

-0.9%

DE Market


1 Year Return

-2.4%

VHY

8.5%

DE Electronic

12.8%

DE Market

Return vs Industry: VHY underperformed the German Electronic industry which returned 8.5% over the past year.

Return vs Market: VHY underperformed the German Market which returned 12.8% over the past year.


Shareholder returns

VHYIndustryMarket
7 Day-2.1%-1.9%-0.9%
30 Day-7.4%8.2%-0.4%
90 Day7.4%8.8%2.3%
1 Year-0.3%-2.4%10.9%8.5%16.3%12.8%
3 Year31.2%24.8%49.7%44.8%15.8%5.7%
5 Year63.0%49.1%114.5%99.2%19.7%3.3%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

10.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: VHY (€18.9) is trading below our estimate of fair value (€21.18)

Significantly Below Fair Value: VHY is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: VHY is good value based on its PE Ratio (17.7x) compared to the Electronic industry average (29.8x).

PE vs Market: VHY is good value based on its PE Ratio (17.7x) compared to the German market (21x).


Price to Earnings Growth Ratio

PEG Ratio: VHY is poor value based on its PEG Ratio (1.3x)


Price to Book Ratio

PB vs Industry: VHY is overvalued based on its PB Ratio (2x) compared to the DE Electronic industry average (1.9x).


Next Steps

Future Growth

How is Vishay Intertechnology forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

13.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VHY's forecast earnings growth (13.5% per year) is above the savings rate (-0.4%).

Earnings vs Market: VHY's earnings (13.5% per year) are forecast to grow faster than the German market (13% per year).

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

Revenue vs Market: VHY's revenue (2.3% per year) is forecast to grow slower than the German market (5.2% per year).

High Growth Revenue: VHY's revenue (2.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: VHY's Return on Equity is forecast to be low in 3 years time (13.5%).


Next Steps

Past Performance

How has Vishay Intertechnology performed over the past 5 years?

39.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: VHY has high quality earnings.

Growing Profit Margin: VHY's current net profit margins (6.1%) are lower than last year (11.4%).


Past Earnings Growth Analysis

Earnings Trend: VHY's earnings have grown significantly by 39.5% per year over the past 5 years.

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

Earnings vs Industry: VHY had negative earnings growth (-52.6%) over the past year, making it difficult to compare to the Electronic industry average (-3.9%).


Return on Equity

High ROE: VHY's Return on Equity (11.1%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Vishay Intertechnology's financial position?


Financial Position Analysis

Short Term Liabilities: VHY's short term assets ($1.7B) exceed its short term liabilities ($520.4M).

Long Term Liabilities: VHY's short term assets ($1.7B) exceed its long term liabilities ($1.1B).


Debt to Equity History and Analysis

Debt Level: VHY's debt to equity ratio (33.6%) is considered satisfactory.

Reducing Debt: VHY's debt to equity ratio has increased from 24.3% to 33.6% over the past 5 years.

Debt Coverage: VHY's debt is well covered by operating cash flow (59.4%).

Interest Coverage: VHY's interest payments on its debt are well covered by EBIT (10.8x coverage).


Balance Sheet

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

Debt Coverage by Assets: VHY's debt is covered by short term assets (assets are 3.4x debt).


Next Steps

Dividend

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

1.89%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Vishay Intertechnology before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company1.9%marketbottom25%1.3%markettop25%3.6%industryaverage1.2%forecastin3Years1.9%

Current dividend yield vs market & industry

Notable Dividend: VHY's dividend (1.89%) is higher than the bottom 25% of dividend payers in the German market (1.31%).

High Dividend: VHY's dividend (1.89%) is low compared to the top 25% of dividend payers in the German market (3.63%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, VHY has been paying a dividend for less than 10 years.

Growing Dividend: VHY's dividend payments have increased, but the company has only paid a dividend for 6 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (32.6%), VHY's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: VHY's dividends in 3 years are forecast to be well covered by earnings (22.8% payout ratio).


Next Steps

Management

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

8.5yrs

Average management tenure


CEO

Gerald Paul (70yo)

15.1yrs

Tenure

US$7,106,112

Compensation

Dr. Gerald Paul serves as the Chief Executive Officer, President and Chief Operating Officer at Vishay Semiconductor GmbH. Dr. Paul has been the Chief Executive Officer of Vishay Intertechnology Inc. since ...


CEO Compensation Analysis

Compensation vs Market: Gerald's total compensation ($USD7.11M) is above average for companies of similar size in the German market ($USD2.28M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Marc Zandman
Executive Chairman & Chief Business Development Officer8.7yrsUS$5.78m0.025% $672.8k
Gerald Paul
CEO, President & Director15.1yrsUS$7.11m0.11% $2.9m
Lori Lipcaman
Executive VP & CFO8.4yrsUS$1.32m0.028% $756.4k
Johan Vandoorn
Executive VP & CTO8.5yrsUS$1.45m0.022% $593.8k
Clarence Tse
Executive VP & Business Head of Semiconductors3.1yrsUS$1.40m0.0065% $174.6k
Michael O'Sullivan
Senior VP0yrsno datano data
Peter Henrici
Senior VP of Corporate Communications & Corporate Secretary0yrsno datano data
David Valletta
Executive Vice President of Worldwide Sales13.1yrsUS$899.67k0.025% $668.0k
Werner Gebhardt
Executive Vice President of Global Human Resources3.1yrsno datano data
Joel Smejkal
Executive VP & Business Head of Passive Components3.1yrsno data0.0021% $56.0k

8.5yrs

Average Tenure

60.5yo

Average Age

Experienced Management: VHY's management team is seasoned and experienced (8.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Marc Zandman
Executive Chairman & Chief Business Development Officer8.7yrsUS$5.78m0.025% $672.8k
Gerald Paul
CEO, President & Director15.1yrsUS$7.11m0.11% $2.9m
Michael Cody
Independent Director1.3yrsUS$5.75k0.0014% $36.9k
Ronald Ruzic
Independent Director11.1yrsUS$238.57k0.067% $1.8m
Ziv Shoshani
Director19.1yrsUS$223.57k0.017% $461.6k
Ruta Zandman
Non-Employee Director19.1yrsUS$373.57k0.17% $4.6m
Abraham Ludomirski
Independent Director17.1yrsUS$243.57k0.060% $1.6m
Timothy Talbert
Independent Director7.1yrsUS$238.57k0.030% $797.1k
Thomas Wertheimer
Independent Director15.8yrsUS$258.57k0.033% $879.3k
Raanan Zilberman
Independent Director3yrsUS$223.57k0.0070% $188.8k

13.4yrs

Average Tenure

69.5yo

Average Age

Experienced Board: VHY's board of directors are seasoned and experienced ( 13.4 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: VHY insiders have sold more shares than they have bought in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Vishay Intertechnology, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Vishay Intertechnology, Inc.
  • Ticker: VHY
  • Exchange: DB
  • Founded: 1962
  • Industry: Electronic Components
  • Sector: Tech
  • Market Cap: US$2.908b
  • Listing Market Cap: US$2.677b
  • Shares outstanding: 144.55m
  • Website: https://www.vishay.com

Number of Employees


Location

  • Vishay Intertechnology, Inc.
  • 63 Lancaster Avenue
  • Malvern
  • Pennsylvania
  • 19355-2143
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VSHNYSE (New York Stock Exchange)YesCommon StockUSUSDMay 1974
VHYDB (Deutsche Boerse AG)YesCommon StockDEEURMay 1974

Biography

Vishay Intertechnology, Inc. manufactures and supplies discrete semiconductors and passive components in the United States, Europe, Asia, and internationally. The Diodes segment provides rectifiers, small signal diodes, protection diodes, thyristors/silicon-controlled rectifiers, and power modules. The Optoelectronic Components segment offers standard and customer specific optoelectronic components, such as infrared (IR) emitters and detectors, IR remote control receivers, optocouplers, solid-state relays, optical sensors, light-emitting diodes, 7-segment displays, and IR data transceiver modules. The Resistors segment provides film, wirewound, power metal strip, power metal plate, crowbar and steel blade, variable, RF and microwave, high voltage, and non-linear resistors, as well as battery management shunts, thermo fuses, chip fuses, pyrotechnic initiators/igniters, networks/arrays, dividers, and temperature sensors. The Inductors segment offers inductors, transformers, magnetics, and connectors. The Capacitors segment offers tantalum, ceramic, film, power, heavy-current, aluminum electrolytic capacitors, and energy storage capacitors. The company’s semiconductor components are used for power control, power conversion, power management, signal switching, signal routing, signal blocking, signal amplification, two-way data transfer, one-way remote control, and circuit isolation functions; and passive components are used to restrict current flow, suppress voltage increases, store and discharge energy, control alternating current and voltage, filter out unwanted electrical signals, and other functions. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/23 21:05
End of Day Share Price2020/02/21 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.