Buy Or Sell Opportunity • 2h
Now 23% undervalued The stock has been flat over the last 90 days, currently trading at €66.98. The fair value is estimated to be €87.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Earnings per share has declined by 23%. For the next 3 years, revenue is forecast to grow by 8.5% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Board Change • Jul 22
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Non-Executive Independent Director Kazuhiro Takenaka was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Non-Executive Independent Director Kazuhiro Takenaka was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 14
Melexis NV, Annual General Meeting, May 13, 2025 Melexis NV, Annual General Meeting, May 13, 2025, at 11:00 Romance Standard Time. Declared Dividend • Feb 11
Final dividend of €1.68 announced Shareholders will receive a dividend of €1.68. Ex-date: 15th May 2024 Payment date: 17th May 2024 Dividend yield will be 3.2%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is covered by earnings (71% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 09
Full year 2023 earnings released: EPS: €5.18 (vs €4.88 in FY 2022) Full year 2023 results: EPS: €5.18 (up from €4.88 in FY 2022). Revenue: €964.3m (up 15% from FY 2022). Net income: €209.5m (up 6.2% from FY 2022). Profit margin: 22% (down from 24% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Semiconductor industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Feb 07
Melexis NV, Annual General Meeting, May 14, 2024 Melexis NV, Annual General Meeting, May 14, 2024. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €73.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Semiconductor industry in Europe. Total returns to shareholders of 7.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €70.39 per share. Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: €1.28 (vs €1.18 in 2Q 2022) Second quarter 2023 results: EPS: €1.28 (up from €1.18 in 2Q 2022). Revenue: €236.7m (up 14% from 2Q 2022). Net income: €51.9m (up 9.1% from 2Q 2022). Profit margin: 22% (in line with 2Q 2022). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Semiconductor industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 03
Upcoming dividend of €1.54 per share at 5.0% yield Eligible shareholders must have bought the stock before 10 May 2023. Payment date: 12 May 2023. Payout ratio is a comfortable 72% and the cash payout ratio is 80%. Trailing yield: 5.0%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (1.1%). Reported Earnings • Apr 11
Full year 2022 earnings released: EPS: €4.88 (vs €3.25 in FY 2021) Full year 2022 results: EPS: €4.88 (up from €3.25 in FY 2021). Revenue: €836.2m (up 30% from FY 2021). Net income: €197.2m (up 50% from FY 2021). Profit margin: 24% (up from 20% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 37% growth forecast for the Semiconductor industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 03
Full year 2022 earnings released: EPS: €4.88 (vs €3.25 in FY 2021) Full year 2022 results: EPS: €4.88 (up from €3.25 in FY 2021). Revenue: €836.2m (up 30% from FY 2021). Net income: €197.2m (up 50% from FY 2021). Profit margin: 24% (up from 20% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 34% growth forecast for the Semiconductor industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improved over the past week After last week's 17% share price gain to €84.35, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 21x in the Semiconductor industry in Europe. Total returns to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €64.99 per share. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: €1.21 (vs €0.90 in 3Q 2021) Third quarter 2022 results: EPS: €1.21 (up from €0.90 in 3Q 2021). Revenue: €219.8m (up 35% from 3Q 2021). Net income: €48.8m (up 34% from 3Q 2021). Profit margin: 22% (in line with 3Q 2021). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 40% growth forecast for the Semiconductor industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Oct 12
Upcoming dividend of €0.91 per share Eligible shareholders must have bought the stock before 18 October 2022. Payment date: 20 October 2022. Payout ratio is a comfortable 63% and the cash payout ratio is 84%. Trailing yield: 3.7%. Lower than top quartile of British dividend payers (6.2%). Higher than average of industry peers (1.4%). Buying Opportunity • Oct 01
Now 21% undervalued Over the last 90 days, the stock is up 5.3%. The fair value is estimated to be €88.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 8.4% per annum. Earnings is also forecast to grow by 5.7% per annum over the same time period. Reported Earnings • Aug 27
Second quarter 2022 earnings released: EPS: €1.18 (vs €0.83 in 2Q 2021) Second quarter 2022 results: EPS: €1.18 (up from €0.83 in 2Q 2021). Revenue: €208.4m (up 31% from 2Q 2021). Net income: €47.6m (up 42% from 2Q 2021). Profit margin: 23% (up from 21% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 19%, compared to a 46% growth forecast for the Semiconductor industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 28
Second quarter 2022 earnings released: EPS: €1.18 (vs €0.83 in 2Q 2021) Second quarter 2022 results: EPS: €1.18 (up from €0.83 in 2Q 2021). Revenue: €208.4m (up 31% from 2Q 2021). Net income: €47.6m (up 42% from 2Q 2021). Profit margin: 23% (up from 21% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 15%, compared to a 43% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 16% share price gain to €86.05, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 27x in the Semiconductor industry in Europe. Total returns to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €94.57 per share. Board Change • Mar 29
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Non-Executive Independent Director Martine Baelmans was the last independent director to join the board, commencing their role in 2014. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 22
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Non-Executive Independent Director Martine Baelmans was the last independent director to join the board, commencing their role in 2014. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS €0.90 (vs €0.37 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €162.8m (up 34% from 3Q 2020). Net income: €36.5m (up 145% from 3Q 2020). Profit margin: 22% (up from 12% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Upcoming Dividend • Oct 12
Upcoming dividend of €0.91 per share Eligible shareholders must have bought the stock before 19 October 2021. Payment date: 21 October 2021. Trailing yield: 2.4%. Lower than top quartile of British dividend payers (4.1%). Higher than average of industry peers (0.5%). Reported Earnings • Jul 29
Second quarter 2021 earnings released: EPS €0.83 (vs €0.24 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €159.1m (up 59% from 2Q 2020). Net income: €33.5m (up 246% from 2Q 2020). Profit margin: 21% (up from 9.6% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • May 07
Upcoming dividend of €0.63 per share Eligible shareholders must have bought the stock before 13 May 2021. Payment date: 17 May 2021. Trailing yield: 2.1%. Lower than top quartile of British dividend payers (4.1%). Higher than average of industry peers (0.6%). Reported Earnings • Apr 30
First quarter 2021 earnings released: EPS €0.69 (vs €0.51 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €155.6m (up 13% from 1Q 2020). Net income: €27.8m (up 34% from 1Q 2020). Profit margin: 18% (up from 15% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Apr 12
Full year 2020 earnings released: EPS €1.72 (vs €1.49 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €507.5m (up 4.2% from FY 2019). Net income: €69.3m (up 15% from FY 2019). Profit margin: 14% (up from 12% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorated over the past week After last week's 19% share price decline to €80.00, the stock is trading at a trailing P/E ratio of 47.6x, down from the previous P/E ratio of 58.6x. This compares to an average P/E of 57x in the Semiconductor industry in Europe. Total return to shareholders over the past three years is a loss of 3.6%. Reported Earnings • Feb 06
Full year 2020 earnings released: EPS €1.72 (vs €1.49 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €507.5m (up 4.2% from FY 2019). Net income: €69.3m (up 15% from FY 2019). Profit margin: 14% (up from 12% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 06
Revenue beats expectations Revenue exceeded analyst estimates by 0.3%. Over the next year, revenue is forecast to grow 20%, compared to a 16% growth forecast for the Semiconductor industry in the United Kingdom. Is New 90 Day High Low • Feb 03
New 90-day high: €97.00 The company is up 45% from its price of €67.05 on 05 November 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 46% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €27.60 per share. Is New 90 Day High Low • Jan 06
New 90-day high: €86.45 The company is up 21% from its price of €71.60 on 08 October 2020. The British market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 31% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €27.69 per share. Is New 90 Day High Low • Dec 18
New 90-day high: €82.10 The company is up 17% from its price of €70.10 on 18 September 2020. The British market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €24.66 per share. Is New 90 Day High Low • Dec 03
New 90-day high: €80.85 The company is up 23% from its price of €65.50 on 04 September 2020. The British market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €23.08 per share.