Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩73,100, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 24x in the Semiconductor industry in South Korea. Total returns to shareholders of 47% over the past three years. Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₩64,000, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 44% over the past three years. Major Estimate Revision • Apr 29
Consensus revenue estimates increase by 15% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from ₩323.6m to ₩371.6m. EPS estimate increased from ₩3,194 to ₩4,014 per share. Net income forecast to grow 66% next year vs 76% growth forecast for Semiconductor industry in South Korea. Consensus price target up from ₩70,800 to ₩76,400. Share price rose 11% to ₩79,600 over the past week. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩62,700, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩36,893 per share. Announcement • Mar 07
Hana Materials Inc., Annual General Meeting, Mar 23, 2026 Hana Materials Inc., Annual General Meeting, Mar 23, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 77-50, yeonamyulgeum-ro, eumbong-myeon, chungcheongnam-do, asan South Korea Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩63,400, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 16x in the Semiconductor industry in South Korea. Total returns to shareholders of 72% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩36,531 per share. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩50,700, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 16x in the Semiconductor industry in South Korea. Total returns to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩37,348 per share. Buy Or Sell Opportunity • Jan 02
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 7.0% to ₩45,350. The fair value is estimated to be ₩37,024, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.1% over the last 3 years. Earnings per share has declined by 42%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 86% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩45,250, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩37,528 per share. Buy Or Sell Opportunity • Nov 28
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 68% to ₩45,250. The fair value is estimated to be ₩37,528, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.1% over the last 3 years. Earnings per share has declined by 42%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 66% in the next 2 years. Price Target Changed • Nov 22
Price target increased by 21% to ₩43,400 Up from ₩36,000, the current price target is an average from 5 analysts. New target price is 15% above last closing price of ₩37,700. Stock is up 58% over the past year. The company is forecast to post earnings per share of ₩1,788 for next year compared to ₩1,627 last year. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩477 (vs ₩419 in 3Q 2024) Third quarter 2025 results: EPS: ₩477 (up from ₩419 in 3Q 2024). Revenue: ₩69.8b (up 10% from 3Q 2024). Net income: ₩9.21b (up 13% from 3Q 2024). Profit margin: 13% (in line with 3Q 2024). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩46,900, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 16x in the Semiconductor industry in South Korea. Total returns to shareholders of 24% over the past three years. New Risk • Sep 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ₩37,100, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 14x in the Semiconductor industry in South Korea. Total returns to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩25,900, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total loss to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩41,889 per share. Price Target Changed • May 10
Price target decreased by 20% to ₩36,200 Down from ₩45,000, the current price target is an average from 5 analysts. New target price is 27% above last closing price of ₩28,400. Stock is down 47% over the past year. The company is forecast to post earnings per share of ₩1,965 for next year compared to ₩1,627 last year. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩30,800, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total loss to shareholders of 42% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩48,142 per share. Reported Earnings • Mar 20
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ₩1,627 (down from ₩1,752 in FY 2023). Revenue: ₩251.6b (up 7.7% from FY 2023). Net income: ₩31.8b (down 7.1% from FY 2023). Profit margin: 13% (down from 15% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 6.1%. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in South Korea. Buy Or Sell Opportunity • Mar 12
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 37% to ₩32,950. The fair value is estimated to be ₩25,106, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last year. Earnings per share has declined by 57%. Revenue is forecast to grow by 42% in 2 years. Earnings are forecast to grow by 191% in the next 2 years. Announcement • Mar 08
Hana Materials Inc., Annual General Meeting, Mar 24, 2025 Hana Materials Inc., Annual General Meeting, Mar 24, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 50, 3gongdan 3-ro, seobuk-gu, chungcheongnam-do, cheonan South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩28,050, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total loss to shareholders of 42% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩25,971 per share. New Risk • Feb 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (43% net debt to equity). Share price has been volatile over the past 3 months (9.5% average weekly change). Profit margins are more than 30% lower than last year (9.9% net profit margin). Buy Or Sell Opportunity • Feb 18
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 38% to ₩33,250. The fair value is estimated to be ₩27,194, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last year. Earnings per share has declined by 57%. Revenue is forecast to grow by 45% in 2 years. Earnings are forecast to grow by 203% in the next 2 years. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩29,100, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total loss to shareholders of 44% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩27,383 per share. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩27,200, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total loss to shareholders of 52% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩27,090 per share. Announcement • Dec 18
Hana Materials Inc. (KOSDAQ:A166090) announces an Equity Buyback for KRW 5,000 million worth of its shares. Hana Materials Inc. (KOSDAQ:A166090) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares pursuant to a contract with NH Investment & Securities Co., Ltd. The purpose of the share repurchase is to enhance shareholder value and stabilize stock prices. The repurchase program will expire on December 17, 2025. As of December 17, 2024, the company had 289,720 shares within scope available for dividend and had no shares in treasury through other repurchase. Buy Or Sell Opportunity • Dec 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to ₩21,900. The fair value is estimated to be ₩27,743, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last year. Earnings per share has declined by 57%. Revenue is forecast to grow by 48% in 2 years. Earnings are forecast to grow by 231% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩24,200, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total loss to shareholders of 54% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩38,327 per share. Price Target Changed • Oct 01
Price target decreased by 8.6% to ₩53,429 Down from ₩58,429, the current price target is an average from 7 analysts. New target price is 66% above last closing price of ₩32,100. Stock is down 35% over the past year. The company is forecast to post earnings per share of ₩2,041 for next year compared to ₩1,752 last year. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩33,350, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total loss to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩44,059 per share. Price Target Changed • Sep 15
Price target decreased by 7.5% to ₩58,429 Down from ₩63,143, the current price target is an average from 7 analysts. New target price is 96% above last closing price of ₩29,850. Stock is down 42% over the past year. The company is forecast to post earnings per share of ₩2,138 for next year compared to ₩1,752 last year. Price Target Changed • Sep 10
Price target decreased by 9.1% to ₩61,571 Down from ₩67,714, the current price target is an average from 7 analysts. New target price is 115% above last closing price of ₩28,650. Stock is down 38% over the past year. The company is forecast to post earnings per share of ₩1,702 for next year compared to ₩1,752 last year. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩41,000, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩47,538 per share. New Risk • Jul 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (46% net debt to equity). Share price has been volatile over the past 3 months (7.7% average weekly change). Profit margins are more than 30% lower than last year (12% net profit margin). Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩60,900, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 18x in the Semiconductor industry in South Korea. Total returns to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩47,858 per share. Buy Or Sell Opportunity • Jun 10
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to ₩53,600. The fair value is estimated to be ₩43,874, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last year. Earnings per share has declined by 65%. Revenue is forecast to grow by 62% in 2 years. Earnings are forecast to grow by 238% in the next 2 years. Buy Or Sell Opportunity • May 23
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to ₩54,200. The fair value is estimated to be ₩43,688, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last year. Earnings per share has declined by 65%. Revenue is forecast to grow by 62% in 2 years. Earnings are forecast to grow by 238% in the next 2 years. Buy Or Sell Opportunity • Mar 21
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 8.0% to ₩53,600. The fair value is estimated to be ₩43,336, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 24% over the last year. Earnings per share has declined by 57%. Revenue is forecast to grow by 55% in 2 years. Earnings are forecast to grow by 163% in the next 2 years. Upcoming Dividend • Dec 20
Inaugural dividend of ₩300 per share Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. This is the first dividend for Hana Materials since going public. The average dividend yield among industry peers is 1.0%. Price Target Changed • Sep 15
Price target increased by 7.5% to ₩62,500 Up from ₩58,143, the current price target is an average from 6 analysts. New target price is 21% above last closing price of ₩51,600. Stock is up 54% over the past year. The company is forecast to post earnings per share of ₩2,812 for next year compared to ₩4,105 last year. Buying Opportunity • Sep 04
Now 21% undervalued Over the last 90 days, the stock is up 7.0%. The fair value is estimated to be ₩61,473, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Upcoming Dividend • Jun 22
Inaugural dividend of ₩300 per share Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 21 August 2023. This is the first dividend for Hana Materials since going public. The average dividend yield among industry peers is 1.2%. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩47,950, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 13x in the Semiconductor industry in South Korea. Total returns to shareholders of 155% over the past three years. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩47,450, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 13x in the Semiconductor industry in South Korea. Total returns to shareholders of 234% over the past three years. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩39,950, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 11x in the Semiconductor industry in South Korea. Total returns to shareholders of 220% over the past three years. Price Target Changed • Jan 28
Price target decreased by 10% to ₩51,600 Down from ₩57,500, the current price target is an average from 5 analysts. New target price is 32% above last closing price of ₩39,100. Stock is down 29% over the past year. The company posted earnings per share of ₩3,425 last year. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improved over the past week After last week's 16% share price gain to ₩37,050, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 9x in the Semiconductor industry in South Korea. Total returns to shareholders of 108% over the past three years. Upcoming Dividend • Dec 21
Inaugural dividend of ₩300 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 20 April 2023. This is the first dividend for Hana Materials since going public. The average dividend yield among industry peers is 1.8%. Price Target Changed • Oct 19
Price target decreased to ₩66,500 Down from ₩78,200, the current price target is an average from 4 analysts. New target price is 119% above last closing price of ₩30,350. Stock is down 33% over the past year. The company posted earnings per share of ₩3,425 last year. Buying Opportunity • Aug 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 37%. The fair value is estimated to be ₩48,857, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 28%. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩43,200, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Semiconductor industry in South Korea. Total returns to shareholders of 244% over the past three years. Upcoming Dividend • Jun 22
Inaugural dividend of ₩300 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 24 August 2022. This is the first dividend for Hana Materials since going public. The average dividend yield among industry peers is 1.5%. Price Target Changed • May 08
Price target increased to ₩74,286 Up from ₩68,200, the current price target is provided by 1 analyst. New target price is 23% above last closing price of ₩60,500. Stock is up 36% over the past year. The company is forecast to post earnings per share of ₩4,507 for next year compared to ₩3,425 last year. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ₩887 (vs ₩452 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩72.7b (up 49% from 3Q 2020). Net income: ₩17.3b (up 97% from 3Q 2020). Profit margin: 24% (up from 18% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Aug 27
Price target increased to ₩63,000 Up from ₩56,800, the current price target is provided by 1 analyst. New target price is 27% above last closing price of ₩49,500. Stock is up 120% over the past year. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improved over the past week After last week's 16% share price gain to ₩53,800, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 22x in the Semiconductor industry in South Korea. Total returns to shareholders of 158% over the past three years. Price Target Changed • May 23
Price target increased to ₩56,800 Up from ₩50,400, the current price target is provided by 1 analyst. New target price is 29% above last closing price of ₩44,050. Stock is up 128% over the past year. Price Target Changed • May 05
Price target increased to ₩56,800 Up from ₩50,400, the current price target is provided by 1 analyst. New target price is 25% above last closing price of ₩45,450. Stock is up 167% over the past year. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 27% share price gain to ₩38,100, the stock is trading at a trailing P/E ratio of 21.8x, up from the previous P/E ratio of 17.1x. This compares to an average P/E of 20x in the Semiconductor industry in South Korea. Total returns to shareholders over the past three years are 149%. Is New 90 Day High Low • Feb 17
New 90-day high: ₩33,550 The company is up 31% from its price of ₩25,700 on 19 November 2020. The South Korean market is up 22% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 33% over the same period. Price Target Changed • Feb 06
Price target raised to ₩34,000 Up from ₩30,750, the current price target is provided by 1 analyst. The new target price is 14% above the current share price of ₩29,900. As of last close, the stock is up 73% over the past year. Is New 90 Day High Low • Jan 20
New 90-day high: ₩31,500 The company is up 44% from its price of ₩21,850 on 22 October 2020. The South Korean market is up 28% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Semiconductor industry, which is also up 44% over the same period. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 15% share price gain to ₩30,600, the stock is trading at a trailing P/E ratio of 17.5x, up from the previous P/E ratio of 15.1x. This compares to an average P/E of 20x in the Semiconductor industry in South Korea. Total returns to shareholders over the past three years are 88%. Upcoming Dividend • Dec 22
First Dividend Is ₩200 Per Share Will be paid on the 22nd of April to those who are registered shareholders by the 29th of December. This is the first dividend for Hana Materials since going public. The average dividend yield among industry peers is 0.8%. Is New 90 Day High Low • Dec 17
New 90-day high: ₩26,950 The company is up 13% from its price of ₩23,850 on 18 September 2020. The South Korean market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 28% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: ₩25,700 The company is up 21% from its price of ₩21,200 on 21 August 2020. The South Korean 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 26% over the same period. Price Target Changed • Nov 05
Price target raised to ₩28,000 Up from ₩25,250, the current price target is provided by 1 analyst. The new target price is 16% above the current share price of ₩24,100. As of last close, the stock is up 47% over the past year. Is New 90 Day High Low • Oct 26
New 90-day low: ₩20,500 The company is down 17% from its price of ₩24,750 on 28 July 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is flat over the same period.