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Asetek A/S, together with its subsidiaries, designs, develops, and markets liquid cooling solutions in Asia, Europe, and the Americas. The last earnings update was 117 days ago. More info.
7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
---|---|---|---|---|---|---|
Asetek (ASETEK) | 1.2% | 9% | 9.5% | -46.9% | 146% | 5% |
Europe Tech | 4.4% | 5.6% | 6.5% | -11.1% | 55.3% | 14.1% |
NO Market | 3.8% | 1.9% | 0.4% | 4.9% | 47.1% | 27.9% |
Sorry, no analysis for Asetek's competitors could be found in our database.
Is Asetek undervalued based on future cash flows and its price relative to the stock market?
Below are the data sources, inputs and calculation used to determine the intrinsic value for Asetek.
Data Point | Source | Value |
---|---|---|
Valuation Model | 2 Stage Free Cash Flow to Equity | |
Levered Free Cash Flow | Average of 2 Analyst Estimates (S&P Global) | See below |
Discount Rate (Cost of Equity) | See below | 9.5% |
Perpetual Growth Rate | 10-Year NO Government Bond Rate | 1.8% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
Data Point | Calculation/ Source | Result |
---|---|---|
Risk-Free Rate | 10-Year NO Govt Bond Rate | 1.8% |
Equity Risk Premium | S&P Global | 8.2% |
Tech Unlevered Beta | Simply Wall St/ S&P Global | 0.93 |
Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.93 (1 + (1- 22%) (1.3%)) |
0.939 |
Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.94 |
Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.76% + (0.939 * 8.24%) |
9.5% |
Discounted Cash Flow Calculation for OB:ASETEK using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Asetek is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.
2019 | 2020 | 2021 | 2022 | 2023 | |
Levered FCF (USD, Millions) | 6.80 | 10.10 | 11.92 | 13.94 | 16.18 |
Source | Analyst x1 | Analyst x1 | Est @ 18%, capped from 27.96% | Est @ 17%, capped from 27.96% | Est @ 16%, capped from 27.96% |
Present Value Discounted (@ 9.5%) |
6.21 | 8.42 | 9.08 | 9.70 | 10.28 |
Present value of next 5 years cash flows | $43.69 |
Calculation | Result | |
---|---|---|
Terminal Value |
= FCF2023
× (1 + g) ÷ (Discount Rate – g)
= $16.18 × (1 + 1.76%) ÷ (9.5% – 1.76%) |
$212.75 |
Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)5
= $212.75 ÷ (1 + 9.5%)5 |
$135.17 |
Calculation | Result | |
---|---|---|
Total Equity Value |
= Present value of next 5 years cash flows +
Terminal Value
= $43.69 + $135.17 |
$178.86 |
Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $178.86 / 25.54 |
$7 |
Calculation | Result | |
---|---|---|
Exchange Rate | USD/NOK
(Reporting currency to currency of OB:ASETEK) |
8.61 |
Value per Share (NOK) |
= Value per Share in USD x Exchange Rate (USD/NOK)
= $7 x 8.61 |
NOK60.3 |
Value per share (NOK) | From above. | NOK60.30 |
Current discount | Discount to share price of
NOK46.00
= -1 x (NOK46.00 - NOK60.30) / NOK60.30 |
23.7% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Data Point | Source | Value |
---|---|---|
Earnings Per Share * | Company Filings (2018-09-30) in USD | $0.25 |
OB:ASETEK Share Price ** | OB (2019-02-18) in NOK | NOK46 |
OB:ASETEK Share Price converted to USD reporting currency | Exchange rate (NOK/ USD) 0.116 | $5.34 |
Europe Tech Industry PE Ratio | Median Figure of 24 Publicly-Listed Tech Companies | 15.24x |
Norway Market PE Ratio | Median Figure of 127 Publicly-Listed Companies | 13.41x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Asetek.
Calculation | Outcome | |
---|---|---|
PE Ratio | = OB:ASETEK Share Price ÷ EPS (both in USD) = 5.34 ÷ 0.25 |
21.25x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
PE Ratio | See PE Ratio Section | 21.25x |
Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts |
24.3%per year |
Europe Tech Industry PEG Ratio | Median Figure of 12 Publicly-Listed Tech Companies | 0.93x |
Norway Market PEG Ratio | Median Figure of 99 Publicly-Listed Companies | 0.96x |
*Line of best fit is calculated by linear regression .
Calculation | Outcome | |
---|---|---|
PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 21.25x ÷ 24.3% |
0.88x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
Book Value per Share | Company Filings (2018-09-30) in USD | $1.47 |
OB:ASETEK Share Price * | OB (2019-02-18) in NOK | NOK46 |
OB:ASETEK Share Price converted to USD reporting currency | Exchange rate (NOK/ USD) 0.116 | $5.34 |
Europe Tech Industry PB Ratio | Median Figure of 31 Publicly-Listed Tech Companies | 1.29x |
Norway Market PB Ratio | Median Figure of 216 Publicly-Listed Companies | 1.18x |
Calculation | Outcome | |
---|---|---|
PB Ratio | = OB:ASETEK Share Price ÷ Book Value per Share (both in USD) = 5.34 ÷ 1.47 |
3.63x |
* Primary Listing of Asetek.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
How is Asetek expected to perform in the next 1 to 3 years based on estimates from 2 analysts?
Data Point | Source | Value (per year) |
---|---|---|
OB:ASETEK Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts | 24.3% |
OB:ASETEK Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts | 13.8% |
Europe Tech Industry Earnings Growth Rate | Market Cap Weighted Average | 11.5% |
Europe Tech Industry Revenue Growth Rate | Market Cap Weighted Average | 8.7% |
Norway Market Earnings Growth Rate | Market Cap Weighted Average | 13% |
Norway Market Revenue Growth Rate | Market Cap Weighted Average | 4.4% |
*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.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (4 months ago) | See Below |
Future Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
---|---|---|---|---|
2020-12-31 | 91 | 16 | 9 | 2 |
2019-12-31 | 78 | 12 | 6 | 2 |
2018-12-31 | 68 | 8 | 4 | 1 |
Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
---|---|---|---|
2018-09-30 | 69 | 4 | 6 |
2018-06-30 | 69 | 4 | 6 |
2018-03-31 | 61 | 7 | 3 |
2017-12-31 | 58 | 6 | 4 |
2017-09-30 | 58 | 5 | 8 |
2017-06-30 | 55 | 6 | 9 |
2017-03-31 | 52 | 5 | 9 |
2016-12-31 | 51 | 8 | 10 |
2016-09-30 | 45 | 9 | 3 |
2016-06-30 | 41 | 6 | 1 |
2016-03-31 | 41 | 3 | 1 |
2015-12-31 | 36 | -1 | -2 |
*GAAP earnings excluding extraordinary items.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (4 months ago) | See Below |
Future Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
All data from Asetek Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
---|---|---|---|---|
2020-12-31 | 0.35 | 0.39 | 0.31 | 2.00 |
2019-12-31 | 0.23 | 0.26 | 0.19 | 2.00 |
2018-12-31 | 0.17 | 0.17 | 0.17 | 1.00 |
Date (Data in USD Millions) | EPS * |
---|---|
2018-09-30 | 0.25 |
2018-06-30 | 0.24 |
2018-03-31 | 0.13 |
2017-12-31 | 0.18 |
2017-09-30 | 0.34 |
2017-06-30 | 0.37 |
2017-03-31 | 0.38 |
2016-12-31 | 0.39 |
2016-09-30 | 0.12 |
2016-06-30 | 0.03 |
2016-03-31 | 0.06 |
2015-12-31 | -0.07 |
*GAAP earnings excluding extraordinary items.
How has Asetek performed over the past 5 years?
All data from Asetek Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
---|---|---|---|---|
2018-09-30 | 68.73 | 6.38 | 16.16 | 5.02 |
2018-06-30 | 68.98 | 6.13 | 16.18 | 4.89 |
2018-03-31 | 60.59 | 3.36 | 15.87 | 4.46 |
2017-12-31 | 58.19 | 4.48 | 14.91 | 4.22 |
2017-09-30 | 58.18 | 8.48 | 14.09 | 4.03 |
2017-06-30 | 54.78 | 9.16 | 12.95 | 3.76 |
2017-03-31 | 51.99 | 9.40 | 12.17 | 3.60 |
2016-12-31 | 50.92 | 9.64 | 11.65 | 3.43 |
2016-09-30 | 45.49 | 3.01 | 11.60 | 3.36 |
2016-06-30 | 41.19 | 0.57 | 11.80 | 3.41 |
2016-03-31 | 40.85 | 1.30 | 12.21 | 3.63 |
2015-12-31 | 35.98 | -1.65 | 12.64 | 3.94 |
2015-09-30 | 28.07 | -4.98 | 13.85 | 3.85 |
2015-06-30 | 23.59 | -6.75 | 14.09 | 3.96 |
2015-03-31 | 20.99 | -9.55 | 14.61 | 3.79 |
2014-12-31 | 20.85 | -8.76 | 14.66 | 3.56 |
2014-09-30 | 22.40 | -8.30 | 15.06 | 4.02 |
2014-06-30 | 21.27 | -7.94 | 13.16 | 3.94 |
2014-03-31 | 21.20 | -7.87 | 12.09 | 4.28 |
2013-12-31 | 20.73 | -6.28 | 11.24 | 4.49 |
2013-09-30 | 18.83 | -8.83 | 9.23 | 4.26 |
2013-06-30 | 19.32 | -8.95 | 9.92 | 4.20 |
2013-03-31 | 18.73 | -7.98 | 8.92 | 3.98 |
2012-12-31 | 18.68 | -8.56 | 7.88 | 3.72 |
*GAAP earnings excluding extraordinary items.
How is Asetek's financial health and their level of debt?
All data from Asetek Company Filings, last reported 4 months ago.
Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
---|---|---|---|
2018-09-30 | 37.57 | 1.73 | 18.80 |
2018-06-30 | 35.76 | 1.66 | 16.89 |
2018-03-31 | 34.17 | 1.83 | 17.73 |
2017-12-31 | 33.39 | 1.87 | 18.40 |
2017-09-30 | 29.14 | 1.54 | 17.74 |
2017-06-30 | 26.64 | 1.09 | 16.25 |
2017-03-31 | 28.78 | 0.75 | 16.18 |
2016-12-31 | 28.29 | 0.79 | 17.61 |
2016-09-30 | 21.09 | 0.66 | 18.29 |
2016-06-30 | 18.90 | 0.61 | 15.58 |
2016-03-31 | 19.31 | 0.65 | 14.73 |
2015-12-31 | 18.65 | 0.63 | 13.06 |
2015-09-30 | 16.22 | 0.66 | 12.22 |
2015-06-30 | 16.02 | 0.39 | 11.66 |
2015-03-31 | 17.25 | 0.58 | 14.73 |
2014-12-31 | 7.42 | 0.61 | 4.17 |
2014-09-30 | 9.49 | 0.78 | 6.25 |
2014-06-30 | 11.22 | 0.74 | 8.04 |
2014-03-31 | 13.34 | 0.90 | 9.37 |
2013-12-31 | 14.81 | 0.66 | 11.66 |
2013-09-30 | 15.98 | 0.41 | 13.28 |
2013-06-30 | 17.64 | 0.26 | 15.07 |
2013-03-31 | 19.93 | 0.53 | 19.93 |
2012-12-31 | -40.64 | 37.28 | 1.25 |
What is Asetek's current dividend yield, its reliability and sustainability?
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 2 Analyst Estimates (S&P Global) | See Below |
Europe Tech Industry Average Dividend Yield | Market Cap Weighted Average of 11 Stocks | 2.1% |
Norway Market Average Dividend Yield | Market Cap Weighted Average of 109 Stocks | 4.3% |
Norway Minimum Threshold Dividend Yield | 10th Percentile | 1.9% |
Norway Bottom 25% Dividend Yield | 25th Percentile | 2.5% |
Norway Top 25% Dividend Yield | 75th Percentile | 5.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
---|---|---|
2020-12-31 | 0.00 | 2.00 |
2019-12-31 | 0.00 | 2.00 |
2018-12-31 | 0.00 | 2.00 |
Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
---|---|---|
2018-10-24 | 0.000 | 0.000 |
2018-08-15 | 0.000 | 0.000 |
2018-04-25 | 0.000 | 0.000 |
2018-02-28 | 0.000 | 0.000 |
2017-04-26 | 0.115 | 0.987 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Mr. André Sloth Eriksen founded Asetek A/S in 1997 and serves as its Managing Director, Chief Executive Officer and Chief Technology Officer. Mr. Eriksen is a Long-Term Entrepreneur of 9 years. Prior to founding Asetek, he served at Danfoss in their management trainee program. He has different skills needed from the top management. Mr. Eriksen has proven his capabilities in this constant change and from being an expert in cooling he has grown to be a team leader in Asetek. His key skills include strong marketing, strategic business planning, fund raising, strategic R&D, determination, execution, deal closing and overall team motivation and management. He served as a Director of Asetek A/S from February 15, 2000 to March 2013. Mr. Eriksen has a practical education as a tool maker and holds an engineering degree from Aalborg University. He also hold various executive management programs and an entrepreneurship program from MIT.
Average tenure of the Asetek management team in years:
Average tenure of the Asetek board of directors in years:
This article is for those who would like to learn about Return On Equity (ROE). … One way to conceptualize this, is that for each NOK1 of shareholders' equity it has, the company made NOK0.17 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleIn this article, I'm going to take a look at Asetek A/S’s (OB:ASETEK) latest ownership structure, a non-fundamental factor which is important, but remains a less discussed subject among investors. … The effect of an active institutional investor with a similar ownership as a passive pension-fund can be vastly different on a company's corporate governance and accountability to shareholders. … Therefore, it is beneficial for us to examine ASETEK's ownership structure in more detail.
Simply Wall St - – Full articleearnings growth of 36.98% annualised … over the couple of years ahead, … it's necessary to take a moment
Simply Wall St - – Full articleand want to better understand how you can grow your money by investing in Asetek A/S (OB:ASETEK). … Asetek A/S (OB:ASETEK) is currently trading at a trailing P/E of 62.1x, which is higher than the industry average of 16.6x. … While ASETEK might seem like a stock to avoid or sell if you own it, it is important to understand the assumptions behind the P/E ratio before you make any investment decisions.
Simply Wall St - – Full articleIn this commentary, I will examine Asetek A/S's (OB:ASETEK) latest earnings update (31 March 2018) and compare these figures against its performance over the past couple of years, as well as how the rest of the tech industry performed. … Since these values are fairly short-term thinking, I’ve created an annualized five-year figure for ASETEK's net income, which stands at -US$2.12M This means that although earnings growth was negative against the previous year, over the past couple of years, Asetek's profits have been increasing on average. … Looking at growth from a sector-level, the NO tech industry has been growing its average earnings by double-digit 14.27% over the previous year, and a more subdued 9.99% over the past half a decade.
Simply Wall St - – Full articleReturn on Equity = Net Profit ÷ Shareholders Equity ROE is measured against cost of equity in order to determine the efficiency of Asetek’s equity capital deployed. … ROE can be dissected into three distinct ratios: net profit margin, asset turnover, and financial leverage. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity OB:ASETEK Last Perf May 16th 18 Basically, profit margin measures how much of revenue trickles down into earnings which illustrates how efficient the business is with its cost management.
Simply Wall St - – Full articleBelow is my commentary, albeit very simple and high-level, on how market analysts predict Asetek's earnings growth trajectory over the next few years and whether the future looks brighter. … OB:ASETEK Future Profit Apr 24th 18 Even though it is useful to understand the rate of growth year by year relative to today’s value, it may be more insightful to gauge the rate at which the earnings are moving on average every year. … The slope of this line is the rate of earnings growth, which in this case is 35.46%.
Simply Wall St - – Full articleAsetek A/S (OB:ASETEK) continues to post impressive revenue growth and its prospects have never been brighter. … I will conduct a high level fundamental analysis on the company by looking at its past financials and growth prospects moving forward. … With 25.24 million shares, that's a ØRE2.37B market cap - which is too high, even for a company that has a 5-year cumulative average growth rate (CAGR) of 28.41% (source: analyst consensus).
Simply Wall St - – Full articleSee our latest analysis for Asetek Understanding ASETEK's earnings with profit margin Attractive margins generally indicate a desirable ability to translate sales revenue in to earnings, and return for shareholders. … Margin Calculation for ASETEK Profit Margin = Net Income ÷ Revenue ∴ Profit Margin = 4.48 Million ÷ 58.19 Million = 7.69% The past five years have seen Asetek's margin expand, with 49.43% in average net income growth exceeding a 25.64% average growth in revenue, which suggests that the company has been able to convert a larger percentage of revenue into net income whilst grow their top line at the same time. … Using Asetek's margin expectations as a way to understand projections for the future Based on future expectations, ASETEK's profit margin will further the previous expansion, with 18.34% in expected annual revenue growth and 32.88% earnings growth expected annually.
Simply Wall St - – Full article
Asetek A/S, together with its subsidiaries, designs, develops, and markets liquid cooling solutions in Asia, Europe, and the Americas. The company operates in two segments, Desktop and Data Center. The company’s products are used in personal computers, servers, and data centers to provide enhanced performance, acoustics, and energy efficiency. It serves original equipment manufacturers, resellers, and channel partners. The company was founded in 1997 and is headquartered in Aalborg, Denmark.
Name: | Asetek A/S |
ASETEK | |
Exchange: | OB |
Founded: | 1997 |
NOK1,149,127,200 | |
25,536,160 | |
Website: | http://www.asetek.com |
Address: |
Asetek A/S Assensvej 2, Aalborg East, Aalborg, North Denmark Region, 9220, Denmark |
Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
---|---|---|---|---|---|---|---|
OB | ASETEK | Common Shares | Oslo Bors | NO | NOK | 20. Mar 2013 | |
OTCPK | ASKT.F | Common Shares | Pink Sheets LLC | US | USD | 20. Mar 2013 | |
LSE | 0QDT | Common Shares | London Stock Exchange | GB | NOK | 20. Mar 2013 | |
BATS-CHIXE | ASETEO | Common Shares | BATS 'Chi-X Europe' | GB | NOK | 20. Mar 2013 |
Technology Hardware, Storage and Peripherals | |
Tech |
Area | Date (UTC time) |
---|---|
Company Analysis updated: | 2019/02/18 22:56 |
End of day share price update: | 2019/02/18 00:00 |
Last estimates confirmation: | 2019/01/11 |
Last earnings filing: | 2018/10/24 |
Last earnings reported: | 2018/09/30 |
Last annual earnings reported: | 2017/12/31 |
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.