OM:MYCR

Stock Analysis Report

Executive Summary

Mycronic AB (publ), together with its subsidiaries, develops, manufactures, and sells production equipment to the electronics industry.


Snowflake Analysis

Excellent balance sheet and fair value.

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

11.3%

MYCR

11.9%

SE Electronic

7.3%

SE Market


1 Year Return

-0.5%

MYCR

-9.4%

SE Electronic

-6.6%

SE Market

Return vs Industry: MYCR exceeded the Swedish Electronic industry which returned -10.9% over the past year.

Return vs Market: MYCR exceeded the Swedish Market which returned -6.9% over the past year.


Shareholder returns

MYCRIndustryMarket
7 Day11.3%11.9%7.3%
30 Day1.3%1.2%-2.6%
90 Day-28.0%-17.2%-17.3%
1 Year1.9%-0.5%-9.1%-9.4%-4.7%-6.6%
3 Year61.8%50.4%21.2%16.0%7.0%-8.2%
5 Year199.4%143.5%52.0%40.6%15.3%-8.3%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

2.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: MYCR (SEK132.7) is trading below our estimate of fair value (SEK135.52)

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


Price To Earnings Ratio

PE vs Industry: MYCR is good value based on its PE Ratio (15.2x) compared to the Electronic industry average (17.6x).

PE vs Market: MYCR is good value based on its PE Ratio (15.2x) compared to the Swedish market (15.6x).


Price to Earnings Growth Ratio

PEG Ratio: MYCR is poor value based on its PEG Ratio (4.9x)


Price to Book Ratio

PB vs Industry: MYCR is overvalued based on its PB Ratio (4.4x) compared to the SE Electronic industry average (2.4x).


Next Steps

Future Growth

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

3.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MYCR's forecast earnings growth (3.1% per year) is above the savings rate (-0.4%).

Earnings vs Market: MYCR's earnings (3.1% per year) are forecast to grow slower than the Swedish market (8.9% per year).

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

Revenue vs Market: MYCR's revenue (4.6% per year) is forecast to grow faster than the Swedish market (4.2% per year).

High Growth Revenue: MYCR's revenue (4.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MYCR's Return on Equity is forecast to be high in 3 years time (21%)


Next Steps

Past Performance

How has Mycronic performed over the past 5 years?

21.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MYCR has a high level of non-cash earnings.

Growing Profit Margin: MYCR's current net profit margins (19.9%) are lower than last year (20.9%).


Past Earnings Growth Analysis

Earnings Trend: MYCR's earnings have grown significantly by 21.6% per year over the past 5 years.

Accelerating Growth: MYCR's earnings growth over the past year (8.3%) is below its 5-year average (21.6% per year).

Earnings vs Industry: MYCR earnings growth over the past year (8.3%) underperformed the Electronic industry 8.3%.


Return on Equity

High ROE: MYCR's Return on Equity (28.8%) is considered high.


Next Steps

Financial Health

How is Mycronic's financial position?


Financial Position Analysis

Short Term Liabilities: MYCR's short term assets (SEK2.8B) exceed its short term liabilities (SEK1.3B).

Long Term Liabilities: MYCR's short term assets (SEK2.8B) exceed its long term liabilities (SEK532.0M).


Debt to Equity History and Analysis

Debt Level: MYCR's debt to equity ratio (10.7%) is considered satisfactory.

Reducing Debt: Insufficient data to determine if MYCR's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: MYCR's debt is well covered by operating cash flow (171.4%).

Interest Coverage: MYCR's interest payments on its debt are well covered by EBIT (531x coverage).


Balance Sheet


Next Steps

Dividend

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

1.51%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: MYCR's dividend (1.51%) isn’t notable compared to the bottom 25% of dividend payers in the Swedish market (1.97%).

High Dividend: MYCR's dividend (1.51%) is low compared to the top 25% of dividend payers in the Swedish market (5.9%).


Stability and Growth of Payments

Stable Dividend: MYCR has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: MYCR has only been paying a dividend for 5 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (22.9%), MYCR's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MYCR's dividends in 3 years are forecast to be well covered by earnings (44% payout ratio).


Next Steps

Management

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

3.3yrs

Average management tenure


CEO

Anders Lindqvist (52yo)

0.92

Tenure

Mr. Anders Lindqvist has been President and Chief Executive Officer of Mycronic AB (publ) since May 16, 2019. Mr. Lindqvist's position was at Piab Group, where he served as Chief Executive Officer since 20 ...


Leadership Team

NamePositionTenureCompensationOwnership
Anders Lindqvist
President & CEO0.92yrno datano data
Torbjörn Wingårdh
CFO & Senior VP3.33yrsno data0.027% SEK3.4m
Martin Pettersson
Senior Vice President of Operations4.25yrsno data0.0046% SEK604.2k
Sven Chetkovich
Acting Director of IR & Corporate Communicationsno datano datano data
Anette Mullis
Senior Vice President of Human Resources1.67yrsno data0.00054% SEK70.2k
Charlott Samuelsson
Senior VP & GM of Business Area Pattern Generators24.25yrsno data0.023% SEK3.0m
Niklas Edling
Senior Vice President of Strategy & Portfolio Management.7.25yrsno data0.031% SEK4.0m
Johan Franzén
Senior Vice President of Research & Development5.08yrsno data0.0098% SEK1.3m
Lena Båvegård
Senior Vice President of Operational Excellence2.25yrsno data0.0020% SEK265.1k
Clemens Jargon
Acting Senior Vice President - Business Area Assembly Solutions0.083yrno datano data

3.3yrs

Average Tenure

53yo

Average Age

Experienced Management: MYCR's management team is considered experienced (3.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Anna Belfrage
Independent Director1.92yrskr375.00kno data
Ulla-Britt Frajdin-Hellqvist
Independent Director8.25yrskr365.00k0.010% SEK1.3m
Patrik Tigerschiöld
Chairman of the Board8.25yrskr775.00k0.24% SEK31.2m
Katarina Bonde
Independent Director10yrskr325.00k0.0020% SEK265.1k
Johan Densjö
Employee Representative Director0.92yrno datano data
Robert Larsson
Independent Director1.92yrskr275.00kno data
Jörgen Lundberg
Employee Representative Director0.92yrno datano data
Staffan Dahlstr
Independent Director0.92yrno datano data

1.9yrs

Average Tenure

55yo

Average Age

Experienced Board: MYCR's board of directors are not considered experienced ( 1.9 years average tenure), which suggests a new board.


Ownership

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


Insider Trading Volume

Insider Buying: MYCR insiders have bought more shares than they have sold 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

Mycronic AB (publ)'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Mycronic AB (publ)
  • Ticker: MYCR
  • Exchange: OM
  • Founded:
  • Industry: Electronic Equipment and Instruments
  • Sector: Tech
  • Market Cap: kr12.994b
  • Shares outstanding: 97.92m
  • Website: https://www.mycronic.com

Number of Employees


Location

  • Mycronic AB (publ)
  • Nytorpsvägen 9
  • Box 3141
  • Täby
  • Stockholm County
  • 183 03
  • Sweden

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MYCROM (OMX Nordic Exchange Stockholm)YesOrdinary SharesSESEKMar 2000
0MQGLSE (London Stock Exchange)YesOrdinary SharesGBSEKMar 2000
MICL.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDMar 2000
MLTDB (Deutsche Boerse AG)YesOrdinary SharesDEEURMar 2000
MYCRSBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBSEKMar 2000

Biography

Mycronic AB (publ), together with its subsidiaries, develops, manufactures, and sells production equipment to the electronics industry. The company operates in two segments, Assembly Solutions and Pattern Generators. The Assembly Solutions segment offers flexible equipment for the application of solder paste onto circuit boards and other mounting fluids used in electronics manufacturing; storage towers; assembly robots; inspection equipment; and equipment for assembling of camera modules, as well as die-bonding systems for manufacturing optoelectronics. Its aftermarket offerings include preventive service and maintenance, training, application development, upgrades, and accessories. The Pattern Generators segment offers mask writers for manufacturing of photo masks, which are used for manufacturing displays of tablets, mobile phones, TVs and computers, and other products; and measuring machines for position measurements in the production of photomasks. This segment also provides aftermarket services, such as upgrades and maintenance for utilization of production equipment. It serves industrial electronics, aviation, aerospace, automotive, energy, medical technology, IT, and telecom industries; and manufacturers of photomasks. The company sells its products through agents and distributors in Sweden, other European countries, the United States, Asia, and internationally. The company was formerly known as Micronic Mydata AB (publ) and changed its name to Mycronic AB (publ) in June 2014. Mycronic AB (publ) is headquartered in Täby, Sweden. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/09 20:43
End of Day Share Price2020/04/09 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.