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LAZR

Luminar Technologies NasdaqGS:LAZR Stock Report

Last Price

US$11.01

Market Cap

US$4.0b

7D

29.2%

1Y

-31.7%

Updated

16 Aug, 2022

Data

Company Financials +
LAZR fundamental analysis
Snowflake Score
Valuation2/6
Future Growth2/6
Past Performance0/6
Financial Health4/6
Dividends0/6

LAZR Stock Overview

Luminar Technologies, Inc., an automotive technology company, provides sensor technologies and software for passenger cars and commercial trucks in North America, the Asia Pacific, Europe, and the Middle East.

Luminar Technologies Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Luminar Technologies
Historical stock prices
Current Share PriceUS$11.01
52 Week HighUS$23.90
52 Week LowUS$5.61
Beta1.7
1 Month Change82.59%
3 Month Change11.21%
1 Year Change-31.74%
3 Year Change9.01%
5 Year Changen/a
Change since IPO12.35%

Recent News & Updates

Aug 09

Luminar Technologies: Time To Get Serious About Backlog

Luminar reported a solid Q2 with revenues reaching $10 million. Most importantly, the Lidar sensor company hiked the forward-order book growth rate by 60% for a year-end total of $2.73 billion. The stock is a buy trading at a fraction of '23 order book estimates. The case for Luminar Technologies (LAZR) and other Lidar sensor companies is becoming very clear. These stocks should trade more on the surging order books while investors should focus far less on current revenues. My investment thesis is more Bullish on Luminar as the order book surges and the company hints at needing production volumes next year. Surging Order Book Due to some questionable financials presented during SPAC mergers, the market wrongly questions the current backlog numbers of the Lidar sector. Most of the companies don't appear on a path to hit original grand revenue targets, but this doesn't mean that the current order book is flawed, or that Luminar will miss impressive current projections. Along with the Q2'22 earnings report, Luminar forecast the forward-looking order book was now set to grow 60% this year, up from prior expectations of 40% YoY growth. Also, the company reported revenues reached $10 million in the quarter and 2022 revenue guidance was hiked to $40- $45 million from just $40 million. Luminar ended last year with an order book of $2.1 billion, suggesting a surge of $0.63 billion in new orders this year alone. One should value the stock based on the $630 million increase in the order book, not the $40+ million in reported revenue this year. Luminar Tech. Q2'22 Presentation This number is far more important than the Q3'22 guidance for revenue in the $8 to $10 million range. The macro-environment and volatile nature of pre-production orders aren't where investors should focus. As expected, Luminar is burning some $56.5 million in cash per quarter, but the company has a large cash balance to fund the business until auto OEMs launch production use of their Lidar sensors. Luminar ended June with a cash balance of $605 million. Management continues to promote strong auto demand from simply improving safety and the driver experience, with no need to leap forward to driverless cars in order to implement their technology. The company forecasts a new manufacturing facility with Calvary Robotics that will provide a dedicated high-volume facility capable of producing 250,000 units by 2H23. On the Q2'22 earnings call, CEO Austin Russell made some implications that increased demand was pushing this move to quickly ramp up automated production: And I think it's fair to say that this is not a huge surprise totally out of nowhere that the customers are going to want increased volume from this. They've been talking in theory about it for quite some time, but we're seeing more and more of it materialize at the table. That's why we're pulling the trigger to really accelerate this and get that dedicated facility with this. Hitting Bottom The stock finally appears to have reached a bottom following the relentless selling all year. Luminar Technologies originally topped $40 towards the end of 2020 on the hype surrounding the demand for Lidar sensors via self-driving vehicles. As mentioned above, the company is now on pace for 60% order book growth this year, yet the stock is down substantially during this period. The investment story has less risk here, a couple of years closer to production launch while the order book constantly expands.

Shareholder Returns

LAZRUS Auto ComponentsUS Market
7D29.2%9.0%4.5%
1Y-31.7%-20.5%-8.9%

Return vs Industry: LAZR underperformed the US Auto Components industry which returned -23% over the past year.

Return vs Market: LAZR underperformed the US Market which returned -9.6% over the past year.

Price Volatility

Is LAZR's price volatile compared to industry and market?
LAZR volatility
LAZR Average Weekly Movement13.1%
Auto Components Industry Average Movement8.0%
Market Average Movement7.6%
10% most volatile stocks in US Market16.8%
10% least volatile stocks in US Market3.1%

Stable Share Price: LAZR is more volatile than 75% of US stocks over the past 3 months, typically moving +/- 13% a week.

Volatility Over Time: LAZR's weekly volatility (13%) has been stable over the past year, but is still higher than 75% of US stocks.

About the Company

FoundedEmployeesCEOWebsite
2012500Austin Russellhttps://www.luminartech.com

Luminar Technologies, Inc., an automotive technology company, provides sensor technologies and software for passenger cars and commercial trucks in North America, the Asia Pacific, Europe, and the Middle East. It operates in two segments, Autonomy Solutions and Components. The Autonomy Solutions segment designs, manufactures, and sells laser imaging, detection, and ranging sensors, as well as related perception and autonomy software solutions primarily for original equipment manufacturers in the automobile, commercial vehicle, robo-taxi, and adjacent industries.

Luminar Technologies Fundamentals Summary

How do Luminar Technologies's earnings and revenue compare to its market cap?
LAZR fundamental statistics
Market CapUS$3.96b
Earnings (TTM)-US$308.80m
Revenue (TTM)US$37.11m

106.7x

P/S Ratio

-12.8x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
LAZR income statement (TTM)
RevenueUS$37.11m
Cost of RevenueUS$75.35m
Gross Profit-US$38.24m
Other ExpensesUS$270.57m
Earnings-US$308.80m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)-0.86
Gross Margin-103.04%
Net Profit Margin-832.16%
Debt/Equity Ratio689.4%

How did LAZR perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is LAZR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for LAZR?

Other financial metrics that can be useful for relative valuation.

LAZR key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue107.3x
Enterprise Value/EBITDA-12.3x
PEG Ration/a

Price to Book Ratio vs Peers

How does LAZR's PB Ratio compare to its peers?

LAZR PB Ratio vs Peers
The above table shows the PB ratio for LAZR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPBEstimated GrowthMarket Cap
Peer Average3.9x
VC Visteon
6.8x36.0%US$3.6b
ADNT Adient
1.7x35.2%US$3.7b
LCII LCI Industries
2.5x-28.2%US$3.5b
FOXF Fox Factory Holding
4.7x16.6%US$4.7b
LAZR Luminar Technologies
44.7x20.5%US$4.0b

Price-To-Book vs Peers: LAZR is expensive based on its Price-To-Book Ratio (44.7x) compared to the peer average (3.9x).


Price to Earnings Ratio vs Industry

How does LAZR's PE Ratio compare vs other companies in the US Auto Components Industry?

Price-To-Book vs Industry: LAZR is expensive based on its Price-To-Book Ratio (44.7x) compared to the US Auto Components industry average (2x)


Price to Book Ratio vs Fair Ratio

What is LAZR's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

LAZR PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio44.7x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate LAZR's Price-To-Book Fair Ratio for valuation analysis.


Share Price vs Fair Value

What is the Fair Price of LAZR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: LAZR ($11.01) is trading below our estimate of fair value ($44.3)

Significantly Below Fair Value: LAZR is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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Future Growth

How is Luminar Technologies forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


20.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: LAZR is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: LAZR is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: LAZR is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: LAZR's revenue (58.7% per year) is forecast to grow faster than the US market (7.9% per year).

High Growth Revenue: LAZR's revenue (58.7% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if LAZR's Return on Equity is forecast to be high in 3 years time


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Past Performance

How has Luminar Technologies performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-40.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: LAZR is currently unprofitable.

Growing Profit Margin: LAZR is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: LAZR is unprofitable, and losses have increased over the past 5 years at a rate of 40% per year.

Accelerating Growth: Unable to compare LAZR's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: LAZR is unprofitable, making it difficult to compare its past year earnings growth to the Auto Components industry (-6.3%).


Return on Equity

High ROE: LAZR has a negative Return on Equity (-348.69%), as it is currently unprofitable.


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Financial Health

How is Luminar Technologies's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: LAZR's short term assets ($671.1M) exceed its short term liabilities ($57.8M).

Long Term Liabilities: LAZR's short term assets ($671.1M) exceed its long term liabilities ($629.2M).


Debt to Equity History and Analysis

Debt Level: LAZR's net debt to equity ratio (6%) is considered satisfactory.

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


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: LAZR has sufficient cash runway for more than 3 years based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if LAZR has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.


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Dividend

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

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


3.03%

Forecast Dividend Yield

Dividend Yield vs Market

Notable Dividend: Unable to evaluate LAZR's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate LAZR's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if LAZR's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if LAZR's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as LAZR has not reported any payouts.


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Management

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

1.0yrs

Average management tenure


CEO

Austin Russell (26 yo)

10.58yrs

Tenure

US$1

Compensation

Mr. Austin Russell has served as President and Chief Executive Officer and as Chairperson and member of board of directors of Luminar Technologies, Inc. since December 2020 and prior to this, served as Pre...


CEO Compensation Analysis

Compensation vs Market: Austin's total compensation ($USD1.00) is below average for companies of similar size in the US market ($USD6.57M).

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


Leadership Team

Experienced Management: LAZR's management team is not considered experienced ( 1 years average tenure), which suggests a new team.


Board Members

Experienced Board: LAZR's board of directors are not considered experienced ( 1.5 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: LAZR 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

Luminar Technologies, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Luminar Technologies, Inc.
  • Ticker: LAZR
  • Exchange: NasdaqGS
  • Founded: 2012
  • Industry: Auto Parts and Equipment
  • Sector: Automobiles
  • Implied Market Cap: US$3.958b
  • Shares outstanding: 359.51m
  • Website: https://www.luminartech.com

Number of Employees


Location

  • Luminar Technologies, Inc.
  • 2603 Discovery Drive
  • Suite 100
  • Orlando
  • Florida
  • 32826
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/16 00:00
End of Day Share Price2022/08/16 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.