NasdaqGS:COHU

Stock Analysis Report

Executive Summary

Cohu, Inc., through its subsidiaries, provides semiconductor test and inspection handlers, micro-electro mechanical system (MEMS) test modules, test contactors, thermal sub-systems, semiconductor automated test equipment (ATE), and bare board printed circuit board (PCB) test systems for semiconductor and electronics manufacturers, and test subcontractors worldwide.

Snowflake

Fundamentals

Adequate balance sheet with reasonable growth potential.


Similar Companies

Share Price & News

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


Latest Share Price and Events


Market Performance


7 Day Return

-0.8%

NasdaqGS:COHU

0.4%

US Semiconductor

0.8%

US Market


1 Year Return

-32.2%

NasdaqGS:COHU

10.7%

US Semiconductor

1.9%

US Market

COHU underperformed the Semiconductor industry which returned 10.7% over the past year.

COHU underperformed the Market in United States of America which returned 1.9% over the past year.


Share holder returns

COHUIndustryMarket
7 Day-0.8%0.4%0.8%
30 Day11.6%7.8%3.4%
90 Day-10.4%12.6%2.1%
1 Year-31.2%-32.2%12.7%10.7%4.2%1.9%
3 Year28.1%22.9%84.2%73.5%46.7%37.2%
5 Year27.3%17.2%124.2%101.4%62.3%44.5%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is Cohu undervalued based on future cash flows and its price relative to the stock market?

1.13x

Price to Book (PB) ratio


Intrinsic Value Based on Future Cash Flows

Cohu's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

Cohu's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

Cohu is loss making, we can't compare its value to the US Semiconductor industry average.

Cohu is loss making, we can't compare the value of its earnings to the United States of America market.


Price Based on Expected Growth

Unable to calculate PEG ratio for Cohu, we can't assess if its growth is good value.


Price Based on Value of Assets

Cohu is good value based on assets compared to the US Semiconductor industry average.


Next Steps

Future Growth

How is Cohu expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

108.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Cohu's revenue is expected to grow by 13.2% yearly, however this is not considered high growth (20% yearly).

Cohu's earnings are expected to grow significantly at over 20% yearly.

Cohu's revenue growth is expected to exceed the United States of America market average.

Cohu's earnings growth is expected to exceed the United States of America market average.

Cohu's earnings growth is expected to exceed the low risk savings rate of 2.7%.


Earnings per Share Growth Estimates


Future Return on Equity

Unable to establish if Cohu will efficiently use shareholders’ funds in the future without estimates of Return on Equity.


Next Steps

Past Performance

How has Cohu performed over the past 5 years?

-26.2%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Cohu does not make a profit and their year on year earnings growth rate was negative over the past 5 years.

Unable to compare Cohu's 1-year earnings growth to the 5-year average as it is not currently profitable.

Unable to compare Cohu's 1-year growth to the US Semiconductor industry average as it is not currently profitable.


Return on Equity

It is difficult to establish if Cohu has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.


Return on Assets

It is difficult to establish if Cohu has efficiently used its assets last year compared to the US Semiconductor industry average (Return on Assets) as it is loss-making.


Return on Capital Employed

It is difficult to establish if Cohu improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.


Next Steps

Financial Health

How is Cohu's financial position?


Financial Position Analysis

Cohu is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.

Cohu's cash and other short term assets cover its long term commitments.


Debt to Equity History and Analysis

Cohu's level of debt (67.7%) compared to net worth is high (greater than 40%).

Unable to establish if Cohu's debt level has increased without past 5-year debt data.


Balance Sheet

High level of physical assets or inventory.

Debt is covered by short term assets, assets are 1.3x debt.


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.

Whilst loss making Cohu has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.

Whilst loss making Cohu has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -27.1% per year.


Next Steps

Dividend

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

1.69%

Current Dividend Yield


Dividend Yield and Payments Analysis

Cohu's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).

Cohu's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).

Dividends per share have been stable in the past 10 years.

No dividend growth in 10 years.


Current Payout to Shareholders

The company is paying a dividend however it is incurring a loss.


Future Payout to Shareholders

Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.


Next Steps

Management

What is the CEO of Cohu's salary, the management and board of directors tenure and is there insider trading?

4.8yrs

Average management tenure


CEO

Luis Müller (49yo)

4.8yrs

Tenure

US$2,674,765

Compensation

Dr. Luis A. Müller has been the Chief Executive Officer and President of Cohu, Inc. since December 28, 2014. Prior to joining Cohu, Inc. Dr. Müller spent nine years at Teradyne, where he held various manag ...


CEO Compensation Analysis

Luis's remuneration is higher than average for companies of similar size in United States of America.

Luis's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

4.8yrs

Average Tenure

57yo

Average Age

The tenure for the Cohu management team is about average.


Board Age and Tenure

4.8yrs

Average Tenure

64yo

Average Age

The tenure for the Cohu board of directors is about average.


Insider Trading

More shares have been bought than sold by Cohu individual insiders in the past 3 months, but not in substantial volumes.


Recent Insider Transactions

BuyUS$39,21009 Aug 19
Jeffrey Jones
EntityIndividual
Role
Chief Financial Officer
VP of Finance & CFO
Shares3,000
Max PriceUS$13.07
BuyUS$57,40024 May 19
Jeffrey Jones
EntityIndividual
Role
Chief Financial Officer
VP of Finance & CFO
Shares4,000
Max PriceUS$14.35
SellUS$49,56014 May 19
William Bendush
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares3,000
Max PriceUS$16.52
SellUS$115,89528 Nov 18
Stephen Wigley
EntityIndividual
Shares6,500
Max PriceUS$17.83

Ownership Breakdown


Management Team

  • Tom Kampfer (55yo)

    VP of Corporate Development

    • Tenure: 2.3yrs
    • Compensation: US$804.35k
  • James McFarlane (68yo)

    President of Delta Design Kit Operations

    • Tenure: 6.6yrs
    • Compensation: US$743.53k
  • Pascal Rondé (57yo)

    Senior Vice President of Global Customer Group

    • Tenure: 0.9yrs
    • Compensation: US$434.97k
  • Jeffrey Jones (58yo)

    VP of Finance & CFO

    • Tenure: 11.8yrs
    • Compensation: US$1.19m
  • Rich Yerganian

    Vice President of Investor Relations

    • Tenure: 0yrs
  • Luis Müller (49yo)

    President

    • Tenure: 4.8yrs
    • Compensation: US$2.67m
  • Samer Kabbani (45yo)

    President of Delta Design Systems

    • Tenure: 16.6yrs
    • Compensation: US$676.71k
  • Christopher Bohrson (60yo)

    Senior VP & GM of Test Handler Group

    • Tenure: 0.9yrs
    • Compensation: US$742.60k

Board Members

  • William Bendush (70yo)

    Independent Director

    • Tenure: 7.8yrs
    • Compensation: US$195.14k
  • James Donahue (71yo)

    Non-Executive Chairman

    • Tenure: 4.8yrs
    • Compensation: US$216.92k
  • Steve Bilodeau (61yo)

    Lead Independent Director

    • Tenure: 1.3yrs
    • Compensation: US$201.85k
  • Andrew Caggia (71yo)

    Independent Director

    • Tenure: 5.1yrs
    • Compensation: US$177.62k
  • Bob Ciardella (67yo)

    Independent Director

    • Tenure: 16.2yrs
    • Compensation: US$187.13k
  • Jorge Titinger (58yo)

    Director

    • Tenure: 0.9yrs
    • Compensation: US$83.63k
  • Luis Müller (49yo)

    President

    • Tenure: 4.8yrs
    • Compensation: US$2.67m
  • Lynne Camp (61yo)

    Director

    • Tenure: 0yrs

Company Information

Cohu, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Cohu, Inc.
  • Ticker: COHU
  • Exchange: NasdaqGS
  • Founded: 1947
  • Industry: Semiconductor Equipment
  • Sector: Semiconductors
  • Market Cap: US$583.558m
  • Shares outstanding: 41.10m
  • Website: https://www.cohu.com

Number of Employees


Location

  • Cohu, Inc.
  • 12367 Crosthwaite Circle
  • Poway
  • California
  • 92064
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
COHUNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDJan 1968
CU3DB (Deutsche Boerse AG)YesCommon StockDEEURJan 1968

Biography

Cohu, Inc., through its subsidiaries, provides semiconductor test and inspection handlers, micro-electro mechanical system (MEMS) test modules, test contactors, thermal sub-systems, semiconductor automated ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/09/18 23:33
End of Day Share Price2019/09/18 00:00
Earnings2019/06/29
Annual Earnings2018/12/29


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.