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Cohu

Nasdaq:COHU
Snowflake Description

Reasonable growth potential with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
COHU
Nasdaq
$586M
Market Cap
  1. Home
  2. US
  3. Semiconductors
Company description

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. The last earnings update was 68 days ago. More info.


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  • Cohu has significant price volatility in the past 3 months.
COHU Share Price and Events
7 Day Returns
-1.8%
NasdaqGS:COHU
4.3%
US Semiconductor
1.1%
US Market
1 Year Returns
-44.5%
NasdaqGS:COHU
4.1%
US Semiconductor
4.7%
US Market
COHU Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cohu (COHU) -1.8% -8.9% -5.2% -44.5% 23.5% 33.1%
US Semiconductor 4.3% 11.2% -3.2% 4.1% 77.7% 91.6%
US Market 1.1% 4.3% 2.9% 4.7% 37.7% 43.6%
1 Year Return vs Industry and Market
  • COHU underperformed the Semiconductor industry which returned 4.1% over the past year.
  • COHU underperformed the Market in United States of America which returned 4.7% over the past year.
Price Volatility
COHU
Industry
5yr Volatility vs Market
Related Companies

Value

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

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Cohu to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Cohu.

NasdaqGS:COHU Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.4%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:COHU
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Semiconductor Unlevered Beta Simply Wall St/ S&P Global 1.27
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.272 (1 + (1- 21%) (65.03%))
1.62
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.62
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.62 * 5.96%)
12.38%

Discounted Cash Flow Calculation for NasdaqGS:COHU using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Cohu is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NasdaqGS:COHU DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 12.38%)
2020 46.68 Est @ 16.07% 41.54
2021 52.31 Est @ 12.07% 41.42
2022 57.16 Est @ 9.27% 40.27
2023 61.34 Est @ 7.3% 38.45
2024 64.97 Est @ 5.93% 36.25
2025 68.20 Est @ 4.97% 33.85
2026 71.14 Est @ 4.3% 31.42
2027 73.86 Est @ 3.83% 29.03
2028 76.44 Est @ 3.5% 26.73
2029 78.94 Est @ 3.27% 24.57
Present value of next 10 years cash flows $343.53
NasdaqGS:COHU DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $78.94 × (1 + 2.73%) ÷ (12.38% – 2.73%)
$840.18
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $840.18 ÷ (1 + 12.38%)10
$261.45
NasdaqGS:COHU Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $343.53 + $261.45
$604.98
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $604.98 / 41.02
$14.75
NasdaqGS:COHU Discount to Share Price
Calculation Result
Value per share (USD) From above. $14.75
Current discount Discount to share price of $14.29
= -1 x ($14.29 - $14.75) / $14.75
3.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Cohu is available for.
Intrinsic value
3%
Share price is $14.29 vs Future cash flow value of $14.75
Current Discount Checks
For Cohu to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Cohu's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Cohu's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Cohu's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cohu's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:COHU PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-30) in USD $-1.81
NasdaqGS:COHU Share Price ** NasdaqGS (2019-07-16) in USD $14.29
United States of America Semiconductor Industry PE Ratio Median Figure of 68 Publicly-Listed Semiconductor Companies 22.84x
United States of America Market PE Ratio Median Figure of 3,084 Publicly-Listed Companies 17.98x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Cohu.

NasdaqGS:COHU PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:COHU Share Price ÷ EPS (both in USD)

= 14.29 ÷ -1.81

-7.87x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • 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
Does Cohu's expected growth come at a high price?
Raw Data
NasdaqGS:COHU PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -7.87x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
137.7%per year
United States of America Semiconductor Industry PEG Ratio Median Figure of 63 Publicly-Listed Semiconductor Companies 1.07x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.58x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Cohu, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Cohu's assets?
Raw Data
NasdaqGS:COHU PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-30) in USD $12.89
NasdaqGS:COHU Share Price * NasdaqGS (2019-07-16) in USD $14.29
United States of America Semiconductor Industry PB Ratio Median Figure of 107 Publicly-Listed Semiconductor Companies 2.66x
United States of America Market PB Ratio Median Figure of 5,240 Publicly-Listed Companies 1.81x
NasdaqGS:COHU PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:COHU Share Price ÷ Book Value per Share (both in USD)

= 14.29 ÷ 12.89

1.11x

* Primary Listing of Cohu.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cohu is good value based on assets compared to the US Semiconductor industry average.
X
Value checks
We assess Cohu's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Semiconductor industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Semiconductor industry average (and greater than 0)? (1 check)
  5. Cohu has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

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

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
137.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cohu expected to grow at an attractive rate?
  • Cohu's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Cohu's earnings growth is expected to exceed the United States of America market average.
  • Cohu's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:COHU Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:COHU Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 137.7%
NasdaqGS:COHU Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 16%
United States of America Semiconductor Industry Earnings Growth Rate Market Cap Weighted Average 18.3%
United States of America Semiconductor Industry Revenue Growth Rate Market Cap Weighted Average 7.9%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.5%

*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.

Analysts growth expectations
Raw Data
NasdaqGS:COHU Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:COHU Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 802 1
2020-12-31 746 39 3
2019-12-31 634 -29 3
NasdaqGS:COHU Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-30 504 48 -63
2018-12-29 452 34 -32
2018-09-29 365 45 31
2018-06-30 373 48 35
2018-03-31 367 38 34
2017-12-30 353 40 33
2017-09-30 339 30 29
2017-06-24 315 16 20
2017-03-25 297 19 12
2016-12-31 282 25 3
2016-09-24 275 15 3
2016-06-25 273 24 4

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cohu's earnings are expected to grow significantly at over 20% yearly.
  • Cohu's revenue is expected to grow by 16% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:COHU Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Cohu Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:COHU Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.65 0.65 0.65 1.00
2020-12-31 0.72 1.47 0.30 3.00
2019-12-31 -0.81 -0.29 -1.13 3.00
NasdaqGS:COHU Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-30 -1.81
2018-12-29 -1.02
2018-09-29 1.10
2018-06-30 1.24
2018-03-31 1.22
2017-12-30 1.19
2017-09-30 1.04
2017-06-24 0.74
2017-03-25 0.44
2016-12-31 0.12
2016-09-24 0.12
2016-06-25 0.17

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Cohu will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Cohu's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Cohu has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Cohu performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Cohu's growth in the last year to its industry (Semiconductor).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Cohu does not make a profit even though their year on year earnings growth rate was positive 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.
Earnings and Revenue History
Cohu's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Cohu Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:COHU Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-30 504.43 -63.23 117.70 67.39
2018-12-29 451.77 -32.30 95.20 56.43
2018-09-29 365.22 31.47 54.70 45.80
2018-06-30 372.71 35.42 55.47 44.32
2018-03-31 366.76 34.48 59.24 42.74
2017-12-30 352.70 33.12 57.71 40.74
2017-09-30 339.31 28.53 55.79 38.99
2017-06-24 314.92 19.91 52.91 38.06
2017-03-25 297.40 11.71 51.77 36.94
2016-12-31 282.08 3.26 52.81 34.84
2016-09-24 274.87 3.24 53.25 32.90
2016-06-25 273.13 4.45 51.98 32.84
2016-03-26 271.99 5.82 50.91 32.22
2015-12-26 269.65 5.79 50.17 33.11
2015-09-26 296.76 8.78 50.14 33.98
2015-06-27 320.82 17.45 49.37 33.97
2015-03-28 319.91 15.77 48.04 35.12
2014-12-27 316.63 14.78 49.15 36.02
2014-09-27 287.18 2.93 49.08 37.79
2014-06-28 251.58 -18.20 51.29 40.34
2014-03-29 239.52 -24.73 52.04 42.64
2013-12-28 214.51 -28.55 45.83 40.45
2013-09-28 221.15 -32.84 49.97 45.18
2013-06-29 222.92 -23.48 48.20 43.18
2013-03-30 220.09 -21.25 46.02 40.67
2012-12-29 206.31 -12.12 39.82 33.56
2012-09-29 237.01 -6.36 44.68 35.23

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • 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.
  • 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.
  • 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.
X
Past performance checks
We assess Cohu's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Semiconductor industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Cohu has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Cohu's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Cohu's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • 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.
Balance sheet
This treemap shows a more detailed breakdown of Cohu's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Cohu Company Filings, last reported 3 months ago.

NasdaqGS:COHU Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-30 528.31 349.21 160.09
2018-12-29 545.94 352.83 165.02
2018-09-29 309.01 7.94 171.24
2018-06-30 304.46 8.44 150.87
2018-03-31 298.35 9.13 139.73
2017-12-30 289.09 8.96 155.62
2017-09-30 278.80 9.28 138.32
2017-06-24 264.55 9.85 114.28
2017-03-25 245.36 10.26 106.21
2016-12-31 235.47 0.00 128.04
2016-09-24 240.96 0.00 128.67
2016-06-25 239.84 0.00 117.93
2016-03-26 236.97 0.00 114.52
2015-12-26 238.14 0.00 117.02
2015-09-26 236.33 0.00 90.73
2015-06-27 239.17 0.00 74.04
2015-03-28 234.89 0.00 69.72
2014-12-27 247.07 0.00 72.04
2014-09-27 254.33 0.00 61.73
2014-06-28 254.27 0.00 58.17
2014-03-29 249.39 0.00 41.12
2013-12-28 253.16 0.00 52.87
2013-09-28 256.19 0.00 52.86
2013-06-29 262.46 0.00 54.23
2013-03-30 264.37 0.00 48.70
2012-12-29 280.90 0.00 110.23
2012-09-29 283.61 0.00 110.11
  • Cohu's level of debt (66.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0% vs 66.6% today).
  • Debt is not well covered by operating cash flow (13.5%, less than 20% of total debt).
  • Cohu is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess Cohu's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Cohu has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.68%
Current annual income from Cohu dividends.
If you bought $2,000 of Cohu shares you are expected to receive $34 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Cohu's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.42%).
  • Cohu's dividend is below the markets top 25% of dividend payers in United States of America (3.73%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:COHU Annualized Past and Future Dividends
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 3 Analyst Estimates (S&P Global) See Below
United States of America Semiconductor Industry Average Dividend Yield Market Cap Weighted Average of 32 Stocks 2.2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2017 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:COHU Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31
NasdaqGS:COHU Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-12 0.240 1.522
2018-11-07 0.240 1.391
2018-11-05 0.240 1.254
2018-05-14 0.240 1.003
2018-05-10 0.240 1.022
2018-05-08 0.240 1.060
2017-11-02 0.240 1.063
2017-04-27 0.240 1.240
2017-03-02 0.240 1.343
2017-02-16 0.240 1.484
2016-10-28 0.240 1.866
2016-10-27 0.240 2.186
2016-07-29 0.240 2.182
2016-07-28 0.240 2.215
2016-02-11 0.240 2.086
2015-10-29 0.240 1.958
2015-07-30 0.240 2.425
2015-05-04 0.240 1.910
2015-05-01 0.240 2.156
2015-02-24 0.240 2.186
2015-02-19 0.240 2.196
2014-07-30 0.240 2.058
2014-05-14 0.240 2.250
2014-02-12 0.240 2.327
2013-11-06 0.240 2.402
2013-10-30 0.240 2.503
2013-05-15 0.240 2.129
2013-05-08 0.240 2.366
2012-10-25 0.240 2.485
2012-07-25 0.240 2.621
2012-05-09 0.240 2.521
2012-02-01 0.240 2.097
2011-10-19 0.240 2.124
2011-07-20 0.240 2.160
2011-05-11 0.240 1.858
2011-01-26 0.240 1.638
2010-10-20 0.240 1.574
2010-07-21 0.240 1.870
2010-05-11 0.240 1.779
2010-05-04 0.240 1.512
2010-04-21 0.240 1.446
2009-10-21 0.240 1.833
2009-07-22 0.240 1.932
2009-05-12 0.240 2.600
2009-02-05 0.240 2.850
2008-10-23 0.240 2.112
2008-07-24 0.240 1.542

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • No dividend growth in 10 years.
Current Payout to shareholders
What portion of Cohu's earnings are paid to the shareholders as a dividend.
  • 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.
X
Income/ dividend checks
We assess Cohu's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Cohu afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cohu has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Luis Müller
COMPENSATION $2,674,765
AGE 49
TENURE AS CEO 4.6 years
CEO Bio

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 management positions in engineering and business development. Dr. Müller has been the President of Delta Design, Inc., since January 10, 2011. He served as it's Vice President of Delta Design’s High Speed Handling Group from 2008 to 2009 and Director of Engineering at Delta Design from 2005 to 2008. He served as the President of Rasco GmbH since January 10, 2011 and was its Managing Director from January 2009 to 2011. He served as the President of Semiconductor Equipment Group at Cohu, Inc., since January, 2011 until 2014. He was Vice President of SEG's High Speed Pick-and-Place handler products from July 2008 to December 2010. He has been a Director at Cohu, Inc. since December 28, 2014. He has been a Director and President of Xcerra Corporation since October 1, 2018. He has more than twenty years of experience in the semiconductor equipment industry, broad knowledge of business development and strategy, semiconductor technologies, corporate governance and international operations. Dr. Müller has a Ph.D. in Mechanical Engineering from Massachusetts Institute of Technology.

CEO Compensation
  • Luis's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Luis's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Cohu management team in years:

4.6
Average Tenure
57
Average Age
  • The tenure for the Cohu management team is about average.
Management Team

Luis Müller

TITLE
President
COMPENSATION
$3M
AGE
49
TENURE
4.6 yrs

Jeffrey Jones

TITLE
VP of Finance & CFO
COMPENSATION
$1M
AGE
58
TENURE
11.7 yrs

Tom Kampfer

TITLE
VP of Corporate Development
COMPENSATION
$804K
AGE
55
TENURE
2.2 yrs

Christopher Bohrson

TITLE
Senior VP & GM of Test Handler Group
COMPENSATION
$743K
AGE
60
TENURE
0.8 yrs

Pascal Rondé

TITLE
Senior Vice President of Global Customer Group
COMPENSATION
$435K
AGE
57
TENURE
0.8 yrs

Rich Yerganian

TITLE
Vice President of Investor Relations

James McFarlane

TITLE
President of Delta Design Kit Operations
COMPENSATION
$744K
AGE
68
TENURE
6.4 yrs

Samer Kabbani

TITLE
President of Delta Design Systems
COMPENSATION
$677K
AGE
45
TENURE
16.4 yrs
Board of Directors Tenure

Average tenure and age of the Cohu board of directors in years:

4.6
Average Tenure
67
Average Age
  • The tenure for the Cohu board of directors is about average.
Board of Directors

James Donahue

TITLE
Non-Executive Chairman
COMPENSATION
$217K
AGE
71
TENURE
4.6 yrs

Luis Müller

TITLE
President
COMPENSATION
$3M
AGE
49
TENURE
4.6 yrs

Steve Bilodeau

TITLE
Lead Independent Director
COMPENSATION
$202K
AGE
61
TENURE
1.2 yrs

William Bendush

TITLE
Independent Director
COMPENSATION
$195K
AGE
70
TENURE
7.6 yrs

Andrew Caggia

TITLE
Independent Director
COMPENSATION
$178K
AGE
71
TENURE
4.9 yrs

Bob Ciardella

TITLE
Independent Director
COMPENSATION
$187K
AGE
67
TENURE
16 yrs

Jorge Titinger

TITLE
Director
COMPENSATION
$84K
AGE
58
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Cohu individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
24. May 19 Buy Jeffrey Jones Individual 23. May 19 23. May 19 4,000 $14.35 $57,400
14. May 19 Sell William Bendush Individual 13. May 19 13. May 19 -3,000 $16.52 $-49,560
28. Nov 18 Sell Stephen Wigley Individual 23. Nov 18 23. Nov 18 -6,500 $17.83 $-115,895
15. Aug 18 Sell Hock Chiang Individual 14. Aug 18 14. Aug 18 -15,825 $27.59 $-436,539
X
Management checks
We assess Cohu's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Cohu has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is Cohu, Inc.'s (NASDAQ:COHU) 1.6% Dividend Worth Your Time?

Dividend Growth Potential While dividend payments have been relatively reliable, it would also be nice if earnings per share (EPS) were growing, as this is essential to maintaining the dividend's purchasing power over the long term. … We're not keen on the fact that Cohu paid dividends despite reporting a loss over the past year, although fortunately its dividend was covered by cash flow. … Next, growing earnings per share and steady dividend payments is a great combination.

Simply Wall St -

Is Cohu (NASDAQ:COHU) A Risky Investment?

NasdaqGS:COHU Historical Debt, July 1st 2019 How Strong Is Cohu's Balance Sheet? … Either way, since Cohu does have more debt than cash, it's worth keeping an eye on its balance sheet. … When analysing debt levels, the balance sheet is the obvious place to start.

Simply Wall St -

Investors Who Bought Cohu (NASDAQ:COHU) Shares Five Years Ago Are Now Up 47%

To wit, the Cohu share price has climbed 47% in five years, easily topping the market return of 38% (ignoring dividends). … While the share price has beat the market, compounding at 8.0% yearly, over five years, there's certainly some potential that the market hasn't fully considered the growth track record. … It is important to consider the total shareholder return, as well as the share price return, for any given stock.

Simply Wall St -

Have Insiders Been Selling Cohu, Inc. (NASDAQ:COHU) Shares This Year?

So shareholders might well want to know whether insiders have been buying or selling shares in Cohu, Inc. … View our latest analysis for Cohu Cohu Insider Transactions Over The Last Year Over the last year, we can see that the biggest insider sale was by the , Hock Chiang, for US$437k worth of shares, at about US$27.59 per share. … Over the last year we saw more insider selling of Cohu shares, than buying.

Simply Wall St -

What Does Cohu, Inc.'s (NASDAQ:COHU) Balance Sheet Tell Us About It?

COHU’s Debt (And Cash Flows) COHU's debt levels surged from US$9.1m to US$381m over the last 12 months – this includes long-term debt. … Additionally, COHU has produced US$48m in operating cash flow in the last twelve months, resulting in an operating cash to total debt ratio of 12%, signalling that COHU’s current level of operating cash is not high enough to cover debt. … Next Steps: COHU’s high cash coverage means that, although its debt levels are high, the company is able to utilise its borrowings efficiently in order to generate cash flow.

Simply Wall St -

At US$15.47, Is It Time To Put Cohu, Inc. (NASDAQ:COHU) On Your Watch List?

saw significant share price movement during recent months on the NASDAQGS, rising to highs of $18.83 and falling to the lows of $14.4. … Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a lower price? … Let’s take a look at Cohu’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

Is Cohu, Inc. (NASDAQ:COHU) A Smart Pick For Income Investors?

Unfortunately, one common occurrence with dividend companies is for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments. … There are a few simple ways to reduce the risks of buying Cohu for its dividend, and we'll go through these below. … NasdaqGS:COHU Historical Dividend Yield, April 15th 2019

Simply Wall St -

Is Cohu, Inc.'s (NASDAQ:COHU) CEO Being Overpaid?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Luis Müller's Compensation Compare With Similar Sized Companies. … We looked at a group of companies with market capitalizations from US$200m to US$800m, and the median CEO total compensation was US$1.6m.

Simply Wall St -

Should Cohu Be Disappointed With Their 65% Profit?

(NASDAQ:COHU) share price is up 65% in the last 5 years, clearly besting than the market return of around 40% (ignoring dividends). … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … We can see that the Cohu share price is up 54% in the last three years.

Simply Wall St -

Before You Buy Cohu, Inc. (NASDAQ:COHU), Consider Its Volatility

(NASDAQ:COHU), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Company Info

Description

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. It operates through two segments, Semiconductor Test and Inspection Equipment, and PCB Test Equipment. The company provides semiconductor ATE for wafer level and device package testing; various test handlers, including pick-and-place, turret, gravity, strip, and MEMS for testing and inspection of packaged semiconductor devices; and thermal sub-systems that include temperature control of the integrated circuit during the testing process. It also offers bare board PCB test systems to test pre-assembly PCBs; flying probe and grid testers; interface products comprising test contactors and probe pins; spares and kits; and a range of device dedication kits that enable handlers to process various semiconductor packages. In addition, the company provides various parts and labor warranties on test and handling systems, and instruments; and training on the maintenance and operation of its systems. It markets its products through direct sales force and independent sales representatives. The company was formerly known as Cohu Electronics, Inc. and changed its name to Cohu, Inc. in 1972. Cohu, Inc. was founded in 1947 and is headquartered in Poway, California.

Details
Name: Cohu, Inc.
COHU
Exchange: NasdaqGS
Founded: 1947
$586,131,729
41,016,916
Website: http://www.cohu.com
Address: Cohu, Inc.
12367 Crosthwaite Circle,
Poway,
California, 92064,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS COHU Common Stock Nasdaq Global Select US USD 02. Jan 1968
DB CU3 Common Stock Deutsche Boerse AG DE EUR 02. Jan 1968
Number of employees
Current staff
Staff numbers
3,500
Cohu employees.
Industry
Semiconductor Equipment
Semiconductors
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/16 23:34
End of day share price update: 2019/07/16 00:00
Last estimates confirmation: 2019/07/09
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/30
Last annual earnings reported: 2018/12/29


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.