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Photronics

Nasdaq:PLAB
Snowflake Description

Very undervalued with flawless balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PLAB
Nasdaq
$589M
Market Cap
  1. Home
  2. US
  3. Semiconductors
Company description

Photronics, Inc., together with its subsidiaries, manufactures and sells photomasks in Taiwan, Korea, the United States, Europe, and internationally. The last earnings update was 43 days ago. More info.


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PLAB Share Price and Events
7 Day Returns
8%
NasdaqGS:PLAB
2.2%
US Semiconductor
-0.3%
US Market
1 Year Returns
-0.2%
NasdaqGS:PLAB
1.9%
US Semiconductor
3.4%
US Market
PLAB Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Photronics (PLAB) 8% 6.4% -6.4% -0.2% -7.7% 7.2%
US Semiconductor 2.2% 9.8% -5.5% 1.9% 74.2% 91.2%
US Market -0.3% 2.9% 2.1% 3.4% 36.2% 41.3%
1 Year Return vs Industry and Market
  • PLAB underperformed the Semiconductor industry which returned 1.9% over the past year.
  • PLAB underperformed the Market in United States of America which returned 3.4% over the past year.
Price Volatility
PLAB
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Photronics 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 Photronics 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 Photronics.

NasdaqGS:PLAB 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 10%
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:PLAB
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%) (6.19%))
1.224
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.22
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.224 * 5.96%)
10.03%

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

The calculations below outline how an intrinsic value for Photronics 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:PLAB DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 10.03%)
2020 115.00 Analyst x1 104.52
2021 122.33 Est @ 6.37% 101.05
2022 128.79 Est @ 5.28% 96.69
2023 134.60 Est @ 4.51% 91.85
2024 139.96 Est @ 3.98% 86.80
2025 145.00 Est @ 3.6% 81.74
2026 149.85 Est @ 3.34% 76.77
2027 154.58 Est @ 3.16% 71.98
2028 159.26 Est @ 3.03% 67.40
2029 163.95 Est @ 2.94% 63.06
Present value of next 10 years cash flows $841.88
NasdaqGS:PLAB DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $163.95 × (1 + 2.73%) ÷ (10.03% – 2.73%)
$2,308.69
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,308.69 ÷ (1 + 10.03%)10
$888.07
NasdaqGS:PLAB Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $841.88 + $888.07
$1,729.94
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $1,729.94 / 67.07
$25.79
NasdaqGS:PLAB Discount to Share Price
Calculation Result
Value per share (USD) From above. $25.79
Current discount Discount to share price of $8.78
= -1 x ($8.78 - $25.79) / $25.79
66%

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

Current Discount
Amount off the current price Photronics is available for.
Intrinsic value
>50%
Share price is $8.78 vs Future cash flow value of $25.79
Current Discount Checks
For Photronics to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Photronics's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Photronics's share price is below the future cash flow value, and 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 Photronics's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Photronics's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:PLAB PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-04-28) in USD $0.58
NasdaqGS:PLAB Share Price ** NasdaqGS (2019-07-18) in USD $8.78
United States of America Semiconductor Industry PE Ratio Median Figure of 68 Publicly-Listed Semiconductor Companies 22.17x
United States of America Market PE Ratio Median Figure of 3,083 Publicly-Listed Companies 17.88x

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

** Primary Listing of Photronics.

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

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

= 8.78 ÷ 0.58

15.11x

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

  • Photronics is good value based on earnings compared to the US Semiconductor industry average.
  • Photronics is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Photronics's expected growth come at a high price?
Raw Data
NasdaqGS:PLAB PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.11x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
32.2%per year
United States of America Semiconductor Industry PEG Ratio Median Figure of 63 Publicly-Listed Semiconductor Companies 0.97x
United States of America Market PEG Ratio Median Figure of 2,124 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

NasdaqGS:PLAB PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.11x ÷ 32.2%

0.47x

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

  • Photronics is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Photronics's assets?
Raw Data
NasdaqGS:PLAB PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-04-28) in USD $11.52
NasdaqGS:PLAB Share Price * NasdaqGS (2019-07-18) in USD $8.78
United States of America Semiconductor Industry PB Ratio Median Figure of 107 Publicly-Listed Semiconductor Companies 2.65x
United States of America Market PB Ratio Median Figure of 5,245 Publicly-Listed Companies 1.8x
NasdaqGS:PLAB PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 8.78 ÷ 11.52

0.76x

* Primary Listing of Photronics.

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

  • Photronics is good value based on assets compared to the US Semiconductor industry average.
X
Value checks
We assess Photronics'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. Photronics has a total score of 6/6, 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 Photronics 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
32.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Photronics expected to grow at an attractive rate?
  • Photronics's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Photronics's earnings growth is expected to exceed the United States of America market average.
  • Photronics's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:PLAB Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:PLAB Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 32.2%
NasdaqGS:PLAB Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 10.9%
United States of America Semiconductor Industry Earnings Growth Rate Market Cap Weighted Average 18.4%
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 7.4%

*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.

Analysts growth expectations
Raw Data
NasdaqGS:PLAB Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 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:PLAB Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-10-31 673 66 1
2020-10-31 626 49 3
2019-10-31 541 28 3
NasdaqGS:PLAB Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-04-28 537 90 39
2019-01-27 537 80 41
2018-10-31 535 131 42
2018-07-29 512 110 35
2018-04-29 487 88 26
2018-01-28 464 96 17
2017-10-29 451 97 13
2017-07-30 437 105 13
2017-04-30 449 104 17
2017-01-29 463 110 27
2016-10-30 483 122 46
2016-07-31 518 133 60
2016-05-01 526 140 64

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Photronics's earnings are expected to grow significantly at over 20% yearly.
  • Photronics's revenue is expected to grow by 10.9% 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:PLAB Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Photronics Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:PLAB Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-10-31 0.95 0.95 0.95 1.00
2020-10-31 0.75 0.83 0.61 3.00
2019-10-31 0.42 0.44 0.40 3.00
NasdaqGS:PLAB Past Financials Data
Date (Data in USD Millions) EPS *
2019-04-28 0.58
2019-01-27 0.61
2018-10-31 0.61
2018-07-29 0.51
2018-04-29 0.38
2018-01-28 0.25
2017-10-29 0.19
2017-07-30 0.19
2017-04-30 0.25
2017-01-29 0.40
2016-10-30 0.68
2016-07-31 0.89
2016-05-01 0.95

*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 Photronics will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Photronics'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.
Photronics 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 Photronics 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 Photronics'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.
  • Photronics's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Photronics's 1-year earnings growth exceeds its 5-year average (51.8% vs -0.3%)
  • Photronics's earnings growth has exceeded the US Semiconductor industry average in the past year (51.8% vs 13.8%).
Earnings and Revenue History
Photronics'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 Photronics Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:PLAB Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-04-28 537.34 39.24 53.07 14.37
2019-01-27 536.54 41.42 53.44 14.64
2018-10-31 535.28 42.06 51.40 14.48
2018-07-29 511.59 34.95 48.07 14.41
2018-04-29 486.78 25.95 47.21 16.57
2018-01-28 464.29 17.08 44.46 16.48
2017-10-29 450.68 13.13 43.59 15.86
2017-07-30 437.08 13.00 43.59 17.06
2017-04-30 448.71 17.09 43.12 17.72
2017-01-29 463.33 27.14 43.25 19.44
2016-10-30 483.46 46.20 44.58 21.65
2016-07-31 517.78 59.57 46.57 21.79
2016-05-01 526.27 63.58 47.84 22.58
2016-01-31 530.66 61.79 49.24 22.94
2015-11-01 524.21 44.63 48.98 21.92
2015-08-02 506.76 30.28 48.34 22.55
2015-05-03 499.92 22.36 48.31 21.49
2015-02-01 477.49 27.84 47.20 21.62
2014-11-02 455.53 26.00 47.14 21.91
2014-08-03 437.29 26.56 47.72 22.49
2014-05-04 422.09 28.31 47.39 22.28
2014-02-02 423.88 17.64 48.22 20.89
2013-11-03 422.18 17.97 47.41 20.76
2013-07-28 420.39 16.96 46.68 19.65
2013-04-28 427.35 21.97 46.40 19.88
2013-01-27 438.12 25.92 46.45 19.77
2012-10-28 450.44 27.87 46.71 19.37
2012-07-29 468.38 33.33 46.56 18.38

*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.
  • Photronics has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Photronics used its assets less efficiently than the US Semiconductor industry average last year based on Return on Assets.
  • Photronics's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Photronics'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.
Photronics has a total score of 2/6, 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 Photronics'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 Photronics's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Photronics is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Photronics's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Photronics'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 10.2x 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 Photronics Company Filings, last reported 2 months ago.

NasdaqGS:PLAB Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-04-28 898.33 36.43 167.07
2019-01-27 913.17 86.13 232.45
2018-10-31 904.57 57.45 329.28
2018-07-29 913.51 57.42 332.74
2018-04-29 918.07 57.40 321.25
2018-01-28 918.45 57.37 348.56
2017-10-29 865.30 57.34 308.02
2017-07-30 855.13 57.31 340.57
2017-04-30 844.75 57.28 345.72
2017-01-29 831.41 57.25 329.70
2016-10-30 825.47 57.22 314.07
2016-07-31 819.38 68.90 291.67
2016-05-01 802.77 70.23 193.98
2016-01-31 767.46 129.04 231.44
2015-11-01 762.07 130.35 205.87
2015-08-02 746.05 118.46 191.56
2015-05-03 753.98 119.78 176.05
2015-02-01 728.05 129.36 168.61
2014-11-02 739.49 142.19 192.93
2014-08-03 720.26 166.59 196.34
2014-05-04 709.74 168.92 191.83
2014-02-02 581.20 170.47 189.23
2013-11-03 587.83 194.02 215.62
2013-07-28 565.82 193.92 197.27
2013-04-28 587.45 179.82 210.55
2013-01-27 593.84 174.91 217.77
2012-10-28 586.00 176.74 218.04
2012-07-29 569.97 178.46 197.30
  • Photronics's level of debt (4.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (24.1% vs 4.1% today).
  • Debt is well covered by operating cash flow (248.1%, greater than 20% of total debt).
  • Photronics earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Photronics'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. Photronics has a total score of 6/6, 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 Photronics'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
0%
Current annual income from Photronics dividends.
If you bought $2,000 of Photronics shares you are expected to receive $0 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?
  • Unable to evaluate Photronics's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Photronics's dividend against the top 25% market benchmark as the company has not reported any payouts.
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:PLAB 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 3.8%

Industry and Market average data is calculated daily.

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

NasdaqGS:PLAB Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-10-31
2020-10-31
2019-10-31

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

  • Unable to perform a dividend volatility check as Photronics has not reported any payouts.
  • Unable to verify if Photronics's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Photronics's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Photronics has not reported any payouts.
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 Photronics'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 Photronics afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Photronics has a total score of 0/6, 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 Photronics'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
Peter Kirlin
COMPENSATION $1,546,173
AGE 58
TENURE AS CEO 4.2 years
CEO Bio

Dr. Peter S. Kirlin Ph.D. has been the Chief Executive Officer of Photronics, Inc. since May 4, 2015 and served as its Principal Financial Officer since August 25, 2017 until September 5, 2017. Dr. Kirlin served as President of Photronics, Inc. from September 16, 2013 to May 4, 2015. Dr. Kirlin served as Senior Vice President of U S & Europe of Photronics Inc. since August 2008 until September 16, 2013. He was responsible for the mainstream mask business in both the U.S. and Europe. Dr. Kirlin also supports both Corporate Business Development and Strategic Planning. He is 24-year veteran of the photomask and semiconductor industries. Dr. Kirlin served as Vice President of Business Development of Entegris Inc. (formerly, Mykrolis Corp.) from June 2004 to September 2006. He was responsible for strategic planning activities including mergers and acquisitions. Dr. Kirlin served as Chief Executive Officer of Toppan Photomasks, Inc. from May 2000 to June 24, 2003 and Chairman of the Board until June 24, 2003. He spent 12 years at ATMI Inc., where he served in increasingly responsible management roles, including Group Vice President of Technologies and Services Group. In that role, he was responsible for significant merger and acquisition activities as well as corporate research, human resources and administration. He served as Chairman and Chief Executive Officer of DuPont Photomasks. Before ATMI, he worked at American Cyanamid Corporation as a Project Leader from 1986 to 1988. He has been Chairman of the Board of Photronics DNP Mask Corporation since April 2014. He joined Photronics in August 2008. He served as an Executive Chairman of Akrion Systems LLC from January 1, 2007 to July 2008. He has been a Director of Akrion Inc. since 2003. He serves as a Director of Akrion Corporation. He has been a Director of Photronics Inc. since May 4, 2015. He served as a Director of Toppan Photomasks from May 2000 to June 24, 2003. He conducted Post-graduate research projects at University of Munich's Institute of Physical Chemistry. Dr. Kirlin received a Ph.D. degree in Chemical Engineering from the University of Delaware and a Bachelor of Science degree in Chemical Engineering from Pennsylvania State University.

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

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

7
Average Tenure
62
Average Age
  • The average tenure for the Photronics management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Constantine Macricostas

TITLE
Chairman of the Board
COMPENSATION
$618K
AGE
83

Peter Kirlin

TITLE
CEO & Director
COMPENSATION
$2M
AGE
58
TENURE
4.2 yrs

John Jordan

TITLE
Senior VP & CFO
COMPENSATION
$501K
AGE
73
TENURE
1.8 yrs

Christopher Progler

TITLE
VP of Strategic Planning & CTO
COMPENSATION
$674K
AGE
55
TENURE
15.3 yrs

Richelle Burr

TITLE
VP, General Counsel & Secretary
COMPENSATION
$557K
AGE
55
TENURE
9.5 yrs

Frank Lee

TITLE
President of PDMC
COMPENSATION
$958K
AGE
66
TENURE
13.5 yrs

R. Dewar

TITLE
Director of Investor Relations

Pete Broadbent

TITLE
Vice President of U.S. & Europe - Mainstream Sales & Operations
TENURE
4.5 yrs
Board of Directors Tenure

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

11.5
Average Tenure
70
Average Age
  • The average tenure for the Photronics board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Constantine Macricostas

TITLE
Chairman of the Board
COMPENSATION
$618K
AGE
83
TENURE
4.2 yrs

Peter Kirlin

TITLE
CEO & Director
COMPENSATION
$2M
AGE
58
TENURE
4.2 yrs

Walter Fiederowicz

TITLE
Lead Independent Director
COMPENSATION
$219K
AGE
72

Joseph Fiorita

TITLE
Director
COMPENSATION
$219K
AGE
74
TENURE
32.5 yrs

Mitch Tyson

TITLE
Director
COMPENSATION
$194K
AGE
64
TENURE
15.5 yrs

LC Hsia

TITLE
Director
COMPENSATION
$184K
AGE
70
TENURE
7.5 yrs

George Macricostas

TITLE
Director
COMPENSATION
$184K
AGE
49
TENURE
17.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
19. Mar 19 Buy John Jordan Individual 15. Mar 19 15. Mar 19 1,000 $9.25 $9,250
06. Mar 19 Sell KangJyh Lee Individual 04. Mar 19 04. Mar 19 -5,000 $10.14 $-50,700
16. Jan 19 Sell Walter Fiederowicz Individual 14. Jan 19 14. Jan 19 -21,000 $10.32 $-216,720
14. Jan 19 Sell Richelle Burr Individual 10. Jan 19 10. Jan 19 -2,043 $10.39 $-21,227
11. Jan 19 Sell George Macricostas Individual 08. Jan 19 09. Jan 19 -22,000 $10.10 $-221,270
05. Jan 19 Sell George Macricostas Individual 02. Jan 19 02. Jan 19 -15,000 $9.85 $-147,150
05. Jan 19 Sell Christopher Progler Individual 03. Jan 19 03. Jan 19 -9,475 $9.42 $-89,255
31. Dec 18 Sell George Macricostas Individual 27. Dec 18 27. Dec 18 -3,000 $9.60 $-28,800
X
Management checks
We assess Photronics'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. Photronics 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 Photronics, Inc. (NASDAQ:PLAB) Investing Your Capital Efficiently?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Photronics: 0.059 = US$56m ÷ (US$1.1b - US$139m) (Based on the trailing twelve months to April 2019.) Therefore, Photronics has an ROCE of 5.9%. … What Are Current Liabilities, And How Do They Affect Photronics's ROCE? … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE.

Simply Wall St -

Is Photronics, Inc. (NASDAQ:PLAB) Investing Your Capital Efficiently?

Last but not least, we'll look at what impact its current liabilities have on its ROCE. … The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Photronics: 0.059 = US$56m ÷ (US$1.1b - US$139m) (Based on the trailing twelve months to April 2019.) Therefore, Photronics has an ROCE of 5.9%. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE.

Simply Wall St -

Have Insiders Been Selling Photronics, Inc. (NASDAQ:PLAB) Shares?

For example, a Harvard University study found that 'insider purchases earn abnormal returns of more than 6% per year.' View our latest analysis for Photronics The Last 12 Months Of Insider Transactions At Photronics Over the last year, we can see that the biggest insider sale was by the Director, George Macricostas, for US$221k worth of shares, at about US$10.10 per share. … Over the last year we saw more insider selling of Photronics shares, than buying. … We saw some Photronics insider buying shares in the last three months.

Simply Wall St -

Is Photronics, Inc.'s (NASDAQ:PLAB) CEO Salary Justified?

View our latest analysis for Photronics How Does Peter Kirlin's Compensation Compare With Similar Sized Companies? … When we examined a selection of companies with market caps ranging from US$200m to US$800m, we found the median CEO total compensation was US$1.8m. … If you think CEO compensation levels are interesting you will probably really like this free visualization of insider trading at Photronics.

Simply Wall St -

Here's What Photronics, Inc.'s (NASDAQ:PLAB) P/E Ratio Is Telling Us

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … To keep it practical, we'll show how Photronics, Inc.'s (NASDAQ:PLAB) P/E ratio could help you assess the value on offer. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

A Holistic Look At Photronics, Inc. (NASDAQ:PLAB)

Attractive stocks have exceptional fundamentals. … In the case of Photronics, Inc. … (NASDAQ:PLAB), there's

Simply Wall St -

Is Photronics, Inc. (NASDAQ:PLAB) Struggling With Its 6.5% Return On Capital Employed?

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … Return On Capital Employed (ROCE): What is it? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

Photronics Shareholders Booked A 36% Gain In The Last Year

(NASDAQ:PLAB) share price is up 36% in the last year, clearly besting than the market return of around 3.1%. … One flawed but reasonable way to assess how sentiment around a company has changed, is to compare the earnings per share (EPS) with the share price. … During the last year Photronics grew its earnings per share (EPS) by 216%.

Simply Wall St -

Calculating The Intrinsic Value Of Photronics, Inc. (NASDAQ:PLAB)

by estimating the company's future cash flows and discounting them to their present value. … discounted cash flows (DCF) … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model.

Simply Wall St -

Have Insiders Been Selling Photronics, Inc. (NASDAQ:PLAB) Shares?

Unfortunately, there are also plenty of examples of share prices declining precipitously after insiders have sold shares. … So shareholders might well want to know whether insiders have been buying or selling shares in Photronics, Inc. … As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.'?

Simply Wall St -

Company Info

Description

Photronics, Inc., together with its subsidiaries, manufactures and sells photomasks in Taiwan, Korea, the United States, Europe, and internationally. The company offers photomasks, which are high precision photographic quartz or glass plates containing microscopic images of electronic circuits for use in the manufacture of semiconductors and flat panel displays (FPDs), as well as that are used as masters to transfer circuit patterns onto semiconductor wafers and flat panel display substrates during the fabrication of integrated circuits, FPDs, and other types of electrical and optical components. It sells its products to semiconductor or FPD designers, manufacturers, and foundries, as well as to other high performance electronics manufacturers through its sales personnel and customer service representatives. The company was formerly known as Photronic Labs, Inc. and changed its name to Photronics, Inc. in 1990. Photronics, Inc. was founded in 1969 and is based in Brookfield, Connecticut.

Details
Name: Photronics, Inc.
PLAB
Exchange: NasdaqGS
Founded: 1969
$588,836,450
67,065,655
Website: http://www.photronics.com
Address: Photronics, Inc.
15 Secor Road,
Brookfield,
Connecticut, 06804,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS PLAB Common Stock Nasdaq Global Select US USD 10. Mar 1987
DB PQ2 Common Stock Deutsche Boerse AG DE EUR 10. Mar 1987
Number of employees
Current staff
Staff numbers
1,575
Photronics employees.
Industry
Semiconductor Equipment
Semiconductors
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/18 23:45
End of day share price update: 2019/07/18 00:00
Last estimates confirmation: 2019/07/18
Last earnings filing: 2019/06/05
Last earnings reported: 2019/04/28
Last annual earnings reported: 2018/10/31


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.