Vishay Intertechnology (NYSE:VSH) - Share price, News & Analysis

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

VSH ($19.72) is trading below our estimate of [[fair value]] ($52.16)

VSH fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	0/6
Past Performance	5/6
Financial Health	5/6
Dividends	3/6

VSH Stock Overview

Vishay Intertechnology, Inc. manufactures and supplies discrete semiconductors and passive electronic components in Asia, Europe, and the Americas.

Rewards

Trading at 62.2% below our estimate of its fair value

Earnings grew by 48.7% over the past year

Risk Analysis

Earnings are forecast to decline by an average of 3.8% per year for the next 3 years

Unstable dividend track record

Vishay Intertechnology Competitors

Belden

NYSE:BDC

US$2.9b

Rogers

NYSE:ROG

US$5.0b

Littelfuse

NasdaqGS:LFUS

US$6.0b

II-VI

NasdaqGS:IIVI

US$6.6b

Price History & Performance

Summary of all time highs, changes and price drops for Vishay Intertechnology
Historical stock prices
Current Share Price	US$19.72
52 Week High	US$22.93
52 Week Low	US$16.73
Beta	1.33
1 Month Change	8.17%
3 Month Change	3.90%
1 Year Change	-12.28%
3 Year Change	24.57%
5 Year Change	13.99%
Change since IPO	569.90%

Recent News & Updates

Aug 01

Vishay Intertechnology Q2 2022 Earnings Preview

Vishay Intertechnology (NYSE:VSH) is scheduled to announce Q2 earnings results on Tuesday, August 2nd, before market open. The consensus EPS Estimate is $0.64 (+4.9% Y/Y) and the consensus Revenue Estimate is $853.77M (+4.2% Y/Y). Over the last 2 years, VSH has beaten EPS estimates 75% of the time and has beaten revenue estimates 75% of the time. Over the last 3 months, EPS estimates have seen 2 upward revisions and 1 downward. Revenue estimates have seen 0 upward revisions and 4 downward.

Shareholder Returns

	VSH	US Electronic	US Market
7D	-5.0%	-1.9%	0.3%
1Y	-12.3%	-16.2%	-13.5%

Return vs Industry: VSH exceeded the US Electronic industry which returned -14.3% over the past year.

Return vs Market: VSH matched the US Market which returned -13% over the past year.

Price Volatility

Is VSH's price volatile compared to industry and market?
VSH volatility
VSH Average Weekly Movement	4.6%
Electronic Industry Average Movement	7.5%
Market Average Movement	7.9%
10% most volatile stocks in US Market	17.2%
10% least volatile stocks in US Market	3.2%

Stable Share Price: VSH is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: VSH's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1962	22,800	Gerald Paul	https://www.vishay.com

Vishay Intertechnology, Inc. manufactures and supplies discrete semiconductors and passive electronic components in Asia, Europe, and the Americas. It operates through six segments: Metal Oxide Semiconductor Field Effect Transistors (MOSFETs), Diodes, Optoelectronic Components, Resistors, Inductors, and Capacitors. The MOSFETs segment offers low- and medium-voltage TrenchFET MOSFETs, high-voltage planar MOSFETs, high voltage Super Junction MOSFETs, power integrated circuits, and integrated function power devices.

Vishay Intertechnology Fundamentals Summary

How do Vishay Intertechnology's earnings and revenue compare to its market cap?
VSH fundamental statistics
Market Cap	US$2.82b
Earnings (TTM)	US$349.30m
Revenue (TTM)	US$3.37b

8.1x

P/E Ratio

0.8x

P/S Ratio

Is VSH overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
VSH income statement (TTM)
Revenue	US$3.37b
Cost of Revenue	US$2.39b
Gross Profit	US$982.68m
Other Expenses	US$633.38m
Earnings	US$349.30m

Last Reported Earnings

Jul 02, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	2.45
Gross Margin	29.12%
Net Profit Margin	10.35%
Debt/Equity Ratio	25.2%

How did VSH perform over the long term?

See historical performance and comparison

Dividends

2.0%

Current Dividend Yield

16%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

5/6

Valuation Score 5/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings 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 VSH?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for VSH. This is calculated by dividing VSH's market cap by their current preferred multiple.
What is VSH's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$2.82b

VSH 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/Revenue	0.8x
Enterprise Value/EBITDA	3.6x
PEG Ratio	-2.1x

Price to Earnings Ratio vs Peers

How does VSH's PE Ratio compare to its peers?

VSH PE Ratio vs Peers

The above table shows the PE ratio for VSH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	35.4x
BDC Belden	31.9x	29.4%	US$2.9b
ROG Rogers	60.5x	n/a	US$5.0b
LFUS Littelfuse	17.3x	-6.0%	US$6.0b
IIVI II-VI	32.1x	48.7%	US$6.6b
VSH Vishay Intertechnology	8.1x	-3.8%	US$2.8b

Price-To-Earnings vs Peers: VSH is good value based on its Price-To-Earnings Ratio (8.1x) compared to the peer average (35.4x).

Price to Earnings Ratio vs Industry

How does VSH's PE Ratio compare vs other companies in the US Electronic Industry?

Price-To-Earnings vs Industry: VSH is good value based on its Price-To-Earnings Ratio (8.1x) compared to the US Electronic industry average (16.1x)

Price to Earnings Ratio vs Fair Ratio

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

VSH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	8.1x
Fair PE Ratio	14.6x

Price-To-Earnings vs Fair Ratio: VSH is good value based on its Price-To-Earnings Ratio (8.1x) compared to the estimated Fair Price-To-Earnings Ratio (14.6x).

Share Price vs Fair Value

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

Below Fair Value: VSH ($19.72) is trading below our estimate of fair value ($52.16)

Significantly Below Fair Value: VSH 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 less than 20% higher than the current share price.

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Future Growth

How is Vishay Intertechnology forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

-3.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: VSH's earnings are forecast to decline over the next 3 years (-3.8% per year).

Earnings vs Market: VSH's earnings are forecast to decline over the next 3 years (-3.8% per year).

High Growth Earnings: VSH's earnings are forecast to decline over the next 3 years.

Revenue vs Market: VSH's revenue (1.3% per year) is forecast to grow slower than the US market (7.9% per year).

High Growth Revenue: VSH's revenue (1.3% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

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

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Past Performance

How has Vishay Intertechnology performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

24.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: VSH has high quality earnings.

Growing Profit Margin: VSH's current net profit margins (10.4%) are higher than last year (8.1%).

Past Earnings Growth Analysis

Earnings Trend: VSH's earnings have grown significantly by 24.4% per year over the past 5 years.

Accelerating Growth: VSH's earnings growth over the past year (48.7%) exceeds its 5-year average (24.4% per year).

Earnings vs Industry: VSH earnings growth over the past year (48.7%) exceeded the Electronic industry 26.1%.

Return on Equity

High ROE: VSH's Return on Equity (19.1%) is considered low.

Discover strong past performing companies

Financial Health

How is Vishay Intertechnology's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: VSH's short term assets ($2.1B) exceed its short term liabilities ($704.1M).

Long Term Liabilities: VSH's short term assets ($2.1B) exceed its long term liabilities ($1.0B).

Debt to Equity History and Analysis

Debt Level: VSH has more cash than its total debt.

Reducing Debt: VSH's debt to equity ratio has increased from 20.4% to 25.2% over the past 5 years.

Debt Coverage: VSH's debt is well covered by operating cash flow (84.3%).

Interest Coverage: VSH's interest payments on its debt are well covered by EBIT (35.2x coverage).

Balance Sheet

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Dividend

What is Vishay Intertechnology current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

2.03%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: VSH's dividend (2.03%) is higher than the bottom 25% of dividend payers in the US market (1.52%).

High Dividend: VSH's dividend (2.03%) is low compared to the top 25% of dividend payers in the US market (4.08%).

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, VSH has been paying a dividend for less than 10 years.

Growing Dividend: VSH's dividend payments have increased, but the company has only paid a dividend for 9 years.

Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (16.4%), VSH's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (41.6%), VSH's dividend payments are well covered by cash flows.

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Management

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

11.0yrs

Average management tenure

CEO

Gerald Paul (73 yo)

24.42yrs

Tenure

US$8,388,523

Compensation

Dr. Gerald Paul serves as the Chief Executive Officer, President, and Chief Operating Officer at Vishay Semiconductor GmbH. Dr. Paul has been the Chief Executive Officer of Vishay Intertechnology Inc. sinc...

CEO Compensation Analysis

Compensation vs Market: Gerald's total compensation ($USD8.39M) is about average for companies of similar size in the US market ($USD6.59M).

Compensation vs Earnings: Gerald's compensation has increased by more than 20% in the past year.

Leadership Team

Experienced Management: VSH's management team is seasoned and experienced (11 years average tenure).

Board Members

Experienced Board: VSH's board of directors are considered experienced (9.6 years average tenure).

Ownership

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

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/09 00:00
End of Day Share Price	2022/08/09 00:00
Earnings	2022/07/02
Annual Earnings	2021/12/31