Tillkännagivande • Aug 02
Altium to be Removed from the Official List of ASX at the Close of Trading on August 2, 2024 Renesas Electronics Corporation and Altium Limited (“Altium”) announced the successful completion of the acquisition of Altium by Renesas. The definitive agreement to acquire Altium was announced on February 15, 2024. As part of the implementation of the Scheme, Altium ordinary shares were suspended from trading on the Australian Securities Exchange at the close of trading on July 19, 2024, and Altium will be removed from the Official List of the Australian Securities Exchange at the close of trading on August 2, 2024. Tillkännagivande • Jul 22
Altium Limited(ASX:ALU) dropped from FTSE All-World Index (USD) Altium Limited(ASX:ALU) dropped from FTSE All-World Index (USD) Declared Dividend • Feb 29
First half dividend of AU$0.30 announced Shareholders will receive a dividend of AU$0.30. Ex-date: 4th March 2024 Payment date: 26th March 2024 Dividend yield will be 1.2%, which is lower than the industry average of 1.5%. Sustainability & Growth Dividend is covered by earnings (74% earnings payout ratio) but not covered by cash flows (112% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 75% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 28
First half 2024 earnings released: EPS: US$0.25 (vs US$0.23 in 1H 2023) First half 2024 results: EPS: US$0.25 (up from US$0.23 in 1H 2023). Revenue: US$138.6m (up 16% from 1H 2023). Net income: US$33.0m (up 11% from 1H 2023). Profit margin: 24% (down from 25% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 32% per year. New Risk • Feb 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (28% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (9.2% average weekly change). Buy Or Sell Opportunity • Feb 16
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 56% to €40.80. The fair value is estimated to be €32.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 43%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Tillkännagivande • Feb 15
Altium Limited to Report First Half, 2024 Results on Feb 27, 2024 Altium Limited announced that they will report first half, 2024 results on Feb 27, 2024 Tillkännagivande • Jan 12
Altium Launches Altium 365 Bom Portal: Bridging the Gap Between Engineering and Procurement Teams Altium, LLC announces the launch of the BOM Portal within the Altium 365 platform. The BOM Portal is engineered to dramatically enhance collaboration between engineering and procurement teams, offering a unified approach to managing Bills of Materials (BOMs) in electronics design. Procurement professionals now have visibility into upcoming designs before they are released, enabling them to catch issues early in the development process. Both procurement and engineering teams benefit from a comprehensive dashboard that monitors all Bills of Materials (BOMs) in production and provides immediate insights into any parts supply issues. The BOM Portal on Altium 365 fosters efficient collaboration and informed decision-making across the product lifecycle. By integrating with top data sources like Octopart, SiliconExpert, and S&P Global, it provides companies with real-time, accurate component data. This is crucial for making smart, data-driven decisions. Key Capabilities of the BOM Portal: BOM Management Integrated with Hardware Development: BOM Portal breaks down barriers between engineering and procurement teams, fostering direct communication and significantly reducing the risk of miscommunication, mistakes, and delays. Advanced Data Integration: BOM Portal provides access to real-time, detailed component information from Octopart, S&P Global (formerly IHS Markit), SiliconExpert, and soon Z2Data, enhancing the procurement and design process. Comprehensive BOM Management: BOM Portal equips users with tools for efficient BOM management, including automatic data enrichment with part details and lifecycle information. Risk Mitigation: BOM Portal proactively identifies potential supply chain disruptions and component obsolescence, enabling timely responses to component and market fluctuations. Cost and Time Efficiency: Up to 80% of PCB designs require part replacements, often taking 40 hours to resolve sourcing issues. The capabilities of BOM Portal coupled with data integrations reduces this to a fraction of the time, expediting the design process and reducing time to market. Tillkännagivande • Nov 17
Altium Limited Announces Company Secretary Changes Altium Limited announced the retirement of Ms. Natasha Davidson as Company Secretary. Ms. Davidson will remain as General Counsel for Altium Limited and focus on the commercial development of the Company. Ms. Tanya Thomas has been appointed as Company Secretary effective 17 November 2023.Ms Thomas, who joined Altium in November 2022, is an experienced executive, with a background in Investor Relations and Media/Communication roles with ASX 200 companies in technology and financial services. Altium Limited further advises that in accordance with Listing Rule 12.6, Ms. Thomas is now the person responsible for communication with the ASX in relation to ASX Listing Rule matters. Tillkännagivande • Nov 02
Altium Limited Appoints Michael Hawker as Director, Effective 1 November 2023 Altium Limited announced appointment Michael Hawker as director. Date of appointment is 1 November 2023. Buying Opportunity • Oct 26
Now 21% undervalued Over the last 90 days, the stock is up 5.3%. The fair value is estimated to be €29.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 43%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings is also forecast to grow by 18% per annum over the same time period. Board Change • Sep 27
High number of new directors Independent Non-Executive Director Sylvia Wiggins was the last director to join the board, commencing their role in 2023. Upcoming Dividend • Aug 28
Upcoming dividend of AU$0.29 per share at 1.1% yield Eligible shareholders must have bought the stock before 04 September 2023. Payment date: 26 September 2023. Payout ratio is a comfortable 71% and the cash payout ratio is 87%. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (1.6%). New Risk • Aug 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 22
Full year 2023 earnings released: EPS: US$0.50 (vs US$0.42 in FY 2022) Full year 2023 results: EPS: US$0.50 (up from US$0.42 in FY 2022). Revenue: US$263.3m (up 19% from FY 2022). Net income: US$66.3m (up 20% from FY 2022). Profit margin: 25% (in line with FY 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Tillkännagivande • Jul 12
Altium Limited to Report Fiscal Year 2023 Results on Aug 21, 2023 Altium Limited announced that they will report fiscal year 2023 results After-Market on Aug 21, 2023 Upcoming Dividend • Feb 27
Upcoming dividend of AU$0.25 per share at 1.3% yield Eligible shareholders must have bought the stock before 06 March 2023. Payment date: 21 March 2023. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (1.8%). Reported Earnings • Feb 21
First half 2023 earnings released: EPS: US$0.23 (vs US$0.17 in 1H 2022) First half 2023 results: EPS: US$0.23 (up from US$0.17 in 1H 2022). Revenue: US$119.5m (up 17% from 1H 2022). Net income: US$29.6m (up 29% from 1H 2022). Profit margin: 25% (up from 22% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jan 16
Altium Limited to Report First Half, 2023 Results on Feb 20, 2023 Altium Limited announced that they will report first half, 2023 results on Feb 20, 2023 Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improved over the past week After last week's 24% share price gain to €25.30, the stock trades at a forward P/E ratio of 50x. Average forward P/E is 20x in the Software industry in Germany. Total returns to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €26.01 per share. Reported Earnings • Aug 23
Full year 2022 earnings released: EPS: US$0.42 (vs US$0.27 in FY 2021) Full year 2022 results: EPS: US$0.42 (up from US$0.27 in FY 2021). Revenue: US$220.8m (up 23% from FY 2021). Net income: US$55.5m (up 57% from FY 2021). Profit margin: 25% (up from 20% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 17%, compared to a 7.8% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Feb 28
Upcoming dividend of AU$0.21 per share Eligible shareholders must have bought the stock before 07 March 2022. Payment date: 22 March 2022. Payout ratio is on the higher end at 97%, however this is supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (1.7%). Recent Insider Transactions • Feb 25
Independent Non-Executive Chairman recently bought €82k worth of stock On the 23rd of February, Samuel Weiss bought around 4k shares on-market at roughly €20.61 per share. This was the largest purchase by an insider in the last 3 months. This was Samuel's only on-market trade for the last 12 months. Reported Earnings • Feb 24
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: EPS: US$0.17 (up from US$0.13 in 1H 2021). Revenue: US$102.2m (up 28% from 1H 2021). Net income: US$22.9m (up 38% from 1H 2021). Profit margin: 22% (up from 21% in 1H 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.5%. Over the next year, revenue is forecast to grow 16%, compared to a 15% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Board Change • Sep 07
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. President, CTO & Executive Director Sergey Kostinsky was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Is New 90 Day High Low • Feb 25
New 90-day low: €17.60 The company is down 20% from its price of €22.00 on 26 November 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €27.03 per share. Analyst Estimate Surprise Post Earnings • Feb 17
Revenue beats expectations Revenue exceeded analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 10%, compared to a 31% growth forecast for the Software industry in Germany. Is New 90 Day High Low • Jan 07
New 90-day low: €19.90 The company is down 12% from its price of €22.60 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is down 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €22.68 per share. Is New 90 Day High Low • Oct 12
New 90-day high: €23.20 The company is up 18% from its price of €19.60 on 14 July 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €17.81 per share.