Intrinsic value of Himax Technologies ADR - HIMX

Previous Close

$8.21

  Intrinsic Value

$2.78

stock screener

  Rating & Target

str. sell

-66%

  Value-price divergence*

+147%

Previous close

$8.21

 
Intrinsic value

$2.78

 
Up/down potential

-66%

 
Rating

str. sell

 
Value-price divergence*

+147%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of HIMX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  16.04
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  803
  819
  838
  859
  884
  910
  940
  972
  1,006
  1,044
  1,084
  1,127
  1,172
  1,221
  1,273
  1,328
  1,386
  1,448
  1,513
  1,581
  1,654
  1,731
  1,812
  1,897
  1,987
  2,081
  2,181
  2,286
  2,396
  2,512
  2,634
Variable operating expenses, $m
 
  612
  626
  642
  660
  680
  702
  725
  751
  779
  809
  838
  872
  908
  946
  987
  1,030
  1,076
  1,125
  1,176
  1,230
  1,287
  1,347
  1,410
  1,477
  1,547
  1,622
  1,699
  1,781
  1,868
  1,958
Fixed operating expenses, $m
 
  152
  155
  159
  163
  167
  172
  176
  180
  185
  189
  194
  199
  204
  209
  214
  220
  225
  231
  237
  243
  249
  255
  261
  268
  274
  281
  288
  295
  303
  310
Total operating expenses, $m
  744
  764
  781
  801
  823
  847
  874
  901
  931
  964
  998
  1,032
  1,071
  1,112
  1,155
  1,201
  1,250
  1,301
  1,356
  1,413
  1,473
  1,536
  1,602
  1,671
  1,745
  1,821
  1,903
  1,987
  2,076
  2,171
  2,268
Operating income, $m
  59
  56
  57
  58
  60
  63
  67
  71
  75
  80
  86
  95
  102
  109
  117
  126
  136
  146
  157
  169
  182
  195
  210
  225
  242
  259
  278
  298
  319
  341
  365
EBITDA, $m
  73
  64
  65
  67
  69
  72
  76
  80
  84
  90
  96
  102
  109
  117
  126
  135
  145
  156
  167
  179
  193
  207
  222
  238
  255
  273
  293
  313
  335
  358
  383
Interest expense (income), $m
  1
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  13
  13
  14
Earnings before tax, $m
  59
  56
  56
  58
  60
  63
  66
  69
  74
  78
  84
  92
  99
  106
  114
  122
  131
  141
  152
  163
  175
  188
  202
  217
  233
  249
  267
  286
  306
  328
  351
Tax expense, $m
  10
  15
  15
  16
  16
  17
  18
  19
  20
  21
  23
  25
  27
  29
  31
  33
  35
  38
  41
  44
  47
  51
  55
  59
  63
  67
  72
  77
  83
  89
  95
Net income, $m
  51
  41
  41
  42
  44
  46
  48
  51
  54
  57
  61
  67
  72
  77
  83
  89
  96
  103
  111
  119
  128
  137
  147
  158
  170
  182
  195
  209
  224
  239
  256

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  195
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  800
  617
  631
  648
  666
  686
  708
  732
  758
  787
  817
  849
  883
  920
  959
  1,001
  1,044
  1,091
  1,140
  1,192
  1,247
  1,304
  1,365
  1,429
  1,497
  1,568
  1,643
  1,722
  1,806
  1,893
  1,985
Adjusted assets (=assets-cash), $m
  605
  617
  631
  648
  666
  686
  708
  732
  758
  787
  817
  849
  883
  920
  959
  1,001
  1,044
  1,091
  1,140
  1,192
  1,247
  1,304
  1,365
  1,429
  1,497
  1,568
  1,643
  1,722
  1,806
  1,893
  1,985
Revenue / Adjusted assets
  1.327
  1.327
  1.328
  1.326
  1.327
  1.327
  1.328
  1.328
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.328
  1.327
  1.327
  1.326
  1.326
  1.327
  1.327
  1.328
  1.327
  1.327
  1.327
  1.328
  1.327
  1.327
  1.327
Average production assets, $m
  53
  54
  55
  57
  58
  60
  62
  64
  66
  69
  72
  74
  77
  81
  84
  88
  91
  96
  100
  104
  109
  114
  120
  125
  131
  137
  144
  151
  158
  166
  174
Working capital, $m
  378
  328
  335
  344
  353
  364
  376
  389
  403
  418
  434
  451
  469
  488
  509
  531
  554
  579
  605
  633
  662
  692
  725
  759
  795
  833
  872
  914
  958
  1,005
  1,054
Total debt, $m
  138
  4
  9
  14
  20
  26
  33
  41
  49
  58
  68
  79
  90
  101
  114
  127
  141
  156
  172
  189
  206
  225
  244
  265
  287
  309
  334
  359
  386
  414
  443
Total liabilities, $m
  332
  198
  203
  208
  214
  220
  227
  235
  243
  252
  262
  273
  284
  295
  308
  321
  335
  350
  366
  383
  400
  419
  438
  459
  481
  503
  528
  553
  580
  608
  637
Total equity, $m
  468
  419
  429
  440
  452
  466
  481
  497
  515
  534
  555
  576
  600
  625
  651
  679
  709
  741
  774
  809
  846
  886
  927
  971
  1,017
  1,065
  1,116
  1,170
  1,226
  1,285
  1,348
Total liabilities and equity, $m
  800
  617
  632
  648
  666
  686
  708
  732
  758
  786
  817
  849
  884
  920
  959
  1,000
  1,044
  1,091
  1,140
  1,192
  1,246
  1,305
  1,365
  1,430
  1,498
  1,568
  1,644
  1,723
  1,806
  1,893
  1,985
Debt-to-equity ratio
  0.295
  0.010
  0.020
  0.030
  0.040
  0.060
  0.070
  0.080
  0.100
  0.110
  0.120
  0.140
  0.150
  0.160
  0.170
  0.190
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.290
  0.300
  0.310
  0.310
  0.320
  0.330
Adjusted equity ratio
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  51
  41
  41
  42
  44
  46
  48
  51
  54
  57
  61
  67
  72
  77
  83
  89
  96
  103
  111
  119
  128
  137
  147
  158
  170
  182
  195
  209
  224
  239
  256
Depreciation, amort., depletion, $m
  14
  8
  8
  8
  9
  9
  9
  9
  9
  10
  10
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  13
  13
  14
  14
  15
  16
  17
  17
Funds from operations, $m
  83
  49
  50
  51
  52
  54
  57
  60
  63
  67
  71
  75
  80
  85
  91
  98
  105
  113
  121
  129
  139
  149
  159
  171
  183
  196
  210
  224
  240
  256
  273
Change in working capital, $m
  -2
  6
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
  49
Cash from operations, $m
  85
  42
  42
  42
  43
  44
  45
  47
  49
  52
  55
  58
  62
  66
  71
  76
  82
  88
  95
  102
  110
  118
  127
  137
  147
  158
  170
  182
  195
  210
  225
Maintenance CAPEX, $m
  0
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
New CAPEX, $m
  -8
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
Cash from investing activities, $m
  -7
  -6
  -6
  -7
  -8
  -8
  -8
  -8
  -8
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -18
  -19
  -19
  -21
  -21
  -22
  -24
  -25
Free cash flow, $m
  78
  36
  35
  35
  35
  36
  37
  39
  41
  43
  45
  48
  51
  55
  59
  64
  69
  75
  81
  87
  94
  102
  110
  119
  129
  139
  149
  161
  173
  186
  200
Issuance/(repayment) of debt, $m
  -42
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  30
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -1
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  30
Total cash flow (excl. dividends), $m
  77
  40
  40
  40
  41
  43
  44
  46
  49
  52
  55
  58
  62
  67
  72
  77
  83
  90
  97
  104
  112
  121
  130
  140
  150
  161
  173
  186
  200
  214
  229
Retained Cash Flow (-), $m
  -29
  -8
  -10
  -11
  -12
  -14
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54
  -56
  -59
  -62
Prev. year cash balance distribution, $m
 
  57
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  89
  30
  29
  29
  29
  29
  30
  31
  33
  35
  36
  39
  42
  45
  49
  53
  58
  63
  69
  75
  81
  89
  96
  104
  113
  123
  133
  143
  155
  167
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  85
  28
  26
  24
  22
  21
  20
  20
  19
  18
  17
  17
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  8
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Current shareholders' claim on cash, %
  100
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Himax Technologies, Inc., a fabless semiconductor company, provides display imaging processing technologies to consumer electronics worldwide. The company operates through Driver IC and Non-Driver Products segments. It offers display driver integrated circuits (ICs) and timing controllers used in televisions (TVs), laptops, monitors, mobile phones, tablets, digital cameras, car navigation, and other consumer electronics devices. The company also designs and provides controllers for touch sensor displays, liquid crystal on silicon micro-displays used in palm-size projectors and head-mounted displays, light-emitting diode driver ICs, power management ICs, scaler products for monitors and projectors, tailor-made video processing IC solutions, and silicon IPs. In addition, it offers digital camera solutions, including complementary metal oxide semiconductor image sensors and wafer level optics, which are used in various applications, such as mobile phone, tablet, laptop, TV, PC camera, automobile, security, and medical devices. The company markets its products to panel manufacturers, agents or distributors, module manufacturers, and assembly houses; and camera module manufacturers, optical engine manufacturers, and television system manufacturers. Himax Technologies, Inc. was founded in 2001 and headquartered in Tainan City, Taiwan.

FINANCIAL RATIOS  of  Himax Technologies ADR (HIMX)

Valuation Ratios
P/E Ratio 55.4
Price to Sales 3.5
Price to Book 6
Price to Tangible Book
Price to Cash Flow 33.2
Price to Free Cash Flow 36.7
Growth Rates
Sales Growth Rate 16%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20%
Cap. Spend. - 3 Yr. Gr. Rate -15%
Financial Strength
Quick Ratio 1
Current Ratio 0.4
LT Debt to Equity 0%
Total Debt to Equity 29.5%
Interest Coverage 60
Management Effectiveness
Return On Assets 6.5%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 8.3%
Ret/ On T. Cap. - 3 Yr. Avg. 8%
Return On Equity 11.2%
Return On Equity - 3 Yr. Avg. 10.4%
Asset Turnover 1
Profitability Ratios
Gross Margin 24.2%
Gross Margin - 3 Yr. Avg. 24.1%
EBITDA Margin 9.2%
EBITDA Margin - 3 Yr. Avg. 9.4%
Operating Margin 7.3%
Oper. Margin - 3 Yr. Avg. 6.8%
Pre-Tax Margin 7.3%
Pre-Tax Margin - 3 Yr. Avg. 7.4%
Net Profit Margin 6.4%
Net Profit Margin - 3 Yr. Avg. 6%
Effective Tax Rate 16.9%
Eff/ Tax Rate - 3 Yr. Avg. 26%
Payout Ratio 43.1%

HIMX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HIMX stock intrinsic value calculation we used $803 million for the last fiscal year's total revenue generated by Himax Technologies ADR. The default revenue input number comes from 2016 income statement of Himax Technologies ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HIMX stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for HIMX is calculated based on our internal credit rating of Himax Technologies ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Himax Technologies ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HIMX stock the variable cost ratio is equal to 74.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $148 million in the base year in the intrinsic value calculation for HIMX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Himax Technologies ADR.

Corporate tax rate of 27% is the nominal tax rate for Himax Technologies ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HIMX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HIMX are equal to 6.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Himax Technologies ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HIMX is equal to 40%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $468 million for Himax Technologies ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 167.598 million for Himax Technologies ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Himax Technologies ADR at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ Is Himax Technologies Primed for a Comeback?   [Aug-17-17 04:22PM  Motley Fool]
▶ [$$] Finisar Is the Most Attractive iPhone Supplier   [Aug-05-17 12:52AM  Barrons.com]
▶ Himax meets 2Q profit forecasts   [Aug-04-17 01:35AM  Associated Press]
▶ What to Expect From Himax Technologies' Q2 Earnings   [Aug-02-17 07:12PM  Motley Fool]
▶ Why Himax Technologies Stock Is Up 44% in 2017   [Jul-26-17 04:20PM  Motley Fool]
▶ Benzinga's Option Alert Recap From June 23   [Jun-23-17 04:09PM  Benzinga]
▶ 4 Things You Didn't Know About Himax Technologies, Inc.   [May-24-17 04:11PM  Motley Fool]
▶ Why Himax Technologies, Inc. Stock Soared Today   [May-11-17 12:27PM  Motley Fool]
▶ Himax misses Street 1Q forecasts   [05:36AM  Associated Press]
▶ What to Look For in Himax Technologies' Q1 Results   [May-08-17 09:32PM  Motley Fool]
▶ Are Himax Technologies' Growth Days Over?   [Apr-24-17 10:51AM  Motley Fool]
▶ Himax Announces Strategic Investment in Emza Visual Sense   [Apr-13-17 08:40AM  GlobeNewswire]
▶ Why Himax Technologies, Inc. Stock Popped 34.5% in March   [Apr-11-17 09:00AM  Motley Fool]
▶ Better Buy: Himax Technologies Inc. vs NVIDIA   [Apr-08-17 12:16PM  Motley Fool]
▶ 3 Top Augmented Reality Stocks to Buy in 2017   [Mar-24-17 03:00PM  Motley Fool]
▶ 3 Top Augmented Reality Stocks to Buy in 2017   [03:00PM  at Motley Fool]
▶ Better Buy: Himax Technologies, Inc. vs. Qualcomm Inc.   [Mar-21-17 12:09PM  Motley Fool]
▶ Himax Technologies Has Massive Upside Potential   [Mar-20-17 11:19AM  Gurufocus]
▶ 2 Things Himax Technologies Does Right   [Mar-15-17 06:07PM  at Motley Fool]
▶ Get Greedy for Himax Technologies   [Feb-21-17 12:51PM  Gurufocus]
▶ Is Himax Technologies Doomed?   [Feb-08-17 07:43PM  at Motley Fool]
▶ Himax Tech: 3 Reasons To Sell   [Feb-06-17 09:55PM  at Barrons.com]
▶ Why Himax Technologies Tumbled 29% in 2016   [06:49PM  at Motley Fool]
▶ 2 Things Himax Technologies Needs to Prove in 2017   [Feb-03-17 09:16AM  at Motley Fool]
▶ China Smartphone 'Correction' Fuels Himax Downgrade   [Jan-30-17 12:44PM  at Barrons.com]
▶ Why Himax Technologies Is Not a Top Stock to Buy Now   [Jan-22-17 02:36PM  at Motley Fool]
Stock chart of HIMX Financial statements of HIMX
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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