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Vishay Intertechnology Inc. Message Board

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  • No wonder since we have poor earnings, slow growth, and deteriorating book value...

  • Dividend Last $0.06
    Dividend IAD $0.24
    Dividend Yield IAD 1.93%
    Dividend Ex-Date 6/9/2015
    Dividend Pay Date 6/25/2015

  • Reply to

    VSH's earnings are suspect

    by c757172 May 12, 2015 10:44 AM

    The company is run by unethical TOP OWNERS.. Treat the rest of us like idiots and took our money. VSH has not done S - - - for 15 years.

  • Reply to

    VSH's earnings are suspect

    by c757172 May 12, 2015 10:44 AM

    The tangible book value shows decline because of the large good-will incurred with Vishay's Capella's acquisition.

    Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15
    Tangibles_book_per_share 10.15 10.17 10.38 10.95 11.54 11.68 11.76 9.86
    10.13 9.51

  • The annual dividends account for only $0.24 / sh so it does not explain why the book value per share has declined last year despite the positive earnings posted by Vishay. Stock-based compensation does not explain it either.

    Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15
    eps_diluted 0.14 0.19 0.21 0.22 0.20 0.17 0.23 0.17 0.19 0.20

    Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15
    Book Value Per Share 11.33 11.37 11.64 12.15 12.71 12.83 12.98 12.18 12.38 11.62

  • Reply to

    Where is the Buyback?

    by garyg474 May 6, 2015 7:10 PM

    1. Cash and cash equivalents are down to $517M. Although there is additional $539M in short term investment, long term debt is up to $471M and there are $178M deferred tax liabilities. So Vishay does not "huge amount" of net cash. Apparently most of the cash is outside the US so bringing it here to repurchase shares probably would activate tax liabilities. In fact, in 2012 Vishay issued convertible debt for financing share buybacks.

    "New York, May 30, 2012 -- Moody's Investors Service said that Vishay Intertechnology, Inc.'s announcement that it is issuing $150 million of new convertible senior notes to fund share buybacks is credit negative but does not affect the company's Ba3 Corporate Family Rating and stable ratings outlook. The company is issuing new debt as the majority of its $923 million in cash and short-term investments balances resides in jurisdic
    tions outside the U.S."

    2. The current share price is above book value so Vishay would rather use the cash for acquisitions. For example, in 2014 Vishay acquired Capella for about $150M in net cash and it actually financed a part of the sum by borrowing against its revolving credit. Acquiring small companies (paying cash) is a recurring theme in Vishay's history.

    At this stage, rather than buying back shares, I would rather have Vishay doubling its dividends. It can afford it.

  • With the huge amount of net cash on hand, why does VSH management continue to miss these buying opportunities to buy back stock at reduced valuations. To me, this shows an incompetence that has persisted for years.

  • The revenues were a tad weak because of the euro/dollar exchange rate.

    "Despite the recent substantial strengthening of the US dollar versus the euro, Vishay had a promising start into 2015. Obviously, our revenue expressed in US dollars was negatively impacted—by $19 million sequentially—but Vishay was able to maintain its profitability. Vishay’s share of revenues in euro as well as share of total costs in euro are approximately balanced. A weaker euro means that both revenues and costs translated into U.S. dollars decrease"

    The revenue guidance is also a tad weak:

    “Based on a 1.10 U.S. dollar to euro exchange rate, we guide for revenues of $600 to $640 million—representing an increase of 6% sequentially at constant exchange rates—and for gross margins of 24% to 26%.”

    The company is profitable but despite expensive acquisitions it is hardly growing and the margins are small. The initiative to expand into the huge Asian market is yet to show significant results. As I've said on previous occasions, the management of this company is stale. Its BOD, controlled by the Zandman's family (which also controls the votes), renders this company a private company.

    There is no value generation for the shareholders. The dividends are small and the shareholder equity is actually dropping.

    Total equity: $1.779026 Billion (this quarter), $1.830877 Billion (prior quarter)

  • Because of the weakness of the euro against the dollar, I'll be surprised if VSH makes the numbers this quarter.

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