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Gentex Corp GNTX

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Stock XNAS Rating as of
$31.20 −1.36 (4.18%)
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Company Report

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Gentex Earnings: June Order Decline Looks To Be a One-Off Event

David Whiston

Gentex’s second quarter saw large headwinds from many automakers suddenly, and without explanation, reducing June production. April and May had been tracking to Gentex’s expectations, but customers pulled back in June. Some automakers like Stellantis have had high inventory, and Gentex CEO Steve Downing speculated that many customers may have wanted to pare down raw material inventory. The decline was not related to the June 19 cyberattack on auto dealer vendor CDK. We maintain our fair value estimate because July production is trending with Gentex’s budget, but if it continues to drastically suffer, a fair value estimate reduction may occur after third- or fourth-quarter earnings.

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Price vs Fair Value

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GNTX is trading at a 295% premium.
Price
$31.22
Fair Value
$75.00
Uncertainty
Medium
1-Star Price
$37.50
5-Star Price
$97.10
Economic Moat
Vhdnvb
Capital Allocation
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Bulls Say, Bears Say

Bulls

Auto-dimming technology has applications to other parts of the car like headlights, as well as airplane windows and healthcare. Although small now, markets outside the auto industry could prove to be very large businesses down the road.

Bears

Cameras could replace Gentex's mirrors, if regulators throughout the world allowed it. We don't think this is a likely threat, at least not anytime in the near future in very large volume.

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Trading Information

Previous Close Price
$32.56
Day Range
$29.52–31.56
52-Week Range
$27.86–37.58
Bid/Ask
$30.60 / $32.00
Market Cap
$7.21 Bil
Volume/Avg
4.5 Mil / 1.4 Mil

Key Statistics

Price/Earnings (Normalized)
17.23
Price/Sales
3.19
Dividend Yield (Trailing)
1.47%
Dividend Yield (Forward)
1.47%
Total Yield
3.64%

Company Profile

Gentex was founded in 1974 to produce smoke-detection equipment. The company sold its first glare-control interior mirror in 1982 and its first model using electrochromic technology in 1987. Automotive revenue is about 98% of total revenue. The company is constantly developing new applications for the technology to remain on top. Sales in 2023 totaled about $2.3 billion with 50.6 million mirrors shipped. The unit mix breaks out as 63% interior and 37% exterior, versus 31% exterior in 2019. The company is based in Zeeland, Michigan.
Sector
Consumer Cyclical
Industry
Auto Parts
Stock Style Box
Small Core
Total Number of Employees
5,466
Website
https://www.gentex.com

Competitors

Valuation

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Metric
GNTX
MGA
Price/Earnings (Normalized)
 17.238.05
Price/Book Value
 3.171.08
Price/Sales
 3.190.29
Price/Cash Flow
 13.254.20
Price/Earnings
GNTX
MGA

Financial Strength

Metric
GNTX
MGA
Quick Ratio
 2.000.73
Current Ratio
 3.521.09
Interest Coverage
 —5.68
Quick Ratio
GNTX
MGA

Profitability

Metric
GNTX
MGA
Return on Assets (Normalized)
 18.89%4.85%
Return on Equity (Normalized)
 21.45%13.50%
Return on Invested Capital (Normalized)
 21.45%8.85%
Return on Assets
GNTX
MGA
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