Photronics Story

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PLAB -- USA Stock  

USD 9.75  0.19  1.91%

19% of stocks are less volatile than Photronics, and 99% of all traded equity instruments are projected to make higher returns than the company over the 90 days investment horizon. As many conservative investors are still indifferent towards current market risk, it is prudent, from our point of view, to go over Photronics' current volatility. We are going to analyze if the current expected returns justify Photronics' volatility.
Published over three weeks ago
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Is Photronics (NASDAQ:PLAB) a good hedge for your existing portfolios?
Photronics currently holds roughly 237.79 M in cash with 132 M of positive cash flow from operations. This results in cash-per-share (CPS) ratio of 3.62.
Volatility is a rate at which the price of Photronics or any other equity instrument increases or decreases for a given set of returns. It is measured by calculating the standard deviation of the annualized returns over a given period of time and shows the range to which the price of Photronics may increase or decrease. In other words, similar to Photronics's beta indicator, it measures the risk of Photronics and helps estimate the fluctuations that may happen in a short period of time. So if prices of Photronics fluctuate rapidly in a short time span, it is termed to have high volatility, and if it swings slowly in a more extended period, it is understood to have low volatility. Please read more on our technical analysis page.

How important is Photronics's Liquidity

Photronics financial leverage refers to using borrowed capital as a funding source to finance Photronics ongoing operations. It is usually used to expand the firm's asset base and generate returns on borrowed capital. Photronics financial leverage is typically calculated by taking the company's all interest-bearing debt and dividing it by total capital. So the higher the debt-to-capital ratio (i.e., financial leverage), the riskier the company. Please check the breakdown between Photronics's total debt and its cash.

How Photronics utilizes its cash?

To perform a cash flow analysis of Photronics, investors first need to understand how to read the cash flow statement. A cash flow statement shows the amount of cash Photronics is receiving and how much cash it distributes out in a given period. The Photronics cash flow statement breaks down these inflows and outflows into different buckets, including operating activities, investing activities, and financing activities. Photronics Net Cash Flow from Operations is projected to decrease significantly based on the last few years of reporting. The past year's Net Cash Flow from Operations was at 78.64 Million

Photronics Volatility Drivers

Photronics unsystematic risk is unique to Photronics and usually not directly affected by the market or economic environment. An example of unsystematic risk is the possibility of poor earnings or a layoff due to coronavirus. One may mitigate nonsystematic risk by buying different securities in the same industry or by buying in different sectors. For example, if you have a position in Photronics you can also buy IPG Photonics. You can also mitigate this risk by investing in the semiconductor equipment & materials sector as well as in companies having nothing to do with it. This type of risk is also called diversifiable risk and can be understood from analyzing Photronics important indicators over time. Here we run a correlation analysis between relevant fundamental ratios over at least ten year period to find a relationship in the way they react to changes in Photronics income statement and balance sheet. Here are more details about Photronics volatility.
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