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TPI Composites

DB:GX6
Snowflake Description

Reasonable growth potential with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GX6
DB
$520M
Market Cap
  1. Home
  2. DE
  3. Capital Goods
Company description

TPI Composites, Inc. manufactures and sells composite wind blades, and related precision molding and assembly systems to original equipment manufacturers. The last earnings update was 29 days ago. More info.


Add to Portfolio Compare Print
  • TPI Composites has significant price volatility in the past 3 months.
GX6 Share Price and Events
7 Day Returns
-2.3%
DB:GX6
9.2%
DE Electrical
9.9%
DE Market
1 Year Returns
-49.5%
DB:GX6
-8.2%
DE Electrical
-17.5%
DE Market
GX6 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
TPI Composites (GX6) -2.3% -38.5% -21% -49.5% -28.2% -
DE Electrical 9.2% -20.6% -35.2% -8.2% -43.7% -44.1%
DE Market 9.9% -16.6% -24.8% -17.5% -24.5% -28.1%
1 Year Return vs Industry and Market
  • GX6 underperformed the Electrical industry which returned -8.2% over the past year.
  • GX6 underperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
GX6
Industry
5yr Volatility vs Market

Value

 Is TPI Composites undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of TPI Composites to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for TPI Composites.

DB:GX6 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 10 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.2%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:GX6
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Electrical Unlevered Beta Simply Wall St/ S&P Global 1.12
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.118 (1 + (1- 21%) (52.81%))
1.392
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.39
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.392 * 5.44%)
7.18%

Discounted Cash Flow Calculation for DB:GX6 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for TPI Composites is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:GX6 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.18%)
2020 11.23 Analyst x4 10.48
2021 48.84 Analyst x4 42.51
2022 36.81 Analyst x1 29.90
2023 30.11 Est @ -18.21% 22.81
2024 26.23 Est @ -12.87% 18.54
2025 23.84 Est @ -9.12% 15.72
2026 22.29 Est @ -6.5% 13.72
2027 21.25 Est @ -4.67% 12.20
2028 20.53 Est @ -3.39% 11.00
2029 20.02 Est @ -2.49% 10.00
Present value of next 10 years cash flows $186.00
DB:GX6 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $20.02 × (1 + -0.39%) ÷ (7.18% – -0.39%)
$263.34
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $263.34 ÷ (1 + 7.18%)10
$131.61
DB:GX6 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $186.00 + $131.61
$317.61
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $317.61 / 35.18
$9.03
DB:GX6 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:GX6 represents 0.87313x of NasdaqGM:TPIC
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.87313x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 9.03 x 0.87313
€7.88
Value per share (EUR) From above. €7.88
Current discount Discount to share price of €12.80
= -1 x (€12.80 - €7.88) / €7.88
-62.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of TPI Composites is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for TPI Composites's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are TPI Composites's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:GX6 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $-0.45
NasdaqGM:TPIC Share Price ** NasdaqGM (2020-03-31) in USD $14.66
Germany Electrical Industry PE Ratio Median Figure of 6 Publicly-Listed Electrical Companies 22.57x
Germany Market PE Ratio Median Figure of 399 Publicly-Listed Companies 16.31x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of TPI Composites.

DB:GX6 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGM:TPIC Share Price ÷ EPS (both in USD)

= 14.66 ÷ -0.45

-32.72x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TPI Composites is loss making, we can't compare its value to the DE Electrical industry average.
  • TPI Composites is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does TPI Composites's expected growth come at a high price?
Raw Data
DB:GX6 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -32.72x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
87.5%per year
Germany Electrical Industry PEG Ratio Median Figure of 5 Publicly-Listed Electrical Companies 1x
Germany Market PEG Ratio Median Figure of 255 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for TPI Composites, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on TPI Composites's assets?
Raw Data
DB:GX6 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $5.83
NasdaqGM:TPIC Share Price * NasdaqGM (2020-03-31) in USD $14.66
Germany Electrical Industry PB Ratio Median Figure of 14 Publicly-Listed Electrical Companies 1.69x
Germany Market PB Ratio Median Figure of 571 Publicly-Listed Companies 1.43x
DB:GX6 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGM:TPIC Share Price ÷ Book Value per Share (both in USD)

= 14.66 ÷ 5.83

2.52x

* Primary Listing of TPI Composites.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TPI Composites is overvalued based on assets compared to the DE Electrical industry average.
X
Value checks
We assess TPI Composites's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electrical industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electrical industry average (and greater than 0)? (1 check)
  5. TPI Composites has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is TPI Composites expected to perform in the next 1 to 3 years based on estimates from 10 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
87.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is TPI Composites expected to grow at an attractive rate?
  • TPI Composites's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • TPI Composites's earnings growth is expected to exceed the Germany market average.
  • TPI Composites's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:GX6 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:GX6 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts 87.5%
DB:GX6 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 8.5%
Germany Electrical Industry Earnings Growth Rate Market Cap Weighted Average 69.2%
Germany Electrical Industry Revenue Growth Rate Market Cap Weighted Average 12.4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.4%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:GX6 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:GX6 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 1,716 89 59 1
2021-12-31 1,736 119 58 9
2020-12-31 1,533 73 18 10
2020-03-31
DB:GX6 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 1,437 57 -16
2019-09-30 1,304 42 -24
2019-06-30 1,176 -7 -10
2019-03-31 1,075 -12 -15
2018-12-31 1,030 -3 5
2018-09-30 993 48 16
2018-06-30 992 51 29
2018-03-31 1,001 62 42
2017-12-31 955 75 39
2017-09-30 887 69 34
2017-06-30 833 70 15
2017-03-31 787 65 14

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • TPI Composites's earnings are expected to grow significantly at over 20% yearly.
  • TPI Composites's revenue is expected to grow by 8.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:GX6 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below

All data from TPI Composites Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:GX6 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 1.68 1.68 1.68 1.00
2021-12-31 1.59 2.11 0.98 8.00
2020-12-31 0.50 0.96 -0.08 9.00
2020-03-31
DB:GX6 Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 -0.45
2019-09-30 -0.68
2019-06-30 -0.28
2019-03-31 -0.45
2018-12-31 0.15
2018-09-30 0.48
2018-06-30 0.84
2018-03-31 1.24
2017-12-31 1.14
2017-09-30 1.01
2017-06-30 0.46
2017-03-31 0.57

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • TPI Composites is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess TPI Composites's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
TPI Composites has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has TPI Composites performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare TPI Composites's growth in the last year to its industry (Electrical).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • TPI Composites does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare TPI Composites's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare TPI Composites's 1-year growth to the DE Electrical industry average as it is not currently profitable.
Earnings and Revenue History
TPI Composites's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from TPI Composites Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:GX6 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 1,436.50 -15.71 106.95 1.00
2019-09-30 1,304.44 -23.70 127.56 0.90
2019-06-30 1,175.58 -9.59 125.99 0.90
2019-03-31 1,075.42 -15.47 124.53 0.80
2018-12-31 1,029.62 5.28 117.45 0.80
2018-09-30 993.07 16.33 107.86 1.10
2018-06-30 991.59 28.54 98.26 1.20
2018-03-31 1,000.56 42.17 90.93 1.50
2017-12-31 955.20 38.73 79.40 1.60
2017-09-30 887.27 34.27 72.24 1.60
2017-06-30 832.71 14.74 69.63 1.70
2017-03-31 787.38 14.28 56.93 1.50
2016-12-31 769.02 21.57 50.52 1.50
2016-09-30 748.25 19.75 39.21 1.30
2016-06-30 710.89 13.04 26.69 1.10
2016-03-31 666.37 5.66 29.68 1.00
2015-12-31 585.85 -1.74 29.09 0.90
2015-09-30 510.88 -12.88 34.68 1.40
2015-03-31 354.81 -21.82 30.48 0.80
2014-12-31 320.75 -20.58 24.94 0.80
2014-09-30 283.58 -14.98 19.19
2013-12-31 215.05 -12.87 13.57 0.60

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if TPI Composites has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if TPI Composites has efficiently used its assets last year compared to the DE Electrical industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if TPI Composites improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess TPI Composites's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electrical industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
TPI Composites has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is TPI Composites's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up TPI Composites's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • TPI Composites is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • TPI Composites's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of TPI Composites's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 3.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from TPI Composites Company Filings, last reported 3 months ago.

DB:GX6 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 205.05 126.15 76.43
2019-09-30 206.17 127.48 96.49
2019-06-30 212.03 131.08 63.76
2019-03-31 213.28 137.94 78.32
2018-12-31 220.96 116.26 91.01
2018-09-30 228.55 132.78 110.84
2018-06-30 234.09 129.86 114.00
2018-03-31 243.03 125.74 138.84
2017-12-31 220.55 102.95 152.70
2017-09-30 151.77 133.64 139.07
2017-06-30 129.24 128.36 130.83
2017-03-31 112.07 120.49 115.54
2016-12-31 106.51 123.16 127.20
2016-09-30 109.78 110.92 106.80
2016-06-30 20.14 119.69 31.06
2016-03-31 9.82 131.16 35.84
2015-12-31 7.63 129.35 49.06
2015-09-30
2015-03-31 -4.79 119.28 26.56
2014-12-31 2.26 126.98 49.09
2014-09-30 -4.79 97.07 17.76
2013-12-31 -5.09 45.64 14.89
  • TPI Composites's level of debt (61.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (5827.1% vs 61.5% today).
  • Debt is well covered by operating cash flow (45.3%, greater than 20% of total debt).
  • TPI Composites is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess TPI Composites's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. TPI Composites has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is TPI Composites's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from TPI Composites dividends. Estimated to be 0% next year.
If you bought €2,000 of TPI Composites shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate TPI Composites's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate TPI Composites's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:GX6 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
Germany Electrical Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 2%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.8%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:GX6 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.00 1.00
2021-12-31 0.00 2.00
2020-12-31 0.00 2.00
2020-03-31

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as TPI Composites has not reported any payouts.
  • Unable to verify if TPI Composites's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of TPI Composites's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as TPI Composites has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of TPI Composites's dividends in 3 years as they are not expected to pay a notable one for Germany.
X
Income/ dividend checks
We assess TPI Composites's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can TPI Composites afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. TPI Composites has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of TPI Composites's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Steve Lockard
COMPENSATION $3,186,901
AGE 57
TENURE AS CEO 16.2 years
CEO Bio

Mr. Steven C. Lockard, also known as Steve, has been Chief Executive Officer of TPI Composites, Inc. since 2004 and served as President since 2004. Mr. Lockard serves as Chief Executive Officer and President of VienTek LLC. Mr. Lockard joined TPI in 1999 and leads growth strategy and has transformed it from a recreational boat builder into a leading manufacturer of large-scale composite structures for the wind energy, military vehicle and transportation markets. Mr. Lockard has 24 years of experience in building high-growth, technology related manufacturing companies. Prior to that, Mr. Lockard was Vice President of marketing and business development and a founding officer of ADFlex Solutions, Inc., a NASDAQ-listed international manufacturer of interconnect products for the electronics industry, from 1993 to 1997. Prior to that, Mr. Lockard held several marketing and management positions including Business Unit Manager, Corporate Market Development Manager and Marketing/Applications Engineer at Rogers Corporation from 1982 to 1993. Mr. Lockard was Vice President of Satloc, Inc. from 1997 to 1999. He serves as Director at Fluidic, Inc. He has been a Director of TPI Composites, Inc. since 2004. He serves as Regular Director of American Wind Energy Association. He has a BS degree in Electrical Engineering from Arizona State University.

CEO Compensation
  • Steve's compensation has increased whilst company is loss making.
  • Steve's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the TPI Composites management team in years:

2.3
Average Tenure
51
Average Age
  • The tenure for the TPI Composites management team is about average.
Management Team

Steve Lockard

TITLE
CEO & Director
COMPENSATION
$3M
AGE
57
TENURE
16.2 yrs

Bill Siwek

TITLE
President
COMPENSATION
$2M
AGE
56
TENURE
0.8 yrs

Steve Fishbach

TITLE
General Counsel & Secretary
COMPENSATION
$862K
AGE
49
TENURE
5.2 yrs

Bryan Schumaker

TITLE
Chief Financial Officer
AGE
43
TENURE
0.8 yrs

Christian Edin

TITLE
Senior Director of Investor Relations

Deane Ilukowicz

TITLE
Senior Vice President of Global Human Resources & Social Responsibility
TENURE
2.3 yrs

Thomas Castle

TITLE
Senior Vice President of Operations - Strategic Markets.
AGE
47
TENURE
4.3 yrs

Ramesh Gopalakrishnan

TITLE
Chief Operating Officer– Wind
AGE
51
TENURE
0.8 yrs

Joe Kishkill

TITLE
Chief Commercial Officer
COMPENSATION
$2M
AGE
54
TENURE
2.6 yrs

Lance Marram

TITLE
Senior Vice President of Global Service
TENURE
0.4 yrs
Board of Directors Tenure

Average tenure and age of the TPI Composites board of directors in years:

11.2
Average Tenure
56
Average Age
  • The average tenure for the TPI Composites board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Paul Giovacchini

TITLE
Lead Independent Director
COMPENSATION
$195K
AGE
62
TENURE
14.2 yrs

Steve Lockard

TITLE
CEO & Director
COMPENSATION
$3M
AGE
57
TENURE
16.2 yrs

Daniel Weiss

TITLE
Independent Director
COMPENSATION
$165K
AGE
51
TENURE
11.2 yrs

Jack Henry

TITLE
Director
COMPENSATION
$180K
AGE
75
TENURE
12.2 yrs

Phil Deutch

TITLE
Independent Director
COMPENSATION
$162K
AGE
54
TENURE
13.2 yrs

Michael DeRosa

TITLE
Independent Director
COMPENSATION
$157K
AGE
47
TENURE
11.2 yrs

Steve Bransfield

TITLE
Director
COMPENSATION
$162K
AGE
74
TENURE
9.6 yrs

Jim Hughes

TITLE
Independent Director
COMPENSATION
$160K
AGE
56
TENURE
4.4 yrs

Jayshree Desai

TITLE
Independent Director
COMPENSATION
$160K
AGE
47
TENURE
2.4 yrs

TJ Jordan

TITLE
Director
AGE
56
TENURE
1.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
26. Aug 19 Buy William Siwek Individual 26. Aug 19 26. Aug 19 2,823 €15.95 €45,037
14. Aug 19 Buy Bryan Schumaker Individual 13. Aug 19 13. Aug 19 1,070 €16.44 €17,591
12. Jun 19 Buy Paul Giovacchini Individual 10. Jun 19 10. Jun 19 5,000 €19.93 €99,671
11. Jun 19 Sell Thomas Castle Individual 10. Jun 19 10. Jun 19 -1,527 €19.91 €-30,399
05. Jun 19 Buy William Siwek Individual 05. Jun 19 05. Jun 19 900 €19.59 €17,628
03. Jun 19 Buy Steven Lockard Individual 03. Jun 19 03. Jun 19 5,000 €19.16 €95,810
30. May 19 Buy Jack Henry Individual 28. May 19 28. May 19 500 €19.61 €9,803
20. May 19 Buy Stephen Bransfield Individual 16. May 19 16. May 19 4,000 €20.45 €81,785
20. May 19 Buy James Hughes Individual 16. May 19 16. May 19 2,000 €20.34 €40,678
X
Management checks
We assess TPI Composites's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. TPI Composites has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

TPI Composites, Inc. manufactures and sells composite wind blades, and related precision molding and assembly systems to original equipment manufacturers. The company also provides composite solutions for the transportation industry. It operates in the United States, Asia, Mexico, Europe, the Middle East, Africa, and India. The company was formerly known as LCSI Holding, Inc. and changed its name to TPI Composites, Inc. in 2008. TPI Composites, Inc. was founded in 1968 and is headquartered in Scottsdale, Arizona.

Details
Name: TPI Composites, Inc.
GX6
Exchange: DB
Founded: 1968
$471,348,225
35,184,189
Website: http://www.tpicomposites.com
Address: TPI Composites, Inc.
Gainey Center II,
Suite 100,
Scottsdale,
Arizona, 85253,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGM TPIC Common Shares Nasdaq Global Market US USD 22. Jul 2016
DB GX6 Common Shares Deutsche Boerse AG DE EUR 22. Jul 2016
Number of employees
Current staff
Staff numbers
13,300
TPI Composites employees.
Industry
Heavy Electrical Equipment
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 23:29
End of day share price update: 2020/03/31 00:00
Last estimates confirmation: 2020/03/27
Last earnings filing: 2020/03/02
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.