TGM's two-stage DCF values Himax Technologies, Inc. (HIMX) between $7.37 and $10.36 depending on assumptions, with a base case of $8.44. Growth is taken from the company's own record (5-year revenue CAGR (FCF growth too volatile to use) (floored at 2%)), fading to 2.5% long-run; the discount rate (11.5%) reflects its beta.
What would today's price require?
$15.23 is justified only if free cash flow grows about +19.3% a year (fading to 2.5% long-run) at a 11.5% required return — faster than the company has actually grown.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 0.5%/yr | 12.5% | $7.37 |
| Base case | 2.0%/yr | 11.5% | $8.44 |
| Optimistic | 5.0%/yr | 10.5% | $10.36 |
| Third-party model estimate (FMP) | independent reference · retrieved Oct 2, 2026 · assumptions not provided | $6.61 | |
The FMP figure is a third-party point estimate. Its cash-flow forecast, discount rate, terminal growth, and valuation date are not included in the stored response, so TGMCharts presents it only as a reference—not as an intrinsic-value conclusion or price target.
Current Price
$15.23
Market-Implied Growth
+19.3%/yr
vs +4.4% 5Y actual
Model Scenario Range
$7.37 – $10.36
model output — not a price target
Edit the assumptions to see how they change the estimated fair value. Opens seeded with TGM's data-driven base case for HIMX (growth from its own 5-year record, discount from its beta), so the sandbox starts where the scenarios above leave off. Illustrative model — not investment advice.
Base inputs: FCF $111.3M · 0.17B shares · net cash $229.0M
Estimated Fair Value
$8.44
-44.6% vs $15.23
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 2.0%/yr FCF growth and 10-year horizon fixed. Green = above today's $15.23; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 9.5% | $9.58 | $9.99 | $10.47 | $11.02 | $11.65 |
| 10.5% | $8.66 | $8.97 | $9.33 | $9.73 | $10.19 |
| 11.5% | $7.92 | $8.17 | $8.44 | $8.75 | $9.09 |
| 12.5% | $7.32 | $7.51 | $7.73 | $7.97 | $8.23 |
| 13.5% | $6.82 | $6.98 | $7.15 | $7.34 | $7.55 |
