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CEWE Stiftung KGaA

WBAG:CWC
Snowflake Description

Flawless balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CWC
WBAG
€580M
Market Cap
  1. Home
  2. AT
  3. Commercial Services
Company description

CEWE Stiftung & Co. KGaA engages in photofinishing and online printing businesses in Germany and internationally. The last earnings update was 21 days ago. More info.


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CWC Share Price and Events
7 Day Returns
3.2%
WBAG:CWC
2.5%
Europe Commercial Services
3.4%
AT Market
1 Year Returns
-5.7%
WBAG:CWC
1.5%
Europe Commercial Services
-2%
AT Market
CWC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CEWE Stiftung KGaA (CWC) 3.2% 1.2% 19.4% -5.7% - -
Europe Commercial Services 2.5% 4.4% 11.3% 1.5% 5.8% 3.7%
AT Market 3.4% 6% 10.1% -2% 43.4% 29.5%
1 Year Return vs Industry and Market
  • CWC underperformed the Commercial Services industry which returned 1.5% over the past year.
  • CWC underperformed the Market in Austria which returned -2% over the past year.
Price Volatility
CWC
Industry
5yr Volatility vs Market

Value

 Is CEWE Stiftung KGaA 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 CEWE Stiftung KGaA 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 CEWE Stiftung KGaA.

WBAG:CWC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.4%
Perpetual Growth Rate 10-Year AT Government Bond Rate 0.5%

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 WBAG:CWC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AT Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6%
Commercial Services Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.735 (1 + (1- 30%) (0.66%))
0.824
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.82
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.51% + (0.824 * 5.96%)
5.42%

Discounted Cash Flow Calculation for WBAG:CWC using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for CEWE Stiftung KGaA 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.

WBAG:CWC DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 5.42%)
2019 31.02 Analyst x5 29.42
2020 33.65 Analyst x6 30.28
2021 34.75 Analyst x4 29.66
2022 35.59 Est @ 2.4% 28.81
2023 36.24 Est @ 1.84% 27.83
2024 36.76 Est @ 1.44% 26.78
2025 37.19 Est @ 1.16% 25.69
2026 37.55 Est @ 0.96% 24.61
2027 37.86 Est @ 0.83% 23.53
2028 38.13 Est @ 0.73% 22.49
Present value of next 10 years cash flows €269.10
WBAG:CWC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €38.13 × (1 + 0.51%) ÷ (5.42% – 0.51%)
€780.09
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €780.09 ÷ (1 + 5.42%)10
€460.02
WBAG:CWC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €269.10 + €460.02
€729.12
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €729.12 / 7.18
€101.5
WBAG:CWC Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in WBAG:CWC represents 1.00867x of DB:CWC
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.00867x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 101.50 x 1.00867
€102.38
Value per share (EUR) From above. €102.38
Current discount Discount to share price of €81.40
= -1 x (€81.40 - €102.38) / €102.38
20.5%

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

Current Discount
Amount off the current price CEWE Stiftung KGaA is available for.
Intrinsic value
20%
Share price is €81.4 vs Future cash flow value of €102.38
Current Discount Checks
For CEWE Stiftung KGaA to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CEWE Stiftung KGaA's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • CEWE Stiftung KGaA's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 CEWE Stiftung KGaA's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CEWE Stiftung KGaA's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WBAG:CWC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €5.06
DB:CWC Share Price ** DB (2019-04-18) in EUR €80.7
Europe Commercial Services Industry PE Ratio Median Figure of 105 Publicly-Listed Commercial Services Companies 16.91x
Austria Market PE Ratio Median Figure of 51 Publicly-Listed Companies 14.73x

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

** Primary Listing of CEWE Stiftung KGaA.

WBAG:CWC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= DB:CWC Share Price ÷ EPS (both in EUR)

= 80.7 ÷ 5.06

15.95x

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

  • CEWE Stiftung KGaA is good value based on earnings compared to the Europe Commercial Services industry average.
  • CEWE Stiftung KGaA is overvalued based on earnings compared to the Austria market.
Price based on expected Growth
Does CEWE Stiftung KGaA's expected growth come at a high price?
Raw Data
WBAG:CWC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.95x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
5.4%per year
Europe Commercial Services Industry PEG Ratio Median Figure of 54 Publicly-Listed Commercial Services Companies 1.33x
Austria Market PEG Ratio Median Figure of 32 Publicly-Listed Companies 1.34x

*Line of best fit is calculated by linear regression .

WBAG:CWC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.95x ÷ 5.4%

2.95x

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

  • CEWE Stiftung KGaA is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on CEWE Stiftung KGaA's assets?
Raw Data
WBAG:CWC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €37.50
DB:CWC Share Price * DB (2019-04-18) in EUR €80.7
Europe Commercial Services Industry PB Ratio Median Figure of 143 Publicly-Listed Commercial Services Companies 1.54x
Austria Market PB Ratio Median Figure of 59 Publicly-Listed Companies 1.27x
WBAG:CWC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= DB:CWC Share Price ÷ Book Value per Share (both in EUR)

= 80.7 ÷ 37.50

2.15x

* Primary Listing of CEWE Stiftung KGaA.

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

  • CEWE Stiftung KGaA is overvalued based on assets compared to the Europe Commercial Services industry average.
X
Value checks
We assess CEWE Stiftung KGaA'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 Commercial Services 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 Commercial Services industry average (and greater than 0)? (1 check)
  5. CEWE Stiftung KGaA has a total score of 2/6, 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 CEWE Stiftung KGaA expected to perform in the next 1 to 3 years based on estimates from 7 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
5.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CEWE Stiftung KGaA expected to grow at an attractive rate?
  • CEWE Stiftung KGaA's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • CEWE Stiftung KGaA's earnings growth is positive but not above the Austria market average.
  • CEWE Stiftung KGaA's revenue growth is positive but not above the Austria market average.
Annual Growth Rates Comparison
Raw Data
WBAG:CWC Future Growth Rates Data Sources
Data Point Source Value (per year)
WBAG:CWC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 5.4%
WBAG:CWC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 2.7%
Europe Commercial Services Industry Earnings Growth Rate Market Cap Weighted Average 21.2%
Europe Commercial Services Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
Austria Market Earnings Growth Rate Market Cap Weighted Average 9%
Austria Market Revenue Growth Rate Market Cap Weighted Average 2.7%

*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
WBAG:CWC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WBAG:CWC Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 775 3
2022-12-31 752 3
2021-12-31 723 84 43 5
2020-12-31 700 82 40 7
2019-12-31 678 78 38 7
WBAG:CWC Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 679 79 36
2018-09-30 631 69 30
2018-06-30 624 63 31
2018-03-31 616 63 33
2017-12-31 604 72 34
2017-09-30 600 64 28
2017-06-30 598 69 30
2017-03-31 599 75 30
2016-12-31 599 93 30
2016-09-30 584 82 31
2016-06-30 581 79 28
2016-03-31 570 77 27

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CEWE Stiftung KGaA's earnings are expected to grow by 5.4% yearly, however this is not considered high growth (20% yearly).
  • CEWE Stiftung KGaA's revenue is expected to grow by 2.7% 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
WBAG:CWC 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 7 Analyst Estimates (S&P Global) See Below

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

WBAG:CWC Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 5.94 6.08 5.75 4.00
2020-12-31 5.64 5.80 5.41 7.00
2019-12-31 5.32 5.47 5.10 7.00
WBAG:CWC Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 5.06
2018-09-30 4.10
2018-06-30 4.38
2018-03-31 4.65
2017-12-31 4.70
2017-09-30 3.87
2017-06-30 4.26
2017-03-31 4.26
2016-12-31 4.25
2016-09-30 4.29
2016-06-30 3.94
2016-03-31 3.71

*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.
  • CEWE Stiftung KGaA is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess CEWE Stiftung KGaA'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 Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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.
CEWE Stiftung KGaA has a total score of 1/6, 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 CEWE Stiftung KGaA 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 CEWE Stiftung KGaA's growth in the last year to its industry (Commercial Services).
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.
  • CEWE Stiftung KGaA's year on year earnings growth rate has been positive over the past 5 years.
  • CEWE Stiftung KGaA's 1-year earnings growth is less than its 5-year average (8.1% vs 9.1%)
  • CEWE Stiftung KGaA's earnings growth has not exceeded the Europe Commercial Services industry average in the past year (8.1% vs 16%).
Earnings and Revenue History
CEWE Stiftung KGaA'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 CEWE Stiftung KGaA Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WBAG:CWC Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 679.49 36.30 178.14
2018-09-30 631.09 29.90 168.34
2018-06-30 624.24 31.36 164.22
2018-03-31 616.37 33.21 159.73
2017-12-31 604.42 33.57 155.72
2017-09-30 599.72 27.67 178.64
2017-06-30 598.07 30.42 153.15
2017-03-31 598.84 30.45 151.99
2016-12-31 599.28 30.36 150.45
2016-09-30 584.17 30.65 169.55
2016-06-30 581.10 28.16 167.77
2016-03-31 570.49 26.51 165.08
2015-12-31 558.13 22.47 162.85
2015-09-30 538.72 22.52 160.72
2015-06-30 534.91 22.50 158.06
2015-03-31 533.06 22.01 157.18
2014-12-31 529.21 21.42 155.15
2014-09-30 528.89 23.28 148.53
2014-06-30 531.13 25.29 147.09
2014-03-31 541.29 24.83 145.57
2013-12-31 545.01 22.29 146.18
2013-09-30 534.63 16.60 145.70
2013-06-30 534.71 16.41 145.96
2013-03-31 527.12 19.14 144.60
2012-12-31 516.04 18.84 140.64
2012-09-30 488.00 14.93 118.42
2012-06-30 485.74 16.85 115.02

*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.
  • CEWE Stiftung KGaA has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CEWE Stiftung KGaA used its assets more efficiently than the Europe Commercial Services industry average last year based on Return on Assets.
  • CEWE Stiftung KGaA has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CEWE Stiftung KGaA'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 Commercial Services 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.
CEWE Stiftung KGaA has a total score of 3/6, 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 CEWE Stiftung KGaA'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 CEWE Stiftung KGaA's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CEWE Stiftung KGaA is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CEWE Stiftung KGaA's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of CEWE Stiftung KGaA'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 48.6x 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 CEWE Stiftung KGaA Company Filings, last reported 3 months ago.

WBAG:CWC Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 254.20 3.81 31.42
2018-09-30 217.62 56.17 15.92
2018-06-30 214.96 61.80 14.32
2018-03-31 231.80 42.32 17.92
2017-12-31 227.21 1.58 38.77
2017-09-30 195.44 30.63 16.39
2017-06-30 192.71 2.43 25.29
2017-03-31 205.83 2.82 46.58
2016-12-31 204.89 0.21 48.56
2016-09-30 177.06 10.88 18.55
2016-06-30 171.02 8.70 18.19
2016-03-31 187.71 2.83 30.46
2015-12-31 186.96 6.67 21.68
2015-09-30 161.08 33.18 12.40
2015-06-30 158.11 19.37 14.74
2015-03-31 171.78 3.85 17.60
2014-12-31 173.65 4.22 27.67
2014-09-30 147.49 21.00 14.72
2014-06-30 144.84 17.78 15.77
2014-03-31 135.51 25.39 16.69
2013-12-31 142.82 30.32 14.03
2013-09-30 112.45 53.51 11.65
2013-06-30 107.11 54.96 14.86
2013-03-31 122.56 37.59 15.36
2012-12-31 130.47 31.48 13.37
2012-09-30 112.52 62.90 6.91
2012-06-30 106.68 63.24 7.54
  • CEWE Stiftung KGaA's level of debt (1.5%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (21.2% vs 1.5% today).
  • Debt is well covered by operating cash flow (2064.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 49.6x coverage).
X
Financial health checks
We assess CEWE Stiftung KGaA'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. CEWE Stiftung KGaA has a total score of 6/6, 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 CEWE Stiftung KGaA'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
2.29%
Current annual income from CEWE Stiftung KGaA dividends. Estimated to be 2.58% next year.
If you bought €2,000 of CEWE Stiftung KGaA shares you are expected to receive €46 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?
  • CEWE Stiftung KGaA's pays a higher dividend yield than the bottom 25% of dividend payers in Austria (1.44%).
  • CEWE Stiftung KGaA's dividend is below the markets top 25% of dividend payers in Austria (4.62%).
Upcoming dividend payment

Purchase CEWE Stiftung KGaA before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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
WBAG:CWC 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 7 Analyst Estimates (S&P Global) See Below
Europe Commercial Services Industry Average Dividend Yield Market Cap Weighted Average of 76 Stocks 3%
Austria Market Average Dividend Yield Market Cap Weighted Average of 49 Stocks 3.4%
Austria Minimum Threshold Dividend Yield 10th Percentile 1.1%
Austria Bottom 25% Dividend Yield 25th Percentile 1.4%
Austria Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

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

WBAG:CWC Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 2.23 4.00
2020-12-31 2.08 7.00
2019-12-31 2.00 7.00
WBAG:CWC Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2018-06-06 1.850 2.506
2017-03-15 1.800 2.235
2016-03-23 1.600 2.238
2015-03-19 1.550 2.952
2015-02-25 1.550 2.703
2014-06-04 1.500 2.901
2013-03-26 1.450 3.591
2012-06-06 1.400 4.503
2011-03-30 1.250 4.064
2011-03-23 1.250 4.016
2010-03-01 1.050 3.655
2010-02-22 1.050 4.118
2009-04-20 1.000 4.424

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of CEWE Stiftung KGaA's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.7x coverage).
X
Income/ dividend checks
We assess CEWE Stiftung KGaA's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - 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 CEWE Stiftung KGaA afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CEWE Stiftung KGaA has a total score of 5/6, 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 CEWE Stiftung KGaA'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
Christian Friege
COMPENSATION €776,486
AGE 52
CEO Bio

Dr. Christian Friege has been Chairman of Management Board of CEWE Stiftung & Co. KGaA since July 1, 2017 and serves as its CEO. Dr. Friege has been a Member of the Board of Management of CEWE Stiftung & Co. KGaA since January 14, 2016. He served as Chairman and Chief Executive Officer of LichtBlick AG. Dr. Friege served as Chief Customer Officer of mobilcom-debitel AG (also known as Debitel AG) since January 2005 and served as its Member of Management Board. Dr. Friege was responsible for marketing, customer service and product management of Debitel. He worked at Bertelsmann AG, Germany's largest media company, since 1995. He served as chief of Bertelsmann's BCA Book Club Associates in London.

CEO Compensation
  • Christian's compensation has increased by more than 20% in the past year.
  • Christian's remuneration is about average for companies of similar size in Austria.
Management Team Tenure

Average tenure of the CEWE Stiftung KGaA management team in years:

9
Average Tenure
  • The average tenure for the CEWE Stiftung KGaA management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Christian Friege

TITLE
Chairman of Management Board & CEO
COMPENSATION
€776K
AGE
52

Olaf Holzkamper

TITLE
CFO & Member of the Board of Management
COMPENSATION
€634K
TENURE
9 yrs

Reiner Fageth

TITLE
Member of the Board of Management
COMPENSATION
€648K
TENURE
12.3 yrs

Thomas Mehls

TITLE
Member of the Board of Management
COMPENSATION
€642K

Carsten Heitkamp

TITLE
Member of the Board of Management
COMPENSATION
€642K

Patrick Berkhouwer

TITLE
Member of the Board of Management
COMPENSATION
€640K
TENURE
3.3 yrs

Christina Debus

TITLE
Head of Quality Management and Member of Supervisory Board
COMPENSATION
€47K

Frank Zweigle

TITLE
Member of the Board of Management
COMPENSATION
€110K
Board of Directors Tenure

Average tenure of the CEWE Stiftung KGaA board of directors in years:

5.4
Average Tenure
  • The tenure for the CEWE Stiftung KGaA board of directors is about average.
Board of Directors

Otto Korte

TITLE
Chairman of Supervisory Board
COMPENSATION
€91K
TENURE
6.8 yrs

Christina Debus

TITLE
Head of Quality Management and Member of Supervisory Board
COMPENSATION
€47K
TENURE
3.5 yrs

Christiane Hipp

TITLE
Member of Supervisory Board
COMPENSATION
€46K
TENURE
6.8 yrs

Hans-Henning Wiegmann

TITLE
Member of Supervisory Board
COMPENSATION
€48K
TENURE
6 yrs

Vera Ackermann

TITLE
Member of Supervisory Board
COMPENSATION
€64K
TENURE
5.4 yrs

Angelika Esser

TITLE
Member of Supervisory Board
COMPENSATION
€47K

Thorsten Sommer

TITLE
Member of Supervisory Board
COMPENSATION
€50K

Philipp Martens

TITLE
Member of Supervisory Board
COMPENSATION
€49K
TENURE
3.5 yrs

Markus Schwarz

TITLE
Member of Supervisory Board
COMPENSATION
€47K
TENURE
3.5 yrs

Paolo Dell’Antonio

TITLE
Director
COMPENSATION
€12K
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess CEWE Stiftung KGaA'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. CEWE Stiftung KGaA 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

CEWE Stiftung & Co. KGaA engages in photofinishing and online printing businesses in Germany and internationally. It operates through three business units: Photofinishing, Commercial Online Printing, and Retail. The company develops, produces, and supplies photos, photo books, and photo gifts under the CEWE PHOTOBOOK, CEWE CALENDARS, CEWE CARDS, and CEWE WALL ART brands through Internet, retailers, and CEWE PHOTOSTATIONS. It also provides online printing services for flyers, posters, brochures, business cards, etc. through its saxoprint, CEWE-PRINT.de, and viaprinto.de. In addition, the company distributes photographic hardware, including cameras, lenses, and accessories, as well as provides services through retail outlets and online shops. It operates approximately 143 stores in Norway, Sweden, Poland, the Czech Republic, and Slovakia. The company was founded in 1961 and is headquartered in Oldenburg, Germany.

Details
Name: CEWE Stiftung & Co. KGaA
CWC
Exchange: WBAG
Founded: 1961
€580,412,579
7,183,324
Website: http://www.cewe.de
Address: CEWE Stiftung & Co. KGaA
Meerweg 30-32,
Oldenburg,
Lower Saxony, 26133,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
DB CWC Bearer Shares Deutsche Boerse AG DE EUR 17. Aug 1993
XTRA CWC Bearer Shares XETRA Trading Platform DE EUR 17. Aug 1993
LSE 0N8F Bearer Shares London Stock Exchange GB EUR 17. Aug 1993
SWX CWC Bearer Shares SIX Swiss Exchange CH CHF 17. Aug 1993
WBAG CWC Bearer Shares Wiener Boerse AG AT EUR 17. Aug 1993
BATS-CHIXE CWCD Bearer Shares BATS 'Chi-X Europe' GB EUR 17. Aug 1993
Number of employees
Current staff
Staff numbers
3,762
CEWE Stiftung KGaA employees.
Industry
Diversified Support Services
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 22:06
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/12
Last earnings filing: 2019/03/28
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


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.