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Tassal Group

ASX:TGR
Snowflake Description

Excellent balance sheet, good value and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TGR
ASX
A$842M
Market Cap
  1. Home
  2. AU
  3. Food, Beverage & Tobacco
Company description

Tassal Group Limited, together with its subsidiaries, engages in the hatching, farming, processing, marketing, and sale of Atlantic salmon in Australia. The last earnings update was 155 days ago. More info.


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TGR Share Price and Events
7 Day Returns
-2%
ASX:TGR
0.6%
AU Food
-0.1%
AU Market
1 Year Returns
11.4%
ASX:TGR
-14.9%
AU Food
5.2%
AU Market
TGR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Tassal Group (TGR) -2% -4.2% -1.4% 11.4% 16.5% 22.8%
AU Food 0.6% 2.4% -5% -14.9% -11.1% 14.2%
AU Market -0.1% 2.4% 6.5% 5.2% 19.8% 11.8%
1 Year Return vs Industry and Market
  • TGR outperformed the Food industry which returned -14.9% over the past year.
  • TGR outperformed the Market in Australia which returned 5.2% over the past year.
Price Volatility
TGR
Industry
5yr Volatility vs Market

TGR Value

 Is Tassal Group 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 Tassal Group 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 Tassal Group.

ASX:TGR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.1%
Perpetual Growth Rate 10-Year AU Government Bond Rate 2.3%

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 ASX:TGR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AU Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Food Unlevered Beta Simply Wall St/ S&P Global 0.56
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.564 (1 + (1- 30%) (19.5%))
0.759
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (0.8 * 5.96%)
7.08%

Discounted Cash Flow Calculation for ASX:TGR using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Tassal Group 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.

ASX:TGR DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (AUD, Millions) Source Present Value
Discounted (@ 7.08%)
2020 48.90 Analyst x1 45.67
2021 57.00 Analyst x1 49.71
2022 68.60 Analyst x1 55.87
2023 71.60 Analyst x1 54.46
2024 84.10 Analyst x1 59.74
2025 91.74 Est @ 9.08% 60.86
2026 98.21 Est @ 7.05% 60.84
2027 103.74 Est @ 5.63% 60.02
2028 108.55 Est @ 4.63% 58.65
2029 112.82 Est @ 3.94% 56.93
Present value of next 10 years cash flows A$562.74
ASX:TGR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= A$112.82 × (1 + 2.31%) ÷ (7.08% – 2.31%)
A$2,420.93
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= A$2,420.93 ÷ (1 + 7.08%)10
A$1,221.51
ASX:TGR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= A$562.74 + A$1,221.51
A$1,784.25
Equity Value per Share
(AUD)
= Total value / Shares Outstanding
= A$1,784.25 / 178.45
A$10
ASX:TGR Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$10.00
Current discount Discount to share price of A$4.79
= -1 x (A$4.79 - A$10.00) / A$10.00
52.1%

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

Current Discount
Amount off the current price Tassal Group is available for.
Intrinsic value
>50%
Share price is A$4.79 vs Future cash flow value of A$10
Current Discount Checks
For Tassal Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Tassal Group's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Tassal Group's share price is below the future cash flow value, and 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 Tassal Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Tassal Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:TGR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in AUD A$0.35
ASX:TGR Share Price ** ASX (2019-07-18) in AUD A$4.79
Australia Food Industry PE Ratio Median Figure of 19 Publicly-Listed Food Companies 17.91x
Australia Market PE Ratio Median Figure of 546 Publicly-Listed Companies 16.19x

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

** Primary Listing of Tassal Group.

ASX:TGR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:TGR Share Price ÷ EPS (both in AUD)

= 4.79 ÷ 0.35

13.59x

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

  • Tassal Group is good value based on earnings compared to the AU Food industry average.
  • Tassal Group is good value based on earnings compared to the Australia market.
Price based on expected Growth
Does Tassal Group's expected growth come at a high price?
Raw Data
ASX:TGR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.59x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
11.8%per year
Australia Food Industry PEG Ratio Median Figure of 12 Publicly-Listed Food Companies 1.27x
Australia Market PEG Ratio Median Figure of 361 Publicly-Listed Companies 1.34x

*Line of best fit is calculated by linear regression .

ASX:TGR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.59x ÷ 11.8%

1.16x

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

  • Tassal Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Tassal Group's assets?
Raw Data
ASX:TGR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in AUD A$3.48
ASX:TGR Share Price * ASX (2019-07-18) in AUD A$4.79
Australia Food Industry PB Ratio Median Figure of 43 Publicly-Listed Food Companies 1.24x
Australia Market PB Ratio Median Figure of 1,693 Publicly-Listed Companies 1.68x
ASX:TGR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:TGR Share Price ÷ Book Value per Share (both in AUD)

= 4.79 ÷ 3.48

1.38x

* Primary Listing of Tassal Group.

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

  • Tassal Group is overvalued based on assets compared to the AU Food industry average.
X
Value checks
We assess Tassal Group'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 Food 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 Food industry average (and greater than 0)? (1 check)
  5. Tassal Group has a total score of 4/6, 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.

TGR Future Performance

 How is Tassal Group expected to perform in the next 1 to 3 years based on estimates from 5 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
11.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Tassal Group expected to grow at an attractive rate?
  • Tassal Group's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Tassal Group's earnings growth is expected to exceed the Australia market average.
  • Tassal Group's revenue growth is expected to exceed the Australia market average.
Annual Growth Rates Comparison
Raw Data
ASX:TGR Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:TGR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 11.8%
ASX:TGR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 8.1%
Australia Food Industry Earnings Growth Rate Market Cap Weighted Average 33.8%
Australia Food Industry Revenue Growth Rate Market Cap Weighted Average 8.8%
Australia Market Earnings Growth Rate Market Cap Weighted Average 7.3%
Australia Market Revenue Growth Rate Market Cap Weighted Average 3.4%

*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
ASX:TGR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:TGR Future Estimates Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-06-30 879 110 119 1
2023-06-30 809 98 106 1
2022-06-30 745 95 92 1
2021-06-30 696 93 78 5
2020-06-30 642 84 70 5
2019-06-30 583 98 66 5
ASX:TGR Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2018-12-31 571 83 62
2018-09-30 539 63 60
2018-06-30 506 44 57
2018-03-31 493 56 58
2017-12-31 489 68 59
2017-09-30 469 60 58
2017-06-30 448 51 58
2017-03-31 435 50 55
2016-12-31 421 49 51
2016-09-30 425 49 50
2016-06-30 428 50 48
2016-03-31 406 50 47

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Tassal Group's earnings are expected to grow by 11.8% yearly, however this is not considered high growth (20% yearly).
  • Tassal Group's revenue is expected to grow by 8.1% 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
ASX:TGR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Tassal Group Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:TGR Future Estimates Data
Date (Data in AUD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-06-30
2023-06-30
2022-06-30
2021-06-30 0.43 0.47 0.38 3.00
2020-06-30 0.39 0.42 0.34 3.00
2019-06-30 0.36 0.39 0.32 3.00
ASX:TGR Past Financials Data
Date (Data in AUD Millions) EPS *
2018-12-31 0.35
2018-09-30 0.34
2018-06-30 0.33
2018-03-31 0.34
2017-12-31 0.35
2017-09-30 0.36
2017-06-30 0.37
2017-03-31 0.36
2016-12-31 0.34
2016-09-30 0.34
2016-06-30 0.33
2016-03-31 0.32

*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.
  • Tassal Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Tassal Group'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 Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia 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.
Tassal Group has a total score of 3/6, 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.

TGR Past Performance

  How has Tassal Group 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 Tassal Group's growth in the last year to its industry (Food).
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.
  • Tassal Group's year on year earnings growth rate has been positive over the past 5 years.
  • Tassal Group's 1-year earnings growth is less than its 5-year average (5% vs 8%)
  • Tassal Group's earnings growth has exceeded the AU Food industry average in the past year (5% vs -12.1%).
Earnings and Revenue History
Tassal Group'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 Tassal Group Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:TGR Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 570.98 61.72 108.10
2018-09-30 538.66 59.51 104.58
2018-06-30 506.34 57.29 101.06
2018-03-31 492.65 58.03 98.47
2017-12-31 489.10 58.76 95.87
2017-09-30 468.61 58.42 92.75
2017-06-30 448.12 58.08 89.63
2017-03-31 434.54 54.51 87.07
2016-12-31 420.97 50.94 84.52
2016-09-30 424.66 49.72 82.66
2016-06-30 428.36 48.49 80.81
2016-03-31 405.79 46.74 75.32
2015-12-31 383.23 44.98 69.83
2015-09-30 345.19 47.49 64.23
2015-06-30 307.15 49.99 58.63
2015-03-31 293.62 49.44 56.70
2014-12-31 280.08 48.88 54.77
2014-09-30 271.87 44.97 52.59
2014-06-30 263.67 41.06 50.41
2014-03-31 266.34 40.58 49.67
2013-12-31 269.02 40.11 48.92
2013-09-30 269.17 36.78 48.71
2013-06-30 269.33 33.46 48.50
2013-03-31 268.23 32.20 48.13
2012-12-31 267.12 30.95 47.77
2012-09-30 263.50 29.52 47.21

*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.
  • Tassal Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Tassal Group used its assets more efficiently than the AU Food industry average last year based on Return on Assets.
  • Tassal Group's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Tassal Group'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 Food 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.
Tassal Group 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.

TGR Health

 How is Tassal Group'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 Tassal Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Tassal Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Tassal Group's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Tassal Group'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 3x 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 Tassal Group Company Filings, last reported 6 months ago.

ASX:TGR Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 617.14 164.26 41.63
2018-09-30 617.14 164.26 41.63
2018-06-30 586.00 99.23 23.82
2018-03-31 586.00 99.23 23.82
2017-12-31 566.36 107.78 33.81
2017-09-30 566.36 107.78 33.81
2017-06-30 537.89 59.51 30.56
2017-03-31 537.89 59.51 30.56
2016-12-31 433.40 162.90 12.74
2016-09-30 433.40 162.90 12.74
2016-06-30 404.34 127.01 12.52
2016-03-31 404.34 127.01 12.52
2015-12-31 388.88 150.70 16.36
2015-09-30 388.88 150.70 16.36
2015-06-30 373.33 56.87 13.32
2015-03-31 373.33 56.87 13.32
2014-12-31 363.95 76.02 14.85
2014-09-30 363.95 76.02 14.85
2014-06-30 341.92 37.35 7.66
2014-03-31 341.92 37.35 7.66
2013-12-31 331.10 75.48 18.24
2013-09-30 331.10 75.48 18.24
2013-06-30 315.55 47.37 15.00
2013-03-31 315.55 47.37 15.00
2012-12-31 305.12 86.90 14.53
2012-09-30 305.12 86.90 14.53
  • Tassal Group's level of debt (26.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (22.7% vs 26.6% today).
  • Debt is well covered by operating cash flow (50.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 11.5x coverage).
X
Financial health checks
We assess Tassal Group'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. Tassal Group has a total score of 5/6, 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.

TGR Dividends

 What is Tassal Group'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
3.76%
Current annual income from Tassal Group dividends. Estimated to be 4.34% next year.
If you bought A$2,000 of Tassal Group shares you are expected to receive A$75 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?
  • Tassal Group's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.51%).
  • Tassal Group's dividend is below the markets top 25% of dividend payers in Australia (5.74%).
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
ASX:TGR 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 5 Analyst Estimates (S&P Global) See Below
Australia Food Industry Average Dividend Yield Market Cap Weighted Average of 13 Stocks 3.1%
Australia Market Average Dividend Yield Market Cap Weighted Average of 415 Stocks 4%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.5%
Australia Bottom 25% Dividend Yield 25th Percentile 2.5%
Australia Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

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

ASX:TGR Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2024-06-30 0.24 1.00
2023-06-30 0.22 1.00
2022-06-30 0.21 1.00
2021-06-30 0.21 5.00
2020-06-30 0.19 5.00
2019-06-30 0.18 5.00
ASX:TGR Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2019-02-13 0.180 3.673
2018-08-23 0.160 3.682
2018-02-22 0.160 3.981
2017-08-22 0.150 3.898
2017-02-21 0.150 3.578
2016-08-19 0.150 3.699
2016-02-10 0.150 3.773
2015-08-19 0.140 3.285
2015-02-12 0.140 4.042
2014-08-19 0.120 3.190
2014-02-13 0.110 2.804
2013-08-20 0.100 3.171
2013-02-14 0.090 4.185
2012-08-23 0.080 5.654
2012-02-21 0.080 6.058
2011-08-22 0.020 1.411
2011-02-17 0.000 0.000
2010-08-25 0.040 2.588
2010-02-23 0.080 5.224
2009-08-25 0.080 4.545
2009-02-24 0.080 4.201
2008-08-27 0.070 3.540

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Tassal Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (2x coverage).
X
Income/ dividend checks
We assess Tassal Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.5%) - 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 Tassal Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Tassal Group has a total score of 4/6, see the detailed checks below.


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

TGR Management

 What is the CEO of Tassal Group'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
Mark Ryan
COMPENSATION A$1,261,888
TENURE AS CEO 15.7 years
CEO Bio

Mr. Mark Andrew Ryan, B.Com, ACA, MAICD, FAIM has been the Managing Director and Chief Executive Officer of Tassal Group Limited since November 2003. Mr. Ryan has an extensive experience in the finance and turnaround management sector, with experience gained through PriceWaterhouse Coopers, Arthur Andersen and KordaMentha. He was a Partner with KordaMentha. He has been a Director of Tassal Group Limited since December 21, 2005. He serves as a Director of Tasmanian Development Board, AFL Tasmania, Salmon Enterprises of Tasmania Pty Ltd (Industry hatchery), Juicy Isle Pty Limited, Seafood Industry Australia, Institute for Marine and Antarctic Science (IMAS) as well as a number of other industry related associations. Mr. Ryan holds a Bachelor of Commerce from the University of Tasmania and is a Chartered Accountant, a fellow of Australia Institute of Management and a Member of Australian Institute of Company Directors.

CEO Compensation
  • Mark's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Mark's remuneration is about average for companies of similar size in Australia.
Management Team Tenure

Average tenure of the Tassal Group management team in years:

8.6
Average Tenure
  • The average tenure for the Tassal Group management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Mark Ryan

TITLE
MD, CEO & Director
COMPENSATION
A$1M
TENURE
15.7 yrs

Andrew Creswell

TITLE
CFO & Group Financial Controller
COMPENSATION
A$444K
TENURE
9.6 yrs

Dale Williams

TITLE
Head of Sales & Marketing
COMPENSATION
A$438K

Mark Asman

TITLE
Head of Aquaculture
COMPENSATION
A$438K
TENURE
3.3 yrs

Ben Daley

TITLE
Head of Supply Chain & Commercial Services
COMPENSATION
A$436K

Monika Maedler

TITLE
General Counsel & Company Secretary
TENURE
7.6 yrs
Board of Directors Tenure

Average tenure of the Tassal Group board of directors in years:

6.8
Average Tenure
  • The tenure for the Tassal Group board of directors is about average.
Board of Directors

Allan McCallum

TITLE
Chairman
COMPENSATION
A$226K
TENURE
14.1 yrs

Mark Ryan

TITLE
MD, CEO & Director
COMPENSATION
A$1M
TENURE
13.6 yrs

John Watson

TITLE
Independent Non-Executive Director
COMPENSATION
A$39K
AGE
69
TENURE
1.3 yrs

Chris Leon

TITLE
Independent Non-Executive Director
COMPENSATION
A$134K
TENURE
6.8 yrs

Trevor Gerber

TITLE
Independent Non-Executive Director
COMPENSATION
A$128K
AGE
61
TENURE
7.3 yrs

Georgina Lynch

TITLE
Director
TENURE
0.7 yrs

Jackie McArthur

TITLE
Director
TENURE
0.7 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Tassal Group individual insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
06. May 19 Buy John Watson Individual 06. May 19 06. May 19 10,000 A$4.77 A$47,700
18. Mar 19 Buy Credit Suisse Asset Management (Switzerland) Company 30. Nov 18 30. Nov 18 9,031 A$4.20 A$37,930
22. Mar 19 Sell Credit Suisse, Investment Banking and Securities Investments Company 18. Mar 19 18. Mar 19 -10,585 A$4.98 A$-52,623
22. Mar 19 Buy Credit Suisse, Investment Banking and Securities Investments Company 18. Mar 19 18. Mar 19 4,372 A$5.01 A$21,895
21. Mar 19 Sell Credit Suisse, Investment Banking and Securities Investments Company 14. Mar 19 15. Mar 19 -1,667 A$5.05 A$-1,470
21. Mar 19 Buy Credit Suisse, Investment Banking and Securities Investments Company 14. Mar 19 15. Mar 19 7,205 A$4.96 A$21,764
18. Mar 19 Sell Credit Suisse, Investment Banking and Securities Investments Company 14. Nov 18 13. Mar 19 -1,023,538 A$4.60 A$-4,710,242
18. Mar 19 Buy Credit Suisse, Investment Banking and Securities Investments Company 14. Nov 18 13. Mar 19 1,186,773 A$4.75 A$5,641,470
21. Feb 19 Sell Mark Ryan Individual 18. Feb 19 18. Feb 19 -200,000 A$4.82 A$-964,400
20. Dec 18 Buy Georgina Lynch Individual 20. Dec 18 20. Dec 18 25,000 A$4.37 A$109,250
23. Oct 18 Buy John Watson Individual 18. Oct 18 22. Oct 18 20,992 A$4.15 A$87,117
16. Oct 18 Buy John Watson Individual 16. Oct 18 16. Oct 18 10,000 A$4.20 A$42,000
24. Sep 18 Buy John Watson Individual 20. Sep 18 20. Sep 18 20,000 A$4.30 A$86,000
17. Sep 18 Sell Credit Suisse, Investment Banking and Securities Investments Company 12. Sep 18 12. Sep 18 -10,278 A$4.20 A$-43,202
17. Sep 18 Buy Credit Suisse, Investment Banking and Securities Investments Company 12. Sep 18 12. Sep 18 22,444 A$4.29 A$96,306
17. Sep 18 Sell Credit Suisse, Investment Banking and Securities Investments Company 11. May 18 11. Sep 18 -2,154,271 A$4.26 A$-9,101,717
17. Sep 18 Buy Credit Suisse, Investment Banking and Securities Investments Company 11. May 18 11. Sep 18 2,693,265 A$4.24 A$11,409,330
X
Management checks
We assess Tassal Group'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. Tassal Group 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.

TGR News

Simply Wall St News

We Think Tassal Group (ASX:TGR) In Taking Some Risk With Its Debt

We note that Tassal Group Limited (ASX:TGR) does have debt on its balance sheet. … ASX:TGR Historical Debt, July 9th 2019 A Look At Tassal Group's Liabilities Zooming in on the latest balance sheet data, we can see that Tassal Group had liabilities of AU$144.6m due within 12 months and liabilities of AU$267.6m due beyond that. … Since Tassal Group does have net debt, we think it is worthwhile for shareholders to keep an eye on the balance sheet, over time.

Simply Wall St -

Is Tassal Group Limited's (ASX:TGR) CEO Salary Justified?

First, this article will compare CEO compensation with compensation at similar sized companies. … Check out our latest analysis for Tassal Group How Does Mark Ryan's Compensation Compare With Similar Sized Companies? … At the time of writing our data says that Tassal Group Limited has a market cap of AU$874m, and is paying total annual CEO compensation of AU$1.3m.

Simply Wall St -

Investors Who Bought Tassal Group (ASX:TGR) Shares Five Years Ago Are Now Up 27%

For example, the Tassal Group Limited (ASX:TGR) share price is up 27% in the last 5 years, clearly besting than the market return of around 12% (ignoring dividends). … During five years of share price growth, Tassal Group achieved compound earnings per share (EPS) growth of 5.2% per year. … A Different Perspective It's nice to see that Tassal Group shareholders have received a total shareholder return of 23% over the last year.

Simply Wall St -

Is Tassal Group Limited (ASX:TGR) A Smart Pick For Income Investors?

Dividend paying stocks like Tassal Group Limited (ASX:TGR) tend to be popular with investors, and for good reason - some research suggests a significant amount of all stock market returns come from reinvested dividends. … While Tassal Group's dividends were covered by the company's reported profits, free cash flow is somewhat more important, so it's not great to see that the company didn't generate enough cash to pay its dividend. … Were it to repeatedly pay dividends that were not well covered by cash flow, this could be a risk to Tassal Group's ability to maintain its dividend.

Simply Wall St -

Should You Be Happy With Tassal Group Limited's (ASX:TGR) 5.0% Earnings Growth?

In this article, I will take a look at Tassal Group Limited's (ASX:TGR) track record on a high level, to give you some insight into how the company has been performing against its historical trend and its industry peers. … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 8.0%, indicating the rate at which TGR is growing has slowed down. … You should continue to research Tassal Group to get a more holistic view of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for TGR’s future growth?

Simply Wall St -

How Much Are Tassal Group Limited (ASX:TGR) Insiders Taking Off The Table?

So we'll take a look at whether insiders have been buying or selling shares in Tassal Group Limited (ASX:TGR). … View our latest analysis for Tassal Group The Last 12 Months Of Insider Transactions At Tassal Group The MD, CEO & Director, Mark Ryan, made the biggest insider sale in the last 12 months. … Insiders at Tassal Group Have Bought Stock Recently We saw some Tassal Group insider buying shares in the last three months.

Simply Wall St -

Is There An Opportunity With Tassal Group Limited's (ASX:TGR) 36% Undervaluation?

Today we will run through one way of estimating the intrinsic value of Tassal Group Limited (ASX:TGR) by taking the expected future cash flows and discounting them to their present value. … Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (A$, Millions) A$32.50 A$48.90 A$57.00 A$68.60 A$71.60 A$74.24 A$76.68 A$78.97 A$81.17 A$83.31 Growth Rate Estimate Source Analyst x1 Analyst x1 Analyst x1 Analyst x1 Analyst x1 Est @ 3.69% Est @ 3.28% Est @ 2.99% Est @ 2.79% Est @ 2.64% Present Value (A$, Millions) Discounted @ 7.08% A$30.35 A$42.65 A$46.42 A$52.18 A$50.86 A$49.25 A$47.50 A$45.69 A$43.85 A$42.04 Present Value of 10-year Cash Flow (PVCF)= A$450.79m "Est" = FCF growth rate estimated by Simply Wall St After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = AU$83m × (1 + 2.3%) ÷ (7.1% – 2.3%) = AU$1.8b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = A$AU$1.8b ÷ ( 1 + 7.1%)10 = A$902.02m The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is A$1.35b.

Simply Wall St -

Tassal Group Limited (ASX:TGR) Is Employing Capital Very Effectively

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Tassal Group: 0.11 = AU$97m ÷ (AU$1.0b - AU$145m) (Based on the trailing twelve months to December 2018.) So, Tassal Group has an ROCE of 11%. … Check out our latest analysis for Tassal Group Is Tassal Group's ROCE Good? … Tassal Group's Current Liabilities And Their Impact On Its ROCE Liabilities, such as supplier bills and bank overdrafts, are referred to as current liabilities if they need to be paid within 12 months.

Simply Wall St -

Is Tassal Group Limited's (ASX:TGR) ROE Of 10.0% Impressive?

This article is for those who would like to learn about Return On Equity (ROE). … That means that for every A$1 worth of shareholders' equity, it generated A$0.10 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Tassal Group Limited (ASX:TGR): Commentary On Fundamentals

In the case of Tassal Group Limited (ASX:TGR), there's. … that has been able to sustain great financial health over the past … If you're interested in understanding beyond my broad commentary,

Simply Wall St -

TGR Company Info

Description

Tassal Group Limited, together with its subsidiaries, engages in the hatching, farming, processing, marketing, and sale of Atlantic salmon in Australia. The company offers fresh deli, fresh salmon, smoked salmon, and canned salmon. It also procures, processes, markets, and sells other seafood species. The company provides its products under the Tassal, Superior Gold, Tasmanian Smokehouse, and De Costi Seafoods brands through retail and wholesale channels. The company also exports its products. Tassal Group Limited was founded in 1986 and is headquartered in Hobart, Australia.

Details
Name: Tassal Group Limited
TGR
Exchange: ASX
Founded: 1986
A$842,284,061
178,450,013
Website: http://tassalgroup.com.au
Address: Tassal Group Limited
Marine Board Building,
Level 9,
Hobart,
Tasmania, 7000,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX TGR Ordinary Shares Australian Securities Exchange AU AUD 12. Nov 2003
OTCPK TSLL.F Ordinary Shares Pink Sheets LLC US USD 12. Nov 2003
CHIA TGR Ordinary Shares Chi-X Australia AU AUD 12. Nov 2003
Number of employees
Current staff
Staff numbers
0
Tassal Group employees.
Industry
Packaged Foods and Meats
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/18 10:35
End of day share price update: 2019/07/18 00:00
Last estimates confirmation: 2019/06/14
Last earnings filing: 2019/02/13
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/06/30


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.