ENXTBR:FLUX

Stock Analysis Report

Executive Summary

Fluxys Belgium SA operates natural gas transmission grid and storage infrastructure in Belgium.


Snowflake Analysis

Questionable track record with imperfect balance sheet.

Share Price & News

How has Fluxys Belgium's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FLUX has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

1.4%

FLUX

-2.8%

BE Oil and Gas

-0.5%

BE Market


1 Year Return

14.4%

FLUX

5.9%

BE Oil and Gas

10.7%

BE Market

Return vs Industry: FLUX exceeded the Belgian Oil and Gas industry which returned 8.5% over the past year.

Return vs Market: FLUX exceeded the Belgian Market which returned 12.3% over the past year.


Shareholder returns

FLUXIndustryMarket
7 Day1.4%-2.8%-0.5%
30 Day2.8%-1.1%-1.5%
90 Day4.6%-0.6%1.8%
1 Year18.2%14.4%11.9%5.9%13.0%10.7%
3 Year25.5%14.0%34.3%14.9%-1.3%-7.8%
5 Year31.3%11.8%66.8%28.5%3.9%-8.2%

Price Volatility Vs. Market

How volatile is Fluxys Belgium's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Fluxys Belgium undervalued compared to its fair value and its price relative to the market?

33.57x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: FLUX (€28.9) is trading above our estimate of fair value (€21.44)

Significantly Below Fair Value: FLUX is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: FLUX is poor value based on its PE Ratio (33x) compared to the Oil and Gas industry average (9.4x).

PE vs Market: FLUX is poor value based on its PE Ratio (33x) compared to the Belgian market (17.1x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate FLUX's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: FLUX is overvalued based on its PB Ratio (3.3x) compared to the XE Oil and Gas industry average (1x).


Next Steps

Future Growth

How is Fluxys Belgium forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

-13.4%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if FLUX's forecast earnings growth is above the savings rate (0.7%).

Earnings vs Market: Insufficient data to determine if FLUX's earnings are forecast to grow faster than the Belgian market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: FLUX's revenue is expected to decline over the next 3 years (-13.4% per year).

High Growth Revenue: FLUX's revenue is forecast to decline over the next 3 years (-13.4% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if FLUX's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Fluxys Belgium performed over the past 5 years?

0.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FLUX has high quality earnings.

Growing Profit Margin: FLUX's current net profit margins (10.1%) are lower than last year (11.9%).


Past Earnings Growth Analysis

Earnings Trend: FLUX's earnings have grown by 0.4% per year over the past 5 years.

Accelerating Growth: FLUX's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FLUX had negative earnings growth (-14.3%) over the past year, making it difficult to compare to the Oil and Gas industry average (-5.1%).


Return on Equity

High ROE: FLUX's Return on Equity (9.9%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Fluxys Belgium's financial position?


Financial Position Analysis

Short Term Liabilities: FLUX's short term assets (€544.4M) exceed its short term liabilities (€226.1M).

Long Term Liabilities: FLUX's short term assets (€544.4M) do not cover its long term liabilities (€2.0B).


Debt to Equity History and Analysis

Debt Level: FLUX's debt to equity ratio (302.6%) is considered high.

Reducing Debt: FLUX's debt to equity ratio has increased from 224.5% to 302.6% over the past 5 years.

Debt Coverage: FLUX's debt is not well covered by operating cash flow (12.9%).

Interest Coverage: FLUX's interest payments on its debt are well covered by EBIT (3.7x coverage).


Balance Sheet

Inventory Level: FLUX has a high level of physical assets or inventory.

Debt Coverage by Assets: FLUX's debt is not covered by short term assets (assets are 0.3x debt).


Next Steps

Dividend

What is Fluxys Belgium's current dividend yield, its reliability and sustainability?

4.29%

Current Dividend Yield


Dividend Yield vs Market

company4.3%marketbottom25%2.0%markettop25%4.3%industryaverage5.8%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: FLUX's dividend (4.36%) is higher than the bottom 25% of dividend payers in the Belgian market (2.03%).

High Dividend: FLUX's dividend (4.29%) is low compared to the top 25% of dividend payers in the Belgian market (4.34%).


Stability and Growth of Payments

Stable Dividend: FLUX's dividend payments have been volatile in the past 10 years.

Growing Dividend: FLUX's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (143.9%), FLUX's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

10.6yrs

Average board tenure


CEO

Pascal De Buck 0

5yrs

Tenure

€470,938

Compensation

Mr. Pascal De Buck serves as Deputy Chief Executive Officer and Director of Business Development & Strategy at Fluxys SA. Mr. De Buck has been the Chairman of the Executive Board and Chief Executive Office ...


CEO Compensation Analysis

Compensation vs Market: Pascal's total compensation ($USD525.37K) is about average for companies of similar size in the Belgian market ($USD725.05K).

Compensation vs Earnings: Pascal's compensation has been consistent with company performance over the past year.


Board Age and Tenure

10.6yrs

Average Tenure

69.5yo

Average Age

Experienced Board: FLUX's board of directors are seasoned and experienced ( 10.6 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Peter K. Verhaeghe (61yo)

    CTO & Member of Executive Board

    • Pascal De Buck

      Chairman of Executive Board & CEO

      • Tenure: 5yrs
      • Compensation: €470.94k
    • Paul Tummers

      CFO & Member of Executive Board

      • Nicolas Daubies

        Company Secretary & Legal Manager

        • Anne Schueren

          Director of Human Resources

          • Arno Büx (52yo)

            Chief Commercial Officer & Member of the Executive Board

            • Tenure: 3.9yrs

          Board Members

          • Luc Hujoel (68yo)

            Director

            • Tenure: 10.7yrs
          • Daniël Termont

            Chairman

            • Claude Grégoire (65yo)

              Vice-Chairman of the Board

              • Josly Piette (75yo)

                Director

                • Tenure: 10.6yrs
              • Walter Nonneman (71yo)

                Independent Director

                • Tenure: 10.7yrs
              • Luc Zabeau

                Director

                • Tenure: 10.6yrs
              • Ludo Kelchtermans

                Director

                • Tenure: 7.6yrs
              • François Fontaine

                Advisory Director (Government Representative)

                • Tenure: 10.9yrs
              • Valentine Delwart

                Independent Director

                • Tenure: 6.7yrs
              • Sandra Gobert

                Independent Director

                • Tenure: 0.7yrs

              Company Information

              Fluxys Belgium SA's company bio, employee growth, exchange listings and data sources


              Key Information


              Number of Employees


              Location

              • Fluxys Belgium SA
              • Avenue des Arts 31
              • Brussels
              • Brussels
              • 1040
              • Belgium

              Listings

              TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
              FLUXENXTBR (Euronext Brussels)YesBearer SharesBEEURDec 2001
              0Q7ULSE (London Stock Exchange)YesBearer SharesGBEURDec 2001
              FLUXBBATS-CHIXE (BATS 'Chi-X Europe')YesBearer SharesGBEURDec 2001

              Biography

              Fluxys Belgium SA operates natural gas transmission grid and storage infrastructure in Belgium. The company sells capacity to its customers to transmit natural gas for distribution system operators, power stations, and industrial end-users in Belgium, as well as moves natural gas to a border point for transmission to other end-user markets in Europe. It also provides a package of gas trading services that allow its customers to buy and sell gas on Belgian gas trading places; and storage services enabling customers to use buffer capacity. The company, through Zeebrugge terminal, sells capacity for loading and unloading liquefied natural gas (LNG) carriers, storing LNG, and regasifying it for transmission on the network. In addition, it is involved in the reinsurance business. The company was formerly known as Fluxys SA. The company is headquartered in Brussels, Belgium. Fluxys Belgium SA is a subsidiary of Fluxys NV. 


              Company Analysis and Financial Data Status

              All financial data provided by Standard & Poor's Capital IQ.
              DataLast Updated (UTC time)
              Company Analysis2020/01/26 20:55
              End of Day Share Price2020/01/24 00:00
              Earnings2019/06/30
              Annual Earnings2018/12/31


              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.