SWX:ZEHN

Stock Analysis Report

Executive Summary

Zehnder Group AG, through its subsidiaries, develops, produces, and markets indoor climate systems in Europe, North America, and China.

Snowflake

Fundamentals

Excellent balance sheet, good value and pays a dividend.


Similar Companies

Share Price & News

How has Zehnder Group's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-0.3%

SWX:ZEHN

0.6%

CH Building

0.4%

CH Market


1 Year Return

-18.3%

SWX:ZEHN

-1.9%

CH Building

2.3%

CH Market

ZEHN underperformed the Building industry which returned -1.9% over the past year.

ZEHN underperformed the Market in Switzerland which returned 2.3% over the past year.


Share holder returns

ZEHNIndustryMarket
7 Day-0.3%0.6%0.4%
30 Day6.5%-6.2%-1.2%
90 Day10.2%-1.6%1.0%
1 Year-16.3%-18.3%0.7%-1.9%7.6%2.3%
3 Year4.4%-2.3%8.6%1.2%29.6%13.2%
5 Year6.8%-2.1%59.1%37.2%32.1%11.6%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

35%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Zehnder Group's share price is below the future cash flow value, and at a moderate discount (> 20%).

Zehnder Group's share price is below the future cash flow value, but not at a substantial discount (< 40%).


Price Based on Earnings

Zehnder Group is good value based on earnings compared to the CH Building industry average.

Zehnder Group is good value based on earnings compared to the Switzerland market.


Price Based on Expected Growth

Zehnder Group is poor value based on expected growth next year.


Price Based on Value of Assets

Zehnder Group is good value based on assets compared to the CH Building industry average.


Next Steps

Future Growth

How is Zehnder Group expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

14.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Zehnder Group's revenue is expected to grow by 2.3% yearly, however this is not considered high growth (20% yearly).

Zehnder Group's earnings are expected to grow by 14.7% yearly, however this is not considered high growth (20% yearly).

Zehnder Group's revenue growth is positive but not above the Switzerland market average.

Zehnder Group's earnings growth is expected to exceed the Switzerland market average.

Zehnder Group's earnings growth is expected to exceed the low risk savings rate of 3.3%.


Earnings per Share Growth Estimates


Future Return on Equity

Zehnder Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

How has Zehnder Group performed over the past 5 years?

5.4%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Zehnder Group's year on year earnings growth rate has been positive over the past 5 years.

Zehnder Group's 1-year earnings growth is less than its 5-year average (4.6% vs 5.4%)

Zehnder Group's earnings growth has exceeded the CH Building industry average in the past year (4.6% vs 2.2%).


Return on Equity

Zehnder Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Zehnder Group used its assets less efficiently than the CH Building industry average last year based on Return on Assets.


Return on Capital Employed

Zehnder Group has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Zehnder Group's financial position?


Financial Position Analysis

Zehnder Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.

Zehnder Group's cash and other short term assets cover its long term commitments.


Debt to Equity History and Analysis

Zehnder Group's level of debt (12.3%) compared to net worth is satisfactory (less than 40%).

The level of debt compared to net worth has increased over the past 5 years (11.3% vs 12.3% today).

Debt is well covered by operating cash flow (107.5%, greater than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 170.5x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is covered by short term assets, assets are 7.1x debt.


Next Steps

Dividend

What is Zehnder Group's current dividend yield, its reliability and sustainability?

3.21%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Zehnder Group's pays a higher dividend yield than the bottom 25% of dividend payers in Switzerland (2%).

Zehnder Group's dividend is below the markets top 25% of dividend payers in Switzerland (3.85%).

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

Dividends paid are well covered by earnings (3.1x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be well covered by earnings (2.7x coverage).


Next Steps

Management

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

4.0yrs

Average management tenure


CEO

Matthias Huenerwadel (51yo)

0.8yrs

Tenure

0

Mr. Matthias P. Huenerwadel has been the Chairman of the Group Executive Committee and Chief Executive Officer of Zehnder Group AG since January 1, 2019 and November 12, 2018 respectively. Mr. Huenerwadel  ...


Management Age and Tenure

4.0yrs

Average Tenure

50.5yo

Average Age

The tenure for the Zehnder Group management team is about average.


Board Age and Tenure

5.0yrs

Average Tenure

58yo

Average Age

The tenure for the Zehnder Group board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


Ownership Breakdown


Management Team

  • Matthias Huenerwadel (51yo)

    Chairman of the Group Executive Committee & CEO

    • Tenure: 0.8yrs
  • Thomas Mathys

    Head of Group Finance

    • Tenure: 0.0yrs
  • Christian Hummel

    Head of Group Controlling

    • Tenure: 0.0yrs
  • Josef Brügger (59yo)

    Head of Internal Audit & Compliance

    • Tenure: 0.0yrs
  • Tomasz Juda (50yo)

    Head of Competence Center Radiators

    • Tenure: 4.8yrs
  • René Grieder (40yo)

    Chief Financial Officer

    • Tenure: 4.0yrs
  • Franz Furrer

    Head of Group IT

    • Tenure: 0.0yrs
  • Markus Inäbnit

    Head of Group Human Resources

    • Tenure: 0.0yrs
  • Ulrich Peuckert

    Head of Group Logistics

    • Tenure: 0.0yrs
  • Matthäus Urwyler

    Head of Customer Excellence

    • Tenure: 0.0yrs

Board Members

  • Riet Cadonau (58yo)

    Non-Executive Director

    • Tenure: 6.3yrs
    • Compensation: €145.71k
  • Thomas Benz (72yo)

    Deputy Chairman

    • Tenure: 6.6yrs
    • Compensation: €154.37k
  • Hans-Peter Zehnder (65yo)

    Chairman of the Board of Directors

    • Tenure: 26.6yrs
    • Compensation: €783.39k
  • Ivo Wechsler (50yo)

    Director

    • Tenure: 0.4yrs
  • Urs Buchmann (62yo)

    Non-Executive Director

    • Tenure: 9.6yrs
    • Compensation: €156.88k
  • Daniel Frutig (57yo)

    Director

    • Tenure: 0.4yrs
  • Jörg Walther (58yo)

    Director

    • Tenure: 3.6yrs
    • Compensation: €294.01k
  • Milva Zehnder (34yo)

    Director

    • Tenure: 3.6yrs
    • Compensation: €106.62k

Company Information

Zehnder Group AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Zehnder Group AG
  • Ticker: ZEHN
  • Exchange: SWX
  • Founded: 1895
  • Industry: Building Products
  • Sector: Capital Goods
  • Market Cap: CHF426.591m
  • Shares outstanding: 11.61m
  • Website: https://www.zehndergroup.com

Number of Employees


Location

  • Zehnder Group AG
  • Moortalstrasse 1
  • Granichen
  • Aargau
  • 5722
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ZEHNSWX (SIX Swiss Exchange)YesRegistered Shares A SharesCHCHFJun 1994
ZEH2DB (Deutsche Boerse AG)YesRegistered Shares A SharesDEEURJun 1994
ZEH2BST (Boerse-Stuttgart)YesRegistered Shares A SharesDEEURJun 1994
0R6SLSE (London Stock Exchange)YesRegistered Shares A SharesGBCHFJun 1994

Biography

Zehnder Group AG, through its subsidiaries, develops, produces, and markets indoor climate systems in Europe, North America, and China. The company offers decorative radiators, heating and cooling ceiling  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/24 22:17
End of Day Share Price2019/08/23 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.