SWX:EMMN

Stock Analysis Report

Executive Summary

Emmi AG develops, produces, and markets a range of dairy and fresh products primarily in Switzerland.

Snowflake

Fundamentals

Flawless balance sheet and slightly overvalued.


Similar Companies

Share Price & News

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


Latest Share Price and Events


Market Performance


7 Day Return

1.5%

EMMN

-3.0%

CH Food

0.6%

CH Market


1 Year Return

14.0%

EMMN

23.0%

CH Food

9.7%

CH Market

Return vs Industry: EMMN underperformed the Swiss Food industry which returned 23% over the past year.

Return vs Market: EMMN exceeded the Swiss Market which returned 9.7% over the past year.


Shareholder returns

EMMNIndustryMarket
7 Day1.5%-3.0%0.6%
30 Day-1.9%-2.4%-0.02%
90 Day-1.4%1.3%1.1%
1 Year15.1%14.0%29.6%23.0%15.6%9.7%
3 Year35.0%30.9%45.5%18.3%33.9%16.5%
5 Year152.1%139.4%64.2%54.2%38.0%16.3%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

21.4%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: EMMN (CHF811.5) is trading below our estimate of fair value (CHF1031.89)

Significantly Undervalued: EMMN is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: EMMN is good value based on its PE Ratio (24.5x) compared to the Food industry average (29.8x).

PE vs Market: EMMN is poor value based on its PE Ratio (24.5x) compared to the Swiss market (18.5x).


Price to Earnings Growth Ratio

Low PEG Ratio: EMMN is poor value based on its PEG Ratio (4.2x)


Price to Book Ratio

PB vs Industry: EMMN is overvalued based on its PB Ratio (2.7x) compared to the CH Food industry average (2.7x).


Next Steps

Future Growth

How is Emmi forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

5.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: EMMN's forecast earnings growth (5.8% per year) is above the savings rate (3.3%).

Earnings vs Market: EMMN's earnings (5.8% per year) are forecast to grow slower than the Swiss market (10.3% per year).

High Growth Earnings: EMMN's earnings are forecast to grow, but not significantly.

Revenue vs Market: EMMN's revenue (3.2% per year) is forecast to grow slower than the Swiss market (3.5% per year).

High Growth Revenue: EMMN's revenue (3.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: EMMN's Return on Equity is forecast to be low in 3 years time (10.1%).


Next Steps

Past Performance

How has Emmi performed over the past 5 years?

20.0%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: EMMN's earnings have grown significantly by 20% per year over the past 5 years.

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

Earnings vs Industry: EMMN had negative earnings growth (-21.1%) over the past year, making it difficult to compare to the Food industry average (14.8%).


Return on Equity

High ROE: EMMN's Return on Equity (10.8%) is considered low.


Return on Assets

ROA vs Industry: EMMN's Return on Assets is below or equal to the Food industry average last year.


Return on Capital Employed

ROCE Improving: EMMN's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Emmi's financial position?


Financial Position Analysis

Short Term Liabilities: EMMN's short term assets (CHF1.3B) exceeds its short term liabilities (CHF524.0M)

Long Term Liabilities: EMMN's short term assets (1.3B) exceeds its long term liabilities (508.7M)


Debt to Equity History and Analysis

Debt Level: EMMN's debt to equity ratio (30.1%) is considered satisfactory

Reducing Debt: EMMN's debt to equity ratio has reduced from 48.3% to 30.1% over the past 5 years.

Debt Coverage: EMMN's debt is well covered by operating cash flow (54.4%).

Interest Coverage: EMMN's interest payments on its debt are well covered by EBIT (45.8x coverage).


Balance Sheet

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

Debt Coverage by Assets: EMMN's debt is covered by short term assets (assets are 2.485820x debt).


Next Steps

Dividend

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

1.11%

Current Dividend Yield


Dividend Yield vs Market

company1.1%marketbottom25%1.9%markettop25%3.7%industryaverage2.2%forecastin3Years1.4%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: EMMN's dividend (1.11%) isn’t notable compared to the bottom 25% of dividend payers in the Swiss market (1.91%).

High Dividend: EMMN's dividend (1.11%) is low compared to the top 25% of dividend payers in the Swiss market (3.7%).

Stable Dividend: EMMN is not paying a notable dividend for the Swiss market, therefore no need to check if payments are stable.

Growing Dividend: EMMN is not paying a notable dividend for the Swiss market, therefore no need to check if payments are increasing.


Current Payout to Shareholders

Dividend Coverage: EMMN is not paying a notable dividend for the Swiss market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of EMMN's dividend in 3 years as they are not forecast to pay a notable one for the Swiss market.


Next Steps

Management

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

7.3yrs

Average management tenure


CEO

Urs Riedener (54yo)

11.6yrs

Tenure

CHF1,488,000

Compensation

Mr. Urs Riedener, Lic. Oec. Hsg, serves as the Chief Executive Officer of the Emmi Group (Lucerne). Mr. Riedener serves as the Chief Executive Officer of Emmi Nederland B.V. He has been the Chief Executive ...


CEO Compensation Analysis

Compensation vs. Market: Urs's total compensation ($USD1.51M) is about average for companies of similar size in the Swiss market ($USD1.51M).

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


Management Age and Tenure

7.3yrs

Average Tenure

52.5yo

Average Age

Experienced Management: EMMN's management team is seasoned and experienced (7.3 years average tenure).


Board Age and Tenure

7.4yrs

Average Tenure

60yo

Average Age

Experienced Board: EMMN's board of directors are considered experienced (7.4 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


Management Team

  • Markus Willimann (63yo)

    Head of Industrial Business for Switzerland

    • Tenure: 5.8yrs
  • Matthias Kunz (59yo)

    Executive VP of Americas & Member of Group Management

    • Tenure: 17.8yrs
  • Othmar Dubach (61yo)

    Head of Cheese & Dairy Products - Switzerland

    • Tenure: 5.8yrs
  • Urs Riedener (54yo)

    Chairman of Group Management and Chief Executive Officer

    • Tenure: 11.6yrs
    • Compensation: CHF1.49m
  • Ricarda Demarmels (40yo)

    CFO & Member of Group Management

    • Tenure: 0.8yrs
  • Robin Barraclough (52yo)

    Executive VP of Europe & Member of Group Management

    • Tenure: 10.8yrs
  • Marc Heim (52yo)

    Deputy CEO

    • Tenure: 10.8yrs
  • Natalie Rüedi (48yo)

    Chief Human Resources Officer & Member of Group Management

    • Tenure: 8.8yrs
  • Kai Könecke (53yo)

    Chief Supply Chain Officer & member of Group Management

    • Tenure: 2.5yrs
  • Thomas Morf (45yo)

    Chief Marketing Officer & Member of Group Management

    • Tenure: 2.3yrs

Board Members

  • Fritz Wyss (75yo)

    Honorary Chairman

    • Tenure: 9.8yrs
  • Konrad Graber (61yo)

    Chairman of the Board

    • Tenure: 10.4yrs
    • Compensation: CHF270.00k
  • Niklaus Meier (64yo)

    Director

    • Tenure: 7.4yrs
    • Compensation: CHF92.00k
  • Thomas Oehen-Bühlmann (61yo)

    Vice-Chairman

    • Tenure: 7.8yrs
    • Compensation: CHF103.00k
  • Diana Strebel (59yo)

    Director

    • Tenure: 7.4yrs
    • Compensation: CHF70.00k
  • Christian Arnold-Fässler (42yo)

    Director

    • Tenure: 7.4yrs
    • Compensation: CHF72.00k
  • Monique Bourquin (53yo)

    Director

    • Tenure: 6.5yrs
    • Compensation: CHF80.00k
  • Christina Johansson (53yo)

    Director

    • Tenure: 1.8yrs
    • Compensation: CHF54.00k
  • Franz Steiger (60yo)

    Director

    • Tenure: 4.5yrs
    • Compensation: CHF62.00k
  • Alexandra Quillet

    Director

    • Tenure: 1.8yrs
    • Compensation: CHF50.00k

Company Information

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


Key Information

  • Name: Emmi AG
  • Ticker: EMMN
  • Exchange: SWX
  • Founded: 1993
  • Industry: Packaged Foods and Meats
  • Sector: Food, Beverage & Tobacco
  • Market Cap: CHF4.341b
  • Shares outstanding: 5.35m
  • Website: https://www.emmi.com

Number of Employees


Location

  • Emmi AG
  • Landenbergstrasse 1
  • Lucerne
  • Lucerne
  • 6002
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
EMMNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFDec 2004
FV6DB (Deutsche Boerse AG)YesRegistered SharesDEEURDec 2004
EMLZ.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDDec 2004
0QM5LSE (London Stock Exchange)YesRegistered SharesGBCHFDec 2004

Biography

Emmi AG develops, produces, and markets a range of dairy and fresh products primarily in Switzerland. The company focuses on fresh products, such as lifestyle, convenience, and health products. Its dairy p ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/17 20:34
End of Day Share Price2019/10/17 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.