SWX:CLTN

Stock Analysis Report

Executive Summary

COLTENE Holding AG develops, manufactures, and sells consumables and small equipment for dental practices in Europe, the Middle East, Africa, North America, Latin America, and Asia/Oceania.

Rewards

Trading at 23% below its fair value

Earnings are forecast to grow 15.89% per year

Risk Analysis

Has a high level of debt

Dividend of 3.33% is not well covered by earnings

Profit margins (6.6%) are lower than last year (10.9%)

Shareholders have been diluted in the past year



Snowflake Analysis

Good value with reasonable growth potential.

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

1.9%

CLTN

2.1%

CH Medical Equipment

0.2%

CH Market


1 Year Return

-7.2%

CLTN

29.8%

CH Medical Equipment

17.6%

CH Market

Return vs Industry: CLTN underperformed the Swiss Medical Equipment industry which returned 30.8% over the past year.

Return vs Market: CLTN underperformed the Swiss Market which returned 17.7% over the past year.


Shareholder returns

CLTNIndustryMarket
7 Day1.9%2.1%0.2%
30 Day-4.2%4.8%2.2%
90 Day6.4%9.0%7.0%
1 Year-4.4%-7.2%31.1%29.8%23.2%17.6%
3 Year19.0%7.1%95.3%88.8%40.0%22.9%
5 Year61.0%35.4%165.6%148.4%45.8%22.7%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

23.0%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CLTN (CHF90) is trading below our estimate of fair value (CHF116.87)

Significantly Below Fair Value: CLTN is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: CLTN is good value based on its PE Ratio (30.1x) compared to the Medical Equipment industry average (53.1x).

PE vs Market: CLTN is poor value based on its PE Ratio (30.1x) compared to the Swiss market (21.2x).


Price to Earnings Growth Ratio

PEG Ratio: CLTN is poor value based on its PEG Ratio (1.9x)


Price to Book Ratio

PB vs Industry: CLTN is good value based on its PB Ratio (6.8x) compared to the CH Medical Equipment industry average (6.9x).


Next Steps

Future Growth

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

15.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CLTN's forecast earnings growth (15.9% per year) is above the savings rate (-0.6%).

Earnings vs Market: CLTN's earnings (15.9% per year) are forecast to grow faster than the Swiss market (10.6% per year).

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

Revenue vs Market: CLTN's revenue (3.9% per year) is forecast to grow faster than the Swiss market (3.3% per year).

High Growth Revenue: CLTN's revenue (3.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CLTN's Return on Equity is forecast to be high in 3 years time (24.7%)


Next Steps

Past Performance

How has COLTENE Holding performed over the past 5 years?

4.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CLTN has high quality earnings.

Growing Profit Margin: CLTN's current net profit margins (6.6%) are lower than last year (10.9%).


Past Earnings Growth Analysis

Earnings Trend: CLTN's earnings have grown by 4.4% per year over the past 5 years.

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

Earnings vs Industry: CLTN had negative earnings growth (-13.1%) over the past year, making it difficult to compare to the Medical Equipment industry average (-9.5%).


Return on Equity

High ROE: CLTN's Return on Equity (21.2%) is considered high.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is COLTENE Holding's financial position?


Financial Position Analysis

Short Term Liabilities: CLTN's short term assets (CHF133.5M) exceed its short term liabilities (CHF99.1M).

Long Term Liabilities: CLTN's short term assets (CHF133.5M) exceed its long term liabilities (CHF7.2M).


Debt to Equity History and Analysis

Debt Level: CLTN's debt to equity ratio (83%) is considered high.

Reducing Debt: CLTN's debt to equity ratio has increased from 23.3% to 83% over the past 5 years.

Debt Coverage: CLTN's debt is well covered by operating cash flow (38.5%).

Interest Coverage: CLTN's interest payments on its debt are well covered by EBIT (42.6x coverage).


Balance Sheet

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

Debt Coverage by Assets: CLTN's debt is covered by short term assets (assets are 2x debt).


Next Steps

Dividend

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

3.33%

Current Dividend Yield


Dividend Yield vs Market

company3.3%marketbottom25%1.7%markettop25%3.4%industryaverage0.9%forecastin3Years3.6%

Current dividend yield vs market & industry

Notable Dividend: CLTN's dividend (3.33%) is higher than the bottom 25% of dividend payers in the Swiss market (1.72%).

High Dividend: CLTN's dividend (3.33%) is low compared to the top 25% of dividend payers in the Swiss market (3.35%).


Stability and Growth of Payments

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

Growing Dividend: CLTN's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (100.5%), CLTN's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CLTN's dividends in 3 years are forecast to be covered by earnings (62.5% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.1yrs

Average management tenure


CEO

Martin Schaufelberger (55yo)

7.7yrs

Tenure

CHF945,217

Compensation

Mr. Martin Schaufelberger has been the Chief Executive Officer of COLTENE Holding AG since June 1, 2012. Mr. Schaufelberger commands a long and very successful experience in leading mid-sized, companies op ...


CEO Compensation Analysis

Compensation vs Market: Martin's total compensation ($USD963.59K) is about average for companies of similar size in the Swiss market ($USD997.89K).

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


Leadership Team

NamePositionTenureCompensationOwnership
Martin Schaufelberger
Chief Executive Officer7.7yrsCHF945.22k0.18% CHF965.0k
Gerhard Mahrle
CFO & Deputy CEO6.1yrsno data0.042% CHF226.8k
Stefan Helsing
Chief Operating Officer1.3yrsno data0.91% CHF4.9m
Werner Barth
Vice President of Marketing5.1yrsno data0.022% CHF118.1k
Christophe Loretan
Vice President of Sales5.1yrsno data0.0066% CHF35.8k

5.1yrs

Average Tenure

55yo

Average Age

Experienced Management: CLTN's management team is seasoned and experienced (5.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Erwin Locher
Non-Executive Director10.8yrsCHF87.67k0.10% CHF557.0k
Nick Huber
Chairman of the Board0yrsCHF114.36k0.24% CHF1.3m
Matthew Robin
Non-Executive Director14.1yrsCHF91.44k0.088% CHF473.3k
Roland Weiger
Non-Executive Director6.8yrsCHF80.02k0.020% CHF108.3k
Jürgen Rauch
Non-Executive Director4.1yrsCHF70.00k0.0046% CHF25.1k
Astrid Waser
Non-Executive Director2.9yrsCHF79.65k0.0016% CHF8.8k
Allison Zwingenberger
Non-Executive Director1.4yrsCHF19.63kno data

5.5yrs

Average Tenure

54yo

Average Age

Experienced Board: CLTN's board of directors are considered experienced (5.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

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 been diluted in the past year, with total shares outstanding growing by 32.4%.


Top Shareholders

Company Information

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


Key Information

  • Name: COLTENE Holding AG
  • Ticker: CLTN
  • Exchange: SWX
  • Founded: 2005
  • Industry: Health Care Supplies
  • Sector: Healthcare
  • Market Cap: CHF540.191m
  • Shares outstanding: 5.98m
  • Website: https://www.coltene.com

Number of Employees


Location

  • COLTENE Holding AG
  • Feldwiesenstrasse 20
  • Altstätten
  • St. Gallen
  • 9450
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CLTNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFJun 2006
M3ZDB (Deutsche Boerse AG)YesRegistered SharesDEEURJun 2006
CLHL.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDJun 2006
0QP7LSE (London Stock Exchange)YesRegistered SharesGBCHFJun 2006

Biography

COLTENE Holding AG develops, manufactures, and sells consumables and small equipment for dental practices in Europe, the Middle East, Africa, North America, Latin America, and Asia/Oceania. It offers restoration products, including composites, bulk-fill composites, CAD/CAM solutions, composite veneering systems, core build-ups, bondings, etching gels, temporary materials, luting, curing lights, characterizations, and parapulpal pins; and endodontics products, such as posts, rotary and hand files, irrigation solutions, obturation and sealing materials, Gutta-percha and paper points, endo engines, apex locators, endo accessories, and medicaments. The company also provides prosthetics comprising bite registration, retractions, A-silicones, C-silicones, and accessories; and treatment auxiliaries consisting of dental rolls and dispensers, cotton pellets and dispensers, aspirator tips, dental dams and dam kits, dental dam clamps and accessories, dental scalers, electro surgery, surgical sundries, and occlusion verification products. In addition, it offers infection control products, which include ultrasonic cleaning units, face masks, patient bibs, and sterile and non-sterile covers; rotary instruments, such as diamond and carbide burs, polishers, kits, and accessories; and laboratory products comprising gingiva masks, lab putty, model making, waxes, occlusion control, accessories, HP burs, and silicone polishers. The company was formerly known as Medisize Holding AG and changed its name to COLTENE Holding AG in April 2008. COLTENE Holding AG was founded in 2005 and is headquartered in Altstätten, Switzerland. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/18 21:12
End of Day Share Price2020/02/18 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.