Zug Estates Holding (SWX:ZUGN) - Share price, News & Analysis

ZUGN fundamental analysis
Snowflake Score
Valuation	1/6
Future Growth	0/6
Past Performance	4/6
Financial Health	1/6
Dividends	3/6

ZUGN Stock Overview

Zug Estates Holding AG, together with its subsidiaries, conceives, develops, markets, and manages real estate properties in the Zug region, Switzerland.

Rewards

PE ratio (13.4x) is below the Swiss market (17.9x)

Earnings grew by 134.2% over the past year

Risk Analysis

Earnings are forecast to decline by an average of 22.9% per year for the next 3 years

Debt is not well covered by operating cash flow

Unstable dividend track record

Large one-off items impacting financial results

Zug Estates Holding Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Zug Estates Holding
Historical stock prices
Current Share Price	CHF1,990.00
52 Week High	CHF2,080.00
52 Week Low	CHF1,930.00
Beta	0.41
1 Month Change	0%
3 Month Change	2.05%
1 Year Change	0.76%
3 Year Change	9.64%
5 Year Change	10.99%
Change since IPO	68.64%

Shareholder Returns

	ZUGN	CH Real Estate	CH Market
7D	0.5%	1.3%	-2.8%
1Y	0.8%	2.7%	-2.4%

Return vs Industry: ZUGN underperformed the Swiss Real Estate industry which returned 2.7% over the past year.

Return vs Market: ZUGN exceeded the Swiss Market which returned -2.4% over the past year.

Price Volatility

Is ZUGN's price volatile compared to industry and market?
ZUGN volatility
ZUGN Average Weekly Movement	1.9%
Real Estate Industry Average Movement	2.9%
Market Average Movement	5.0%
10% most volatile stocks in CH Market	9.0%
10% least volatile stocks in CH Market	2.5%

Stable Share Price: ZUGN is less volatile than 75% of Swiss stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: ZUGN's weekly volatility (2%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2012	119	Patrik Stillhart	https://www.zugestates.ch

Zug Estates Holding AG, together with its subsidiaries, conceives, develops, markets, and manages real estate properties in the Zug region, Switzerland. The company operates in two segments, Real Estate and Hotel & Catering. Its real estate portfolio includes shops, offices, and residential units, as well as other residential and commercial properties.

Zug Estates Holding Fundamentals Summary

How do Zug Estates Holding's earnings and revenue compare to its market cap?
ZUGN fundamental statistics
Market Cap	CHF1.01b
Earnings (TTM)	CHF75.56m
Revenue (TTM)	CHF72.13m

13.4x

P/E Ratio

14.1x

P/S Ratio

Is ZUGN overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
ZUGN income statement (TTM)
Revenue	CHF72.13m
Cost of Revenue	CHF8.80m
Gross Profit	CHF63.33m
Other Expenses	-CHF12.23m
Earnings	CHF75.56m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

Aug 26, 2022

Earnings per share (EPS)	148.16
Gross Margin	87.81%
Net Profit Margin	104.76%
Debt/Equity Ratio	57.9%

How did ZUGN perform over the long term?

See historical performance and comparison

Dividends

1.9%

Current Dividend Yield

25%

Payout Ratio

Valuation

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

Valuation Score

1/6

Valuation Score 1/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

13.43x

Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: ZUGN (CHF1980) is trading above our estimate of fair value (CHF1633.01)

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

Price To Earnings Ratio

PE vs Industry: ZUGN is poor value based on its PE Ratio (13.4x) compared to the Swiss Real Estate industry average (12.6x).

PE vs Market: ZUGN is good value based on its PE Ratio (13.4x) compared to the Swiss market (17.9x).

Price to Earnings Growth Ratio

PEG Ratio: ZUGN's earnings are forecast to decline next year, so we can't calculate its PEG ratio.

Price to Book Ratio

PB vs Industry: ZUGN's PB Ratio (1x) is in line with the CH Real Estate industry average.

Future Growth

How is Zug Estates Holding forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

-22.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ZUGN's earnings are forecast to decline over the next 3 years (-22.9% per year).

Earnings vs Market: ZUGN's earnings are forecast to decline over the next 3 years (-22.9% per year).

High Growth Earnings: ZUGN's earnings are forecast to decline over the next 3 years.

Revenue vs Market: ZUGN's revenue (3.9% per year) is forecast to grow slower than the Swiss market (4.3% per year).

High Growth Revenue: ZUGN'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: ZUGN's Return on Equity is forecast to be low in 3 years time (2.9%).

Past Performance

How has Zug Estates Holding performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

9.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ZUGN has a large one-off gain of CHF51.8M impacting its December 31 2021 financial results.

Growing Profit Margin: ZUGN's current net profit margins are higher than last year (23%).

Past Earnings Growth Analysis

Earnings Trend: ZUGN's earnings have grown by 9.9% per year over the past 5 years.

Accelerating Growth: ZUGN's earnings growth over the past year (134.2%) exceeds its 5-year average (9.9% per year).

Earnings vs Industry: ZUGN earnings growth over the past year (134.2%) exceeded the Real Estate industry 61.3%.

Return on Equity

High ROE: ZUGN's Return on Equity (7.8%) is considered low.

Financial Health

How is Zug Estates Holding's financial position?

Financial Health Score

1/6

Financial Health Score 1/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: ZUGN's short term assets (CHF24.4M) do not cover its short term liabilities (CHF144.6M).

Long Term Liabilities: ZUGN's short term assets (CHF24.4M) do not cover its long term liabilities (CHF545.1M).

Debt to Equity History and Analysis

Debt Level: ZUGN's net debt to equity ratio (56%) is considered high.

Reducing Debt: ZUGN's debt to equity ratio has increased from 45.3% to 57.9% over the past 5 years.

Debt Coverage: ZUGN's debt is not well covered by operating cash flow (8.6%).

Interest Coverage: ZUGN's interest payments on its debt are well covered by EBIT (5.5x coverage).

Balance Sheet

Dividend

What is Zug Estates Holding current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

1.88%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: ZUGN's dividend (1.89%) is higher than the bottom 25% of dividend payers in the Swiss market (1.88%).

High Dividend: ZUGN's dividend (1.89%) is low compared to the top 25% of dividend payers in the Swiss market (3.91%).

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, ZUGN has been paying a dividend for less than 10 years.

Growing Dividend: ZUGN's dividend payments have increased, but the company has only paid a dividend for 8 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (25.3%), ZUGN's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (40.3%), ZUGN's dividend payments are well covered by cash flows.

Discover strong dividend paying companies

Management

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

9.3yrs

Average board tenure

CEO

Patrik Stillhart (47 yo)

1.92yrs

Tenure

CHF618,025

Compensation

Mr. Patrik Stillhart has been Chief Executive Officer of Zug Estates Holding AG since June 1, 2020. He had been Managing Director and Interim CEO of Jones Lang LaSalle AG (JLL Switzerland) since 2011 until...

CEO Compensation Analysis

Compensation vs Market: Patrik's total compensation ($USD639.92K) is below average for companies of similar size in the Swiss market ($USD1.40M).

Compensation vs Earnings: Insufficient data to compare Patrik's compensation with company performance.

Board Members

Experienced Board: ZUGN's board of directors are considered experienced (9.3 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 not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/23 00:00
End of Day Share Price	2022/05/23 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31