SWX:COTN

Stock Analysis Report

Executive Summary

Comet Holding AG, together with its subsidiaries, provides X-ray, radio frequency (RF), and ebeam technology solutions in Europe, Asia, and internationally.


Snowflake Analysis

Excellent balance sheet with reasonable growth potential.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: COTN's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

7.2%

COTN

14.2%

CH Electronic

3.9%

CH Market


1 Year Return

8.2%

COTN

-2.7%

CH Electronic

-6.9%

CH Market

Return vs Industry: COTN exceeded the Swiss Electronic industry which returned -2.7% over the past year.

Return vs Market: COTN exceeded the Swiss Market which returned -6.9% over the past year.


Shareholder returns

COTNIndustryMarket
7 Day7.2%14.2%3.9%
30 Day-22.0%-14.9%-9.1%
90 Day-25.0%-26.3%-15.5%
1 Year9.5%8.2%0.4%-2.7%-2.3%-6.9%
3 Year-22.2%-24.7%-0.2%-6.4%11.6%0.5%
5 Year24.0%16.5%54.9%36.5%16.1%-2.9%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

49.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: COTN (CHF92) is trading below our estimate of fair value (CHF181.63)

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


Price To Earnings Ratio

PE vs Industry: COTN is poor value based on its PE Ratio (59.4x) compared to the Electronic industry average (18x).

PE vs Market: COTN is poor value based on its PE Ratio (59.4x) compared to the Swiss market (16.8x).


Price to Earnings Growth Ratio

PEG Ratio: COTN is poor value based on its PEG Ratio (1.4x)


Price to Book Ratio

PB vs Industry: COTN is overvalued based on its PB Ratio (3.6x) compared to the CH Electronic industry average (2.3x).


Next Steps

Future Growth

How is Comet Holding forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

42.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: COTN's forecast earnings growth (42.7% per year) is above the savings rate (-0.6%).

Earnings vs Market: COTN's earnings (42.7% per year) are forecast to grow faster than the Swiss market (8.6% per year).

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

Revenue vs Market: COTN's revenue (9% per year) is forecast to grow faster than the Swiss market (2.4% per year).

High Growth Revenue: COTN's revenue (9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: COTN's Return on Equity is forecast to be low in 3 years time (17.6%).


Next Steps

Past Performance

How has Comet Holding performed over the past 5 years?

-14.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: COTN has high quality earnings.

Growing Profit Margin: COTN's current net profit margins (3.2%) are higher than last year (2.8%).


Past Earnings Growth Analysis

Earnings Trend: COTN's earnings have declined by -14.6% per year over the past 5 years.

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

Earnings vs Industry: COTN had negative earnings growth (-2.6%) over the past year, making it difficult to compare to the Electronic industry average (-5.8%).


Return on Equity

High ROE: COTN's Return on Equity (6.1%) is considered low.


Next Steps

Financial Health

How is Comet Holding's financial position?


Financial Position Analysis

Short Term Liabilities: COTN's short term assets (CHF217.2M) exceed its short term liabilities (CHF111.9M).

Long Term Liabilities: COTN's short term assets (CHF217.2M) exceed its long term liabilities (CHF83.9M).


Debt to Equity History and Analysis

Debt Level: COTN's debt to equity ratio (36.7%) is considered satisfactory.

Reducing Debt: COTN's debt to equity ratio has increased from 12.6% to 36.7% over the past 5 years.

Debt Coverage: COTN's debt is well covered by operating cash flow (67.7%).

Interest Coverage: COTN's interest payments on its debt are well covered by EBIT (10.5x coverage).


Balance Sheet

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

Debt Coverage by Assets: COTN's debt is covered by short term assets (assets are 3x debt).


Next Steps

Dividend

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

1.09%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: COTN's dividend (1.09%) isn’t notable compared to the bottom 25% of dividend payers in the Swiss market (2.16%).

High Dividend: COTN's dividend (1.09%) is low compared to the top 25% of dividend payers in the Swiss market (4.34%).


Stability and Growth of Payments

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

Growing Dividend: COTN 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: COTN is not paying a notable dividend for the Swiss market.


Future Payout to Shareholders

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


Next Steps

Management

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

2.2yrs

Average management tenure


CEO

Heinz Kundert (67yo)

0.75

Tenure

CHF165,309

Compensation

Mr. Heinz Kundert serves as Vice Chairman of VAT Group AG since May 17, 2018 and is its Director March 2018. He served as the Chief Executive Officer at VAT Group AG since June 2015 until March 12, 2018. M ...


Leadership Team

NamePositionTenureCompensationOwnership
Heinz Kundert
Chairman of the Board & Interim CEO0.75yrCHF165.31k0.046% CHF327.9k
Eric Dubuis
Chief Information Officer & Interim Chief HR Officer14.42yrsno data0.017% CHF124.5k
Ines Najorka
VP of Corporate Communications & Secretaryno datano datano data
Michael Kammerer
President of Plasma Control Technologies Division12.17yrsno data0.019% CHF135.1k
Stephan Haferl
President of X-Ray Modules Division2.17yrsno data0.0036% CHF25.5k
Thomas Wenzel
President of X-Ray Systems Division1.25yrsno data0.00094% CHF6.7k
Nicola Rotondo
Vice President of Group Controllingno datano datano data

2.2yrs

Average Tenure

55yo

Average Age

Experienced Management: COTN's management team is considered experienced (2.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Heinz Kundert
Chairman of the Board & Interim CEO0.75yrCHF165.31k0.046% CHF327.9k
Franz Richter
Non-Executive Director3.92yrsCHF99.00k0.011% CHF80.4k
Patrick Jany
Independent Non-Executive Director0.92yrCHF83.44kno data
Rolf Huber
Non-Executive Vice Chairman of the Board0.92yrCHF107.42k0.18% CHF1.3m
Christoph Kutter
Independent Non-Executive Director0.92yrCHF77.00kno data
Gian-Luca Bona
Non-Executive Director7.92yrsCHF107.42k0.078% CHF554.2k
Mariel Hoch
Non-Executive Director3.92yrsCHF107.42k0.011% CHF80.4k

0.9yrs

Average Tenure

55yo

Average Age

Experienced Board: COTN's board of directors are not considered experienced ( 0.9 years average tenure), which suggests a new board.


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.


Top Shareholders

Company Information

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


Key Information

  • Name: Comet Holding AG
  • Ticker: COTN
  • Exchange: SWX
  • Founded: 1948
  • Industry: Electronic Equipment and Instruments
  • Sector: Tech
  • Market Cap: CHF714.307m
  • Shares outstanding: 7.76m
  • Website: https://www.comet-group.com

Number of Employees


Location

  • Comet Holding AG
  • Herrengasse 10
  • Flamatt
  • 3175
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
COTNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFNov 1997
0ROQLSE (London Stock Exchange)YesRegistered SharesGBCHFNov 1997
EZP1DB (Deutsche Boerse AG)YesRegistered SharesDEEURNov 1997

Biography

Comet Holding AG, together with its subsidiaries, provides X-ray, radio frequency (RF), and ebeam technology solutions in Europe, Asia, and internationally. It operates through four segments: Plasma Control Technologies; X-Ray Systems; Industrial X-Ray Modules; and ebeam Technologies. The Plasma Control Technologies segment develops, manufactures, and markets vacuum capacitors, RF generators, and RF impedance matching networks for the high-precision control of plasma processes required in the production of memory chips and flat panel displays. The X-Ray Systems segment develops, manufactures, and markets X-ray systems and services for non-destructive testing using X-ray and microfocus technology, and computed tomography. The Industrial X-Ray Modules segment develops, manufactures, and markets compact X-ray sources and portable X-ray modules for non-destructive testing, steel metrology, and airport security inspection. The ebeam Technologies segment develops, manufactures, and markets compact ebeam sets and whole ebeam systems for the treatment of surfaces in the food and printing industries. The company offers its products under the Comet, Yxlon, and ebeam brand names. Its products are used in electronics, automotive, foundries, aerospace, energy, semiconductor, and solar industries, as well as in airport security applications. Comet Holding AG was founded in 1948 and is headquartered in Flamatt, Switzerland. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/29 20:42
End of Day Share Price2020/03/27 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.