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Alpiq Holding

SWX:ALPH
Snowflake Description

Flawless balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ALPH
SWX
CHF2B
Market Cap
  1. Home
  2. CH
  3. Utilities
Company description

Alpiq Holding AG primarily operates as an energy service provider and electricity producer in Europe. The last earnings update was 78 days ago. More info.


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ALPH Share Price and Events
7 Day Returns
-0.8%
SWX:ALPH
1.9%
Europe Electric Utilities
2%
CH Market
1 Year Returns
-5.2%
SWX:ALPH
10%
Europe Electric Utilities
0.7%
CH Market
ALPH Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Alpiq Holding (ALPH) -0.8% 1.8% -0.6% -5.2% 9.7% -33.1%
Europe Electric Utilities 1.9% 2.2% 3.6% 10% 27.3% -0.2%
CH Market 2% -0.4% 1.6% 0.7% 12.7% 8.7%
1 Year Return vs Industry and Market
  • ALPH underperformed the Electric Utilities industry which returned 10% over the past year.
  • ALPH underperformed the Market in Switzerland which returned 0.7% over the past year.
Price Volatility
ALPH
Industry
5yr Volatility vs Market

Value

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

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Alpiq Holding to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Alpiq Holding.

SWX:ALPH Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8%
Perpetual Growth Rate 10-Year CH Government Bond Rate 3.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SWX:ALPH
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate 3.3%
Equity Risk Premium S&P Global 6%
Electric Utilities Unlevered Beta Simply Wall St/ S&P Global 0.23
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.235 (1 + (1- 18%) (77.11%))
0.587
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 3.28% + (0.8 * 5.96%)
8.04%

Discounted Cash Flow Calculation for SWX:ALPH using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Alpiq Holding is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SWX:ALPH DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CHF, Millions) Source Present Value
Discounted (@ 8.04%)
2019 183.00 Analyst x1 169.38
2020 256.00 Analyst x1 219.30
2021 317.00 Analyst x1 251.34
2022 367.39 Est @ 15.9% 269.61
2023 411.88 Est @ 12.11% 279.76
2024 450.84 Est @ 9.46% 283.43
2025 485.13 Est @ 7.6% 282.28
2026 515.72 Est @ 6.31% 277.74
2027 543.55 Est @ 5.4% 270.94
2028 569.42 Est @ 4.76% 262.70
Present value of next 10 years cash flows CHF2,566.49
SWX:ALPH DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CHF569.42 × (1 + 3.28%) ÷ (8.04% – 3.28%)
CHF12,333.62
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CHF12,333.62 ÷ (1 + 8.04%)10
CHF5,690.16
SWX:ALPH Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CHF2,566.49 + CHF5,690.16
CHF8,256.65
Equity Value per Share
(CHF)
= Total value / Shares Outstanding
= CHF8,256.65 / 27.87
CHF296.21
SWX:ALPH Discount to Share Price
Calculation Result
Value per share (CHF) From above. CHF296.21
Current discount Discount to share price of CHF71.60
= -1 x (CHF71.60 - CHF296.21) / CHF296.21
75.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Alpiq Holding is available for.
Intrinsic value
>50%
Share price is CHF71.6 vs Future cash flow value of CHF296.21
Current Discount Checks
For Alpiq Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Alpiq Holding's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Alpiq Holding's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Alpiq Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Alpiq Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:ALPH PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CHF CHF-11.01
SWX:ALPH Share Price ** SWX (2019-05-21) in CHF CHF71.6
Europe Electric Utilities Industry PE Ratio Median Figure of 66 Publicly-Listed Electric Utilities Companies 11.76x
Switzerland Market PE Ratio Median Figure of 175 Publicly-Listed Companies 17.87x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Alpiq Holding.

SWX:ALPH PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SWX:ALPH Share Price ÷ EPS (both in CHF)

= 71.6 ÷ -11.01

-6.5x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Alpiq Holding is loss making, we can't compare its value to the Europe Electric Utilities industry average.
  • Alpiq Holding is loss making, we can't compare the value of its earnings to the Switzerland market.
Price based on expected Growth
Does Alpiq Holding's expected growth come at a high price?
Raw Data
SWX:ALPH PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -6.5x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
79.3%per year
Europe Electric Utilities Industry PEG Ratio Median Figure of 32 Publicly-Listed Electric Utilities Companies 1.38x
Switzerland Market PEG Ratio Median Figure of 124 Publicly-Listed Companies 2.26x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Alpiq Holding, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Alpiq Holding's assets?
Raw Data
SWX:ALPH PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CHF CHF138.98
SWX:ALPH Share Price * SWX (2019-05-21) in CHF CHF71.6
Europe Electric Utilities Industry PB Ratio Median Figure of 73 Publicly-Listed Electric Utilities Companies 0.89x
Switzerland Market PB Ratio Median Figure of 211 Publicly-Listed Companies 1.62x
SWX:ALPH PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SWX:ALPH Share Price ÷ Book Value per Share (both in CHF)

= 71.6 ÷ 138.98

0.52x

* Primary Listing of Alpiq Holding.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Alpiq Holding is good value based on assets compared to the Europe Electric Utilities industry average.
X
Value checks
We assess Alpiq Holding's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check)
  5. Alpiq Holding has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Alpiq Holding expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
79.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Alpiq Holding expected to grow at an attractive rate?
  • Alpiq Holding's earnings growth is expected to exceed the low risk savings rate of 3.3%.
Growth vs Market Checks
  • Alpiq Holding's earnings growth is expected to exceed the Switzerland market average.
  • Alpiq Holding's revenue growth is positive but not above the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:ALPH Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:ALPH Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 79.3%
SWX:ALPH Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 1.4%
Europe Electric Utilities Industry Earnings Growth Rate Market Cap Weighted Average 9.5%
Europe Electric Utilities Industry Revenue Growth Rate Market Cap Weighted Average 3.4%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 11%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 3.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SWX:ALPH Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:ALPH Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 5,405 329 49 2
2020-12-31 5,178 272 -60 2
2019-12-31 5,093 204 -144 2
SWX:ALPH Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2018-12-31 5,191 -116 -307
2018-06-30 5,494 6 -80
2018-03-31 5,512 168 -57
2017-12-31 5,454 334 -34
2017-06-30 4,031 247 196
2017-03-31 4,224 171 212
2016-12-31 4,417 94 227
2016-09-30 6,260 152 135
2016-06-30 6,437 209 9
2016-03-31 6,579 335 -434

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Alpiq Holding's earnings are expected to grow significantly at over 20% yearly.
  • Alpiq Holding's revenue is expected to grow by 1.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SWX:ALPH Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Alpiq Holding Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:ALPH Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 2.28 2.70 1.86 2.00
2020-12-31 -1.10 -1.10 -1.10 1.00
2019-12-31 -4.64 -4.28 -5.00 2.00
SWX:ALPH Past Financials Data
Date (Data in CHF Millions) EPS *
2018-12-31 -11.01
2018-06-30 -2.87
2018-03-31 -2.04
2017-12-31 -1.22
2017-06-30 7.03
2017-03-31 7.59
2016-12-31 8.14
2016-09-30 4.84
2016-06-30 0.32
2016-03-31 -15.62

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Alpiq Holding is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Alpiq Holding's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Alpiq Holding has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Alpiq Holding performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Alpiq Holding's growth in the last year to its industry (Electric Utilities).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Alpiq Holding does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Alpiq Holding's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Alpiq Holding's 1-year growth to the Europe Electric Utilities industry average as it is not currently profitable.
Earnings and Revenue History
Alpiq Holding's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Alpiq Holding Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:ALPH Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 5,191.00 -307.00 203.00
2018-06-30 5,494.00 -80.00 217.00
2018-03-31 5,512.00 -57.00 211.50
2017-12-31 5,454.00 -34.00 206.00
2017-06-30 4,031.00 196.00 -118.00
2017-03-31 4,224.00 211.50 39.00
2016-12-31 4,417.00 227.00 196.00
2016-09-30 6,260.00 135.00 836.50
2016-06-30 6,437.00 9.00 829.00
2016-03-31 6,578.50 -433.50 824.00
2015-12-31 6,720.00 -876.00 819.00
2015-09-30 7,006.50 -1,351.50 812.00
2015-06-30 7,293.00 -1,827.00 805.00
2015-03-31 7,677.00 -1,378.50 817.50
2014-12-31 8,061.00 -930.00 830.00
2014-09-30 8,391.00 -523.50 830.00
2014-06-30 8,721.00 -117.00 830.00
2014-03-31 9,081.50 -63.50 825.00
2013-12-31 9,442.00 -10.00 820.00
2013-09-30 10,290.00 -461.50 816.00
2013-06-30 11,138.00 -913.00 812.00
2013-03-31 11,991.00 -983.50 853.50
2012-12-31 12,844.00 -1,054.00 895.00
2012-09-30 13,308.00 -1,276.50 934.00
2012-06-30 13,778.00 -1,509.00 981.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Alpiq Holding has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Alpiq Holding has efficiently used its assets last year compared to the Europe Electric Utilities industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Alpiq Holding improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Alpiq Holding's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Alpiq Holding has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Alpiq Holding's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Alpiq Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Alpiq Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Alpiq Holding's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Alpiq Holding's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Alpiq Holding Company Filings, last reported 4 months ago.

SWX:ALPH Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 3,944.00 1,539.00 1,034.00
2018-06-30 3,898.00 1,976.00 846.00
2018-03-31 3,898.00 1,976.00 846.00
2017-12-31 3,965.00 2,173.00 1,040.00
2017-06-30 3,860.00 2,263.00 1,434.00
2017-03-31 3,860.00 2,263.00 1,434.00
2016-12-31 3,886.00 2,450.00 1,519.00
2016-09-30 3,886.00 2,450.00 1,519.00
2016-06-30 3,722.00 2,868.00 1,517.00
2016-03-31 3,722.00 2,868.00 1,517.00
2015-12-31 3,819.00 2,862.00 1,486.00
2015-09-30 3,819.00 2,862.00 1,486.00
2015-06-30 3,806.00 3,034.00 1,502.00
2015-03-31 3,806.00 3,034.00 1,502.00
2014-12-31 4,712.00 3,601.00 1,562.00
2014-09-30 4,712.00 3,601.00 1,562.00
2014-06-30 5,759.00 4,071.00 2,052.00
2014-03-31 5,759.00 4,071.00 2,052.00
2013-12-31 5,839.00 4,555.00 2,421.00
2013-09-30 5,839.00 4,555.00 2,421.00
2013-06-30 5,976.00 4,936.00 2,720.00
2013-03-31 5,976.00 4,936.00 2,720.00
2012-12-31 4,817.00 5,495.00 1,386.00
2012-09-30 5,010.00 5,390.00 1,359.00
2012-06-30 6,047.00 5,772.00 1,465.00
  • Alpiq Holding's level of debt (39%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (77.9% vs 39% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Alpiq Holding has sufficient cash runway for more than 3 years based on current free cash flow.
  • Alpiq Holding has sufficient cash runway for more than 3 years if free cash flow continues to grow at historical rates of 72.3% each year.
X
Financial health checks
We assess Alpiq Holding's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Alpiq Holding has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Alpiq Holding dividends. Estimated to be 0.11% next year.
If you bought CHF2,000 of Alpiq Holding shares you are expected to receive CHF0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Alpiq Holding's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Alpiq Holding's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SWX:ALPH Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Europe Electric Utilities Industry Average Dividend Yield Market Cap Weighted Average of 44 Stocks 4.5%
Switzerland Market Average Dividend Yield Market Cap Weighted Average of 166 Stocks 3.1%
Switzerland Minimum Threshold Dividend Yield 10th Percentile 1.3%
Switzerland Bottom 25% Dividend Yield 25th Percentile 2%
Switzerland Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SWX:ALPH Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.40 1.00
2020-12-31 0.00 2.00
2019-12-31 0.00 2.00
SWX:ALPH Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2016-08-26 0.000 0.000
2016-03-08 0.000 0.000
2015-03-09 2.000 2.200
2014-04-01 2.000 2.204
2014-03-05 2.000 1.598
2013-03-12 2.000 1.678
2012-03-06 2.000 1.419
2012-02-29 2.000 1.100
2011-02-28 8.700 3.880
2011-02-18 8.700 2.317
2010-02-19 8.700 2.287
2010-01-04 8.700 2.071

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Alpiq Holding has not reported any payouts.
  • Unable to verify if Alpiq Holding's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Alpiq Holding's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Alpiq Holding has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Alpiq Holding's dividends in 3 years as they are not expected to pay a notable one for Switzerland.
X
Income/ dividend checks
We assess Alpiq Holding's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Alpiq Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Alpiq Holding has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
  • Alpiq Holding has no CEO, or we have no data on them.
Management Team Tenure

Average tenure and age of the Alpiq Holding management team in years:

5.3
Average Tenure
52
Average Age
  • The average tenure for the Alpiq Holding management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Jasmin Staiblin

TITLE
President of the Executive Board
COMPENSATION
CHF2M
AGE
48
TENURE
6.3 yrs

Thomas Bucher

TITLE
CFO, Head of Financial Services & Member of Executive Board
AGE
52
TENURE
4.3 yrs

Michael Wider

TITLE
Head of Generation Switzerland
AGE
57
TENURE
16.3 yrs

Markus Brokhof

TITLE
Head of Digital & Commerce and Member of Executive Board
AGE
52
TENURE
5.3 yrs

Petter Torp

TITLE
Head of Operations
AGE
63

Edgar Lehrmann

TITLE
Head of Accounting & Controlling

Lukas Oetiker

TITLE
Head of Investor Relations and Head of Treasury & Insurance

Peter Schib

TITLE
Head of Legal & Compliance

Richard Rogers

TITLE
Head of Communication & Public Affairs
TENURE
3.3 yrs

Pierre Guesry

TITLE
Head of Power West
Board of Directors Tenure

Average tenure and age of the Alpiq Holding board of directors in years:

5.1
Average Tenure
63
Average Age
  • The tenure for the Alpiq Holding board of directors is about average.
Board of Directors

Jens Alder

TITLE
Chairman of the Board
COMPENSATION
CHF506K
AGE
61
TENURE
4.1 yrs

Jean-Yves Pidoux

TITLE
Vice Chairman
COMPENSATION
CHF154K
AGE
62
TENURE
2 yrs

Wolfgang Martz

TITLE
Director
COMPENSATION
CHF195K
AGE
64
TENURE
3.1 yrs

John Morris

TITLE
Director
COMPENSATION
CHF149K
TENURE
3 yrs

Heinz Saner

TITLE
Director
COMPENSATION
CHF150K
AGE
61
TENURE
2 yrs

Claude Lässer

TITLE
Director
COMPENSATION
CHF175K
AGE
69
TENURE
10.3 yrs

Conrad Ammann

TITLE
Director
COMPENSATION
CHF179K
TENURE
7.1 yrs

François Driesen

TITLE
Director
COMPENSATION
CHF153K
TENURE
7.1 yrs

Alex Kummer-Grämiger

TITLE
Director
COMPENSATION
CHF130K
TENURE
6.1 yrs

René Longet

TITLE
Director
COMPENSATION
CHF129K
AGE
67
TENURE
6.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CHF) Value (CHF)
X
Management checks
We assess Alpiq Holding's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Alpiq Holding has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Should You Worry About Alpiq Holding AG’s (VTX:ALPH) ROCE?

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Finally, we'll look at how its current liabilities affect its ROCE. … Return On Capital Employed (ROCE): What is it?

Simply Wall St -

Alpiq Holding AG (VTX:ALPH): A Look At Return On Capital

and looking to gauge the potential return on investment in Alpiq Holding AG (VTX:ALPH). … Your equity share is granted in return for the capital provided to the business to operate, and in order for an investment to be successful the business has to create earnings from the funds that make up this capital. … Therefore, looking at how efficiently Alpiq Holding is able to use capital to create earnings will help us understand your potential return.

Simply Wall St -

Should You Be Concerned About Alpiq Holding AG's (VTX:ALPH) Investors?

In this article, I will take a quick look at Alpiq Holding AG’s (VTX:ALPH) recent ownership structure – an unconventional investing subject, but an important one. … Ownership structure of a company has been found to affect share performance over time. … The effect of an active institutional investor with a similar ownership as a passive pension-fund can be vastly different on a company's corporate governance and accountability to shareholders.

Simply Wall St -

What does Alpiq Holding AG's (VTX:ALPH) Balance Sheet Tell Us About Its Future?

Small-caps and large-caps are wildly popular among investors; however, mid-cap stocks, such as Alpiq Holding AG (VTX:ALPH) with a market-capitalization of CHF2.17b, rarely draw their attention. … While they are less talked about as an investment category, mid-cap risk-adjusted returns have generally been better than more commonly focused stocks that fall into the small- or large-cap categories. … See our latest analysis for Alpiq Holding

Simply Wall St -

Is Alpiq Holding AG (VTX:ALPH) A Financially Sound Company?

Stocks with market capitalization between $2B and $10B, such as Alpiq Holding AG (VTX:ALPH) with a size of CHF2.10b, do not attract as much attention from the investing community as do the small-caps and large-caps. … Note that this commentary is very high-level and solely focused on financial health, so I suggest you dig deeper yourself. … Check out our latest analysis for Alpiq Holding

Simply Wall St -

What Investors Should Know About Alpiq Holding AG's (VTX:ALPH) Financial Strength

With this debt repayment, ALPH currently has CHF1.04B remaining in cash and short-term investments for investing into the business. … Moreover, ALPH has produced CHF329.00M in operating cash flow over the same time period, resulting in an operating cash to total debt ratio of 15.14%, indicating that ALPH’s current level of operating cash is not high enough to cover debt. … Next Steps: ALPH’s debt and cash flow levels indicate room for improvement.

Simply Wall St -

Calculating The Fair Value Of Alpiq Holding AG (VTX:ALPH)

5-year cash flow forecast 2018 2019 2020 2021 2022 Levered FCF (CHF, Millions) CHF1,004.00 CHF156.00 CHF163.00 CHF136.34 CHF114.53 Source Analyst x1 Analyst x1 Analyst x1 Extrapolated @ (-16.36%) Extrapolated @ (-16%, capped from -16.36%) Present Value Discounted @ 11.2% CHF902.87 CHF126.16 CHF118.54 CHF89.16 CHF67.35 Present Value of 5-year Cash Flow (PVCF)= CHF1,304 The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … Terminal Value (TV) = FCF2022 × (1 + g) ÷ (r – g) = CHF115 × (1 + 0.1%) ÷ (11.2% – 0.1%) = CHF1,029 Present Value of Terminal Value (PVTV) = TV / (1 + r)5 = CHF1,029 / ( 1 + 11.2%)5 = CHF605 The total value is the sum of cash flows for the next five years and the discounted terminal value, which results in the Total Equity Value, which in this case is CHF1,909. … SWX:ALPH Intrinsic Value Apr 19th 18 The assumptions Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows.

Simply Wall St -

Alpiq Holding AG's (VTX:ALPH) Earnings Dropped -114.98%, How Did It Fare Against The Industry?

After looking at Alpiq Holding AG's (SWX:ALPH) latest earnings announcement (31 December 2017), I found it useful to revisit the company's performance in the past couple of years and assess this against the most recent figures. … Check out our latest analysis for Alpiq Holding How Did ALPH's Recent Performance Stack Up Against Its Past? … SWX:ALPH Income Statement Apr 12th 18 We can further examine Alpiq Holding's loss by looking at what the industry has been experiencing over the past few years.

Simply Wall St -

Does Alpiq Holding AG's (VTX:ALPH) PE Ratio Signal A Selling Opportunity?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for ALPH Price per share = CHF73.4 Earnings per share = CHF5.417 ∴ Price-Earnings Ratio = CHF73.4 ÷ CHF5.417 = 13.5x The P/E ratio itself doesn’t tell you a lot; however, it becomes very insightful when you compare it with other similar companies. … Ideally, we want to compare the stock’s P/E ratio to the average of companies that have similar characteristics as ALPH, such as size and country of operation. … For example, if you are inadvertently comparing riskier firms with ALPH, then ALPH’s P/E would naturally be higher than its peers since investors would reward its lower risk with a higher price.

Simply Wall St -

Company Info

Description

Alpiq Holding AG primarily operates as an energy service provider and electricity producer in Europe. The company's Generation Switzerland segment is involved in the production of electricity from hydropower and nuclear powers. Its power plant portfolio includes run-of-river, storage, and pumped storage power plants, as well as interest in the Gösgen and Leibstadt nuclear power plants, and the Nant de Drance pumped storage power plant project. Its Digital & Commerce segment is involved in the optimization of decentralized generation units, as well as the production of electricity from third parties' renewable energies; and the trading of electricity, gas, and emission allowances and certificates. It also offers products and services in the areas of e-mobility, smart grids, and home energy management; demand responsive and flexibility services in energy trading; and load control and management, and specialized supply solutions. The company's Industrial Engineering segment engages in the planning, construction, operation, maintenance, and dismantling of various power plants, including nuclear, solar thermal, thermal, and other renewable energy power plants. It also provides engineering, manufacturing and welding technology, process automation, and pipeline and facility construction solutions for media, pressures, and temperature ranges; and undertakes modernization projects, and shutdown and maintenance works. In addition, this segment owns and operates solar thermal power plants; wind power farms; and approximately 30 small hydropower plants. Its Building Technology & Design segment offers various building technologies and management services; develops and realizes forward-looking and energy-sufficient solutions in various industries; undertakes transport projects in the areas of railway and road infrastructure; and designs, plans, and builds energy supply and high-voltage systems. The company was founded in 1894 and is headquartered in Lausanne, Switzerland.

Details
Name: Alpiq Holding AG
ALPH
Exchange: SWX
Founded: 1894
CHF1,995,824,868
27,874,649
Website: http://www.alpiq.com
Address: Alpiq Holding AG
Ch. de Mornex 10,
Lausanne,
Vaud, 1003,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX ALPH Registered Shares SIX Swiss Exchange CH CHF 02. Jan 1992
DB LVA Registered Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0QP0 Registered Shares London Stock Exchange GB CHF 02. Jan 1992
BATS-CHIXE ALPHZ Registered Shares BATS 'Chi-X Europe' GB CHF 02. Jan 1992
SWX ATH13 5%-FRN SUB PERP CHF5000 'REGS' SIX Swiss Exchange CH CHF 10. May 2013
DB A1HKNY 5%-FRN SUB PERP CHF5000 'REGS' Deutsche Boerse AG DE CHF 10. May 2013
Number of employees
Current staff
Staff numbers
1,548
Alpiq Holding employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/21 20:54
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/20
Last earnings filing: 2019/03/04
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.