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Romande Energie Holding

SWX:HREN
Snowflake Description

Flawless balance sheet, good value and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HREN
SWX
CHF1B
Market Cap
  1. Home
  2. CH
  3. Utilities
Company description

Romande Energie Holding SA engages in the generation, distribution, and marketing of electricity in Switzerland. The last earnings update was 342 days ago. More info.


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HREN Share Price and Events
7 Day Returns
-0.4%
SWX:HREN
1.2%
Europe Electric Utilities
0.9%
CH Market
1 Year Returns
-6.3%
SWX:HREN
16.8%
Europe Electric Utilities
3.9%
CH Market
HREN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Romande Energie Holding (HREN) -0.4% -2.6% -1.3% -6.3% 23% 7.1%
Europe Electric Utilities 1.2% 1.9% 6% 16.8% 28.5% 1%
CH Market 0.9% 2.2% 13% 3.9% 15.5% 13.4%
1 Year Return vs Industry and Market
  • HREN underperformed the Electric Utilities industry which returned 16.8% over the past year.
  • HREN underperformed the Market in Switzerland which returned 3.9% over the past year.
Price Volatility
HREN
Industry
5yr Volatility vs Market

Value

 Is Romande Energie 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 Romande Energie 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 Romande Energie Holding.

SWX:HREN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 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:HREN
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 0.24
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.241 (1 + (1- 18%) (9.32%))
0.504
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:HREN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Romande Energie 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:HREN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CHF, Millions) Source Present Value
Discounted (@ 8.04%)
2019 42.02 Analyst x1 38.89
2020 53.68 Analyst x1 45.99
2021 65.96 Analyst x1 52.30
2022 77.17 Analyst x1 56.63
2023 83.93 Analyst x1 57.01
2024 89.69 Est @ 6.87% 56.39
2025 94.89 Est @ 5.79% 55.21
2026 99.66 Est @ 5.03% 53.67
2027 104.16 Est @ 4.51% 51.92
2028 108.46 Est @ 4.14% 50.04
Present value of next 10 years cash flows CHF518.04
SWX:HREN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CHF108.46 × (1 + 3.28%) ÷ (8.04% – 3.28%)
CHF2,349.35
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CHF2,349.35 ÷ (1 + 8.04%)10
CHF1,083.88
SWX:HREN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CHF518.04 + CHF1,083.88
CHF1,601.92
Equity Value per Share
(CHF)
= Total value / Shares Outstanding
= CHF1,601.92 / 1.03
CHF1553.36
SWX:HREN Discount to Share Price
Calculation Result
Value per share (CHF) From above. CHF1,553.36
Current discount Discount to share price of CHF1,125.00
= -1 x (CHF1,125.00 - CHF1,553.36) / CHF1,553.36
27.6%

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

Current Discount
Amount off the current price Romande Energie Holding is available for.
Intrinsic value
28%
Share price is CHF1125 vs Future cash flow value of CHF1553.36
Current Discount Checks
For Romande Energie Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Romande Energie Holding's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Romande Energie Holding's share price is below the future cash flow value, but not 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 Romande Energie Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Romande Energie Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:HREN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2017-12-31) in CHF CHF111.54
SWX:HREN Share Price ** SWX (2019-03-21) in CHF CHF1125
Europe Electric Utilities Industry PE Ratio Median Figure of 65 Publicly-Listed Electric Utilities Companies 12.1x
Switzerland Market PE Ratio Median Figure of 177 Publicly-Listed Companies 18.02x

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

** Primary Listing of Romande Energie Holding.

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

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

= 1125 ÷ 111.54

10.09x

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

  • Romande Energie Holding is good value based on earnings compared to the Europe Electric Utilities industry average.
  • Romande Energie Holding is good value based on earnings compared to the Switzerland market.
Price based on expected Growth
Does Romande Energie Holding's expected growth come at a high price?
Raw Data
SWX:HREN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.09x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
-4.6%per year
Europe Electric Utilities Industry PEG Ratio Median Figure of 30 Publicly-Listed Electric Utilities Companies 0.22x
Switzerland Market PEG Ratio Median Figure of 123 Publicly-Listed Companies 2.39x

*Line of best fit is calculated by linear regression .

SWX:HREN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.09x ÷ -4.6%

-2.21x

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

  • Romande Energie Holding earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Romande Energie Holding's assets?
Raw Data
SWX:HREN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2017-12-31) in CHF CHF1,781.94
SWX:HREN Share Price * SWX (2019-03-21) in CHF CHF1125
Europe Electric Utilities Industry PB Ratio Median Figure of 75 Publicly-Listed Electric Utilities Companies 1x
Switzerland Market PB Ratio Median Figure of 208 Publicly-Listed Companies 1.63x
SWX:HREN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 1125 ÷ 1,781.94

0.63x

* Primary Listing of Romande Energie Holding.

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

  • Romande Energie Holding is good value based on assets compared to the Europe Electric Utilities industry average.
X
Value checks
We assess Romande Energie 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. Romande Energie Holding has a total score of 4/6, 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 Romande Energie Holding expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

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
-4.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Romande Energie Holding expected to grow at an attractive rate?
  • Romande Energie Holding's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 3.3%.
Growth vs Market Checks
  • Romande Energie Holding's earnings are expected to decrease over the next 1-3 years, this is below the Switzerland market average.
  • Romande Energie Holding's revenues are expected to decrease over the next 1-3 years, this is below the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:HREN Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:HREN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts -4.6%
SWX:HREN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts -3.7%
Europe Electric Utilities Industry Earnings Growth Rate Market Cap Weighted Average 8.4%
Europe Electric Utilities Industry Revenue Growth Rate Market Cap Weighted Average 2.9%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 8.8%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 3.5%

*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:HREN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 year ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:HREN Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 507 145 96 1
2019-12-31 500 124 75 1
2018-12-31 494 120 58 1
SWX:HREN Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2017-12-31 574 69 115
2017-09-30 579 61 101
2017-06-30 584 53 87
2017-03-31 593 84 98
2016-12-31 601 116 109
2016-09-30 597 113 106
2016-06-30 593 109 104
2016-03-31 591 123 49
2015-12-31 589 136 -6
2015-09-30 587 142 -129
2015-06-30 585 148 -253
2015-03-31 584 162 -203

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Romande Energie Holding's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Romande Energie Holding's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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:HREN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 year ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Romande Energie Holding Company Filings, last reported 1 year ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:HREN Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 88.54 88.54 88.54 1.00
2019-12-31 69.36 69.36 69.36 1.00
2018-12-31 53.37 53.37 53.37 1.00
SWX:HREN Past Financials Data
Date (Data in CHF Millions) EPS *
2017-12-31 111.54
2017-09-30 98.04
2017-06-30 84.54
2017-03-31 94.92
2016-12-31 105.31
2016-09-30 103.24
2016-06-30 101.18
2016-03-31 47.87
2015-12-31 -5.57
2015-09-30 -125.75
2015-06-30 -246.29
2015-03-31 -197.48

*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.
  • Romande Energie Holding is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Romande Energie 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.
Romande Energie Holding has a total score of 0/6, 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 Romande Energie Holding performed over the past 5 years?

  • Romande Energie Holding's last earnings update was 342 days ago.
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 Romande Energie 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.
  • Insufficient data to establish if Romande Energie Holding's year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Romande Energie Holding's 1-year earnings growth to the 5-year average due to insufficient past data.
  • Romande Energie Holding's earnings growth has exceeded the Europe Electric Utilities industry average in the past year (5.9% vs 0.3%).
Earnings and Revenue History
Romande Energie 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 Romande Energie Holding Company Filings, last reported 1 year ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:HREN Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2017-12-31 574.07 115.03 100.64
2017-09-30 579.19 101.10 99.57
2017-06-30 584.32 87.18 86.49
2017-03-31 592.53 97.89 85.18
2016-12-31 600.74 108.60 95.87
2016-09-30 596.94 106.44 94.43
2016-06-30 593.13 104.28 93.00
2016-03-31 590.90 49.28 93.19
2015-12-31 588.68 -5.72 93.37
2015-09-30 586.88 -129.13 93.02
2015-06-30 585.08 -252.54 92.67
2015-03-31 583.56 -202.60 91.28
2014-12-31 582.05 -152.67 89.88
2014-09-30 579.10 -48.87 90.64
2014-06-30 576.16 54.93 91.39
2014-03-31 575.72 59.61 91.36
2013-12-31 575.28 64.30 91.32
2013-09-30 575.89 -103.76 90.27
2013-06-30 576.49 -271.82 89.22
2013-03-31 578.66 -277.20 89.13
2012-12-31 580.82 -282.58 89.03
2012-09-30 583.56 -253.98 87.17
2012-06-30 586.31 -225.37 85.30
2012-03-31 588.24 -225.64 83.74

*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.
  • Romande Energie Holding has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Romande Energie Holding used its assets more efficiently than the Europe Electric Utilities industry average last year based on Return on Assets.
  • Romande Energie Holding's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Romande Energie 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.
Romande Energie Holding has a total score of 2/6, 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 Romande Energie 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 Romande Energie Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Romande Energie Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Romande Energie Holding's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Romande Energie 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 4.8x 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 Romande Energie Holding Company Filings, last reported 1 year ago.

SWX:HREN Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2017-12-31 1,866.71 108.12 353.28
2017-09-30 1,866.71 108.12 353.28
2017-06-30 1,738.23 104.64 370.14
2017-03-31 1,738.23 104.64 370.14
2016-12-31 1,720.86 104.77 404.19
2016-09-30 1,720.86 104.77 404.19
2016-06-30
2016-03-31 1,669.79 116.03 432.90
2015-12-31 1,669.79 116.03 432.90
2015-09-30 1,669.79 116.03 432.48
2015-06-30 1,614.85 116.16 431.37
2015-03-31 1,614.85 116.16 431.37
2014-12-31 1,752.56 116.29 421.04
2014-09-30 1,752.56 116.29 421.04
2014-06-30 1,987.56 115.43 416.47
2014-03-31 1,987.56 115.43 416.47
2013-12-31 1,985.22 115.56 427.04
2013-09-30 1,985.22 115.56 427.04
2013-06-30 1,923.89 115.69 417.97
2013-03-31 1,923.89 115.69 417.97
2012-12-31 1,973.64 115.82 472.25
2012-09-30 1,973.64 115.82 472.25
2012-06-30 2,360.58 116.01 431.94
2012-03-31 2,360.58 116.01 431.94
  • Romande Energie Holding's level of debt (5.8%) 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 (5.9% vs 5.8% today).
  • Debt is well covered by operating cash flow (63.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 72.2x coverage).
X
Financial health checks
We assess Romande Energie 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. Romande Energie 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 Romande Energie 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
3.2%
Current annual income from Romande Energie Holding dividends. Estimated to be 3.47% next year.
If you bought CHF2,000 of Romande Energie Holding shares you are expected to receive CHF64 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?
  • Romande Energie Holding's pays a higher dividend yield than the bottom 25% of dividend payers in Switzerland (1.92%).
  • Romande Energie Holding's dividend is below the markets top 25% of dividend payers in Switzerland (3.56%).
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:HREN 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 1 Analyst Estimates (S&P Global) See Below
Europe Electric Utilities Industry Average Dividend Yield Market Cap Weighted Average of 43 Stocks 4.7%
Switzerland Market Average Dividend Yield Market Cap Weighted Average of 165 Stocks 3.1%
Switzerland Minimum Threshold Dividend Yield 10th Percentile 1.3%
Switzerland Bottom 25% Dividend Yield 25th Percentile 1.9%
Switzerland Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

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

SWX:HREN Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 39.00 1.00
2019-12-31 39.00 1.00
2018-12-31 36.00 1.00
SWX:HREN Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2018-04-13 36.000 3.046
2017-04-07 36.000 2.919
2016-04-11 33.000 2.890
2015-03-30 30.000 3.032
2014-03-31 30.000 2.793
2013-03-25 27.000 2.466
2012-03-28 25.000 2.225
2012-03-26 25.000 2.037
2011-03-01 25.000 1.822
2010-01-04 22.000 1.316
2009-03-23 22.000 1.112

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Romande Energie Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Romande Energie 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 Romande Energie Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Romande Energie Holding has a total score of 4/6, 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 Romande Energie 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.
CEO
Pierre-Alain Urech
COMPENSATION CHF885,383
AGE 63
TENURE AS CEO 14.7 years
CEO Bio

Mr. Pierre-Alain Urech has been the Chief Executive Officer and Member of Executive Board of Romande Energie Holding SA since July 1, 2004. He joined Romande Energie Holding SA in July 1, 2004. Mr. Urech started his career working for the Swiss Federal Railways (CFF). After exercising management and executive roles at various strata of CFF, he was put in charge of the Rail 2000 project and headed the CFF area management in Lausanne. He became a member of the management board in Bern in 1995 and was appointed deputy chief executive officer of CFF SA in 1999. He ran the infrastructure division for nine years, with overall responsibility for the energy sector and power plants and was chairman or board member of numerous companies associated with CFF, the electricity business in Switzerland and railway operators in Europe. In July 1, 2004, Mr. Urech joined Romande Energie Group, which he has led since that date. He serves as the Chairman of the Board of Directors at FMHL SA (Forces Motrices Hongrin-Léman SA (Château d'Oex)), FGB SA (Forces Motrices Gd. St.Bernard SA), CTV SA (Centrale thermique de Chavalon), FMA SA (Forces Motrices de lâ Avançon SA), and Romande Energie Commerce SA. He serves as Vice Chairman of the Board of Directors at Dransenergie SA. He has been a Director of Swiss Federal Railways SBB since May 28, 2015. He serves as Board Member of HYDRO Exploitation SA (Sion) and DransEnergie SA (Orsières). He serves as a Director of TVG SA (Télé Villars-Gryon SA), regioGrid and railCare AG (Härkingen). He is on Committee at regioGrid, the federation of cantonal and regional power suppliers and the Vaud canton economic council and energy commission. Mr. Urech holds Degree in Civil Engineering from ETH Zurich.

CEO Compensation
  • Pierre-Alain's compensation has been consistent with company performance over the past year.
  • Pierre-Alain's remuneration is about average for companies of similar size in Switzerland.
Management Team Tenure

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

5.7
Average Tenure
53.5
Average Age
  • The average tenure for the Romande Energie Holding management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Pierre-Alain Urech

TITLE
CEO & Member of Executive Board
COMPENSATION
CHF885K
AGE
63
TENURE
14.7 yrs

Denis Matthey

TITLE
CFO, Deputy CEO & Member of Executive Board
AGE
60

Philippe Durr

TITLE
Head of Romande Energie Commerce SA & Member of Executive Board
AGE
54
TENURE
6.2 yrs

Christian Frère

TITLE
Head of Energy Business Unit & Member of Executive Board
AGE
59
TENURE
7.2 yrs

Patrick Bertschy

TITLE
Head of Networks business unit & Member of Executive Board
AGE
50
TENURE
5.2 yrs

Jean-Daniel Habegger

TITLE
Head of Human Resources & Member of Executive Board
AGE
53
TENURE
7.3 yrs

Oliviero Iubatti

TITLE
Head of Romande Energie Services SA & Member of Executive Board
AGE
46
TENURE
3.2 yrs

Michèle Cassani

TITLE
Head of Corporate Communications
TENURE
1.5 yrs

René Lauckner

TITLE
Treasurer

Daniel Hammer

TITLE
Corporate Secretary
AGE
48
TENURE
1.8 yrs
Board of Directors Tenure

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

11.2
Average Tenure
59.5
Average Age
  • The average tenure for the Romande Energie Holding board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Guy Mustaki

TITLE
Chairman of the Board
COMPENSATION
CHF133K
AGE
58

Wolfgang Martz

TITLE
Vice Chairman
COMPENSATION
CHF60K
AGE
64

Budry Christian

TITLE
Director
COMPENSATION
CHF55K
AGE
61
TENURE
16.2 yrs

Jean-Jacques Miauton

TITLE
Director
COMPENSATION
CHF65K
AGE
67
TENURE
22.2 yrs

Grobéty Bernard

TITLE
Director
COMPENSATION
CHF62K
AGE
68
TENURE
17.2 yrs

Jean-Yves Pidoux

TITLE
Director
COMPENSATION
CHF43K
AGE
62
TENURE
12.2 yrs

Paola Ghillani

TITLE
Director
COMPENSATION
CHF51K
AGE
55
TENURE
10.2 yrs

Veuthey Alphonse-Marie

TITLE
Director
COMPENSATION
CHF86K
AGE
53
TENURE
8.2 yrs

Balsiger Laurent

TITLE
Director
COMPENSATION
CHF44K
AGE
48
TENURE
6.2 yrs

Elina Leimgruber

TITLE
Director
COMPENSATION
CHF24K
AGE
50
TENURE
2.2 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 Romande Energie 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. Romande Energie 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

How Do Romande Energie Holding SA’s (VTX:HREN) Returns On Capital Compare To Peers?

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Understanding Return On Capital Employed (ROCE). … How Do You Calculate Return On Capital Employed

Simply Wall St -

How Much Of Romande Energie Holding SA (VTX:HREN) Do Institutions Own?

A look at the shareholders of Romande Energie Holding SA (VTX:HREN) can tell us which group is most powerful. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … We also tend to see lower insider ownership in companies that were previously publicly owned.

Simply Wall St -

Romande Energie Holding SA (VTX:HREN) Has Attractive Fundamentals

Romande Energie Holding SA (VTX:HREN) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … that has been able to sustain great financial health over the past

Simply Wall St -

What To Know Before Buying Romande Energie Holding SA (VTX:HREN) For Its Dividend

Historically, Romande Energie Holding SA (VTX:HREN) has paid a dividend to shareholders. … Let's take a look at Romande Energie Holding in more detail. … View our latest analysis for Romande Energie Holding

Simply Wall St -

Should You Worry About Romande Energie Holding SA's (VTX:HREN) CEO Pay?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Pierre-Alain Urech's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Romande Energie Holding SA has a market cap of CHF1.2b, and is paying total annual CEO compensation of CHF885k

Simply Wall St -

What Kind Of Shareholders Own Romande Energie Holding SA (VTX:HREN)?

Every investor in Romande Energie Holding SA (VTX:HREN) should be aware of the most powerful shareholder groups. … With a market capitalization of CHF1.2b, Romande Energie Holding is a decent size, so it is probably on the radar of institutional investors. … View our latest analysis for Romande Energie Holding

Simply Wall St -

August Insights Into Utilities Stocks: Romande Energie Holding SA (VTX:HREN)

which has continued to cope with the rising costs and complexities of maintaining legacy systems, while less traditional challenges are emerging … Recent trends utility companies are facing include rising cybersecurity threats, increasing usage by consumers and growing number of innovative competitors … Utilities analysts are forecasting for the entire industry,

Simply Wall St -

Who Really Owns Romande Energie Holding SA (VTX:HREN)?

In this analysis, my focus will be on developing a perspective on Romande Energie Holding SA’s (VTX:HREN) latest ownership structure, a less discussed, but important factor. … The impact of a company's ownership structure affects both its short- and long-term performance. … View our latest analysis for Romande Energie Holding

Simply Wall St -

Should You Sell Romande Energie Holding SA (VTX:HREN) At This PE Ratio?

HREN is priced at a sensible multiple of 11.21x based on its prior year’s earnings,. … However, a static multiple such as PE is never conclusive on its own. … In this article, I am going to take you through some key things to consider in order to identify which multiple is the most relevant for

Simply Wall St -

What Makes Romande Energie Holding SA (SWX:HREN) An Attractive Investment?

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … that has been able to sustain great financial health over the past

Simply Wall St -

Company Info

Description

Romande Energie Holding SA engages in the generation, distribution, and marketing of electricity in Switzerland. It operates through Marketing, Networks, Energy, and Energy Services segments. The company generates its electricity through hydropower, solar, wind, and biomass plants. It also owns and manages distribution grids and natural-gas distribution pipelines; manages energy portfolios; designs and installs heat pumps, thermal solar, and PV solutions, as well as district heating, ventilation, air-conditioning, home automation, telecommunications, and IT solutions; and installs heating, ventilation, air-conditioning, and gas solutions, as well as plumbing and paneling solutions. The company operates 7 district heating plants; 45 transmission stations, approximately 3,100 substations, and 10,000 km of power lines; and 600 kilometers of fiber optic cables. In addition, the company provides invoicing, call-center, and energy audit services; energy systems, including heat pumps, solar thermal energy, and solar photovoltaic energy services; lighting systems, such as public lighting and illumination services; and thermal systems solutions, as well as advisory services. Romande Energie Holding SA was founded in 1901 and is headquartered in Morges, Switzerland.

Details
Name: Romande Energie Holding SA
HREN
Exchange: SWX
Founded: 1901
CHF1,160,167,500
1,031,260
Website: http://www.romande-energie.ch
Address: Romande Energie Holding SA
Rue de Lausanne 53,
Morges,
Vaud, 1110,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX HREN Bearer Shares SIX Swiss Exchange CH CHF 08. Sep 1992
DB CVNA Bearer Shares Deutsche Boerse AG DE EUR 08. Sep 1992
LSE 0QQG Bearer Shares London Stock Exchange GB CHF 08. Sep 1992
BATS-CHIXE HRENZ Bearer Shares BATS 'Chi-X Europe' GB CHF 08. Sep 1992
Number of employees
Current staff
Staff numbers
752
Romande Energie Holding employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/21 20:56
End of day share price update: 2019/03/21 00:00
Last estimates confirmation: 2018/09/12
Last earnings filing: 2018/04/13
Last earnings reported: 2017/12/31
Last annual earnings reported: 2017/12/31


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.