Romande Energie Holding
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
1 Year Returns
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.
Value
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Romande Energie Holding.
| 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.
| 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.
| 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 | ||
| 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 |
| 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 |
| 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
Current Discount Checks
- 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?
| 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.
| 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?
| 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 .
| 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?
| 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 |
| 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.
Value checks
We assess Romande Energie Holding's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check) 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
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!
Earnings growth vs Low Risk Savings
- 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
| 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
| 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 |
| 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 |
| 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.
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.
| 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 |
| 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%).
Future performance checks
We assess Romande Energie Holding's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
All data from Romande Energie Holding Company Filings, last reported 1 year ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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).
Past performance checks
We assess Romande Energie Holding's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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
Assets
Liabilities and shares
- 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.
All data from Romande Energie Holding Company Filings, last reported 1 year ago.
| 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).
Financial health checks
We assess Romande Energie Holding's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Romande Energie Holding has a total score of 6/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
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
- 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.
| 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.
| 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 |
| 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).
- Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
Income/ dividend checks
We assess Romande Energie Holding's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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:
- 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
CEO & Member of Executive Board
CHF885K
63
14.7 yrs
Denis Matthey
CFO, Deputy CEO & Member of Executive Board
60
Philippe Durr
Head of Romande Energie Commerce SA & Member of Executive Board
54
6.2 yrs
Christian Frère
Head of Energy Business Unit & Member of Executive Board
59
7.2 yrs
Patrick Bertschy
Head of Networks business unit & Member of Executive Board
50
5.2 yrs
Jean-Daniel Habegger
Head of Human Resources & Member of Executive Board
53
7.3 yrs
Oliviero Iubatti
Head of Romande Energie Services SA & Member of Executive Board
46
3.2 yrs
Michèle Cassani
Head of Corporate Communications
1.5 yrs
René Lauckner
Treasurer
Daniel Hammer
Corporate Secretary
48
1.8 yrs
Board of Directors Tenure
Average tenure and age of the Romande Energie Holding board of directors in years:
- 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
Chairman of the Board
CHF133K
58
Wolfgang Martz
Vice Chairman
CHF60K
64
Budry Christian
Director
CHF55K
61
16.2 yrs
Jean-Jacques Miauton
Director
CHF65K
67
22.2 yrs
Grobéty Bernard
Director
CHF62K
68
17.2 yrs
Jean-Yves Pidoux
Director
CHF43K
62
12.2 yrs
Paola Ghillani
Director
CHF51K
55
10.2 yrs
Veuthey Alphonse-Marie
Director
CHF86K
53
8.2 yrs
Balsiger Laurent
Director
CHF44K
48
6.2 yrs
Elina Leimgruber
Director
CHF24K
50
2.2 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (CHF) | Value (CHF) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Romande Energie Holding's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 - – Full articleHow 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 - – Full articleRomande 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 - – Full articleWhat 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 - – Full articleShould 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 - – Full articleWhat 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 - – Full articleAugust 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 - – Full articleWho 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 - – Full articleShould 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 - – Full articleWhat 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 - – Full articleCompany 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
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.
