OSRAM Licht AG provides various lighting products and solutions worldwide. More info.
The calculations below outline how an intrinsic value for
is arrived at by discounting future cash flows to their present value. We use
analyst's estimates of cash flows going forward 5 years.
See our documentation to learn about this calculation.
|Levered FCF (EUR, Millions)||€-124.83||€112.51||€247.90||€485.05||€548.40|
|Source||Analyst x9||Analyst x9||Analyst x9||Analyst x2||Analyst x2|
Discounted (@ 9.85%)
Present value of next 5 years cash flows:
Terminal Value = FCF2022 × (1 + g) ÷ (Discount Rate – g)
Terminal Value = €548 × (1 + 0.67%) ÷ (9.85% – 0.67%)
Terminal value based on the Perpetuity Method where growth (g) =
Present value of terminal value:
Equity Value (Total value) = Present value of next 5 years cash flows +
€4,600 = €842 + €3,757
Value = Total value / Shares Outstanding (€4,600 / 96)Discount to Share Price
Value per share:
Current discount (share price of €58): -21.56%
The discount rate, or required rate of return, is estimated by calculating the Cost of Equity.
Discount rate = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
Discount rate = 9.85% = 0.67% + (0.984 * 9.33%)
The Levered Beta is the Unlevered Beta adjusted for financial leverage. It is limited to 0.8 to 2.0 (practical range for a stable firm). Note the market value of equity is used not the book value (€5,591,186,138).
Levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
0.984 = 0.961 (1 + (1- 29.79%) (3.54%))
Levered Beta used in calculation = 0.984
Dr. Olaf Berlien has been the Chairman of the Managing Board and Chief Executive Officer at OSRAM GmbH since January 01, =2015. Dr. Berlien has been Chief Executive Officer of OSRAM Licht AG since January 1, 2015. He serves as the Chairman of the Managing Board for OSRAM Licht AG and has been its Member of management board since January 1, 2015. He serves as the Chairman and Member of Executive Board at Thyssenkrupp Immobilien Gmbh AG and Thyssenkrupp Werften Gmbh AG. Dr. Berlien serves as Member of Supervisory Board of Droege Group. He served as Chief Technology Officer and Labor Relations Director at OSRAM Licht AG He served as the Chairman of the Executive Board and Member of the Executive Board at ThyssenKrupp Elevator AG until April 2009 and also served as its Chief Executive Officer. He served as Executive Board Chairman of ThyssenKrupp Services AG from April 2009 to December 31, 2012. He served as the Head of Industrial Operations of ThyssenKrupp AG from August 1, 2006 to December 31, 2012 and served as its Chief Executive Officer of Elevator Technology Business Area until December 31, 2012. He served as Chief Executive Officer at the Elevator Technology business at ThyssenKrupp Services AG and also served as Member of Executive Board since April 2002 He served as Chairman of Executive Board and Chief Executive Officer of M+W Group GmbH since 2014 and also served as its Member of Executvie Board. He served as an Executive Board Member of ThyssenKrupp AG from April 1, 2002 to December 31, 2012. He served as Chairman of Executive Board of ThyssenKrupp Technologies Beteiligungen GmbH (alternate name ThyssenKrupp Technologies AG) from February 2004 to September 2009 and its Chief Executive Officer and Member of the Executive Board since April 1, 2002 until September 2009. He served as the Head of Plans and Controls of IBM Deutschland Entwicklung GmbH in Stuttgart/Berlin since 1992 and worked for it from 1988 to 1993. From 1984 to 1988, he served as Commercial Manager of his parents' company and managed the family business. He then worked for IBM Deutschland GmbH in Berlin and Mainz. He completed a traineeship in the Controlling department and was placed in charge of performance measurement and was a Product Controller for magnetic head production and a Product Controller for all products of the Berlin plant in 1991. He served as Head of Controlling, Chief Financial Officer and Commercial Manager of Buderus Heiztechnik GmbH in Wetzlar since 1993. He served as Commercial Managing Director and Chief Financial Officer of Buderus Ungarn Kft. in Budapest since 1994. Since 1996, he served as Head of the Industrial Metrology Division of Carl Zeiss in Oberkochen, Chairman of the Management Board and Managing Director of Carl Zeiss Industrielle Meßtechnik GmbH, Oberkochen and President of CZ IMT Corp. in Minneapolis/USA. From 1999 to March 2002, he served as Member of the Executive Board of Carl Zeiss, where he was responsible for Finance and Controlling, Information Technology, Personnel, International Sales and the Industrial Metrology Division. He worked at Buderus Heiztechnik GmbH from 1993 to 1996; Carl Zeiss AG from 1996 to 2002; and ThyssenKrupp AG from 2002 to 2013. He serves as Chairman of ThyssenKrupp Marine Systems AG, Berco S.p.A., and ThyssenKrupp (China) Ltd. He serves as Chairman of the Supervisory Board at OSRAM Opto Semiconductors Gesellschaft mit beschränkter Haftung. He has been a Member of Advisory Board at Diehl Verwaltungs-Stiftung since September 1, 2014. He serves as a Member of Supervisory Board at Droege International Group AG. He serves as a Member of Advisory Board at Diehl Stiftung & Co. KG. He has been a Member of Advisory Board at HSBC Trinkaus & Burkhardt AG since April 2008. He serves as a Member of Central Advisory Board at Commerzbank AG. He served as a Member of Supervisory Board at Dresdner Bank AG since January 1, 2007. He served as a Director of ALSO Holding AG (also known as ALSO-Actebis Holding AG) from March 13, 2014 to March 17, 2016. He served as a Member of Supervisory Board at ThyssenKrupp Services AG. He served as a Member of the Supervisory Board at Thyssenkrupp Automotive AG. He served as a Member of the Supervisory Board of Viterra AG since July 15, 2003. Dr. Berlien studied Business Administration at the Technical University in Berlin in 1990. In 1992, he was awarded a doctorate by the Technical University of Berlin.
Average tenure and age of the OSRAM Licht management team in years:
Average tenure and age of the OSRAM Licht board of directors in years:
See our latest analysis for OSRAM Licht Breaking down Return on Equity Return on Equity (ROE) weighs OSRAM Licht’s profit against the level of its shareholders’ equity. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity XTRA:OSR Last Perf Apr 19th 18 Essentially, profit margin shows how much money the company makes after paying for all its expenses. … Its appropriate level of leverage means investors can be more confident in the sustainability of OSRAM Licht’s return with a possible increase should the company decide to increase its debt levels.Simply Wall St - – Full article
This means that the opportunity to buy OSRAM Licht at a good price has disappeared! … Since OSRAM Licht’s share price is quite volatile, this could mean it can sink lower (or rise even further) in the future, giving us another chance to invest. … What does the future of OSRAM Licht look like?Simply Wall St - – Full article
Below, I will assess OSRAM Licht AG's (XTRA:OSR) track record on a high level, to give you some insight into how the company has been performing against its historical trend and its industry peers. … View our latest analysis for OSRAM Licht Was OSR's recent earnings decline worse than the long-term trend and the industry? … Well, let’s take a look at whether it is merely owing to industry tailwinds, or if OSRAM Licht has seen some company-specific growth.Simply Wall St - – Full article
OSR is available at a PE (price-to-earnings) ratio of 24.71x today, which tells us the stock is overvalued based on current earnings compared to the electrical industry average of 17.94x , and overvalued compared to the DE market average ratio of 18.8x. … But, to be able to properly assess the value of a high-growth stock such as OSRAM Licht, we must incorporate its earnings growth in our valuation. … This means that, when we account for OSRAM Licht's growth, the stock can be viewed as slightly overvalued , based on the fundamentals.Simply Wall St - – Full article
It compares a stock’s price per share to the stock’s earnings per share. … Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for OSR Price per share = €64.72 Earnings per share = €2.565 ∴ Price-Earnings Ratio = €64.72 ÷ €2.565 = 25.2x On its own, the P/E ratio doesn’t tell you much; however, it becomes extremely useful when you compare it with other similar companies. … For example, if you inadvertently compared riskier firms with OSR, then investors would naturally value OSR at a higher price since it is a less risky investment.Simply Wall St - – Full article
OSRAM Licht AG provides various lighting products and solutions worldwide. The company operates through Specialty Lighting, Opto Semiconductors, and Lighting Solutions & Systems segments. The Specialty Lighting segment develops and produces lamps and lighting systems for the automotive sector, studio, stage and TV, and projection system applications, as well as special lamps for industrial and medical applications; produces lamps for disinfecting liquids, surfaces, and gases with UV light. The Opto Semiconductors segment manufactures optoelectronic semiconductors, such as light-emitting diode (LED), optical sensors, infrared LED, and high-power laser diodes for visible and infrared light. This segment’s products are used in automotive, communication products, and consumer goods industries. The Lighting Solutions & Systems segment develops, produces, and markets LED light engines, electronic ballasts for LED modules and traditional lamps, and light management systems. This segment also provides luminaires for professional applications, such as street lighting or architectural lighting, as well as for private applications, including table lamps and flashlights; and lighting solutions and associated light management systems that are used in internal and external architectural lighting, and in event lighting, as well as offers installation and maintenance services for its product portfolio. The company offers its products primarily under the OSRAM, SYLVANIA, SYLVANIA Lighting Solutions, Siteco, Traxon, Clay Paky, and LUX365 brand names. The company was formerly known as Kyros A AG and changed its name to OSRAM Licht AG in November 2012. OSRAM Licht AG was founded in 1906 and is headquartered in Munich, Germany.
|Name:||OSRAM Licht AG|
OSRAM Licht AG
|Exchange Symbol||Ticker Symbol||Security||Exchange||Country||Currency||Listed on|
|XTRA||OSR||Ordinary Registered Shares||XETRA Trading Platform||DE||EUR||08. Jul 2013|
|OTCPK||OSAG.F||Ordinary Registered Shares||Pink Sheets LLC||US||USD||08. Jul 2013|
|DB||OSR||Ordinary Registered Shares||Deutsche Boerse AG||DE||EUR||08. Jul 2013|
|LSE||0QFR||Ordinary Registered Shares||London Stock Exchange||GB||EUR||08. Jul 2013|
|SWX||OSR||Ordinary Registered Shares||SIX Swiss Exchange||CH||CHF||08. Jul 2013|
|WBAG||OSR||Ordinary Registered Shares||Wiener Boerse AG||AT||EUR||08. Jul 2013|
|BATS-CHIXE||OSRD||Ordinary Registered Shares||BATS 'Chi-X Europe'||GB||EUR||08. Jul 2013|
|OTCPK||OSAG.Y||ADR||Pink Sheets LLC||US||USD||11. Jun 2014|
|Electrical Components and Equipment|
|Company Analysis updated:||2018/04/23 01:34|
|Last estimates confirmation:||2018/04/17|
|Last earnings update:||2017/12/31|
|Last annual earnings update:||2017/09/30|
All dates 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.