DB:19V

Stock Analysis Report

Executive Summary

VAT Group AG, together with its subsidiaries, develops, manufactures, and supplies vacuum valves in Switzerland, rest of Europe, the United States, Japan, Korea, Singapore, rest of Asia, and internationally.

Snowflake

Fundamentals

Proven track record with mediocre balance sheet.

Share Price & News

How has VAT Group's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-3.3%

DB:19V

0.2%

DE Machinery

0.2%

DE Market


1 Year Return

-20.6%

DB:19V

-26.8%

DE Machinery

-10.9%

DE Market

19V outperformed the Machinery industry which returned -26.5% over the past year.

19V underperformed the Market in Germany which returned -11.7% over the past year.


Share holder returns

19VIndustryMarket
7 Day-3.3%0.2%0.2%
30 Day-8.0%-2.9%-2.5%
90 Day5.4%-1.8%-2.0%
1 Year-17.9%-20.6%-24.4%-26.8%-8.1%-10.9%
3 Year99.2%81.3%-7.1%-13.7%19.2%8.9%
5 Yearn/a13.7%1.1%23.5%6.3%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

14%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

VAT Group's share price is below the future cash flow value, but not at a moderate discount (< 20%).

VAT Group's share price is below the future cash flow value, but not at a substantial discount (< 40%).


Price Based on Earnings

VAT Group is overvalued based on earnings compared to the DE Machinery industry average.

VAT Group is overvalued based on earnings compared to the Germany market.


Price Based on Expected Growth

VAT Group is poor value based on expected growth next year.


Price Based on Value of Assets

VAT Group is overvalued based on assets compared to the DE Machinery industry average.


Next Steps

Future Growth

How is VAT Group expected to perform in the next 1 to 3 years based on estimates from 10 analysts?

3.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

VAT Group's revenue is expected to grow by 2.7% yearly, however this is not considered high growth (20% yearly).

VAT Group's earnings are expected to grow by 3.8% yearly, however this is not considered high growth (20% yearly).

VAT Group's revenue growth is positive but not above the Germany market average.

VAT Group's earnings growth is positive but not above the Germany market average.

VAT Group's earnings growth is expected to exceed the low risk savings rate of 0.2%.


Earnings per Share Growth Estimates


Future Return on Equity

VAT Group is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).


Next Steps

Past Performance

How has VAT Group performed over the past 5 years?

17.3%

Last years earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Insufficient data to establish if VAT Group's year on year earnings growth rate was positive over the past 5 years.

Unable to compare VAT Group's 1-year earnings growth to the 5-year average due to insufficient past data.

VAT Group's earnings growth has exceeded the DE Machinery industry average in the past year (17.3% vs -5.8%).


Return on Equity

VAT Group has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).


Return on Assets

VAT Group used its assets more efficiently than the DE Machinery industry average last year based on Return on Assets.


Return on Capital Employed

VAT Group has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is VAT Group's financial position?


Financial Position Analysis

VAT Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.

VAT Group's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

VAT Group's level of debt (40.2%) compared to net worth is high (greater than 40%).

Unable to establish if VAT Group's debt level has increased without past 5-year debt data.

Debt is well covered by operating cash flow (75.7%, greater than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 36.5x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is covered by short term assets, assets are 1.2x debt.


Next Steps

Dividend

What is VAT Group's current dividend yield, its reliability and sustainability?

3.94%

Expected Dividend Yield


Dividend Yield and Payments Analysis

VAT Group's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.44%).

VAT Group's dividend is below the markets top 25% of dividend payers in Germany (3.91%).

Whilst dividend payments have been stable, VAT Group has been paying a dividend for less than 10 years.

VAT Group has only been paying a dividend for 2 years, and since then there has been no growth.


Current Payout to Shareholders

Dividends paid are covered by earnings (1.1x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be covered by earnings (1.1x coverage).


Next Steps

Management

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

0.8yrs

Average management tenure


CEO

Mike Allison (56yo)

1.3yrs

Tenure

CHF1,384,298

Compensation

Mr. Michael Allison, also known as Mike, has been Chief Executive Officer of VAT Group AG since March 13, 2018 and serves as Member of Group Management Board and Head of Sales & Marketing. Mr. Allison join ...


CEO Compensation Analysis

Mike's remuneration is lower than average for companies of similar size in Germany.

Insufficient data for Mike to compare compensation growth.


Management Age and Tenure

0.8yrs

Average Tenure

52yo

Average Age

The average tenure for the VAT Group management team is less than 2 years, this suggests a new team.


Board Age and Tenure

2.1yrs

Average Tenure

63yo

Average Age

The average tenure for the VAT Group board of directors is less than 3 years, this suggests a new board.


Insider Trading

No 3 month insider trading information.


Ownership Breakdown


Management Team

  • G. Lutz

    Member of Group Management Board & Head of Central Engineering

  • V. Valentin

    Head of Human Resources & Member of Group Management Board

  • M. Zickar

    Member of Group Management Board & Head of Core Technology

  • J. Zoller

    Member of Group Management Board and Head of GVA

  • Stephan Bergamin (52yo)

    Chief Financial Officer

    • Tenure: 0.4yrs
  • U. Gantner

    Member of Group Management Board & Head of Semiconductors

  • J. Haggerty

    Member of Group Management Board & Head of Global Service

  • Mike Allison (56yo)

    CEO, Member of Group Management Board and Head of Sales & Marketing

    • Tenure: 1.3yrs
    • Compensation: CHF1.38m
  • Jurgen Krebs (51yo)

    Chief Operating Officer

    • Tenure: 2.0yrs
  • O. Müller

    Member of Group Management Board & Head of Strategy and Business Development

    • Tenure: 0.3yrs

Board Members

  • Heinz Kundert (66yo)

    Vice Chairman

    • Tenure: 1.1yrs
    • Compensation: CHF53.48k
  • Hermann Gerlinger (65yo)

    Director

    • Tenure: 2.1yrs
    • Compensation: CHF114.37k
  • Urs Leinhäuser (59yo)

    Director

    • Tenure: 3.3yrs
    • Compensation: CHF125.40k
  • Martin Komischke (61yo)

    Chairman

    • Tenure: 2.1yrs
    • Compensation: CHF270.70k
  • Karl Schlegel (65yo)

    Director

    • Tenure: 3.3yrs
    • Compensation: CHF119.69k
  • Libo Zhang (48yo)

    Director

    • Tenure: 1.1yrs
    • Compensation: CHF54.26k

Company Information

VAT Group AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: VAT Group AG
  • Ticker: 19V
  • Exchange: DB
  • Founded: 1965
  • Industry: industrial machinery
  • Sector: capital goods
  • Market Cap: CHF3.288b
  • Listing Market Cap: CHF2.932b
  • Shares outstanding: 29.98m
  • Website: Click here

Number of Employees


Location

  • VAT Group AG
  • Seelistrasse 1
  • Haag
  • Sennwald
  • St. Gallen
  • 9469
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VACNSWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFJan 1970
19VDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1970
0RFLLSE (London Stock Exchange)YesOrdinary SharesGBCHFJan 1970
VTTG.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1970
VACN NBMV (Bolsa Mexicana de Valores)YesOrdinary SharesMXMXNJan 1970
VACN.YOTCPK (Pink Sheets LLC)UNSPONSORED ADSUSUSDJan 1970

Biography

VAT Group AG, together with its subsidiaries, develops, manufactures, and supplies vacuum valves in Switzerland, rest of Europe, the United States, Japan, Korea, Singapore, rest of Asia, and internationall ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/06/17 22:02
End of Day Share Price2019/06/17 00:00
Earnings2018/12/31
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.