DB:2D2

Stock Analysis Report

Dalhoff Larsen & Horneman

Executive Summary

Dalhoff Larsen & Horneman A/S, together with its subsidiaries, markets and distributes wood-based board products and composite to the timber retailer and the wood-consuming industry nationwide It operates primarily in the Nordic countries, Russia, and France.

Snowflake

Fundamentals

Flawless balance sheet and fair value.

Share Price & News

How has Dalhoff Larsen & Horneman's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-0.9%

2D2

1.7%

DE Trade Distributors

2.8%

DE Market


1 Year Return

6.6%

2D2

-10.6%

DE Trade Distributors

2.9%

DE Market

Return vs Industry: 2D2 exceeded the German Trade Distributors industry which returned -10.6% over the past year.

Return vs Market: 2D2 exceeded the German Market which returned 2.9% over the past year.


Share holder returns

2D2IndustryMarket
7 Day-0.9%1.7%2.8%
30 Day-4.5%-5.7%-0.2%
90 Day-5.8%2.3%0.9%
1 Year6.6%6.6%-7.9%-10.6%6.2%2.9%
3 Yearn/a-7.0%-13.7%18.2%8.0%
5 Yearn/a28.0%14.1%43.1%23.6%

Price Volatility Vs. Market

How volatile is Dalhoff Larsen & Horneman's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Dalhoff Larsen & Horneman undervalued based on future cash flows and its price relative to the stock market?

11.37x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Undervalued: 2D2 (€0.17) is trading above our estimate of fair value (€0.02)

Significantly Undervalued: 2D2 is trading above our estimate of fair value.


Price Based on Earnings

PE vs Industry: 2D2 is good value based on its PE Ratio (11.4x) compared to the Trade Distributors industry average (15.3x).

PE vs Market: 2D2 is good value based on its PE Ratio (11.4x) compared to the German market (19.7x).


Price Based on Expected Growth

Low PEG Ratio: Insufficient data to calculate 2D2's PEG Ratio to determine if it is good value.


Price Based on Value of Assets

PB vs Industry: 2D2 is good value based on its PB Ratio (0.9x) compared to the DE Trade Distributors industry average (1.3x).


Next Steps

Future Growth

How is Dalhoff Larsen & Horneman expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

11.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Earnings vs Savings Rate: 2D2's forecast earnings growth (11.2% per year) is above the savings rate (0.2%).

Earnings vs Market: 2D2's earnings (11.2% per year) are forecast to grow slower than the German market (12.8% per year).

High Growth Earnings: 2D2's earnings are forecast to grow, but not significantly.

Revenue vs Market: Insufficient data to determine if 2D2's revenue is forecast to grow faster than the German market.

High Growth Revenue: Insufficient data to determine if 2D2's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Estimates


Future Return on Equity

High Future ROE: Insufficient data to determine if 2D2's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Dalhoff Larsen & Horneman performed over the past 5 years?

70.2%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: 2D2 has become profitable over the past 5 years, growing earnings by 70.2% per year.

Accelerating Growth: 2D2's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 2D2 had negative earnings growth (-59.1%) over the past year, making it difficult to compare to the Trade Distributors industry average (17.4%).


Return on Equity

High ROE: 2D2's Return on Equity (8.1%) is considered low.


Return on Assets

ROA vs Industry: 2D2 has a higher Return on Assets than the Trade Distributors industry average last year.


Return on Capital Employed

ROCE Improving: 2D2's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Dalhoff Larsen & Horneman's financial position?


Financial Position Analysis

Short Term Liabilities: 2D2's short term assets (DKK102.7M) exceeds its short term liabilities (DKK33.3M)

Long Term Liabilities: 2D2's short term assets (102.7M) exceeds its long term liabilities (29.3M)


Debt to Equity History and Analysis

Debt Level: 2D2's debt to equity ratio (5.5%) is considered satisfactory

Reducing Debt: 2D2's debt to equity ratio has reduced from 66.9% to 5.5% over the past 5 years.

Debt Coverage: 2D2's debt is well covered by operating cash flow (113.6%).

Interest Coverage: 2D2's interest payments on its debt are well covered by EBIT (6.3x coverage).


Balance Sheet

Inventory Level: 2D2 has a high level of physical assets or inventory.

Debt Coverage by Assets: 2D2's debt is covered by short term assets (assets are 23.340900x debt).


Next Steps

Dividend

What is Dalhoff Larsen & Horneman's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

company0%marketbottom25%1.5%markettop25%3.9%industryaverage3.0%forecastin3Yearsn/a

Current dividend yield vs market & industry


Dividend Yield and Payments Analysis

Notable Dividend: Unable to evaluate 2D2's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate 2D2's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.

Stable Dividend: Insufficient data to determine if 2D2's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if 2D2's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: 2D2 is not paying a notable dividend for .


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of 2D2's dividend in 3 years as they are not forecast to pay a notable one for the German market.


Next Steps

Management

What is the CEO of Dalhoff Larsen & Horneman's salary, the management and board of directors tenure and is there insider trading?


CEO

Dalhoff Larsen & Horneman has no CEO, or we have no data on them.


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown


Management Team

  • Jorgen Ipsen

    Executive Vice President of Timber & Board Division

    • Tenure: 0yrs
  • Jerzy Karpinski (59yo)

    Executive Vice President of Sales - Central Eastern Europe & Russia

    • Tenure: 0yrs
  • Søren Larsen (53yo)

    Executive Vice President of Sales - Western Europe

    • Tenure: 0yrs

Board Members

  • Carsten Lønfeldt (72yo)

    Chairman

    • Tenure: 0yrs
  • John Staer (68yo)

    Director

    • Tenure: 8.8yrs
  • Kristian Kolding (72yo)

    Director

    • Tenure: 11.5yrs
  • Agnete Raaschou-Nielsen (62yo)

    Vice Chairman

    • Tenure: 0yrs

Company Information

Dalhoff Larsen & Horneman A/S's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Dalhoff Larsen & Horneman A/S
  • Ticker: 2D2
  • Exchange: DB
  • Founded: 1908
  • Industry: Trading Companies and Distributors
  • Sector: Capital Goods
  • Market Cap: ø74.605m
  • Listing Market Cap: ø9.989m
  • Shares outstanding: 52.54m
  • Website: https://www.dlh.dk

Number of Employees


Location

  • Dalhoff Larsen & Horneman A/S
  • Transformervej 29
  • Søborg
  • 2860
  • Denmark

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
DLHCPSE (OMX Nordic Exchange Copenhagen)YesShare CapitalDKDKKJan 1992
DLHCBATS-CHIXE (BATS 'Chi-X Europe')YesShare CapitalGBDKKJan 1992
2D2DB (Deutsche Boerse AG)YesShare CapitalDEEURJan 1992

Biography

Dalhoff Larsen & Horneman A/S, together with its subsidiaries, markets and distributes wood-based board products and composite to the timber retailer and the wood-consuming industry nationwide It operates  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/13 23:30
End of Day Share Price2019/10/11 00:00
Earnings2019/06/30
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.

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