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Ahlsell

DB:40A
Snowflake Description

Excellent balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
40A
DB
SEK24B
Market Cap
  1. Home
  2. DE
  3. Capital Goods
Company description

Ahlsell AB (publ), together with its subsidiaries, distributes installation products, tools, and supplies in Sweden, Norway, Finland, Denmark, Estonia, Russia, and Poland. The last earnings update was 36 days ago. More info.


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40A Share Price and Events
7 Day Returns
0.8%
DB:40A
0.3%
DE Trade Distributors
0.1%
DE Market
1 Year Returns
2.9%
DB:40A
-16.1%
DE Trade Distributors
-10.8%
DE Market
40A Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Ahlsell (40A) 0.8% -0.4% 22.7% 2.9% - -
DE Trade Distributors 0.3% 4.5% 5.2% -16.1% -0.1% -6.6%
DE Market 0.1% 1.5% 0.6% -10.8% 9.1% 7.9%
1 Year Return vs Industry and Market
  • 40A outperformed the Trade Distributors industry which returned -16.1% over the past year.
  • 40A outperformed the Market in Germany which returned -10.8% over the past year.
Price Volatility
40A
Industry
5yr Volatility vs Market

40A Value

 Is Ahlsell 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 Ahlsell 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    Our intrinsic value calculation method has changed recently, learn more here.

Below are the data sources, inputs and calculation used to determine the intrinsic value for Ahlsell.

DB:40A Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

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 DB:40A
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Trade Distributors Unlevered Beta Simply Wall St/ S&P Global 0.95
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.949 (1 + (1- 22%) (33.72%))
1.133
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.13
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.133 * 5.96%)
6.98%

Discounted Cash Flow Calculation for DB:40A using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Ahlsell 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.

DB:40A DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SEK, Millions) Source Present Value
Discounted (@ 6.98%)
2019 1,956.00 Analyst x3 1,828.33
2020 2,044.33 Analyst x3 1,786.16
2021 2,108.80 Est @ 3.15% 1,722.22
2022 2,156.79 Est @ 2.28% 1,646.44
2023 2,192.63 Est @ 1.66% 1,564.54
2024 2,219.63 Est @ 1.23% 1,480.43
2025 2,240.28 Est @ 0.93% 1,396.67
2026 2,256.40 Est @ 0.72% 1,314.90
2027 2,269.31 Est @ 0.57% 1,236.10
2028 2,279.95 Est @ 0.47% 1,160.84
Present value of next 10 years cash flows SEK15,136.64
DB:40A DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SEK2,279.95 × (1 + 0.23%) ÷ (6.98% – 0.23%)
SEK33,828.24
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SEK33,828.24 ÷ (1 + 6.98%)10
SEK17,223.66
DB:40A Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SEK15,136.64 + SEK17,223.66
SEK32,360.30
Equity Value per Share
(SEK)
= Total value / Shares Outstanding
= SEK32,360.30 / 429.30
SEK7.02
DB:40A Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:40A represents 0.09318x of OM:AHSL
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.09318x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (SEK) x Listing Adjustment Factor
= SEK 75.38 x 0.09318
€7.02
Value per share (EUR) From above. €7.02
Current discount Discount to share price of €5.13
= -1 x (€5.13 - €7.02) / €7.02
27%

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

Current Discount
Amount off the current price Ahlsell is available for.
Intrinsic value
27%
Share price is €5.13 vs Future cash flow value of €7.02
Current Discount Checks
For Ahlsell to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Ahlsell's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Ahlsell'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 Ahlsell's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Ahlsell's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:40A PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SEK SEK3.69
OM:AHSL Share Price ** OM (2019-03-01) in SEK SEK55
Germany Trade Distributors Industry PE Ratio Median Figure of 6 Publicly-Listed Trade Distributors Companies 13.39x
Germany Market PE Ratio Median Figure of 420 Publicly-Listed Companies 18.28x

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

** Primary Listing of Ahlsell.

DB:40A PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OM:AHSL Share Price ÷ EPS (both in SEK)

= 55 ÷ 3.69

14.93x

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

  • Ahlsell is overvalued based on earnings compared to the DE Trade Distributors industry average.
  • Ahlsell is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Ahlsell's expected growth come at a high price?
Raw Data
DB:40A PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.93x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
6.2%per year
Europe Trade Distributors Industry PEG Ratio Median Figure of 28 Publicly-Listed Trade Distributors Companies 1.77x
Germany Market PEG Ratio Median Figure of 277 Publicly-Listed Companies 1.41x

*Line of best fit is calculated by linear regression .

DB:40A PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.93x ÷ 6.2%

2.42x

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

  • Ahlsell is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Ahlsell's assets?
Raw Data
DB:40A PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SEK SEK23.24
OM:AHSL Share Price * OM (2019-03-01) in SEK SEK55
Germany Trade Distributors Industry PB Ratio Median Figure of 8 Publicly-Listed Trade Distributors Companies 1.39x
Germany Market PB Ratio Median Figure of 565 Publicly-Listed Companies 1.74x
DB:40A PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OM:AHSL Share Price ÷ Book Value per Share (both in SEK)

= 55 ÷ 23.24

2.37x

* Primary Listing of Ahlsell.

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

  • Ahlsell is overvalued based on assets compared to the DE Trade Distributors industry average.
X
Value checks
We assess Ahlsell'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 Trade Distributors 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 Trade Distributors industry average (and greater than 0)? (1 check)
  5. Ahlsell has a total score of 2/6, 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.

40A Future Performance

 How is Ahlsell expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

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
6.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Ahlsell expected to grow at an attractive rate?
  • Ahlsell's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Ahlsell's earnings growth is positive but not above the Germany market average.
  • Ahlsell's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:40A Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:40A Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 6.2%
DB:40A Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 2.8%
Germany Trade Distributors Industry Earnings Growth Rate Market Cap Weighted Average 9.2%
Europe Trade Distributors Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
Germany Market Earnings Growth Rate Market Cap Weighted Average 10%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.2%

*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
DB:40A Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in SEK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:40A Future Estimates Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 34,673 1
2020-12-31 32,774 2,285 1,794 4
2019-12-31 32,377 2,110 1,662 2
DB:40A Past Financials Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income *
2018-12-31 31,291 1,899 1,582
2018-09-30 30,280 1,922 1,660
2018-06-30 29,314 1,722 1,616
2018-03-31 28,077 1,619 1,418
2017-12-31 27,484 1,861 1,428
2017-09-30 26,781 1,356 1,028
2017-06-30 26,169 1,576 857
2017-03-31 25,694 1,622 703
2016-12-31 24,606 1,246 342
2016-09-30 23,740 1,431 321
2016-06-30 23,229 1,435 198

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Ahlsell's earnings are expected to grow by 6.2% yearly, however this is not considered high growth (20% yearly).
  • Ahlsell's revenue is expected to grow by 2.8% yearly, however this is not considered high growth (20% yearly).
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
DB:40A Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

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

DB:40A Future Estimates Data
Date (Data in SEK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 4.15 4.27 4.04 3.00
2019-12-31 3.85 4.02 3.69 3.00
DB:40A Past Financials Data
Date (Data in SEK Millions) EPS *
2018-12-31 3.69
2018-09-30 3.86
2018-06-30 3.74
2018-03-31 3.27
2017-12-31 3.28
2017-09-30 2.42
2017-06-30 2.33
2017-03-31 2.02
2016-12-31 1.11
2016-09-30 1.14
2016-06-30 0.71

*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.
  • Ahlsell is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Ahlsell'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 Germany 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.
Ahlsell has a total score of 1/6, 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.

40A Past Performance

  How has Ahlsell performed over the past 5 years?

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 Ahlsell's growth in the last year to its industry (Trade Distributors).
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.
  • Ahlsell has delivered over 20% year on year earnings growth in the past 5 years.
  • Ahlsell's 1-year earnings growth is less than its 5-year average (10.8% vs 53.7%)
  • Ahlsell's earnings growth has not exceeded the DE Trade Distributors industry average in the past year (10.8% vs 46.9%).
Earnings and Revenue History
Ahlsell'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 Ahlsell Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:40A Past Revenue, Cash Flow and Net Income Data
Date (Data in SEK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 31,291.00 1,582.00 6,210.00
2018-09-30 30,280.00 1,660.00 5,989.00
2018-06-30 29,314.00 1,616.00 5,750.00
2018-03-31 28,077.00 1,418.00 5,559.00
2017-12-31 27,484.00 1,428.00 5,418.00
2017-09-30 26,781.00 1,028.00 5,379.00
2017-06-30 26,169.00 857.00 5,281.00
2017-03-31 25,694.00 703.00 5,158.00
2016-12-31 24,606.00 342.00 5,003.00
2016-09-30 23,739.80 320.70 4,817.60
2016-06-30 23,228.80 198.30 4,738.20
2015-12-31 22,585.80 58.30 4,723.20
2014-12-31 21,779.40 -189.90 4,594.90
2013-12-31 20,435.30 -104.10 4,200.60
2012-12-31 13,493.90 176.90 2,789.40

*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.
  • Ahlsell has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Ahlsell used its assets more efficiently than the DE Trade Distributors industry average last year based on Return on Assets.
  • Ahlsell has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Ahlsell'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 Trade Distributors 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.
Ahlsell has a total score of 3/6, 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.

40A Health

 How is Ahlsell'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 Ahlsell's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Ahlsell is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Ahlsell's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Ahlsell'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.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.3x 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 Ahlsell Company Filings, last reported 1 month ago.

DB:40A Past Debt and Equity Data
Date (Data in SEK Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 9,976.00 7,963.00 1,248.00
2018-09-30 9,720.00 9,201.00 1,126.00
2018-06-30 9,409.00 9,314.00 1,355.00
2018-03-31 9,542.00 8,533.00 1,088.00
2017-12-31 9,004.00 7,985.00 1,295.00
2017-09-30 8,888.00 8,174.00 612.00
2017-06-30 8,568.00 8,258.00 957.00
2017-03-31 8,415.00 8,654.00 1,375.00
2016-12-31 8,089.00 8,645.00 1,209.00
2016-09-30 1,074.60 16,911.30 1,634.00
2016-06-30 888.00 16,513.00 2,017.00
2015-12-31 711.30 16,434.80 2,359.90
2014-12-31 776.70 16,655.50 1,760.40
2013-12-31 800.50 16,255.70 1,525.50
2012-12-31 901.10 15,116.40 971.40
  • Ahlsell's level of debt (79.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (2031% vs 79.8% today).
  • Debt is well covered by operating cash flow (23.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 13x coverage).
X
Financial health checks
We assess Ahlsell'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. Ahlsell has a total score of 5/6, 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.

40A Dividends

 What is Ahlsell'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
3.35%
Current annual income from Ahlsell dividends. Estimated to be 3.82% next year.
If you bought €2,000 of Ahlsell shares you are expected to receive €67 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?
  • Ahlsell's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.55%).
  • Ahlsell's dividend is below the markets top 25% of dividend payers in Germany (3.89%).
Upcoming dividend payment

Purchase Ahlsell on or before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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
DB:40A 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 4 Analyst Estimates (S&P Global) See Below
Germany Trade Distributors Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 2.7%
Germany Market Average Dividend Yield Market Cap Weighted Average of 332 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

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

DB:40A Future Dividends Estimate Data
Date (Data in SEK) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 2.40 1.00
2020-12-31 2.10 4.00
2019-12-31 1.96 2.00
DB:40A Past Annualized Dividends Data
Date (Data in SEK) Dividend per share (annual) Avg. Yield (%)
2019-01-24 1.840 3.365
2018-03-27 1.650 3.262
2017-03-31 0.350 0.639

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

  • Whilst dividend payments have been stable, Ahlsell has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Ahlsell only paid a dividend in the past 2 years.
Current Payout to shareholders
What portion of Ahlsell's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.3x coverage).
X
Income/ dividend checks
We assess Ahlsell's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - 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 Ahlsell afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Ahlsell has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

40A Management

 What is the CEO of Ahlsell'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
Johan Nilsson
COMPENSATION SEK13,000,000
AGE 58
TENURE AS CEO 3.6 years
CEO Bio

Mr. Johan Nilsson, MSc (Eng.), BSc (Econ.) has been Group Chief Executive Officer and Group President of Ahlsell AB since August 14, 2015 and serves as its Managing Director. He joined Ahlsell in 2008. Mr. Nilsson served as Chief Executive Officer of Ahlsell Sweden, Russia and the Baltic countries since 2008. He joined Ahlsell in 2008. Previously, he served as CCO of Sanitec and served as its Sales and Marketing Director. He was Chief Executive Officer of IFÖ Sanitär and IDO. He served as Managing Director of Ifö Sanitär AB for Sanitec Oyj since 2000. Mr. Nilsson joined Sanitec Oyj in 1993 and served as its Senior Vice President for North and East Europe and Member of the Management Board. He has been a Director of Ahlsell AB since 2015. He holds a degree in business administration from Lund University, M.Sc. (Business and Economics) of Lund University and M.Sc. (Engineering) of Lund Faculty of Engineering.

CEO Compensation
  • Johan's compensation has been consistent with company performance over the past year.
  • Johan's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Ahlsell management team in years:

3.9
Average Tenure
54.5
Average Age
  • The tenure for the Ahlsell management team is about average.
Management Team

Johan Nilsson

TITLE
Group President
COMPENSATION
SEK13M
AGE
58
TENURE
3.6 yrs

Kennet Göransson

TITLE
Chief Financial Officer
AGE
55
TENURE
5.2 yrs

Karin Larsson

TITLE
Head of IR & External Communications

Carl-Gustaf Österberg

TITLE
General Counsel & Board Secretary

Anna Friberg Björklund

TITLE
Human Resources Director
AGE
54
TENURE
2.9 yrs

Mika Salokangas

TITLE
Head of Operations - Finland
AGE
56
TENURE
13.2 yrs

Rune Flengsrud

TITLE
Head of Operations - Norway
AGE
58
TENURE
4.2 yrs

Claes Seldeby

TITLE
Head of Operations - Sweden
AGE
49
TENURE
3.2 yrs

Erik Andersson

TITLE
Head of Business Support
AGE
50
TENURE
4.2 yrs

Karolina Hagberg Chinell

TITLE
Chief Purchasing Officer
AGE
46
TENURE
1.2 yrs
Board of Directors Tenure

Average tenure and age of the Ahlsell board of directors in years:

6
Average Tenure
57.5
Average Age
  • The tenure for the Ahlsell board of directors is about average.
Board of Directors

Kenneth Bengtsson

TITLE
Chairman of the Board
COMPENSATION
SEK1M
AGE
57
TENURE
6.8 yrs

Johan Nilsson

TITLE
Group President
COMPENSATION
SEK13M
AGE
58
TENURE
4.2 yrs

Peter Georg Törnquist

TITLE
Vice Chairman of the Board
COMPENSATION
SEK800K
AGE
65
TENURE
4.2 yrs

Glenn Edlund

TITLE
Employee Representative Director
AGE
64
TENURE
7.2 yrs

Maria Herbertsson

TITLE
Employee Representative Director
AGE
39
TENURE
7.2 yrs

Gustaf Martin-Löf

TITLE
Independent Director
AGE
41
TENURE
7.2 yrs

Anders Nilsson

TITLE
Employee Representative Director
AGE
52
TENURE
7.2 yrs

Magdalena Gerger

TITLE
Independent Director
COMPENSATION
SEK500K
AGE
54
TENURE
2.6 yrs

Satu Huber

TITLE
Independent Director
COMPENSATION
SEK500K
AGE
60
TENURE
2.6 yrs

Terje Venold

TITLE
Independent Director
COMPENSATION
SEK400K
AGE
68
TENURE
5.2 yrs
Who owns this company?
Recent Insider Trading
  • Ahlsell insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
20. Feb 19 Sell Kennet Göransson Individual 19. Feb 19 19. Feb 19 -161,631 €55.00 €-8,889,705
19. Feb 19 Sell Anders Nilsson Individual 19. Feb 19 19. Feb 19 -500 €55.00 €-27,500
18. Feb 19 Sell Erik Andersson Individual 13. Feb 19 18. Feb 19 -407,007 €55.10 €-22,415,837
18. Feb 19 Sell Glenn Edlund Individual 13. Feb 19 13. Feb 19 -700 €55.00 €-38,500
18. Feb 19 Sell Johan Nilsson Individual 13. Feb 19 13. Feb 19 -590,000 €55.00 €-32,450,002
16. Feb 19 Sell Claes Seldeby Individual 13. Feb 19 13. Feb 19 -203,767 €55.00 €-11,207,186
15. Feb 19 Sell Magdalena Gerger Individual 13. Feb 19 13. Feb 19 -4,000 €55.00 €-220,000
15. Feb 19 Sell Kennet Göransson Individual 13. Feb 19 13. Feb 19 -75,686 €55.00 €-4,162,730
15. Feb 19 Sell Satu Huber Individual 13. Feb 19 13. Feb 19 -14,000 €55.00 €-770,000
15. Feb 19 Sell Mika Salokangas Individual 13. Feb 19 13. Feb 19 -763,907 €55.00 €-42,014,888
15. Feb 19 Sell Glenn Edlund Individual 11. Feb 19 11. Feb 19 -700 €55.00 €-38,500
13. Feb 19 Sell Kenneth Bengtsson Individual 13. Feb 19 13. Feb 19 -322,940 €55.00 €-17,761,701
13. Feb 19 Sell Terje Venold Individual 13. Feb 19 13. Feb 19 -94,702 €55.00 €-5,208,610
29. Oct 18 Buy Claes Seldeby Individual 29. Oct 18 29. Oct 18 9,000 €43.38 €390,420
29. Oct 18 Buy Johan Nilsson Individual 29. Oct 18 29. Oct 18 20,000 €41.32 €826,400
20. Jul 18 Buy Terje Venold Individual 20. Jul 18 20. Jul 18 5,000 €51.70 €258,494
X
Management checks
We assess Ahlsell'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. Ahlsell 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.

40A News

Simply Wall St News

40A Company Info

Map
Description

Ahlsell AB (publ), together with its subsidiaries, distributes installation products, tools, and supplies in Sweden, Norway, Finland, Denmark, Estonia, Russia, and Poland. The company offers a range of products and related services in the areas of HVAC and plumbing, electrical, and tools and supplies. It provides installation materials for heating, ventilation, refrigeration, water, sanitation, and drainage; and cables and installation materials, lighting, automation, data, telecommunications, and safety products, as well as other electrical products, such as measurement instruments. The company also offers tools, machines, personal protection equipment, construction products, and other supplies. It serves installers, construction companies, facility managers, industrial customers, and power companies; and the public sector. The company was founded in 1877 and is headquartered in Stockholm, Sweden.

Details
Name: Ahlsell AB (publ)
40A
Exchange: DB
Founded: 1877
SEK2,243,566,859
429,302,187
Website: http://www.ahlsell.com
Address: Ahlsell AB (publ)
Rosterigränd 12,
Stockholm,
Stockholm County, 117 98,
Sweden
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OM AHSL Ordinary Shares OMX Nordic Exchange Stockholm SE SEK 28. Oct 2016
OTCPK AHLL.F Ordinary Shares Pink Sheets LLC US USD 28. Oct 2016
DB 40A Ordinary Shares Deutsche Boerse AG DE EUR 28. Oct 2016
LSE 0RJU Ordinary Shares London Stock Exchange GB SEK 28. Oct 2016
BATS-CHIXE AHSLS Ordinary Shares BATS 'Chi-X Europe' GB SEK 28. Oct 2016
Number of employees
Current staff
Staff numbers
5,724
Ahlsell employees.
Industry
Trading Companies and Distributors
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/01 23:06
End of day share price update: 2019/03/01 00:00
Last estimates confirmation: 2019/03/01
Last earnings filing: 2019/01/24
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


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.