DB:KOZ

Stock Analysis Report

Executive Summary

Kongsberg Gruppen ASA, together with its subsidiaries, provides technology systems and solutions to customers in deep-sea, digital, defence, merchant marine, oil and gas, fisheries, aerospace, and space industries.

Snowflake

Fundamentals

Excellent balance sheet, good value and pays a dividend.


Similar Companies

Share Price & News

How has Kongsberg Gruppen's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-3.8%

KOZ

0.3%

DE Aerospace & Defense

2.4%

DE Market


1 Year Return

-17.3%

KOZ

13.5%

DE Aerospace & Defense

2.3%

DE Market

Return vs Industry: KOZ underperformed the German Aerospace & Defense industry which returned 13.5% over the past year.

Return vs Market: KOZ underperformed the German Market which returned 2.3% over the past year.


Shareholder returns

KOZIndustryMarket
7 Day-3.8%0.3%2.4%
30 Day-4.0%-4.6%-0.2%
90 Day2.2%-1.2%0.6%
1 Year-2.8%-17.3%16.0%13.5%5.5%2.3%
3 Yearn/a78.0%66.7%18.9%8.6%
5 Yearn/a145.4%115.4%44.8%25.1%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

Is Kongsberg Gruppen undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: KOZ (€12.03) is trading below our estimate of fair value (€34.18)

Significantly Undervalued: KOZ is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: KOZ is poor value based on its PE Ratio (26.2x) compared to the Aerospace & Defense industry average (21.1x).

PE vs Market: KOZ is poor value based on its PE Ratio (26.2x) compared to the German market (19.5x).


Price to Earnings Growth Ratio

Low PEG Ratio: KOZ is good value based on its PEG Ratio (0.5x)


Price to Book Ratio

PB vs Industry: KOZ is good value based on its PB Ratio (1.8x) compared to the XE Aerospace & Defense industry average (2x).


Next Steps

Future Growth

How is Kongsberg Gruppen forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

55.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: KOZ's forecast earnings growth (55.3% per year) is above the savings rate (0.2%).

Earnings vs Market: KOZ's earnings (55.3% per year) are forecast to grow faster than the German market (12.6% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: KOZ's revenue (16.8% per year) is forecast to grow faster than the German market (5% per year).

High Growth Revenue: KOZ's revenue (16.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: KOZ's Return on Equity is forecast to be low in 3 years time (11.3%).


Next Steps

Past Performance

How has Kongsberg Gruppen performed over the past 5 years?

-12.0%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: KOZ's earnings have declined by -12% per year over the past 5 years.

Accelerating Growth: KOZ's earnings growth over the past year (34.2%) exceeds its 5-year average (-12% per year).

Earnings vs Industry: KOZ earnings growth over the past year (34.2%) exceeded the Aerospace & Defense industry 16.4%.


Return on Equity

High ROE: KOZ's Return on Equity (6%) is considered low.


Return on Assets

ROA vs Industry: KOZ's Return on Assets is below or equal to the Aerospace & Defense industry average last year.


Return on Capital Employed

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


Next Steps

Financial Health

How is Kongsberg Gruppen's financial position?


Financial Position Analysis

Short Term Liabilities: KOZ's short term assets (NOK18.5B) exceeds its short term liabilities (NOK14.6B)

Long Term Liabilities: KOZ's short term assets (18.5B) exceeds its long term liabilities (7.6B)


Debt to Equity History and Analysis

Debt Level: KOZ's debt to equity ratio (35.2%) is considered satisfactory

Reducing Debt: KOZ's debt to equity ratio has increased from 12.7% to 35.2% over the past 5 years.

Debt Coverage: KOZ's debt is well covered by operating cash flow (44%).

Interest Coverage: KOZ's interest payments on its debt are well covered by EBIT (7.1x coverage).


Balance Sheet

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

Debt Coverage by Assets: KOZ's debt is covered by short term assets (assets are 4.251090x debt).


Next Steps

Dividend

What is Kongsberg Gruppen's current dividend yield, its reliability and sustainability?

2.02%

Current Dividend Yield


Dividend Yield vs Market

company2.0%marketbottom25%1.4%markettop25%3.9%industryaverage1.7%forecastin3Years2.7%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: KOZ's dividend (2.02%) is higher than the bottom 25% of dividend payers in the German market (1.43%).

High Dividend: KOZ's dividend (2.02%) is low compared to the top 25% of dividend payers in the German market (3.86%).

Stable Dividend: KOZ's dividend payments have been volatile in the past 10 years.

Growing Dividend: KOZ's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (52.9%), KOZ's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: KOZ's dividends in 3 years are forecast to be well covered by earnings (44.2% payout ratio).


Next Steps

Management

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

3.3yrs

Average management tenure


CEO

Geir Haoy (53yo)

3.3yrs

Tenure

kr8,886,000

Compensation

Mr. Geir Haoy has been the Chief Executive Officer and President of Kongsberg Gruppen ASA since June, 2016. Mr. Haoy has been the Chief Executive Officer of Kongsberg Maritime AS since June 6, 2016. He ser ...


CEO Compensation Analysis

Compensation vs. Market: Insufficient data to establish whether Geir's total compensation is reasonable compared to companies of similar size in the German market.

Compensation vs Earnings: Geir's compensation has been consistent with company performance over the past year.


Management Age and Tenure

3.3yrs

Average Tenure

57yo

Average Age

Experienced Management: KOZ's management team is considered experienced (3.3 years average tenure).


Board Age and Tenure

3.5yrs

Average Tenure

61yo

Average Age

Experienced Board: KOZ's board of directors are considered experienced (3.5 years average tenure).


Insider Trading

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


Recent Insider Transactions

Buykr5,02316 Nov 18
Hans Blokkum
EntityIndividual
Role
Head of Human Resources
Group EVP
Shares410
Max Pricekr12.25
Buykr34,93012 Nov 18
Gyrid Ingerø
EntityIndividual
Role
Chief Financial Officer
Group Executive VP & CFO
Shares3,000
Max Pricekr11.64
Buykr23,65709 Nov 18
Anne-Grete Strom-Erichsen
EntityIndividual
Role
Member of the Board of Directors
Director
Shares2,000
Max Pricekr11.83
Buykr21,38230 Oct 18
Harald Aarø
EntityIndividual
Role
Senior Key Executive
Group Executive Vice President of Business Development & Strategy
Shares1,500
Max Pricekr14.25

Ownership Breakdown


Management Team

  • Gyrid Ingerø (52yo)

    Group Executive VP & CFO

    • Tenure: 1.9yrs
    • Compensation: kr3.83m
  • Eirik Lie (58yo)

    Executive VP and President of Kongsberg Defence & Aerospace

    • Tenure: 3.2yrs
    • Compensation: kr4.77m
  • Even Aas (58yo)

    Group Executive Vice President of Public Affairs

    • Tenure: 0yrs
    • Compensation: kr3.29m
  • Egil Haugsdal (58yo)

    Executive VP & President of Kongsberg Maritime

    • Tenure: 4.2yrs
    • Compensation: kr5.84m
  • Geir Haoy (53yo)

    President & CEO

    • Tenure: 3.3yrs
    • Compensation: kr8.89m
  • Hege Skryseth (52yo)

    Executive VP & President of Kongsberg Digital

    • Tenure: 3.3yrs
    • Compensation: kr3.80m
  • Kristin Barkost (65yo)

    Vice President of Accounting

    • Tenure: 9.8yrs
  • Jan Erik Hoff

    Group Vice President of Investor Relations

    • Tenure: 0yrs
  • Harald Aarø (50yo)

    Group Executive Vice President of Business Development & Strategy

    • Tenure: 4.2yrs
    • Compensation: kr4.29m
  • Hans Blokkum (57yo)

    Group EVP

    • Tenure: 1.6yrs
    • Compensation: kr2.74m

Board Members

  • Eivind Reiten (65yo)

    Chairman

    • Tenure: 2.5yrs
    • Compensation: kr551.93k
  • Irene Basili (52yo)

    Deputy Chairman

    • Tenure: 4.4yrs
    • Compensation: kr272.00k
  • Helge Lintvedt (62yo)

    Employee Representative Director

    • Tenure: 10.4yrs
    • Compensation: kr326.03k
  • Martha Kold Bakkevig (57yo)

    Director

    • Tenure: 2.5yrs
    • Compensation: kr305.83k
  • Morten Henriksen

    Director

    • Tenure: 6.4yrs
    • Compensation: kr338.23k
  • Elisabeth Fossan (52yo)

    Employee Representative Director

    • Tenure: 2.5yrs
    • Compensation: kr292.93k
  • Anne-Grete Strom-Erichsen (70yo)

    Director

    • Tenure: 4.4yrs
    • Compensation: kr292.93k
  • Sigmund Bakke (61yo)

    Employee Representative Director

    • Tenure: 2.5yrs
    • Compensation: kr255.33k
  • Ole Magnus Svarva

    Deputy Director

    • Tenure: 0yrs

Company Information

Kongsberg Gruppen ASA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Kongsberg Gruppen ASA
  • Ticker: KOZ
  • Exchange: DB
  • Founded: 1814
  • Industry: Aerospace and Defense
  • Sector: Capital Goods
  • Market Cap: kr22.317b
  • Listing Market Cap: kr2.221b
  • Shares outstanding: 179.97m
  • Website: https://www.kongsberg.com

Number of Employees


Location

  • Kongsberg Gruppen ASA
  • Kirkegårdsveien 45
  • Kongsberg
  • Buskerud
  • 3616
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
KOGOB (Oslo Bors)YesClass A SharesNONOKDec 1993
0F08LSE (London Stock Exchange)YesClass A SharesGBNOKDec 1993
NSKF.FOTCPK (Pink Sheets LLC)YesClass A SharesUSUSDDec 1993
KOZDB (Deutsche Boerse AG)YesClass A SharesDEEURDec 1993
KOGOBATS-CHIXE (BATS 'Chi-X Europe')YesClass A SharesGBNOKDec 1993

Biography

Kongsberg Gruppen ASA, together with its subsidiaries, provides technology systems and solutions to customers in deep-sea, digital, defence, merchant marine, oil and gas, fisheries, aerospace, and space in ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/14 21:14
End of Day Share Price2019/10/14 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.