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Covanta Holding

DB:C3K
Snowflake Description

Proven track record and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
C3K
DB
$2B
Market Cap
  1. Home
  2. DE
  3. Commercial Services
Company description

Covanta Holding Corporation, through its subsidiaries, provides waste and energy services to municipal entities primarily in the United States and Canada. The last earnings update was 63 days ago. More info.


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C3K Share Price and Events
7 Day Returns
-0%
DB:C3K
1.2%
DE Commercial Services
1.5%
DE Market
1 Year Returns
24%
DB:C3K
-8.8%
DE Commercial Services
-6.2%
DE Market
C3K Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Covanta Holding (C3K) -0% 4.8% 14.2% 24% 5.3% 19.1%
DE Commercial Services 1.2% 2.8% 10% -8.8% 2.7% -41.3%
DE Market 1.5% 6% 8.5% -6.2% 10.7% 15.3%
1 Year Return vs Industry and Market
  • C3K outperformed the Commercial Services industry which returned -8.8% over the past year.
  • C3K outperformed the Market in Germany which returned -6.2% over the past year.
Price Volatility
C3K
Industry
5yr Volatility vs Market

C3K Value

 Is Covanta Holding 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 Covanta Holding 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

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

DB:C3K Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.7%
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:C3K
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Commercial Services Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.733 (1 + (1- 21%) (109.96%))
1.248
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.25
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.248 * 5.96%)
7.67%

Discounted Cash Flow Calculation for DB:C3K using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Covanta Holding 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:C3K DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.67%)
2019 125.07 Analyst x3 116.16
2020 136.63 Analyst x4 117.86
2021 91.05 Analyst x2 72.95
2022 175.20 Analyst x1 130.38
2023 227.80 Analyst x1 157.45
2024 264.15 Est @ 15.96% 169.57
2025 293.84 Est @ 11.24% 175.20
2026 317.16 Est @ 7.94% 175.64
2027 335.00 Est @ 5.62% 172.31
2028 348.41 Est @ 4% 166.44
Present value of next 10 years cash flows $1,453.96
DB:C3K DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $348.41 × (1 + 0.23%) ÷ (7.67% – 0.23%)
$4,694.31
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $4,694.31 ÷ (1 + 7.67%)10
$2,242.57
DB:C3K Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,453.96 + $2,242.57
$3,696.53
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $3,696.53 / 131.18
$28.18
DB:C3K Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:C3K represents 0.89035x of NYSE:CVA
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.89035x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 28.18 x 0.89035
€25.09
Value per share (EUR) From above. €25.09
Current discount Discount to share price of €15.59
= -1 x (€15.59 - €25.09) / €25.09
37.9%

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

Current Discount
Amount off the current price Covanta Holding is available for.
Intrinsic value
38%
Share price is €15.59 vs Future cash flow value of €25.09
Current Discount Checks
For Covanta Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Covanta Holding's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Covanta Holding'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 Covanta Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Covanta Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:C3K PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $1.17
NYSE:CVA Share Price ** NYSE (2019-04-23) in USD $17.51
Europe Commercial Services Industry PE Ratio Median Figure of 105 Publicly-Listed Commercial Services Companies 16.64x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.6x

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

** Primary Listing of Covanta Holding.

DB:C3K PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:CVA Share Price ÷ EPS (both in USD)

= 17.51 ÷ 1.17

14.98x

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

  • Covanta Holding is good value based on earnings compared to the Europe Commercial Services industry average.
  • Covanta Holding is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Covanta Holding's expected growth come at a high price?
Raw Data
DB:C3K PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.98x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
-84.4%per year
Europe Commercial Services Industry PEG Ratio Median Figure of 53 Publicly-Listed Commercial Services Companies 1.43x
Germany Market PEG Ratio Median Figure of 269 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

DB:C3K PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.98x ÷ -84.4%

-0.18x

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

  • Covanta Holding earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Covanta Holding's assets?
Raw Data
DB:C3K PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $3.74
NYSE:CVA Share Price * NYSE (2019-04-23) in USD $17.51
Germany Commercial Services Industry PB Ratio Median Figure of 8 Publicly-Listed Commercial Services Companies 2.03x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.84x
DB:C3K PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:CVA Share Price ÷ Book Value per Share (both in USD)

= 17.51 ÷ 3.74

4.68x

* Primary Listing of Covanta Holding.

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

  • Covanta Holding is overvalued based on assets compared to the DE Commercial Services industry average.
X
Value checks
We assess Covanta Holding'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 Commercial Services 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 Commercial Services industry average (and greater than 0)? (1 check)
  5. Covanta Holding has a total score of 3/6, 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.

C3K Future Performance

 How is Covanta Holding expected to perform in the next 1 to 3 years based on estimates from 7 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
-84.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Covanta Holding expected to grow at an attractive rate?
  • Covanta Holding's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Covanta Holding's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Covanta Holding's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:C3K Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:C3K Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts -84.4%
DB:C3K Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 2.4%
Germany Commercial Services Industry Earnings Growth Rate Market Cap Weighted Average 31.2%
Germany Commercial Services Industry Revenue Growth Rate Market Cap Weighted Average 3.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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:C3K Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:C3K Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 2,140 384 1
2022-12-31 2,054 330 1
2021-12-31 1,986 300 25 4
2020-12-31 1,942 273 17 7
2019-12-31 1,893 250 3 7
DB:C3K Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 1,868 238 152
2018-09-30 1,863 294 274
2018-06-30 1,836 279 316
2018-03-31 1,806 237 310
2017-12-31 1,752 242 57
2017-09-30 1,714 232 -66
2017-06-30 1,706 251 -27
2017-03-31 1,700 260 -19
2016-12-31 1,699 264 -4
2016-09-30 1,674 245 65
2016-06-30 1,675 280 45
2016-03-31 1,665 242 68

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Covanta Holding's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Covanta Holding's revenue is expected to grow by 2.4% 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:C3K Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Covanta Holding Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:C3K Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.19 0.19 0.19 2.00
2020-12-31 0.13 0.19 0.03 6.00
2019-12-31 0.03 0.10 -0.06 6.00
DB:C3K Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 1.17
2018-09-30 2.10
2018-06-30 2.42
2018-03-31 2.38
2017-12-31 0.44
2017-09-30 -0.51
2017-06-30 -0.21
2017-03-31 -0.15
2016-12-31 -0.03
2016-09-30 0.50
2016-06-30 0.34
2016-03-31 0.52

*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.
  • Unable to establish if Covanta Holding will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Covanta Holding'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 Germany 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.
Covanta Holding has a total score of 0/6, 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.

C3K Past Performance

  How has Covanta Holding 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 Covanta Holding's growth in the last year to its industry (Commercial Services).
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.
  • Covanta Holding has delivered over 20% year on year earnings growth in the past 5 years.
  • Covanta Holding's 1-year earnings growth exceeds its 5-year average (166.7% vs 45.4%)
  • Covanta Holding's earnings growth has exceeded the Europe Commercial Services industry average in the past year (166.7% vs 15.7%).
Earnings and Revenue History
Covanta Holding'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 Covanta Holding Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:C3K Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 1,868.00 152.00 138.00
2018-09-30 1,863.00 274.00 137.00
2018-06-30 1,836.00 316.00 134.00
2018-03-31 1,806.00 310.00 137.00
2017-12-31 1,752.00 57.00 134.00
2017-09-30 1,714.00 -66.00 130.00
2017-06-30 1,706.00 -27.00 129.00
2017-03-31 1,700.00 -19.00 124.00
2016-12-31 1,699.00 -4.00 119.00
2016-09-30 1,674.00 65.00 113.00
2016-06-30 1,675.00 45.00 112.00
2016-03-31 1,665.00 68.00 110.00
2015-12-31 1,645.00 68.00 109.00
2015-09-30 1,648.00 -14.00 112.00
2015-06-30 1,640.00 -41.00 110.00
2015-03-31 1,664.00 -30.00 113.00
2014-12-31 1,682.00 -2.00 112.00
2014-09-30 1,669.00 28.00 104.00
2014-06-30 1,680.00 49.00 104.00
2014-03-31 1,659.00 57.00 99.00
2013-12-31 1,630.00 43.00 99.00
2013-09-30 1,637.00 118.00 75.00
2013-06-30 1,624.00 116.00 79.00
2013-03-31 1,623.00 123.00 83.00
2012-12-31 1,643.00 136.00 110.00
2012-09-30 1,644.00 61.00 106.00
2012-06-30 1,664.00 84.00 106.00

*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.
  • Whilst Covanta Holding has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Covanta Holding used its assets more efficiently than the Europe Commercial Services industry average last year based on Return on Assets.
  • Covanta Holding's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Covanta Holding'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 Commercial Services 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.
Covanta Holding has a total score of 4/6, 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.

C3K Health

 How is Covanta Holding'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 Covanta Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Covanta Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Covanta Holding's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Covanta Holding'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.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x 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 Covanta Holding Company Filings, last reported 3 months ago.

DB:C3K Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 487.00 2,494.00 58.00
2018-09-30 505.00 2,494.00 51.00
2018-06-30 571.00 2,466.00 39.00
2018-03-31 645.00 2,454.00 51.00
2017-12-31 427.00 2,523.00 46.00
2017-09-30 335.00 2,972.00 37.00
2017-06-30 346.00 2,836.00 48.00
2017-03-31 398.00 3,100.00 444.00
2016-12-31 469.00 2,655.00 84.00
2016-09-30 500.00 2,699.00 113.00
2016-06-30 480.00 2,755.00 175.00
2016-03-31 553.00 2,550.00 173.00
2015-12-31 638.00 2,475.00 94.00
2015-09-30 628.00 2,450.00 69.00
2015-06-30 630.00 2,430.00 66.00
2015-03-31 652.00 2,263.00 67.00
2014-12-31 784.00 2,198.00 84.00
2014-09-30 808.00 2,265.00 87.00
2014-06-30 851.00 2,255.00 175.00
2014-03-31 873.00 2,517.00 393.00
2013-12-31 906.00 2,321.00 195.00
2013-09-30 907.00 2,457.00 256.00
2013-06-30 898.00 2,439.00 209.00
2013-03-31 962.00 2,405.00 215.00
2012-12-31 1,055.00 2,332.00 246.00
2012-09-30 983.00 2,243.00 266.00
2012-06-30 996.00 2,233.00 221.00
  • Covanta Holding's level of debt (512.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (256.5% vs 512.1% today).
  • Debt is not well covered by operating cash flow (9.5%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 0.8x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Covanta Holding'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. Covanta Holding has a total score of 1/6, 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.

C3K Dividends

 What is Covanta Holding'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
5.71%
Current annual income from Covanta Holding dividends. Estimated to be 7.26% next year.
If you bought €2,000 of Covanta Holding shares you are expected to receive €114 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?
  • Covanta Holding's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.43%).
  • Covanta Holding's dividend is above the markets top 25% of dividend payers in Germany (3.71%).
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:C3K 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 7 Analyst Estimates (S&P Global) See Below
Germany Commercial Services Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 3.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

DB:C3K Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 4.00 1.00
2020-12-31 1.00 5.00
2019-12-31 1.00 5.00
DB:C3K Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-07 1.000 5.784
2018-12-06 1.000 6.430
2018-09-13 1.000 6.273
2018-05-03 1.000 5.980
2018-03-01 1.000 6.694
2017-12-07 1.000 6.221
2017-09-14 1.000 6.617
2017-05-04 1.000 7.114
2017-03-02 1.000 6.577
2016-12-08 1.000 6.358
2016-09-22 1.000 6.774
2016-05-05 1.000 6.284
2016-03-03 1.000 6.066
2015-12-03 1.000 6.952
2015-09-17 1.000 5.904
2015-05-07 1.000 4.810
2015-03-05 1.000 4.624
2014-12-04 1.000 4.629
2014-09-17 1.000 4.497
2014-08-11 1.000 4.760
2014-08-08 1.000 4.867
2014-07-22 1.000 4.883
2014-06-05 0.720 3.548
2014-02-26 0.720 3.988
2013-12-05 0.660 3.726
2013-09-10 0.660 3.411
2013-06-06 0.660 3.200
2013-03-07 0.660 3.305
2012-11-27 0.600 3.162
2012-09-19 0.600 3.413
2012-06-12 0.600 3.504
2012-03-05 0.600 3.738
2011-12-08 0.300 2.072
2011-09-22 0.300 2.072
2011-06-06 0.300 1.871
2011-03-14 0.300 1.783

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

  • Whilst dividend payments have been stable, Covanta Holding has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Covanta Holding only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Covanta Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.1x coverage).
X
Income/ dividend checks
We assess Covanta Holding's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Covanta Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Covanta Holding 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.

C3K Management

 What is the CEO of Covanta Holding'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
Steve Jones
COMPENSATION $4,639,255
AGE 57
TENURE AS CEO 4.1 years
CEO Bio

Mr. Stephen J. Jones, also known as Steve, has been the Chief Executive Officer and President of Covanta Holding Corporation since January 2015. Mr. Jones served as Senior Vice President of Air Products & Chemicals, Inc. since 2008 and served as its China President from 2011 through 2014 at Air Products’ office in Shanghai. Mr. Jones served as Senior Vice President of Tonnage Gases, Equipment and Energy and China President at Air Products Singapore Pte. Ltd. He served as the President of strategic development - China at Air Products & Chemicals Inc. since August 29, 2011 and served as its General Manager of Tonnage Gases Equipment & Energy from March 2009 to 2014. Mr. Jones served as an Associate General Counsel and Vice President of Air Products & Chemicals since January 2007 and also served its General Counsel and Secretary from October 1, 2007 to March 24, 2009. He served as the Vice President and General Manager of Industrial Chemicals Division for Air Products & Chemicals Inc. since 2003. He had been responsible for the methylamines, higher amines and polyurethane intermediates businesses on a global basis. Mr. Jones joined Air Products as a Lawyer in 1992 as an attorney in the Law Group representing various business areas and functions and served in the Law Group for several years. He served Air Products Energy and Process Industries Division as California Area Manager for tonnage gases, where he was responsible for its hydrogen activities on the West Coast. Mr. Jones’ experience managing and growing domestic and international companies, with capital-intensive operating assets, his business acumen and his knowledge of the energy marketplace are valuable assets to the Board. He has been a Director at Covanta Holding Corporation since March 5, 2015. He received a B.S. degree in economics from Bloomsburg University, an M.B.A. with a concentration in finance from Temple University and a law degree in 1989 from the University of Pennsylvania. In 2007 he attended the Insead Advanced Management Program in Fontainebleau, France.

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

Average tenure and age of the Covanta Holding management team in years:

4.3
Average Tenure
52.5
Average Age
  • The tenure for the Covanta Holding management team is about average.
Management Team

Steve Jones

TITLE
President
COMPENSATION
$5M
AGE
57
TENURE
4.1 yrs

Brad Helgeson

TITLE
Executive VP & CFO
COMPENSATION
$2M
AGE
41
TENURE
5.4 yrs

Timothy Simpson

TITLE
Executive VP
COMPENSATION
$2M
AGE
59
TENURE
14.5 yrs

Derek Veenhof

TITLE
Executive Vice President of Asset Management
COMPENSATION
$2M
AGE
51
TENURE
4.3 yrs

Michael de Castro

TITLE
Executive Vice President of Supply Chain
COMPENSATION
$2M
AGE
55
TENURE
3.8 yrs

Manpreet Grewal

TITLE
VP & Chief Accounting Officer
AGE
39
TENURE
2.1 yrs

Dan Mannes

TITLE
Vice President of Investor Relations

Matthew Mulcahy

TITLE
Executive VP & Head of Corporate Development
COMPENSATION
$1M
AGE
54
TENURE
7.1 yrs

Ginny Angilello

TITLE
Senior VP & Chief Human Resources Officer
AGE
48
TENURE
1 yrs

Paul Gilman

TITLE
Senior VP & Chief Sustainability Officer
TENURE
11.3 yrs
Board of Directors Tenure

Average tenure and age of the Covanta Holding board of directors in years:

13.6
Average Tenure
63.5
Average Age
  • The average tenure for the Covanta Holding board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Sam Zell

TITLE
Chairman of the Board
COMPENSATION
$600K
AGE
76
TENURE
13.6 yrs

Steve Jones

TITLE
President
COMPENSATION
$5M
AGE
57
TENURE
4.1 yrs

David Barse

TITLE
Director
COMPENSATION
$180K
AGE
55
TENURE
22.9 yrs

Jean Smith

TITLE
Director
COMPENSATION
$180K
AGE
62
TENURE
15.3 yrs

Rob Silberman

TITLE
Lead Director
COMPENSATION
$180K
AGE
60

Mike Ranger

TITLE
Director
COMPENSATION
$185K
AGE
60
TENURE
2.6 yrs

Peter C. Bynoe

TITLE
Director
COMPENSATION
$170K
AGE
68
TENURE
14.8 yrs

Ronald Broglio

TITLE
Director
COMPENSATION
$170K
AGE
77
TENURE
14.5 yrs

Linda Fisher

TITLE
Director
COMPENSATION
$170K
AGE
65
TENURE
11.3 yrs

Joe Holsten

TITLE
Director
COMPENSATION
$180K
AGE
66
TENURE
9.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
02. Jan 19 Buy Michael de Castro Individual 28. Dec 18 28. Dec 18 10,000 €11.67 €116,739
14. Dec 18 Sell Paul Stauder Individual 13. Dec 18 13. Dec 18 -1,300 €13.74 €-17,861
30. Nov 18 Sell Matthew Mulcahy Individual 29. Nov 18 29. Nov 18 -13,000 €14.53 €-188,852
27. Aug 18 Sell Paul Stauder Individual 27. Aug 18 27. Aug 18 -2,000 €15.02 €-30,031
15. May 18 Sell Paul Stauder Individual 14. May 18 14. May 18 -2,322 €13.00 €-30,187
15. May 18 Sell Ronald Broglio Individual 14. May 18 14. May 18 -8,500 €13.13 €-111,587
07. May 18 Buy Stephen Jones Individual 03. May 18 03. May 18 15,000 €12.71 €190,636
X
Management checks
We assess Covanta Holding'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. Covanta Holding 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.

C3K News

Simply Wall St News

C3K Company Info

Description

Covanta Holding Corporation, through its subsidiaries, provides waste and energy services to municipal entities primarily in the United States and Canada. It owns and operates infrastructure for the conversion of waste to energy, as well as engages in related waste transport and disposal, and other renewable energy production businesses. The company disposes waste and generates electricity and/or steam; sells metal recovered during the energy-from-waste (EfW) process; and offers waste management solutions, such as site clean-up, wastewater treatment, pharmaceutical and healthcare solutions, transportation and logistics, recycling, and depackaging. It owns and operates 44 EfW facilities; 16 waste transfer stations, 20 material processing facilities, 4 landfills, and 1 regional metals recycling facility. Covanta Holding Corporation has a strategic partnership with the Green Investment Group Limited to develop, fund, and own EfW projects in Ireland and the United Kingdom. The company was formerly known as Danielson Holding Corporation and changed its name to Covanta Holding Corporation in September 2005. Covanta Holding Corporation was founded in 1960 and is headquartered in Morristown, New Jersey.

Details
Name: Covanta Holding Corporation
C3K
Exchange: DB
Founded: 1960
$2,023,982,238
131,175,323
Website: http://www.covanta.com
Address: Covanta Holding Corporation
445 South Street,
Morristown,
New Jersey, 07960,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE CVA Common Stock New York Stock Exchange US USD 06. Dec 1990
DB C3K Common Stock Deutsche Boerse AG DE EUR 06. Dec 1990
Number of employees
Current staff
Staff numbers
4,000
Covanta Holding employees.
Industry
Environmental and Facilities Services
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/23 21:38
End of day share price update: 2019/04/23 00:00
Last estimates confirmation: 2019/04/18
Last earnings filing: 2019/02/19
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.