DB:DIL1

Stock Analysis Report

Executive Summary

Viad Corp operates as an experiential services company in the United States, Canada, the United Kingdom, continental Europe, and the United Arab Emirates.


Snowflake Analysis

Reasonable growth potential with mediocre balance sheet.

Share Price & News

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


Latest Share Price and Events

Stable Share Price: DIL1 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

5.0%

DIL1

-0.3%

DE Commercial Services

0.7%

DE Market


1 Year Return

36.7%

DIL1

7.3%

DE Commercial Services

15.6%

DE Market

Return vs Industry: DIL1 exceeded the German Commercial Services industry which returned 9.1% over the past year.

Return vs Market: DIL1 exceeded the German Market which returned 17.1% over the past year.


Shareholder returns

DIL1IndustryMarket
7 Day5.0%-0.3%0.7%
30 Day3.3%-1.0%1.7%
90 Day2.5%9.9%6.3%
1 Year37.6%36.7%11.2%7.3%19.2%15.6%
3 Year54.9%51.5%8.1%-1.3%18.3%7.9%
5 Year168.4%155.7%9.1%-6.4%26.8%9.4%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

60.6x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: DIL1 (€60.5) is trading above our estimate of fair value (€37.98)

Significantly Below Fair Value: DIL1 is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: DIL1 is poor value based on its PE Ratio (58.5x) compared to the Commercial Services industry average (32.4x).

PE vs Market: DIL1 is poor value based on its PE Ratio (58.5x) compared to the German market (20.6x).


Price to Earnings Growth Ratio

PEG Ratio: DIL1 is poor value based on its PEG Ratio (1.4x)


Price to Book Ratio

PB vs Industry: DIL1 is good value based on its PB Ratio (3x) compared to the DE Commercial Services industry average (3.2x).


Next Steps

Future Growth

How is Viad forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

42.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: DIL1's forecast earnings growth (42.2% per year) is above the savings rate (-0.4%).

Earnings vs Market: DIL1's earnings (42.2% per year) are forecast to grow faster than the German market (13.2% per year).

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

Revenue vs Market: DIL1's revenue (5.4% per year) is forecast to grow faster than the German market (4.8% per year).

High Growth Revenue: DIL1's revenue (5.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: DIL1's Return on Equity is forecast to be low in 3 years time (11.1%).


Next Steps

Past Performance

How has Viad performed over the past 5 years?

3.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: DIL1 has a large one-off loss of $16.9M impacting its September 30 2019 financial results.

Growing Profit Margin: DIL1's current net profit margins (1.7%) are lower than last year (2.3%).


Past Earnings Growth Analysis

Earnings Trend: DIL1's earnings have grown by 3.2% per year over the past 5 years.

Accelerating Growth: DIL1's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: DIL1 had negative earnings growth (-19.5%) over the past year, making it difficult to compare to the Commercial Services industry average (6.2%).


Return on Equity

High ROE: DIL1's Return on Equity (4.9%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Viad's financial position?


Financial Position Analysis

Short Term Liabilities: DIL1's short term assets ($275.9M) do not cover its short term liabilities ($545.7M).

Long Term Liabilities: DIL1's short term assets ($275.9M) exceed its long term liabilities ($202.7M).


Debt to Equity History and Analysis

Debt Level: DIL1's debt to equity ratio (55.6%) is considered high.

Reducing Debt: DIL1's debt to equity ratio has increased from 6.5% to 55.6% over the past 5 years.

Debt Coverage: DIL1's debt is well covered by operating cash flow (30.2%).

Interest Coverage: DIL1's interest payments on its debt are well covered by EBIT (5.7x coverage).


Balance Sheet

Inventory Level: DIL1 has a high level of physical assets or inventory.

Debt Coverage by Assets: DIL1's debt is not covered by short term assets (assets are 0.9x debt).


Next Steps

Dividend

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

0.57%

Current Dividend Yield


Dividend Yield vs Market

company0.6%marketbottom25%1.4%markettop25%3.5%industryaverage3.3%forecastin3Years0.6%

Current dividend yield vs market & industry

Notable Dividend: DIL1's dividend (0.59%) isn’t notable compared to the bottom 25% of dividend payers in the German market (1.38%).

High Dividend: DIL1's dividend (0.59%) is low compared to the top 25% of dividend payers in the German market (3.53%).


Stability and Growth of Payments

Stable Dividend: DIL1 is not paying a notable dividend for the German market, therefore no need to check if payments are stable.

Growing Dividend: DIL1 is not paying a notable dividend for the German market, therefore no need to check if payments are increasing.


Current Payout to Shareholders

Dividend Coverage: DIL1 is not paying a notable dividend for the German market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of DIL1'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 Viad's salary, the management and board of directors tenure and is there insider trading?

3.9yrs

Average management tenure


CEO

Steve Moster (49yo)

5.1yrs

Tenure

US$3,741,915

Compensation

Mr. Steven W. Moster, also known as Steve, has been the Chief Executive Officer and President of Viad Corp since December 4, 2014. Mr. Moster served as the President of Marketing & Events Group at Viad Cor ...


CEO Compensation Analysis

Compensation vs Market: Steve's total compensation ($USD3.74M) is above average for companies of similar size in the German market ($USD1.50M).

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


Management Age and Tenure

3.9yrs

Average Tenure

55yo

Average Age

Experienced Management: DIL1's management team is considered experienced (3.9 years average tenure).


Board Age and Tenure

5.1yrs

Average Tenure

56yo

Average Age

Experienced Board: DIL1's board of directors are considered experienced (5.1 years average tenure).


Insider Trading

Insider Buying: DIL1 insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Buy€56,44104 Dec 19
Andrew Benett
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares1,000
Max Price€56.44
Sell€62,33905 Sep 19
Robert Munzenrider
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares1,079
Max Price€57.77
Sell€54,58027 Aug 19
Robert Munzenrider
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares921
Max Price€59.26
Sell€113,00303 Jun 19
Robert Munzenrider
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares2,000
Max Price€56.50

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Ellen Ingersoll (55yo)

    Chief Financial Officer

    • Tenure: 17.6yrs
    • Compensation: US$1.32m
  • Elyse Newman (62yo)

    Treasurer

    • David Barry (56yo)

      President of Pursuit

      • Tenure: 4.6yrs
      • Compensation: US$1.11m
    • Steve Moster (49yo)

      CEO, President & Director

      • Tenure: 5.1yrs
      • Compensation: US$3.74m
    • Leslie Striedel (56yo)

      Chief Accounting Officer

      • Tenure: 5.8yrs
      • Compensation: US$465.86k
    • Michael Howe

      Executive Vice President of Onpeak | GES

      • Rick Britton (58yo)

        Chief Information Officer

        • Tenure: 2yrs
      • Trisha Fox (49yo)

        Chief Human Resource Officer

        • Tenure: 3.3yrs
        • Compensation: US$526.08k
      • Derek Linde (43yo)

        General Counsel & Corporate Secretary

        • Tenure: 1.8yrs
        • Compensation: US$800.72k
      • Jay Altizer (48yo)

        President of GES North America

        • Tenure: 1.7yrs

      Board Members

      • Ed Mace (67yo)

        Independent Director

        • Tenure: 7.2yrs
        • Compensation: US$214.47k
      • Rich Dozer (62yo)

        Chairman & Lead Independent Director

        • Tenure: 5.1yrs
        • Compensation: US$301.90k
      • Bob Munzenrider (74yo)

        Independent Director

        • Tenure: 15.5yrs
        • Compensation: US$224.07k
      • Josh Schechter (46yo)

        Independent Director

        • Tenure: 4.8yrs
        • Compensation: US$200.50k
      • Andrew Benett (48yo)

        Independent Director

        • Tenure: 6.5yrs
        • Compensation: US$206.07k
      • Steve Moster (49yo)

        CEO, President & Director

        • Tenure: 5.1yrs
        • Compensation: US$3.74m
      • Denise Coll (65yo)

        Independent Director

        • Tenure: 1.4yrs
        • Compensation: US$83.32k
      • Ginnie Henkels (50yo)

        Independent Director

        • Tenure: 2.2yrs
        • Compensation: US$189.66k

      Company Information

      Viad Corp's company bio, employee growth, exchange listings and data sources


      Key Information

      • Name: Viad Corp
      • Ticker: DIL1
      • Exchange: DB
      • Founded: 1914
      • Industry: Diversified Support Services
      • Sector: Commercial Services
      • Market Cap: US$1.424b
      • Listing Market Cap: US$1.285b
      • Shares outstanding: 20.33m
      • Website: https://www.viad.com

      Number of Employees


      Location

      • Viad Corp
      • 1850 North Central Avenue
      • Suite 1900
      • Phoenix
      • Arizona
      • 85004
      • United States

      Listings

      TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
      VVINYSE (New York Stock Exchange)YesCommon StockUSUSDJan 1968
      DIL1DB (Deutsche Boerse AG)YesCommon StockDEEURJan 1968

      Biography

      Viad Corp operates as an experiential services company in the United States, Canada, the United Kingdom, continental Europe, and the United Arab Emirates. It operates in two business groups, GES and Pursuit. The company offers event planning and production, look and feel design, layout and floor plan designs, furnishings and carpet, show traffic analysis, marketing and strategy, electrical distribution, cleaning, plumbing, overhead and booth rigging, and material handling services; and signage products and common area structures. It also provides creative design and strategy, integrated marketing and pre/post event communications, data analytics and insights, event surveys, return on investment analysis, online management tools, attendee/exhibit booth traffic analysis, staff training, logistics/transportation, storage/refurbishment of exhibits, installation and dismantling labor, and tradeshow program management services. In addition, the company offers custom exhibit design/construction, portable/modular exhibits and design, and graphics and signage products; event technology services, including event accommodation solutions, registration and data analytics, and event management tools; and audio-visual services, such as video and lighting production, digital studio, entertainment and talent coordination, projection mapping, and computer rental and support services. Further, it owns and operates hotels and lodges, recreational attractions, food and beverage, and retail facilities; provides ground transportation services comprising sightseeing tour, airport shuttle, and seasonal charter motor coach services, as well as offers corporate and event management services for meetings, conferences, incentive travel, sports, and special events. The company was founded in 1914 and is headquartered in Phoenix, Arizona. 


      Company Analysis and Financial Data Status

      All financial data provided by Standard & Poor's Capital IQ.
      DataLast Updated (UTC time)
      Company Analysis2020/01/20 20:32
      End of Day Share Price2020/01/20 00:00
      Earnings2019/09/30
      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.