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De La Rue

DB:DL1C
Snowflake Description

Solid track record average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DL1C
DB
£456M
Market Cap
  1. Home
  2. DE
  3. Commercial Services
Company description

De La Rue plc primarily operates as a commercial producer of currency worldwide. The last earnings update was 149 days ago. More info.


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DL1C Share Price and Events
7 Day Returns
0.9%
DB:DL1C
0.1%
DE Commercial Services
0.8%
DE Market
1 Year Returns
-18.5%
DB:DL1C
-6.3%
DE Commercial Services
-4.5%
DE Market
DL1C Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
De La Rue (DL1C) 0.9% 10.8% 1.9% -18.5% -17.9% -50%
DE Commercial Services 0.1% 3.3% 10.1% -6.3% 3.5% -41.2%
DE Market 0.8% 6.9% 8.1% -4.5% 10.4% 13.9%
1 Year Return vs Industry and Market
  • DL1C underperformed the Commercial Services industry which returned -6.3% over the past year.
  • DL1C underperformed the Market in Germany which returned -4.5% over the past year.
Price Volatility
DL1C
Industry
5yr Volatility vs Market
Related Companies

DL1C Value

 Is De La Rue 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 De La Rue 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 De La Rue.

DB:DL1C Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.3%
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:DL1C
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6.7%
Commercial Services Unlevered Beta Simply Wall St/ S&P Global 0.74
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.735 (1 + (1- 19%) (22.58%))
0.913
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.91
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.913 * 6.65%)
6.3%

Discounted Cash Flow Calculation for DB:DL1C using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for De La Rue 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:DL1C DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 6.3%)
2019 14.50 Analyst x2 13.64
2020 31.80 Analyst x2 28.14
2021 27.95 Analyst x2 23.27
2022 25.45 Est @ -8.96% 19.93
2023 23.87 Est @ -6.2% 17.59
2024 22.85 Est @ -4.27% 15.84
2025 22.18 Est @ -2.92% 14.47
2026 21.74 Est @ -1.98% 13.34
2027 21.46 Est @ -1.32% 12.38
2028 21.27 Est @ -0.85% 11.55
Present value of next 10 years cash flows £170.16
DB:DL1C DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= £21.27 × (1 + 0.23%) ÷ (6.3% – 0.23%)
£351.34
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £351.34 ÷ (1 + 6.3%)10
£190.79
DB:DL1C Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £170.16 + £190.79
£360.94
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £360.94 / 103.80
£3.48
DB:DL1C Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:DL1C represents 1.14579x of LSE:DLAR
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.14579x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (GBP) x Listing Adjustment Factor
= £ 3.48 x 1.14579
€3.98
Value per share (EUR) From above. €3.98
Current discount Discount to share price of €5.03
= -1 x (€5.03 - €3.98) / €3.98
-26.2%

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

  • The current share price of De La Rue is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 De La Rue's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are De La Rue's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:DL1C PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-29) in GBP £0.84
LSE:DLAR Share Price ** LSE (2019-04-25) in GBP £4.39
Europe Commercial Services Industry PE Ratio Median Figure of 105 Publicly-Listed Commercial Services Companies 17.06x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 20.1x

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

** Primary Listing of De La Rue.

DB:DL1C PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:DLAR Share Price ÷ EPS (both in GBP)

= 4.39 ÷ 0.84

5.25x

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

  • De La Rue is good value based on earnings compared to the Europe Commercial Services industry average.
  • De La Rue is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does De La Rue's expected growth come at a high price?
Raw Data
DB:DL1C PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.25x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
-10.7%per year
Europe Commercial Services Industry PEG Ratio Median Figure of 53 Publicly-Listed Commercial Services Companies 1.4x
Germany Market PEG Ratio Median Figure of 268 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

DB:DL1C PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 5.25x ÷ -10.7%

-0.49x

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

  • De La Rue 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 De La Rue's assets?
Raw Data
DB:DL1C PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-29) in GBP £-0.35
LSE:DLAR Share Price * LSE (2019-04-25) in GBP £4.39
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 1.87x
DB:DL1C PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:DLAR Share Price ÷ Book Value per Share (both in GBP)

= 4.39 ÷ -0.35

-12.51x

* Primary Listing of De La Rue.

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

  • De La Rue has negative assets, we can't compare the value of its assets to the DE Commercial Services industry average.
X
Value checks
We assess De La Rue'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. De La Rue 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.

DL1C Future Performance

 How is De La Rue expected to perform in the next 1 to 3 years based on estimates from 3 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
-10.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is De La Rue expected to grow at an attractive rate?
  • De La Rue'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
  • De La Rue's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • De La Rue's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:DL1C Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:DL1C Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts -10.7%
DB:DL1C Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 1.4%
Germany Commercial Services Industry Earnings Growth Rate Market Cap Weighted Average 31.4%
Germany Commercial Services Industry Revenue Growth Rate Market Cap Weighted Average 3.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.8%
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:DL1C Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:DL1C Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-03-31 527 59 50 2
2020-03-31 515 62 49 3
2019-03-31 511 46 43 3
DB:DL1C Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2018-09-29 507 41 86
2018-06-29 500 52 90
2018-03-31 494 63 95
2017-09-30 517 47 50
2017-06-30 489 53 49
2017-03-25 462 59 48
2016-09-24 455 41 36
2016-06-24 455 48 41
2016-03-26 455 54 47

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • De La Rue's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • De La Rue's revenue is expected to grow by 1.4% 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:DL1C Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from De La Rue Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:DL1C Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-03-31 0.47 0.51 0.44 2.00
2020-03-31 0.47 0.49 0.46 2.00
2019-03-31 0.42 0.45 0.39 2.00
DB:DL1C Past Financials Data
Date (Data in GBP Millions) EPS *
2018-09-29 0.84
2018-06-29 0.89
2018-03-31 0.94
2017-09-30 0.49
2017-06-30 0.48
2017-03-25 0.47
2016-09-24 0.35
2016-06-24 0.41
2016-03-26 0.47

*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.
  • De La Rue is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
X
Future performance checks
We assess De La Rue'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.
De La Rue 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.

DL1C Past Performance

  How has De La Rue 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 De La Rue'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.
  • De La Rue's year on year earnings growth rate has been positive over the past 5 years.
  • De La Rue's 1-year earnings growth exceeds its 5-year average (72.4% vs 17.5%)
  • De La Rue's earnings growth has exceeded the Europe Commercial Services industry average in the past year (72.4% vs 15.1%).
Earnings and Revenue History
De La Rue'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 De La Rue Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:DL1C Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-29 506.80 85.50 156.60 11.80
2018-06-29 500.35 90.45 157.65 11.80
2018-03-31 493.90 95.40 158.70 11.80
2017-09-30 516.90 49.60 145.70 10.40
2017-06-30 489.30 48.75 145.90 10.40
2017-03-25 461.70 47.90 146.10 10.40
2016-09-24 455.30 35.50 9.90 9.00
2016-06-24 454.90 41.45 9.95 9.00
2016-03-26 454.50 47.40 10.00 9.00
2015-09-26 396.60 43.80 10.80 6.80
2015-06-26 409.70 37.95 10.75 6.80
2015-03-28 422.80 32.10 10.70 6.80
2014-12-28 483.15 36.65 164.55 10.35
2014-09-27 494.20 39.00 164.10 11.10
2014-06-27 503.75 43.15 164.10 11.10
2014-03-29 513.30 47.30 164.10 11.10
2013-12-29 492.80 42.20 165.65 10.75
2013-09-28 472.30 37.10 167.20 10.40
2013-06-28 478.00 37.15 167.05 10.40
2013-03-30 483.70 37.20 166.90 10.40
2012-12-30 509.65 35.50 166.50 10.50
2012-09-29 535.60 33.80 166.10 10.60
2012-06-29 531.95 32.70 164.75 10.60

*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.
  • It is difficult to establish if De La Rue has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) due to its liabilities exceeding its assets.
  • De La Rue used its assets more efficiently than the Europe Commercial Services industry average last year based on Return on Assets.
  • De La Rue has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess De La Rue'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.
De La Rue has a total score of 5/6, 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.

DL1C Health

 How is De La Rue'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 De La Rue's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • De La Rue's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • De La Rue's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of De La Rue'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.
  • De La Rue has negative shareholder equity (liabilities exceed assets) therefore debt is not covered by short term assets.
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 De La Rue Company Filings, last reported 6 months ago.

DB:DL1C Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-29 -26.90 102.90 9.80
2018-06-29 -26.90 102.90 9.80
2018-03-31 -20.70 63.90 15.50
2017-09-30 -109.80 144.70 9.00
2017-06-30 -109.80 144.70 9.00
2017-03-25 -142.80 136.30 15.40
2016-09-24 -267.30 127.10 11.60
2016-06-24 -267.30 127.10 11.60
2016-03-26 -145.60 146.60 40.50
2015-09-26 -126.10 155.70 52.40
2015-06-26 -126.10 155.70 52.40
2015-03-28 -146.90 141.80 30.80
2014-12-28 -146.90 141.80 30.80
2014-09-27 -117.90 159.30 32.50
2014-06-27 -117.90 159.30 32.50
2014-03-29 -70.40 147.80 57.90
2013-12-29 -70.40 147.80 57.90
2013-09-28 -104.40 130.00 41.30
2013-06-28 -104.40 130.00 41.30
2013-03-30 -66.60 101.50 24.80
2012-12-30 -66.60 101.50 24.80
2012-09-29 -44.10 88.20 24.30
2012-06-29 -44.10 88.20 24.30
  • De La Rue has negative shareholder equity (liabilities exceed assets), this is a more serious situation compared with a high debt level.
  • Irrelevant to check if De La Rue's debt level has increased considering it has negative shareholder equity.
  • Debt is well covered by operating cash flow (40%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 15.8x coverage).
X
Financial health checks
We assess De La Rue'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. De La Rue has a total score of 3/6, 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.

DL1C Dividends

 What is De La Rue'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
5.69%
Current annual income from De La Rue dividends. Estimated to be 5.74% next year.
If you bought €2,000 of De La Rue 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?
  • De La Rue's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
  • De La Rue's dividend is above the markets top 25% of dividend payers in Germany (3.67%).
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:DL1C 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 3 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 326 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:DL1C Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2021-03-31 0.25 2.00
2020-03-31 0.25 3.00
2019-03-31 0.25 3.00
DB:DL1C Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2018-07-26 0.250 5.557
2017-11-24 0.250 4.421
2017-07-20 0.250 3.827
2016-07-21 0.250 4.041
2015-07-23 0.250 5.303
2014-06-19 0.423 7.380
2014-05-28 0.423 4.945
2013-07-25 0.423 4.856
2012-06-21 0.423 4.330
2012-06-20 0.423 4.184
2011-05-24 0.423 4.860
2010-05-25 0.423 5.633
2010-05-24 0.423 4.750
2009-11-24 0.415 4.380
2009-05-20 0.411 4.621

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of De La Rue's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.9x coverage).
X
Income/ dividend checks
We assess De La Rue'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 De La Rue afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. De La Rue has a total score of 4/6, see the detailed checks below.


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

DL1C Management

 What is the CEO of De La Rue'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
Martin Sutherland
COMPENSATION £783,000
AGE 48
TENURE AS CEO 4.5 years
CEO Bio

Mr. Martin Sutherland has been the Chief Executive Officer and Executive Director of De La Rue plc since October 13, 2014. Prior to joining De La Rue in 2014, Mr. Sutherland held senior management roles at BAE Systems plc and Detica plc. Mr. Sutherland served as Managing Director of Detica Group plc since October 2008 and served as its Business Unit Director for the Public Sector Business Unit since April 2003. Mr. Martin served as Managing Director of BAE Systems Applied Intelligence Limited since October 2008. Mr. Martin joined Detica Group PLC in 1996. He served as the Head of Detica's Security and Risk Group in 2001 and has expertise to providing advice to many leading UK organisations and to sensitive areas within HM Government in particular. Prior to Detica, he worked for Andersen Consulting and British Telecom. He has been Director of Detica Group Holdings (Ireland) Limited since March 7, 2011. He has been Independent Non-Executive Director at Forterra plc since May 23, 2017. He serves as Director of Detica France SAS, Detica Limited, Detica Holdings Limited, Detica Consulting Group Limited, Detica Consulting LLC, Detica Services, Inc., Detica Group Limited, Detica System Integration Limited, Inforenz Limited, m.a. International Limited, m.a. Management Services Limited, m.a. Ventures Limited, Primary Key Limited, Rubus Limited, Streamshield Limited, Streamshield Networks Limited and Detica International Limited. He served as a Director of Detica (IPR) Limited and Detica Market Solutions Limited.

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

Average tenure and age of the De La Rue management team in years:

4.8
Average Tenure
48
Average Age
  • The tenure for the De La Rue management team is about average.
Management Team

Martin Sutherland

TITLE
CEO & Director
COMPENSATION
£783K
AGE
48
TENURE
4.5 yrs

Helen Willis

TITLE
CFO & Executive Director
TENURE
1 yrs

Bryan Gray

TITLE
Chief Operating Officer
TENURE
1.8 yrs

Selva Selvaratnam

TITLE
Chief Technology Officer

Lili Huang

TITLE
Head of Investor Relations

Ed Peppiatt

TITLE
General Counsel & Company Secretary
AGE
51
TENURE
10.1 yrs

Clare Williams

TITLE
Group Communications Manager

Easton Jo

TITLE
Group Director of Human Resources
TENURE
5 yrs

Constance Baroudel

TITLE
Managing Director of Solutions Comprising Security Products and Identity Systems
AGE
44

Keith Brown

TITLE
Managing Director of Currency
TENURE
8.7 yrs
Board of Directors Tenure

Average tenure and age of the De La Rue board of directors in years:

3.8
Average Tenure
57.5
Average Age
  • The tenure for the De La Rue board of directors is about average.
Board of Directors

Philip Rogerson

TITLE
Non-Executive Chairman
COMPENSATION
£193K
AGE
73
TENURE
6.8 yrs

Martin Sutherland

TITLE
CEO & Director
COMPENSATION
£783K
AGE
48
TENURE
4.5 yrs

Helen Willis

TITLE
CFO & Executive Director
TENURE
0.8 yrs

Sabri Challah

TITLE
Independent Non-Executive Director
COMPENSATION
£58K
TENURE
3.8 yrs

Nick Bray

TITLE
Independent Non-Executive Director
COMPENSATION
£58K
AGE
53
TENURE
2.8 yrs

Andy Stevens

TITLE
Senior Independent Non-Executive Director
COMPENSATION
£58K
AGE
62

Maria da Cunha

TITLE
Independent Non-Executive Director
COMPENSATION
£50K
TENURE
3.8 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 (€)
19. Dec 18 Buy Easton Jo Individual 19. Dec 18 19. Dec 18 2,000 €4.61 €9,220
14. Dec 18 Sell Easton Jo Individual 12. Dec 18 12. Dec 18 -4,656 €4.67 €-21,730
14. Dec 18 Buy Easton Jo Individual 12. Dec 18 12. Dec 18 4,620 €4.67 €21,595
19. Jun 18 Buy Selva Selvaratnam Individual 19. Jun 18 19. Jun 18 20,000 €6.22 €124,473
12. Jun 18 Buy Martin Sutherland Individual 12. Jun 18 12. Jun 18 18,259 €6.23 €113,669
04. Jun 18 Buy Nicholas P. Bray Individual 04. Jun 18 04. Jun 18 18,348 €6.21 €113,859
X
Management checks
We assess De La Rue'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. De La Rue 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.

DL1C News

Simply Wall St News

DL1C Company Info

Description

De La Rue plc primarily operates as a commercial producer of currency worldwide. It operates through three segments: Currency, Identity Solutions, and Product Authentication and Traceability. The Currency segment provides printed banknotes, banknote paper and polymer substrates, and banknote security components. The Identity Solutions segment offers passport, e-passport, national ID and eID, driving license, and voter registration schemes. The Product Authentication and Traceability segment produces security documents, including authentication labels, brand licensing products, government documents, cheques, and postage stamps. The company also provides trading and non-trading, as well as insurance services. It serves the governments, central banks, and commercial organizations. De La Rue plc was founded in 1813 and is headquartered in Basingstoke, the United Kingdom.

Details
Name: De La Rue plc
DL1C
Exchange: DB
Founded: 1813
£527,927,194
103,796,134
Website: http://www.delarue.com
Address: De La Rue plc
De La Rue House,
Jays Close,
Basingstoke,
Hampshire, RG22 4BS,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE DLAR Ordinary Shares London Stock Exchange GB GBP 02. Jan 1992
OTCPK DELR.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB DL1C Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
BATS-CHIXE DLARL Ordinary Shares BATS 'Chi-X Europe' GB GBP 02. Jan 1992
OTCPK DLUE.Y UNSPONSORED ADR Pink Sheets LLC US USD 12. Jan 1993
Number of employees
Current staff
Staff numbers
2,763
De La Rue employees.
Industry
Commercial Printing
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/25 21:37
End of day share price update: 2019/04/25 00:00
Last estimates confirmation: 2019/04/05
Last earnings filing: 2018/11/27
Last earnings reported: 2018/09/29
Last annual earnings reported: 2018/03/31


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.