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Gildan Activewear

DB:VGA
Snowflake Description

Adequate balance sheet with limited growth.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VGA
DB
CA$11B
Market Cap
  1. Home
  2. DE
  3. Consumer Durables
Company description

Gildan Activewear Inc. manufactures and sells a range of apparel products in North America, Europe, the Asia-Pacific, and Latin America. The last earnings update was 75 days ago. More info.


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VGA Share Price and Events
7 Day Returns
1.7%
DB:VGA
-0.4%
DE Luxury
-1.8%
DE Market
1 Year Returns
45.3%
DB:VGA
34.5%
DE Luxury
-6.7%
DE Market
VGA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Gildan Activewear (VGA) 1.7% 3.8% 6.9% 45.3% 23.7% 59.5%
DE Luxury -0.4% 6.2% 17.8% 34.5% 101.4% 161%
DE Market -1.8% 1.6% -1.6% -6.7% 10.1% 11%
1 Year Return vs Industry and Market
  • VGA outperformed the Luxury industry which returned 34.5% over the past year.
  • VGA outperformed the Market in Germany which returned -6.7% over the past year.
Price Volatility
VGA
Industry
5yr Volatility vs Market

Value

 Is Gildan Activewear 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 Gildan Activewear 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 Gildan Activewear.

DB:VGA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.7%
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:VGA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Luxury Unlevered Beta Simply Wall St/ S&P Global 0.81
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.813 (1 + (1- 26.5%) (12.66%))
0.925
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.93
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.925 * 5.96%)
5.74%

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

The calculations below outline how an intrinsic value for Gildan Activewear 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:VGA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 5.74%)
2020 445.55 Analyst x5 421.36
2021 454.89 Est @ 2.1% 406.83
2022 461.88 Est @ 1.54% 390.65
2023 467.16 Est @ 1.14% 373.66
2024 471.22 Est @ 0.87% 356.44
2025 474.41 Est @ 0.68% 339.36
2026 476.98 Est @ 0.54% 322.67
2027 479.12 Est @ 0.45% 306.52
2028 480.95 Est @ 0.38% 290.98
2029 482.56 Est @ 0.34% 276.10
Present value of next 10 years cash flows $3,484.57
DB:VGA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $482.56 × (1 + 0.23%) ÷ (5.74% – 0.23%)
$8,771.36
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $8,771.36 ÷ (1 + 5.74%)10
$5,018.66
DB:VGA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $3,484.57 + $5,018.66
$8,503.23
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $8,503.23 / 203.96
$62.01
DB:VGA Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSX:GIL)
1.304
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $41.69 x 1.304
CA$54.37
Non-primary Listing Adjustment Factor 1 share in DB:VGA represents 0.6723x of TSX:GIL
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.6723x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 54.37 x 0.6723
€36.55
Value per share (EUR) From above. €36.55
Current discount Discount to share price of €35.00
= -1 x (€35.00 - €36.55) / €36.55
4.2%

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

Current Discount
Amount off the current price Gildan Activewear is available for.
Intrinsic value
4%
Share price is €35 vs Future cash flow value of €36.55
Current Discount Checks
For Gildan Activewear to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Gildan Activewear's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Gildan Activewear'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 Gildan Activewear's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Gildan Activewear's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:VGA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.47
TSX:GIL Share Price ** TSX (2019-07-15) in CAD CA$52.06
TSX:GIL Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.767 $39.92
Germany Luxury Industry PE Ratio Median Figure of 7 Publicly-Listed Luxury Companies 22.64x
Germany Market PE Ratio Median Figure of 419 Publicly-Listed Companies 20.05x

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

** Primary Listing of Gildan Activewear.

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

= TSX:GIL Share Price ÷ EPS (both in USD)

= 39.92 ÷ 1.47

27.23x

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

  • Gildan Activewear is overvalued based on earnings compared to the DE Luxury industry average.
  • Gildan Activewear is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Gildan Activewear's expected growth come at a high price?
Raw Data
DB:VGA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 27.23x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
15.8%per year
Europe Luxury Industry PEG Ratio Median Figure of 38 Publicly-Listed Luxury Companies 1.93x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.47x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 27.23x ÷ 15.8%

1.72x

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

  • Gildan Activewear is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Gildan Activewear's assets?
Raw Data
DB:VGA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $9.29
TSX:GIL Share Price * TSX (2019-07-15) in CAD CA$52.06
TSX:GIL Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.767 $39.92
Germany Luxury Industry PB Ratio Median Figure of 11 Publicly-Listed Luxury Companies 1.33x
Germany Market PB Ratio Median Figure of 565 Publicly-Listed Companies 1.74x
DB:VGA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:GIL Share Price ÷ Book Value per Share (both in USD)

= 39.92 ÷ 9.29

4.3x

* Primary Listing of Gildan Activewear.

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

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

Future Performance

 How is Gildan Activewear expected to perform in the next 1 to 3 years based on estimates from 12 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
15.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Gildan Activewear expected to grow at an attractive rate?
  • Gildan Activewear's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Gildan Activewear's earnings growth is expected to exceed the Germany market average.
  • Gildan Activewear's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:VGA Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:VGA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 15.8%
DB:VGA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 4.7%
Germany Luxury Industry Earnings Growth Rate Market Cap Weighted Average 13.5%
Germany Luxury Industry Revenue Growth Rate Market Cap Weighted Average 7.4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*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:VGA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:VGA Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 3,312 492 1
2020-12-31 3,206 575 447 12
2019-12-31 3,062 498 386 12
DB:VGA Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 2,885 451 306
2018-12-30 2,909 539 351
2018-09-30 2,820 464 346
2018-07-01 2,782 480 348
2018-04-01 2,733 530 347
2017-12-31 2,751 613 362
2017-10-01 2,685 585 382
2017-07-02 2,684 642 380
2017-04-02 2,657 624 367
2017-01-01 2,585 538 347
2016-10-02 2,541 400 340
2016-07-03 2,500 364 349
2016-04-03 2,526 288 353

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Gildan Activewear's earnings are expected to grow by 15.8% yearly, however this is not considered high growth (20% yearly).
  • Gildan Activewear's revenue is expected to grow by 4.7% 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:VGA 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 12 Analyst Estimates (S&P Global) See Below

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

DB:VGA Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 2.55 2.55 2.55 1.00
2020-12-31 2.23 2.35 2.13 4.00
2019-12-31 1.87 2.00 1.80 4.00
DB:VGA Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.47
2018-12-30 1.66
2018-09-30 1.61
2018-07-01 1.59
2018-04-01 1.57
2017-12-31 1.62
2017-10-01 1.68
2017-07-02 1.66
2017-04-02 1.58
2017-01-01 1.47
2016-10-02 1.42
2016-07-03 1.44
2016-04-03 1.45

*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 Gildan Activewear will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Gildan Activewear'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.
Gildan Activewear has a total score of 2/6, 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.

Past Performance

  How has Gildan Activewear 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 Gildan Activewear's growth in the last year to its industry (Luxury).
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.
  • Gildan Activewear's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Gildan Activewear's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Gildan Activewear's 1-year earnings growth is negative, it can't be compared to the DE Luxury industry average.
Earnings and Revenue History
Gildan Activewear'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 Gildan Activewear Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:VGA Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 2,885.23 305.62 392.88
2018-12-30 2,908.57 350.77 368.55
2018-09-30 2,819.51 346.17 377.00
2018-07-01 2,781.55 348.00 383.78
2018-04-01 2,732.73 346.69 381.19
2017-12-31 2,750.82 362.33 377.32
2017-10-01 2,685.01 381.68 360.18
2017-07-02 2,683.64 379.93 352.15
2017-04-02 2,657.14 366.92 346.40
2017-01-01 2,585.07 346.64 336.43
2016-10-02 2,540.97 339.93 322.40
2016-07-03 2,500.45 348.60 314.00
2016-04-03 2,525.74 353.32 310.54
2016-01-03 2,568.64 346.11 308.36
2015-10-04 2,415.47 237.30 315.17
2015-07-05 2,406.97 236.91 308.93
2015-04-05 2,386.60 253.48 300.55
2015-01-04 2,299.20 276.70 292.90
2014-10-05 2,359.99 359.55 286.02
2014-07-06 2,320.16 333.66 283.57
2014-03-30 2,240.70 333.49 281.67
2013-12-29 2,214.94 326.58 285.95
2013-09-29 2,184.30 320.18 282.56
2013-06-30 2,119.79 312.41 276.90
2013-03-31 2,105.71 275.23 264.24
2012-12-30 2,065.23 229.82 244.63
2012-09-30 1,948.25 148.46 226.04

*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.
  • Gildan Activewear has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Gildan Activewear used its assets more efficiently than the DE Luxury industry average last year based on Return on Assets.
  • Gildan Activewear's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Gildan Activewear'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 Luxury 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.
Gildan Activewear has a total score of 2/6, 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.

Health

 How is Gildan Activewear'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 Gildan Activewear's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Gildan Activewear is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Gildan Activewear's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Gildan Activewear'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 covered by short term assets, assets are 1.7x 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 Gildan Activewear Company Filings, last reported 3 months ago.

DB:VGA Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,915.65 935.70 123.93
2018-12-30 1,936.07 702.00 99.40
2018-09-30 1,947.10 871.00 90.79
2018-07-01 1,903.57 900.00 79.83
2018-04-01 2,011.40 775.00 82.53
2017-12-31 2,051.38 630.00 81.51
2017-10-01 2,069.20 705.00 76.93
2017-07-02 2,095.17 705.00 73.31
2017-04-02 2,091.54 771.00 82.28
2017-01-01 2,119.65 600.00 60.92
2016-10-02 2,092.09 691.00 82.47
2016-07-03 2,040.09 738.00 76.12
2016-04-03 2,095.17 584.01 53.45
2016-01-03 2,188.44 375.00 75.82
2015-10-04 2,129.24 462.00 47.10
2015-07-05 2,025.57 593.00 44.59
2015-04-05 1,928.83 618.00 60.28
2015-01-04 1,882.17 399.00 85.10
2014-10-05 2,023.53 157.00 65.16
2014-07-06 1,918.47 135.00 45.09
2014-03-30 1,813.84 148.00 58.59
2013-12-29 1,742.90 64.00 79.12
2013-09-29 1,719.43 0.00 97.37
2013-06-30 1,626.08 125.00 120.14
2013-03-31 1,515.82 214.00 72.72
2012-12-30 1,449.54 177.00 81.98
2012-09-30 1,426.34 186.80 70.41
  • Gildan Activewear's level of debt (48.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (8.1% vs 48.8% today).
  • Debt is well covered by operating cash flow (48.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 14.1x coverage).
X
Financial health checks
We assess Gildan Activewear'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. Gildan Activewear has a total score of 4/6, 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.

Dividends

 What is Gildan Activewear'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
1.34%
Current annual income from Gildan Activewear dividends. Estimated to be 1.43% next year.
If you bought €2,000 of Gildan Activewear shares you are expected to receive €27 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?
  • Gildan Activewear's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.48%).
  • Gildan Activewear's dividend is below the markets top 25% of dividend payers in Germany (3.85%).
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:VGA 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 12 Analyst Estimates (S&P Global) See Below
Germany Luxury Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 1.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 325 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

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

DB:VGA Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.62 2.00
2020-12-31 0.60 7.00
2019-12-31 0.53 7.00
DB:VGA Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-01 0.536 1.420
2019-02-21 0.536 1.478
2018-11-01 0.448 1.390
2018-08-02 0.448 1.504
2018-05-02 0.448 1.578
2018-02-22 0.448 1.536
2017-11-02 0.374 1.181
2017-08-03 0.374 1.212
2017-05-03 0.374 1.258
2017-02-24 0.374 1.407
2017-02-23 0.374 1.471
2016-11-03 0.312 1.206
2016-07-27 0.312 1.107
2016-05-04 0.312 1.048
2016-02-25 0.312 1.064
2016-02-24 0.312 1.238
2015-11-12 0.260 0.954
2015-07-31 0.260 0.860
2015-02-04 0.260 0.824
2014-12-04 0.260 0.923
2014-07-31 0.216 0.759
2014-05-02 0.216 0.763
2014-02-05 0.216 0.855
2013-11-21 0.216 0.836
2013-08-01 0.180 0.772
2013-05-06 0.180 0.866
2013-02-06 0.180 0.939
2012-11-29 0.180 0.984
2012-08-02 0.150 0.928
2012-05-03 0.150 1.135
2012-02-08 0.150 1.135
2011-12-01 0.150 1.500
2011-08-04 0.150 1.167
2011-05-11 0.150 0.879
2010-12-02 0.150 0.964

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

  • Whilst dividend payments have been stable, Gildan Activewear has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Gildan Activewear only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Gildan Activewear's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.9x coverage).
X
Income/ dividend checks
We assess Gildan Activewear'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 Gildan Activewear afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Gildan Activewear has a total score of 2/6, see the detailed checks below.


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

Management

 What is the CEO of Gildan Activewear'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
Glenn Chamandy
COMPENSATION $7,967,906
AGE 58
TENURE AS CEO 14.9 years
CEO Bio

Mr. Glenn J. Chamandy is Founder/Founding Entrepreneur of Gildan Activewear Inc. and has been its Chief Executive Officer and President since August 2004. Mr. Chamandy has been involved in various textile and apparel businesses for almost forty years. Mr. Chamandy has 28 years length of service. He served as a Co- Chief Executive Officer and Chief Operating Officer of Gildan Activewear Inc. since February 3, 2004 and since December 1994 respectively. He served in various executive capacities with Gildan. Mr. Chamandy has been a Director at Gildan Activewear Inc. since May 1984.

CEO Compensation
  • Glenn's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Glenn's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Gildan Activewear management team in years:

14.5
Average Tenure
55
Average Age
  • The average tenure for the Gildan Activewear management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Glenn Chamandy

TITLE
Founder
COMPENSATION
$8M
AGE
58
TENURE
14.9 yrs

Rhodri Harries

TITLE
Executive VP
COMPENSATION
$3M
AGE
55
TENURE
3.9 yrs

Mike Hoffman

TITLE
President of Sales
COMPENSATION
$4M
AGE
56
TENURE
1.4 yrs

Benito Masi

TITLE
President of Manufacturing
COMPENSATION
$2M
AGE
63
TENURE
14.5 yrs

Chuck Ward

TITLE
Senior Vice President of Yarn Spinning
COMPENSATION
$644K

Sophie Argiriou

TITLE
Vice President of Investor Communications

Lindsay Matthews

TITLE
VP, General Counsel & Corporate Secretary
AGE
48

Garry Bell

TITLE
Vice-President of Corporate Communications & Marketing
AGE
54

Lise Cloutier

TITLE
Vice President of Corporate Human Resources

Peter Iliopoulos

TITLE
Senior Vice President of Public & Corporate Affairs
AGE
49
TENURE
17 yrs
Board of Directors Tenure

Average tenure and age of the Gildan Activewear board of directors in years:

1.8
Average Tenure
59.5
Average Age
  • The average tenure for the Gildan Activewear board of directors is less than 3 years, this suggests a new board.
Board of Directors

Don Berg

TITLE
Chairman
COMPENSATION
$227K
AGE
64
TENURE
0.2 yrs

Glenn Chamandy

TITLE
Founder
COMPENSATION
$8M
AGE
58
TENURE
35.2 yrs

Russ Goodman

TITLE
Independent Director
COMPENSATION
$226K
AGE
66
TENURE
8.6 yrs

Bill Anderson

TITLE
Director
COMPENSATION
$325K
AGE
70
TENURE
13.2 yrs

Anne Martin-Vachon

TITLE
Independent Director
COMPENSATION
$206K
AGE
58
TENURE
4.4 yrs

Shirley Cunningham

TITLE
Independent Director
COMPENSATION
$207K
AGE
59
TENURE
2.4 yrs

Maryse Bertrand

TITLE
Director
COMPENSATION
$136K
AGE
60
TENURE
1.2 yrs

Marc Caira

TITLE
Director
COMPENSATION
$136K
AGE
65
TENURE
1.2 yrs

Charles Herington

TITLE
Director
COMPENSATION
$136K
AGE
59
TENURE
1.2 yrs

Craig Leavitt

TITLE
Director
COMPENSATION
$136K
AGE
58
TENURE
1.2 yrs
Who owns this company?
Recent Insider Trading
  • Gildan Activewear individual insiders have only sold shares in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
10. May 19 Sell Larry Dismukes Individual 08. May 19 08. May 19 -810 €33.76 €-27,343
07. Mar 19 Sell Gilles Léger Individual 06. Mar 19 06. Mar 19 -9,670 €31.27 €-302,383
28. Feb 19 Sell Jonathan Roiter Individual 25. Feb 19 25. Feb 19 -3,500 €30.89 €-108,103
28. Feb 19 Sell Benito Masi Individual 25. Feb 19 25. Feb 19 -10,000 €31.03 €-310,337
04. Mar 19 Sell Pietro Filato Individual 01. Mar 19 01. Mar 19 -1,000 €31.80 €-31,801
21. Nov 18 Buy Maryse Bertrand Individual 21. Nov 18 21. Nov 18 1,200 €27.36 €32,828
13. Nov 18 Sell Gonzalo Valdes-Fauli Individual 12. Nov 18 12. Nov 18 -3,000 €28.15 €-84,441
07. Nov 18 Sell Benito Masi Individual 02. Nov 18 02. Nov 18 -18,159 €27.18 €-493,481
07. Nov 18 Sell Michael Hoffman Individual 02. Nov 18 02. Nov 18 -10,000 €27.35 €-273,497
07. Nov 18 Sell Peter Iliopoulos Individual 05. Nov 18 05. Nov 18 -25,000 €27.72 €-692,331
08. Aug 18 Sell George Heller Individual 07. Aug 18 07. Aug 18 -2,500 €26.48 €-66,211
X
Management checks
We assess Gildan Activewear'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. Gildan Activewear 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.

News

Simply Wall St News

Company Info

Description

Gildan Activewear Inc. manufactures and sells a range of apparel products in North America, Europe, the Asia-Pacific, and Latin America. The company manufactures and markets active wear products, including T-shirts, fleece tops and bottoms, and sport shirts under Gildan, Gildan Performance, Gildan Platinum, Gildan Hammer, Comfort Colors, American Apparel, Anvil, Alstyle, and Gold Toe brands. It also offers athletic, dress, casual, workwear, liner, and therapeutic socks, as well as sheer panty hose, tights, and leggings under the Gildan, Gildan Platinum, Under Armour, Gold Toe, PowerSox, GT a Gold Toe Brand, Silver Toe, Signature Gold by Goldtoe, Peds, MediPeds, Kushyfoot, Therapy Plus, All Pro, Secret, Silks, Secret Silky, and American Apparel brand names. In addition, the company provides men's and boys' top and bottom underwear, and ladies panties under Gildan, Gildan Platinum, and American Apparel brand names; and ladies shapewear, intimates, and accessories under Secret, Secret Silky, and American Apparel brand names, as well as other products, such as denim, jackets, sweaters, bodysuits, skirts, dresses, and accessories. It offers its products through wholesale distributors, screen printers/embellishers, and retailers, as well as through its e-commerce platforms. The company was formerly known as Textiles Gildan Inc. and changed its name to Gildan Activewear Inc. in March 1995. Gildan Activewear Inc. was incorporated in 1984 and is headquartered in Montreal, Canada.

Details
Name: Gildan Activewear Inc.
VGA
Exchange: DB
Founded: 1984
CA$7,158,858,484
203,956,804
Website: http://www.gildan.com
Address: Gildan Activewear Inc.
600 de Maisonneuve Boulevard West,
33rd Floor,
Montreal,
Quebec, H3A 3J2,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX GIL Common Shares The Toronto Stock Exchange CA CAD 17. Jun 1998
NYSE GIL Common Shares New York Stock Exchange US USD 17. Jun 1998
DB VGA Common Shares Deutsche Boerse AG DE EUR 17. Jun 1998
Number of employees
Current staff
Staff numbers
52,000
Gildan Activewear employees.
Industry
Apparel, Accessories and Luxury Goods
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/15 21:14
End of day share price update: 2019/07/15 00:00
Last estimates confirmation: 2019/06/27
Last earnings filing: 2019/05/01
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/30


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.