DB:PJP

Stock Analysis Report

Executive Summary

X5 Retail Group N.V. creates, develops, and operates grocery retail stores primarily in Russia.


Snowflake Analysis

High growth potential and fair value.


Similar Companies

Share Price & News

How has X5 Retail Group's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: PJP's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

1.3%

PJP

3.8%

DE Consumer Retailing

7.2%

DE Market


1 Year Return

0.7%

PJP

-9.3%

DE Consumer Retailing

-17.5%

DE Market

Return vs Industry: PJP exceeded the German Consumer Retailing industry which returned -9% over the past year.

Return vs Market: PJP exceeded the German Market which returned -14.1% over the past year.


Shareholder returns

PJPIndustryMarket
7 Day1.3%3.8%7.2%
30 Day-25.7%-7.4%-22.3%
90 Day-27.0%-11.4%-26.1%
1 Year5.7%0.7%-5.9%-9.3%-14.9%-17.5%
3 Year-16.9%-24.1%-3.2%-12.8%-18.7%-25.7%
5 Year73.0%57.9%-4.6%-19.2%-17.8%-29.1%

Price Volatility Vs. Market

How volatile is X5 Retail Group's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is X5 Retail Group undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: PJP (€22.62) is trading below our estimate of fair value (€57.8)

Significantly Below Fair Value: PJP is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: PJP is poor value based on its PE Ratio (27.7x) compared to the Consumer Retailing industry average (18x).

PE vs Market: PJP is poor value based on its PE Ratio (27.7x) compared to the German market (16.6x).


Price to Earnings Growth Ratio

PEG Ratio: PJP is good value based on its PEG Ratio (0.9x)


Price to Book Ratio

PB vs Industry: PJP is overvalued based on its PB Ratio (4.6x) compared to the XE Consumer Retailing industry average (1.4x).


Next Steps

Future Growth

How is X5 Retail Group forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?

30.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PJP's forecast earnings growth (30.7% per year) is above the savings rate (-0.4%).

Earnings vs Market: PJP's earnings (30.7% per year) are forecast to grow faster than the German market (14.7% per year).

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

Revenue vs Market: PJP's revenue (11.6% per year) is forecast to grow faster than the German market (4% per year).

High Growth Revenue: PJP's revenue (11.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PJP's Return on Equity is forecast to be high in 3 years time (28.4%)


Next Steps

Past Performance

How has X5 Retail Group performed over the past 5 years?

15.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PJP has high quality earnings.

Growing Profit Margin: PJP's current net profit margins (1.1%) are lower than last year (1.9%).


Past Earnings Growth Analysis

Earnings Trend: PJP's earnings have grown by 15.3% per year over the past 5 years.

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

Earnings vs Industry: PJP had negative earnings growth (-31.9%) over the past year, making it difficult to compare to the Consumer Retailing industry average (2.2%).


Return on Equity

High ROE: PJP's Return on Equity (16.7%) is considered low.


Next Steps

Financial Health

How is X5 Retail Group's financial position?


Financial Position Analysis

Short Term Liabilities: PJP's short term assets (RUB179.8B) do not cover its short term liabilities (RUB368.6B).

Long Term Liabilities: PJP's short term assets (RUB179.8B) do not cover its long term liabilities (RUB589.2B).


Debt to Equity History and Analysis

Debt Level: PJP's debt to equity ratio (195.6%) is considered high.

Reducing Debt: PJP's debt to equity ratio has increased from 133.5% to 195.6% over the past 5 years.

Debt Coverage: PJP's debt is well covered by operating cash flow (57.2%).

Interest Coverage: PJP's interest payments on its debt are not well covered by EBIT (1.7x coverage).


Balance Sheet

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

Debt Coverage by Assets: PJP's debt is not covered by short term assets (assets are 0.8x debt).


Next Steps

Dividend

What is X5 Retail Group's current dividend yield, its reliability and sustainability?

5.56%

Current Dividend Yield


Upcoming Dividend Payment

TodayMar 28 2020Ex Dividend DateMay 28 2020Dividend Pay DateJan 01 197018410 days from Ex DividendBuy in the next 60 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: PJP's dividend (5.56%) is higher than the bottom 25% of dividend payers in the German market (1.66%).

High Dividend: PJP's dividend (5.56%) is in the top 25% of dividend payers in the German market (4.86%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, PJP has been paying a dividend for less than 10 years.

Growing Dividend: PJP's dividend payments have increased, but the company has only paid a dividend for 2 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (153.8%), PJP's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: PJP's dividends in 3 years are forecast to be covered by earnings (81.3% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.0yrs

Average management tenure


CEO

Igor Shekhterman (49yo)

4.33s

Tenure

₽259,000,000

Compensation

Mr. Igor Shekhterman has been the Chief Executive Officer and Member of Management Board at X5 Retail Group N.V. of Alfa Group Consortium since November 12, 2015 and serves as its Chairman of Management Bo ...


CEO Compensation Analysis

Compensation vs Market: Igor's total compensation ($USD3.27M) is about average for companies of similar size in the German market ($USD3.60M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Igor Shekhterman
CEO & Chairman of Management Board4.33yrs₽259.00mno data
Frank Lhoëst
Corporate Secretary and Member of Management Boardno data₽35.00mno data
Quinten Peer
Member of Management Board0.83yr₽10.00mno data
Svetlana Demyashkevich
Chief Financial Officer2.75yrsno datano data
Natalia Zagvozdina
Head of Corporate Finance & IRno datano datano data
Anton Valkov
Chief Information Officer0.17yrno datano data
Ekaterina Lobacheva
General Counselno datano datano data
Elena Konnova
Corporate Communication Director5.17yrsno datano data
Tatiana Krasnoperova
Director of Human Resources & Organisational Development1.17yrsno datano data
Vladimir Rusanov
Head of Public Relationsno datano datano data

2.0yrs

Average Tenure

48.5yo

Average Age

Experienced Management: PJP's management team is not considered experienced ( 2 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Nadia Shouraboura
Independent Member of Supervisory Board1.58yrs₽12.00mno data
Mikhail Fridman
Member of Supervisory Board13.83yrsno datano data
Stephan DuCharme
Chairman of Supervisory Board4.33yrs₽40.00m0.046% RUB2.8m
Michael Kuchment
Independent Member of Supervisory Board4.33yrs₽15.00m0.0014% RUB85.4k
Karl-Heinz Holland
Independent Member of Supervisory Board1.58yrs₽11.00mno data
Alexander Torbakhov
Independent Member of Supervisory Board0.42yr₽17.00mno data
Geoffrey King
Independent Member of Supervisory Board4.83yrs₽36.00m0.0081% RUB500.6k
Peter Demchenkov
Independent Vice Chairman of Supervisory Board1yr₽31.00m0.0028% RUB170.8k
Andrei Elinson
Member of Supervisory Board3.83yrsno datano data

3.8yrs

Average Tenure

49yo

Average Age

Experienced Board: PJP's board of directors are considered experienced (3.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

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


Ownership Breakdown

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


Top Shareholders

Company Information

X5 Retail Group N.V.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: X5 Retail Group N.V.
  • Ticker: PJP
  • Exchange: DB
  • Founded: 1975
  • Industry: Food Retail
  • Sector: Consumer Retailing
  • Market Cap: US$6.811b
  • Listing Market Cap: US$6.143b
  • Shares outstanding: 271.56m
  • Website: https://www.x5.ru

Number of Employees


Location

  • X5 Retail Group N.V.
  • WTC Tower H
  • 24th floor
  • Amsterdam
  • Noord-Holland
  • 1077 XV
  • Netherlands

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FIVELSE (London Stock Exchange)YesSPONS GDR REGSGBUSDMay 2005
PJPDB (Deutsche Boerse AG)YesSPONS GDR REGSDEEURMay 2005
FIVEMISX (Micex - Rts)YesSPONS GDR REGSRURUBMay 2005
FIVELBATS-CHIXE (BATS 'Chi-X Europe')YesSPONS GDR REGSGBUSDMay 2005
FIVEWBAG (Wiener Boerse AG)YesSPONS GDR REGSATEURMay 2005

Biography

X5 Retail Group N.V. creates, develops, and operates grocery retail stores primarily in Russia. As of February 20, 2020, the company operated 15,354 stores under the Pyaterochka name, 852 supermarkets under the Perekrestok name, and 91 Karusel hypermarkets. It also engages in wholesale operations and online retail, as well as providing franchise and other services. The company was founded in 1975 and is headquartered in Amsterdam, the Netherlands. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/27 21:20
End of Day Share Price2020/03/27 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.