Discounted Cash Flow Calculation for DB:0DT using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for
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:0DT DCF 1st Stage: Next 10 year cash flow forecast
Amount off the current price
is available for.
Share price is
vs Future cash flow value of
Current Discount Checks
to be considered undervalued it must be available for at least 20% below the
current price. Less than 40% is even better.
Telepizza Group's share price is below the future cash flow value, and at a moderate discount (> 20%).
Telepizza Group'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
is considered below, and whether this is a fair price.
Price based on past earnings
Telepizza Group's earnings available for a low price, and how does
this compare to other companies in the same industry?
Telepizza Group's earnings are expected to grow significantly at over 20% yearly.
Telepizza Group's revenue is expected to grow by 14.6% 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.
Telepizza Group's performance over the past 5 years by checking for:
Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the
industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the
past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
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.
has a total score of
0/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
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.
TENURE AS CEO
Mr. Pablo Juantegui Azpilicueta serves as Chief Executive Officer of Telepizza S.A.U. Mr. Azpilicueta has been Chief Executive Officer of Telepizza Group, S.A.U since November 2009. He has 22 years of experience in the consumer and retail sector and 8 years of experience in the healthcare sector. Mr. Azpilicueta served as General Manager of International Business - Europe, Latin America and Middle East at The British United Provident Association Limited (also known as Bupa) from June 2008 to November 2009. He served as Managing Director of International Businesses for Europe, the Middle East and Africa (EMEA) and Latin America at the Bupa Group. He served as Chief Executive Officer at the Sanitas Group from June 2004 to June 2008. Sanitas Group includes Sanitas Seguros, Sanitas Residencial, Sanitas Hospitales and Sanitas Diversificación. He served as Chief Executive of the Spanish subsidiary of Telefónica Publicidad e Información (TPI). Since1998 served as Chief Executive Officer of the wines and spirits company González Byass. He occupied various managerial positions at the American Coors Brewing Company, Mars Inc., the confectionery and food manufacturer and the IT giant IBM. Mr. Azpilicueta has been Chairman of Telepizza Group, S.A.U since March 31, 2016. Mr. Azpilicueta served as a Director of Bupa Investments Overseas Limited until November 23, 2009. He served as a Director of BUPA Arabia for Cooperative Insurance Company until November 23, 2009. He is an Economist. He holds a degree in Business Administration from the Complutense University of Madrid and a Master of Business Administration degree from IE Business School.
Insufficient data for Pablo to compare compensation growth.
Pablo's remuneration is lower than average for companies of similar size in Germany.
Chairman & CEO
Javier Van Engelen
Chief Information Officer
Investor Relations Manager
Chief Marketing Officer and Chief Operations Officer of Europe
Head of Human Resources
Manuel Díaz De Bustamante
Chief Supply Chain Officer
Chief Operations Officer Latin America
Chief Operations Officer of International Expansion
Javier Gaspar Pardo de Andrade
Secretary & Director
Board of Directors Tenure
Average tenure and age of the
board of directors in years:
The tenure for the Telepizza Group board of directors is about average.
Telepizza Group, S.A., through its subsidiaries, operates as a pizza delivery company in Spain and internationally. The company manages and operates retail outlets that offer pizzas, hamburgers, pasta, salads, sandwiches, etc. As of December 31, 2017, it operated 1,607 stores, including 441 owned and 1,166 franchised stores under the Telepizza, Pizza World, and Jenos Pizza brand names. The company was formerly known as Foodco Pastries Spain, S.A.U. and changed its name to Telepizza Group, S.A. in March 2016. Telepizza Group, S.A. was founded in 1987 and is based in San Sebastián de los Reyes, Spain.
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