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Codere

DB:4CD1
Snowflake Description

Mediocre balance sheet and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
4CD1
DB
€375M
Market Cap
  1. Home
  2. DE
  3. Consumer Services
Company description

Codere, S.A., together with its subsidiaries, engages in the private gaming business in Spain, Italy, Argentina, Brazil, Colombia, Mexico, Panama, and Uruguay. The last earnings update was 43 days ago. More info.


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4CD1 Share Price and Events
7 Day Returns
-0.6%
DB:4CD1
-1.9%
DE Hospitality
1.5%
DE Market
1 Year Returns
-62.5%
DB:4CD1
-50.5%
DE Hospitality
-5.8%
DE Market
4CD1 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Codere (4CD1) -0.6% -4.8% 2.8% -62.5% -65.4% -82.3%
DE Hospitality -1.9% -4% -9.2% -50.5% -16.8% -29.7%
DE Market 1.5% 1.3% 2.2% -5.8% 17.6% 8.7%
1 Year Return vs Industry and Market
  • 4CD1 underperformed the Hospitality industry which returned -50.5% over the past year.
  • 4CD1 underperformed the Market in Germany which returned -5.8% over the past year.
Price Volatility
4CD1
Industry
5yr Volatility vs Market

Value

 Is Codere 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 Codere 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 Codere.

DB:4CD1 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 16.6%
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:4CD1
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 8.2%
Hospitality Unlevered Beta Simply Wall St/ S&P Global 0.92
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.922 (1 + (1- 25%) (319.15%))
2.426
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (2 * 8.18%)
16.59%

Discounted Cash Flow Calculation for DB:4CD1 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Codere 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:4CD1 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 16.59%)
2019 92.57 Est @ 4.92% 79.40
2020 95.82 Est @ 3.51% 70.49
2021 98.24 Est @ 2.53% 61.99
2022 100.04 Est @ 1.84% 54.15
2023 101.40 Est @ 1.35% 47.07
2024 102.43 Est @ 1.02% 40.78
2025 103.23 Est @ 0.78% 35.25
2026 103.86 Est @ 0.61% 30.42
2027 104.38 Est @ 0.5% 26.23
2028 104.81 Est @ 0.42% 22.59
Present value of next 10 years cash flows €468.37
DB:4CD1 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €104.81 × (1 + 0.23%) ÷ (16.59% – 0.23%)
€642.12
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €642.12 ÷ (1 + 16.59%)10
€138.38
DB:4CD1 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €468.37 + €138.38
€606.75
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €606.75 / 118.38
€5.13
DB:4CD1 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:4CD1 represents 0.99526x of BME:CDR
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.99526x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 5.13 x 0.99526
€5.10
Value per share (EUR) From above. €5.10
Current discount Discount to share price of €3.15
= -1 x (€3.15 - €5.10) / €5.10
38.2%

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

Current Discount
Amount off the current price Codere is available for.
Intrinsic value
38%
Share price is €3.15 vs Future cash flow value of €5.1
Current Discount Checks
For Codere to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Codere's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Codere'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 Codere's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Codere's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:4CD1 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €-0.35
BME:CDR Share Price ** BME (2019-06-25) in EUR €3.17
Germany Hospitality Industry PE Ratio Median Figure of 10 Publicly-Listed Hospitality Companies 18.5x
Germany Market PE Ratio Median Figure of 425 Publicly-Listed Companies 19.8x

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

** Primary Listing of Codere.

DB:4CD1 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BME:CDR Share Price ÷ EPS (both in EUR)

= 3.17 ÷ -0.35

-9.06x

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

  • Codere is loss making, we can't compare its value to the DE Hospitality industry average.
  • Codere is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does Codere's expected growth come at a high price?
Raw Data
DB:4CD1 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -9.06x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Germany Hospitality Industry PEG Ratio Median Figure of 5 Publicly-Listed Hospitality Companies 1.28x
Germany Market PEG Ratio Median Figure of 272 Publicly-Listed Companies 1.45x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Codere, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Codere's assets?
Raw Data
DB:4CD1 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €0.09
BME:CDR Share Price * BME (2019-06-25) in EUR €3.17
Germany Hospitality Industry PB Ratio Median Figure of 12 Publicly-Listed Hospitality Companies 2.18x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.8x
DB:4CD1 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BME:CDR Share Price ÷ Book Value per Share (both in EUR)

= 3.17 ÷ 0.09

35.91x

* Primary Listing of Codere.

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

  • Codere is overvalued based on assets compared to the DE Hospitality industry average.
X
Value checks
We assess Codere'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 Hospitality 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 Hospitality industry average (and greater than 0)? (1 check)
  5. Codere has a total score of 1/6, 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 Codere expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Codere has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

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
21%
Expected Hospitality industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Codere expected to grow at an attractive rate?
  • Unable to compare Codere's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Codere's earnings growth to the Germany market average as no estimate data is available.
  • Unable to compare Codere's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
DB:4CD1 Future Growth Rates Data Sources
Data Point Source Value (per year)
Germany Hospitality Industry Earnings Growth Rate Market Cap Weighted Average 21%
Germany Hospitality Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.6%
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:4CD1 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:4CD1 Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
DB:4CD1 Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 1,393 173 -41
2018-12-31 1,419 183 -40
2018-09-30 1,528 178 -61
2018-06-30 1,571 164 -31
2018-03-31 1,606 150 1
2017-12-31 1,628 168 3
2017-09-30 1,547 156 12
2017-06-30 1,536 172 8
2017-03-31 1,515 170 -1,114
2016-12-31 1,486 152 -1,126
2016-09-30 1,564 170 -1,169
2016-06-30 1,589 159 -1,199

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Codere is high growth as no earnings estimate data is available.
  • Unable to determine if Codere is high growth as no revenue estimate data is available.
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:4CD1 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Codere Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:4CD1 Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
DB:4CD1 Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 -0.35
2018-12-31 -0.34
2018-09-30 -0.51
2018-06-30 -0.26
2018-03-31 0.01
2017-12-31 0.02
2017-09-30 0.10
2017-06-30 0.07
2017-03-31 -9.59
2016-12-31 -12.88
2016-09-30 -20.10
2016-06-30 -40.77

*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 Codere will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Codere's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Consumer Services companies here
  2. Codere's competitive advantages and company strategy can generally be found in its financial reports archived here.
  3. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Codere'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.
Codere has a total score of 0/6, 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 Codere 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 Codere's growth in the last year to its industry (Hospitality).
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.
  • Codere does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Codere's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Codere's 1-year growth to the DE Hospitality industry average as it is not currently profitable.
Earnings and Revenue History
Codere'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 Codere Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:4CD1 Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,393.21 -41.31 111.60
2018-12-31 1,418.81 -40.41 109.50
2018-09-30 1,528.22 -60.76 117.58
2018-06-30 1,571.19 -31.00 125.08
2018-03-31 1,606.32 0.84 123.48
2017-12-31 1,628.12 2.74 125.08
2017-09-30 1,547.25 12.11 36.26
2017-06-30 1,536.35 8.01 34.76
2017-03-31 1,515.39 -1,114.19 118.66
2016-12-31 1,486.29 -1,125.89 115.76
2016-09-30 1,564.30 -1,169.18 214.65
2016-06-30 1,589.20 -1,198.78 205.45
2016-03-31 1,609.82 -86.49 132.25
2015-12-31 1,630.62 -113.19 124.45
2015-09-30 1,584.89 -111.02 60.23
2015-06-30 1,521.89 -157.12 57.23
2015-03-31 1,444.48 -181.21 115.23
2014-12-31 1,377.18 -173.01 109.53
2014-09-30 1,351.60 -216.27 170.60
2014-06-30 1,386.30 -163.47 170.80
2014-03-31 1,451.76 -180.22 112.60
2013-12-31 1,513.36 -173.62 118.50
2013-09-30 1,568.40 -188.29 62.63
2013-06-30 1,623.93 -179.68 127.53
2013-03-31 1,646.85 -156.54 128.93
2012-12-31 1,659.05 -146.94 127.53
2012-09-30 1,640.85 -26.55 179.58
2012-06-30 1,555.63 5.05 98.78

*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 Codere has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • Codere used its assets less efficiently than the DE Hospitality industry average last year based on Return on Assets.
  • It is difficult to establish if Codere improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Codere'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 Hospitality 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.
Codere 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.

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

Health

 How is Codere'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 Codere's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Codere's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Codere's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Codere'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 not covered by short term assets, assets are 0.4x 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 Codere Company Filings, last reported 2 months ago.

DB:4CD1 Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 96.30 886.60 109.10
2018-12-31 92.12 854.87 81.78
2018-09-30 31.30 876.20 137.70
2018-06-30 -21.20 839.24 114.33
2018-03-31 16.50 851.10 135.40
2017-12-31 5.03 845.76 104.54
2017-09-30 57.10 879.30 172.30
2017-06-30 68.45 877.67 145.64
2017-03-31 82.70 901.70 194.20
2016-12-31 73.68 873.49 142.06
2016-09-30 69.70 954.20 373.00
2016-06-30 85.02 949.74 320.84
2016-03-31 -654.40 1,503.90 156.40
2015-12-31 -615.94 1,502.99 110.33
2015-09-30 -553.70 1,473.60 155.80
2015-06-30 -479.31 1,460.27 120.60
2015-03-31 -423.30 1,458.90 150.60
2014-12-31 -431.85 1,392.19 87.18
2014-09-30 -354.20 1,320.00 111.90
2014-06-30 -298.26 1,272.90 74.45
2014-03-31 -261.90 1,246.60 130.10
2013-12-31 -203.57 1,229.95 105.07
2013-09-30 -86.10 1,214.20 135.00
2013-06-30 -18.95 1,203.54 113.98
2013-03-31 126.50 1,221.10 165.80
2012-12-31 80.91 1,174.31 88.43
2012-09-30 210.10 1,177.00 172.00
2012-06-30 197.91 1,132.86 186.50
  • Codere's level of debt (920.7%) compared to net worth is high (greater than 40%).
  • Codere had negative shareholder equity 5 years ago, it is now positive therefore their debt level has improved.
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making Codere has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Codere has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 6.3% per year.
X
Financial health checks
We assess Codere'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. Codere 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.

Dividends

 What is Codere'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
0%
Current annual income from Codere dividends.
If you bought €2,000 of Codere shares you are expected to receive €0 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?
  • Unable to evaluate Codere's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Codere's dividend against the top 25% market benchmark as the company has not reported any payouts.
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:4CD1 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 0 Analyst Estimates (S&P Global) See Below
Germany Hospitality Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 8.2%
Germany Market Average Dividend Yield Market Cap Weighted Average of 328 Stocks 3.2%
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 3.8%

Industry and Market average data is calculated daily.

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

DB:4CD1 Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts

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

  • Unable to perform a dividend volatility check as Codere has not reported any payouts.
  • Unable to verify if Codere's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Codere's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Codere has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Codere'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 Codere afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Codere has a total score of 0/6, 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 Codere'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
Vicente Di Loreto
AGE 52
CEO Bio

Mr. Vicente Gabriel di Loreto has been the Chief Executive Officer of Codere, S.A. He served as Operations Manager of Latin America at Codere, S.A. Mr. Di Loreto was with Grupo Clarín since 1998. He has held positions at Molinos Rio de la Plata, Bunge y Born, Pepsi Co. and Arthur Andersen. He also serves on the boards of several Argentine companies including various subsidiaries of Grupo Clarín, such as La Razón, Teledifusora Bahiense S.A., Mitre, Pem S.A., Prima, Clarín Global S.A., GC Gestión Compartida S.A., Unir S.A., and Diario Los Andes Calle S.A. He served as a member of the board of Directors of Multicanal S.A. since 2000. He served as a Director at Arte Radiotelevisivo Argentino S.A. (Artear). Mr. di Loreto Graduated as a Certified Public Accountant from the Universidad de Buenos Aires and later obtained a Master Degree in Business Administration from I.A.E. Management and Business School.

CEO Compensation
  • Insufficient data for Vicente to compare compensation growth.
  • Insufficient data for Vicente to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team

Luis Martínez Sampedro

TITLE
GM of Codere América & Director
COMPENSATION
€100K
AGE
58

Vicente Di Loreto

TITLE
Chief Executive Officer
AGE
52

Angel Uceda

TITLE
Chief Financial Officer

David Márquez

TITLE
Director Corporate Legal Area

Rafael López Enríquez Chillón

TITLE
Director of Human Resources

Alejandro Pascual González

TITLE
Chief Operating Officer of Europe

Felipe Muñoz

TITLE
Chief Operating Officer of Digital Transf. & Platform

Bernardo Mathov

TITLE
Chief Operating Officer of Sourthern America

Moshe Edree

TITLE
Chief Operating Officer of On-line

Carlos Villaseca

TITLE
Chief Operating Officer of Cono Norte
Board of Directors Tenure

Average tenure and age of the Codere board of directors in years:

3.2
Average Tenure
56
Average Age
  • The tenure for the Codere board of directors is about average.
Board of Directors

Norman Raúl Valdez

TITLE
Non-Executive Chairman & Independent Lead Director
COMPENSATION
€150K
AGE
72

Luis Martínez Sampedro

TITLE
GM of Codere América & Director
COMPENSATION
€100K
AGE
58
TENURE
20.1 yrs

Matthew Turner

TITLE
Independent Director
COMPENSATION
€150K
AGE
54
TENURE
3.2 yrs

Bob Gray

TITLE
Board Advisor
AGE
61

Pío Cabanillas Alonso

TITLE
Director
COMPENSATION
€150K
TENURE
11.1 yrs

José Martínez Sampedro

TITLE
Director
COMPENSATION
€100K
TENURE
20.1 yrs

David Anthony Reganato

TITLE
Director
COMPENSATION
€150K
AGE
38
TENURE
3.2 yrs

Timothy Lavelle

TITLE
Director
COMPENSATION
€150K
AGE
33
TENURE
3.2 yrs

Manuel Vázquez

TITLE
Director
COMPENSATION
€150K
TENURE
3.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
26. Nov 18 Buy Manuel Vázquez Individual 21. Nov 18 21. Nov 18 16,500 €3.15 €51,975
X
Management checks
We assess Codere'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. Codere 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

Codere, S.A., together with its subsidiaries, engages in the private gaming business in Spain, Italy, Argentina, Brazil, Colombia, Mexico, Panama, and Uruguay. It operates amusement and gaming machines, bookmakers, bingo halls, casinos, and racetracks. The company is also involved in the distribution and sale of gaming machines; television and telephone gaming, online gaming, portfolio management, and network concession activities; operation, administration, and development of horse and greyhound race tracks and sports shows; and operation, administration, and management of hotels, gaming rooms, slot machine rooms, and related activities. In addition, it provides real estate advisory, intermediation, development, and management services, as well as financial, advisory, other business support services; and staff administration, hiring, labor advisory and assistance, and payroll services. The company manages 57,130 gaming machines, 149 gaming halls, 4 racetracks, and 7,659 betting outlets. Codere, S.A. was founded in 1980 and is headquartered in Alcobendas, Spain.

Details
Name: Codere, S.A.
4CD1
Exchange: DB
Founded: 1980
€374,683,413
118,383,385
Website: http://www.grupocodere.com
Address: Codere, S.A.
Avenida Bruselas, 26,
Alcobendas,
Madrid, 28108,
Spain
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BME CDR Bearer Shares Bolsas y Mercados Espanoles ES EUR 23. Oct 2007
OTCPK CODE.F Bearer Shares Pink Sheets LLC US USD 23. Oct 2007
DB 4CD1 Bearer Shares Deutsche Boerse AG DE EUR 23. Oct 2007
LSE 0SYQ Bearer Shares London Stock Exchange GB EUR 23. Oct 2007
BATS-CHIXE CDRE Bearer Shares BATS 'Chi-X Europe' GB EUR 23. Oct 2007
Number of employees
Current staff
Staff numbers
12,141
Codere employees.
Industry
Casinos and Gaming
Consumer Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/26 02:32
End of day share price update: 2019/06/25 00:00
Last estimates confirmation: 2017/02/28
Last earnings filing: 2019/05/14
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


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.