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Sotheby's

DB:SBYA
Snowflake Description

Fair value with imperfect balance sheet.

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

Sotheby's operates as an auctioneer of authenticated fine art, decorative art, jewelry, wine, and collectibles in the United States, the United Kingdom, Hong Kong, China, Switzerland, France, and internationally. The last earnings update was 44 days ago. More info.


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  • Sotheby's has significant price volatility in the past 3 months.
SBYA Share Price and Events
7 Day Returns
2.2%
DB:SBYA
1.5%
Europe Consumer Services
-3.6%
DE Market
1 Year Returns
-37.7%
DB:SBYA
-20.8%
Europe Consumer Services
-11.8%
DE Market
SBYA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Sotheby's (SBYA) 2.2% -5.6% -9.4% -37.7% 23.3% 4%
Europe Consumer Services 1.5% 2.3% 0.9% -20.8% -45.1% -50%
DE Market -3.6% -2.1% -0.8% -11.8% 12% 5.8%
1 Year Return vs Industry and Market
  • SBYA underperformed the Consumer Services industry which returned -20.8% over the past year.
  • SBYA underperformed the Market in Germany which returned -11.8% over the past year.
Price Volatility
SBYA
Industry
5yr Volatility vs Market

SBYA Value

 Is Sotheby's 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 Sotheby's 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 Sotheby's.

DB:SBYA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.9%
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:SBYA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Consumer Services Unlevered Beta Simply Wall St/ S&P Global 0.76
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.757 (1 + (1- 21%) (70.24%))
1.119
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.12
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.119 * 5.96%)
6.9%

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

The calculations below outline how an intrinsic value for Sotheby's 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:SBYA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 6.9%)
2019 129.25 Analyst x2 120.91
2020 138.70 Analyst x2 121.38
2021 172.50 Analyst x1 141.23
2022 184.90 Analyst x1 141.61
2023 180.20 Analyst x1 129.11
2024 177.07 Est @ -1.74% 118.69
2025 175.04 Est @ -1.15% 109.76
2026 173.76 Est @ -0.73% 101.93
2027 172.99 Est @ -0.45% 94.93
2028 172.56 Est @ -0.24% 88.59
Present value of next 10 years cash flows $1,168.13
DB:SBYA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $172.56 × (1 + 0.23%) ÷ (6.9% – 0.23%)
$2,594.18
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,594.18 ÷ (1 + 6.9%)10
$1,331.74
DB:SBYA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,168.13 + $1,331.74
$2,499.88
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $2,499.88 / 46.61
$53.63
DB:SBYA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:SBYA represents 0.8696x of NYSE:BID
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.8696x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 53.63 x 0.8696
€46.64
Value per share (EUR) From above. €46.64
Current discount Discount to share price of €30.78
= -1 x (€30.78 - €46.64) / €46.64
34%

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

Current Discount
Amount off the current price Sotheby's is available for.
Intrinsic value
34%
Share price is €30.78 vs Future cash flow value of €46.64
Current Discount Checks
For Sotheby's to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Sotheby's's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Sotheby's'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 Sotheby's's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Sotheby's's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:SBYA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $2.16
NYSE:BID Share Price ** NYSE (2019-06-14) in USD $35.39
Europe Consumer Services Industry PE Ratio Median Figure of 10 Publicly-Listed Consumer Services Companies 18.34x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.7x

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

** Primary Listing of Sotheby's.

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

= NYSE:BID Share Price ÷ EPS (both in USD)

= 35.39 ÷ 2.16

16.41x

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

  • Sotheby's is good value based on earnings compared to the Europe Consumer Services industry average.
  • Sotheby's is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Sotheby's's expected growth come at a high price?
Raw Data
DB:SBYA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.41x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
11.7%per year
Europe Consumer Services Industry PEG Ratio Median Figure of 7 Publicly-Listed Consumer Services Companies 1.24x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.47x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.41x ÷ 11.7%

1.4x

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

  • Sotheby's is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Sotheby's's assets?
Raw Data
DB:SBYA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $9.26
NYSE:BID Share Price * NYSE (2019-06-14) in USD $35.39
Europe Consumer Services Industry PB Ratio Median Figure of 18 Publicly-Listed Consumer Services Companies 1.85x
Germany Market PB Ratio Median Figure of 576 Publicly-Listed Companies 1.76x
DB:SBYA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:BID Share Price ÷ Book Value per Share (both in USD)

= 35.39 ÷ 9.26

3.82x

* Primary Listing of Sotheby's.

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

  • Sotheby's is overvalued based on assets compared to the Europe Consumer Services industry average.
X
Value checks
We assess Sotheby's'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 Consumer 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 Consumer Services industry average (and greater than 0)? (1 check)
  5. Sotheby's has a total score of 3/6, 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.

SBYA Future Performance

 How is Sotheby's expected to perform in the next 1 to 3 years based on estimates from 5 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
11.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Sotheby's expected to grow at an attractive rate?
  • Sotheby's's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Sotheby's's earnings growth is positive but not above the Germany market average.
  • Sotheby's's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:SBYA Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:SBYA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 11.7%
DB:SBYA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 2.8%
Europe Consumer Services Industry Earnings Growth Rate Market Cap Weighted Average 13.7%
Europe Consumer Services Industry Revenue Growth Rate Market Cap Weighted Average 7.3%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.7%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*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:SBYA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:SBYA Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,126 1
2022-12-31 1,099 1
2021-12-31 1,078 236 157 2
2020-12-31 1,032 184 135 5
2019-12-31 1,001 172 126 5
DB:SBYA Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 1,013 -60 106
2018-12-31 1,036 -78 107
2018-09-30 999 187 98
2018-06-30 1,060 331 102
2018-03-31 1,054 232 122
2017-12-31 1,057 368 117
2017-09-30 1,028 182 106
2017-06-30 939 260 75
2017-03-31 898 442 88
2016-12-31 858 156 73
2016-09-30 833 152 -3
2016-06-30 879 174 33

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Sotheby's's earnings are expected to grow by 11.7% yearly, however this is not considered high growth (20% yearly).
  • Sotheby's's revenue is expected to grow by 2.8% 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:SBYA 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 5 Analyst Estimates (S&P Global) See Below

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

DB:SBYA Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 3.48 3.55 3.40 2.00
2020-12-31 3.02 3.30 2.65 5.00
2019-12-31 2.74 3.05 2.56 5.00
DB:SBYA Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 2.16
2018-12-31 2.10
2018-09-30 1.88
2018-06-30 1.96
2018-03-31 2.32
2017-12-31 2.22
2017-09-30 2.01
2017-06-30 1.41
2017-03-31 1.61
2016-12-31 1.28
2016-09-30 -0.04
2016-06-30 0.52

*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 Sotheby's will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Sotheby's'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 Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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.
Sotheby's 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.

SBYA Past Performance

  How has Sotheby's 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 Sotheby's's growth in the last year to its industry (Consumer 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.
  • Sotheby's's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Sotheby's's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Sotheby's's 1-year earnings growth is negative, it can't be compared to the Europe Consumer Services industry average.
Earnings and Revenue History
Sotheby's'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 Sotheby's Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:SBYA 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 1,013.41 106.47 206.59
2018-12-31 1,035.74 107.01 202.38
2018-09-30 998.80 97.67 203.57
2018-06-30 1,059.64 102.40 201.92
2018-03-31 1,053.87 121.83 199.29
2017-12-31 1,057.38 117.03 194.62
2017-09-30 1,027.87 106.06 187.74
2017-06-30 939.35 75.40 186.49
2017-03-31 898.16 87.67 182.50
2016-12-31 857.94 73.11 178.12
2016-09-30 832.51 -2.60 176.98
2016-06-30 879.01 33.34 175.42
2016-03-31 912.35 12.33 179.58
2015-12-31 961.49 43.37 174.69
2015-09-30 976.90 128.45 181.41
2015-06-30 933.11 118.52 180.39
2015-03-31 936.92 128.02 173.69
2014-12-31 938.05 116.75 175.36
2014-09-30 926.03 133.49 176.70
2014-06-30 939.69 131.14 181.46
2014-03-31 908.74 146.18 188.91
2013-12-31 853.68 129.95 197.15
2013-09-30 805.60 105.06 191.38
2013-06-30 766.20 102.76 187.22
2013-03-31 765.28 96.16 181.46
2012-12-31 768.49 107.84 176.08
2012-09-30 761.62 112.68 183.99
2012-06-30 751.37 115.78 182.72

*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.
  • Whilst Sotheby's has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Sotheby's used its assets less efficiently than the Europe Consumer Services industry average last year based on Return on Assets.
  • Sotheby's's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Sotheby's'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 Consumer 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.
Sotheby's 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.

SBYA Health

 How is Sotheby's'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 Sotheby's's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Sotheby's is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Sotheby's's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Sotheby's'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 1x 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 Sotheby's Company Filings, last reported 2 months ago.

DB:SBYA Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 431.85 1,158.61 124.33
2018-12-31 441.49 933.62 179.04
2018-09-30 452.48 869.03 156.28
2018-06-30 606.74 725.07 432.63
2018-03-31 591.01 728.95 336.11
2017-12-31 616.94 1,160.60 544.77
2017-09-30 520.02 1,007.38 311.54
2017-06-30 543.14 1,138.89 516.71
2017-03-31 490.38 1,157.51 515.19
2016-12-31 505.60 1,176.69 496.11
2016-09-30 515.14 1,175.38 405.85
2016-06-30 570.30 1,149.47 475.30
2016-03-31 619.07 1,145.22 414.02
2015-12-31 806.70 1,159.93 848.70
2015-09-30 787.51 1,213.47 602.05
2015-06-30 946.68 1,111.61 613.69
2015-03-31 858.03 1,020.14 381.07
2014-12-31 878.24 963.73 693.83
2014-09-30 827.20 967.77 419.64
2014-06-30 877.15 863.76 576.45
2014-03-31 796.46 703.74 322.22
2013-12-31 1,139.67 518.78 721.32
2013-09-30 1,043.53 518.73 483.19
2013-06-30 1,047.61 518.71 699.56
2013-03-31 945.15 698.65 608.20
2012-12-31 992.83 696.45 768.35
2012-09-30 950.43 773.98 585.77
2012-06-30 968.50 471.58 583.39
  • Sotheby's's level of debt (250.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (88.5% vs 250.6% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Interest payments on debt are well covered by earnings (EBIT is 4.4x coverage).
X
Financial health checks
We assess Sotheby's'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. Sotheby's has a total score of 2/6, 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.

SBYA Dividends

 What is Sotheby's'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 Sotheby's dividends. Estimated to be 0% next year.
If you bought €2,000 of Sotheby's 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 Sotheby's's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Sotheby's'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:SBYA 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 5 Analyst Estimates (S&P Global) See Below
Europe Consumer Services Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 2.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 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 3.9%

Industry and Market average data is calculated daily.

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

DB:SBYA Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.00 1.00
2020-12-31 0.00 2.00
2019-12-31 0.00 2.00
DB:SBYA Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2017-11-03 0.000 0.000
2017-08-03 0.000 0.000
2017-05-10 0.000 0.000
2017-02-27 0.000 0.000
2016-11-07 0.000 0.000
2016-08-08 0.000 0.000
2016-05-09 0.000 0.000
2015-11-06 0.400 1.558
2015-05-07 0.400 1.030
2015-02-26 0.400 0.949
2014-11-06 0.400 0.954
2014-08-07 0.400 1.046
2014-05-06 0.400 0.998
2014-01-29 0.400 0.898
2013-11-11 0.400 0.777
2013-08-06 0.400 0.826
2012-12-06 0.400 1.086
2012-11-07 0.320 1.088
2012-08-07 0.320 0.996
2012-05-08 0.320 1.033
2012-02-28 0.320 0.838
2011-11-07 0.320 0.995
2011-08-03 0.200 0.594
2011-05-05 0.200 0.476
2011-02-24 0.200 0.412
2010-11-04 0.200 0.457
2010-08-05 0.200 0.596
2010-05-06 0.200 0.705
2010-02-26 0.200 0.616
2009-11-03 0.200 0.919
2009-08-04 0.200 1.205

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

  • Unable to perform a dividend volatility check as Sotheby's has not reported any payouts.
  • Unable to verify if Sotheby's's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Sotheby's's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Sotheby's has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Sotheby's's dividends in 3 years as they are not expected to pay a notable one for Germany.
X
Income/ dividend checks
We assess Sotheby's'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 Sotheby's afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Sotheby's 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.

SBYA Management

 What is the CEO of Sotheby's'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
Tad Smith
COMPENSATION $7,446,432
AGE 53
TENURE AS CEO 4.3 years
CEO Bio

Mr. Thomas S. Smith, Jr., also known as Tad, has been the Chief Executive Officer and President of Sotheby's since March 31, 2015. Mr. Smith served as the Chief Executive Officer and President at MSG Networks Inc. from February 28, 2014 to March 31, 2015. Mr. Smith served as a Member of Management Board at Reed Business Information. He served as the Chief Executive Officer of Reed Business Information Ltd. from December 15, 2005 to September 2009. He joined MSG Networks after five years with Cablevision Systems Corporation, where he served as President of Local Media Group, responsible for its digital and linear television advertising sales division From 2009 to February 2014; News 12 Networks, an award-winning local news leader; and Newsday Media Group with assets that include Long Island's leading daily newspaper Newsday and amNewYork, the nation's most widely circulated free daily serving New York City. From 2000 to 2009, he worked for Reed Elsevier Group PLC., where he last served as Chief Executive Officer of U.S. business-to-business division, Reed Business Information Inc. (RBI). Mr. Smith served as the President of Cahners Media and an Advisor at i-Hatch Ventures LLC. From February 2014 to March 2015, he served as President and Chief Executive Officer of The Madison Square Garden Company. He served at Reed Business Information as the Executive Vice President since January 2005 and its President of Media Division since 2000, with overall business and editorial responsibility for print and electronic franchises including Variety, Daily Variety, Video Business, Publishers Weekly, Broadcasting & Cable, Multichannel News, TWICE and many others including Marketcast. Mr. Smith joined Reed Business Information in 2000 as the President of its Internet operations. He served as the Chief Executive Officer at Variety, Inc. In late 2002, the retail group was added to his portfolio. Prior to joining Reed Business, Mr. Smith served with Starwood Hotels & Resorts Worldwide Inc., where he served as the Senior Vice President of E-Commerce and Member of Management Board. He also served at BMG Entertainment where he was the Managing Director of Nice Man Merchandising. Prior to BMG, he spent four years with the Los Angeles office of McKinsey & Company where Mr. Smith was most responsible for building its West Coast entertainment practice. He serves as a Director of American Business Media, Inc. since July 1, 2007. He has been a Director at Reed Business Information Inc. since November 2005. He has been a Director of Sotheby's since March 31, 2015. He serves as a Director of The Partnership for New York City, Inc. He serves as a Director/Member of the Advisory Board of The Creative Coalition Inc. He served as Director of Interactive Advertising Bureau, Inc. until February 2011. He serves on the Advisory Board of the Center for Strategic and International Studies in Washington DC. Mr. Smith is a Member of the Young President's Organization, the Economic Club of New York City and the Harvard Business School Club of Greater New York. In addition to his “day job”, he is an Adjunct Associate Professor at the Stern School of Business at New York University, where Mr. Smith created and teaches the advanced corporate finance and strategy course on entertainment, media and technology companies. He received a Master of Business Administration from Harvard Business School, where he was a George F. Baker Scholar and a Horace W. Goldsmith Fellow. Mr. Smith holds a Bachelor of Arts from Princeton University's Woodrow Wilson School of Public and International Affairs, where he received the R.W. van de Velde Prize.

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

Average tenure and age of the Sotheby's management team in years:

3.6
Average Tenure
55
Average Age
  • The tenure for the Sotheby's management team is about average.
Management Team

Tad Smith

TITLE
President
COMPENSATION
$7M
AGE
53
TENURE
4.3 yrs

Mike Goss

TITLE
Executive VP & CFO
COMPENSATION
$3M
AGE
58
TENURE
3.3 yrs

David Goodman

TITLE
Executive Vice President of Digital Development & Marketing
COMPENSATION
$2M
AGE
57
TENURE
4 yrs

Val Carlotti

TITLE
Executive VP & Global Head of Business Development
COMPENSATION
$2M
AGE
51
TENURE
1.7 yrs

Ken Citron

TITLE
Executive VP of Operations & Chief Transformation Officer
AGE
53
TENURE
0.4 yrs

Kevin Delaney

TITLE
Senior VP
AGE
45
TENURE
12.3 yrs

Jill Bright

TITLE
Executive Vice President of Human Resources & Administration
AGE
55
TENURE
1.8 yrs

Jonathan Olsoff

TITLE
Executive VP & Worldwide General Counsel
COMPENSATION
$888K
AGE
58
TENURE
4.1 yrs

Jane Levine

TITLE
Executive VP
AGE
58
TENURE
3.1 yrs

Lauren Gioia

TITLE
Executive VP & Worldwide Director of Communications
TENURE
4.1 yrs
Board of Directors Tenure

Average tenure and age of the Sotheby's board of directors in years:

5.1
Average Tenure
62.5
Average Age
  • The tenure for the Sotheby's board of directors is about average.
Board of Directors

Domenico De Sole

TITLE
Chairman
COMPENSATION
$300K
AGE
74
TENURE
4.3 yrs

Tad Smith

TITLE
President
COMPENSATION
$7M
AGE
53
TENURE
4.3 yrs

Peregrine Andrew Cavendish

TITLE
Deputy Chairman
COMPENSATION
$254K
AGE
73
TENURE
23.2 yrs

Yasuaki Ishizaka

TITLE
Chairman & MD of Japan
TENURE
0.8 yrs

Dennis Weibling

TITLE
Independent Director
COMPENSATION
$215K
AGE
67
TENURE
13.1 yrs

Jessica Bibliowicz

TITLE
Independent Director
COMPENSATION
$203K
AGE
58
TENURE
5.1 yrs

Harry Wilson

TITLE
Independent Director
COMPENSATION
$178K
AGE
46
TENURE
5.1 yrs

Diana Taylor

TITLE
Independent Director
COMPENSATION
$190K
AGE
63
TENURE
12.2 yrs

Henry Cornell

TITLE
Member of Advisory Board
AGE
62

Charles de Gunzburg

TITLE
Member of Advisory Board
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 (€)
06. Mar 19 Sell Kevin Delaney Individual 06. Mar 19 06. Mar 19 -2,322 €35.82 €-83,177
29. Nov 18 Buy Thomas Smith Individual 28. Nov 18 28. Nov 18 15,250 €36.30 €553,597
X
Management checks
We assess Sotheby's'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. Sotheby's 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.

SBYA News

Simply Wall St News

SBYA Company Info

Description

Sotheby's operates as an auctioneer of authenticated fine art, decorative art, jewelry, wine, and collectibles in the United States, the United Kingdom, Hong Kong, China, Switzerland, France, and internationally. The company operates in two segments, Agency and Finance. The Agency segment accepts property on consignment; and matches sellers to buyers through the auction or private sale process. It is also involved in the sale of artworks; and operation of an auction house for investment-quality automobiles. The Finance segment offers art-related financing services, such as term loans secured by artworks. In addition, the company provides art advisory service. The company is also involved in the retail wine operations; licensing Sotheby's International Realty and related trademarks; and licensing its Sotheby's brand name for use in connection with the art auction business in Australia, and art education services in the United States and the United Kingdom. Sotheby's was founded in 1744 and is headquartered in New York, New York.

Details
Name: Sotheby's
SBYA
Exchange: DB
Founded: 1744
$1,469,961,388
46,612,127
Website: http://www.sothebys.com
Address: Sotheby's
1334 York Avenue,
New York,
New York, 10021,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE BID Common Stock New York Stock Exchange US USD 13. May 1988
DB SBYA Common Stock Deutsche Boerse AG DE EUR 13. May 1988
Number of employees
Current staff
Staff numbers
1,713
Sotheby's employees.
Industry
Specialized Consumer Services
Consumer Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/15 21:23
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/06/07
Last earnings filing: 2019/05/02
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.