DB:9OI

Stock Analysis Report

Executive Summary

ORIOR AG, together with its subsidiaries, produces and supplies refined meat and convenience food in Switzerland and internationally.


Snowflake Analysis

Solid track record and good value.

Share Price & News

How has ORIOR's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 9OI has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

9OI

7.3%

DE Food

7.1%

DE Market


1 Year Return

-6.4%

9OI

-9.1%

DE Food

-17.5%

DE Market

Return vs Industry: 9OI underperformed the German Food industry which returned 7.9% over the past year.

Return vs Market: 9OI underperformed the German Market which returned 17.1% over the past year.


Shareholder returns

9OIIndustryMarket
7 Day0%7.3%7.1%
30 Day0%-13.0%-20.0%
90 Day1.9%-20.3%-26.1%
1 Year-3.6%-6.4%-7.6%-9.1%-15.0%-17.5%
3 Year12.0%2.8%-28.9%-33.3%-18.8%-25.8%
5 Year101.0%72.5%11.4%1.5%-17.9%-29.2%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

Is ORIOR undervalued compared to its fair value and its price relative to the market?

41.5%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: 9OI (€74.6) is trading below our estimate of fair value (€127.45)

Significantly Below Fair Value: 9OI is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: 9OI is good value based on its PE Ratio (16.7x) compared to the Food industry average (22.2x).

PE vs Market: 9OI is good value based on its PE Ratio (16.7x) compared to the German market (20.6x).


Price to Earnings Growth Ratio

PEG Ratio: 9OI is poor value based on its PEG Ratio (3.3x)


Price to Book Ratio

PB vs Industry: 9OI is overvalued based on its PB Ratio (6.2x) compared to the DE Food industry average (2x).


Next Steps

Future Growth

How is ORIOR forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

5.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 9OI's forecast earnings growth (5% per year) is above the savings rate (0.2%).

Earnings vs Market: 9OI's earnings (5% per year) are forecast to grow slower than the German market (13.2% per year).

High Growth Earnings: 9OI's earnings are forecast to grow, but not significantly.

Revenue vs Market: 9OI's revenue (3.5% per year) is forecast to grow slower than the German market (4.8% per year).

High Growth Revenue: 9OI's revenue (3.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 9OI's Return on Equity is forecast to be high in 3 years time (31.6%)


Next Steps

Past Performance

How has ORIOR performed over the past 5 years?

3.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 9OI has high quality earnings.

Growing Profit Margin: 9OI's current net profit margins (5.6%) are higher than last year (4.2%).


Past Earnings Growth Analysis

Earnings Trend: 9OI's earnings have grown by 3.4% per year over the past 5 years.

Accelerating Growth: 9OI's earnings growth over the past year (39.7%) exceeds its 5-year average (3.4% per year).

Earnings vs Industry: 9OI earnings growth over the past year (39.7%) exceeded the Food industry 8.3%.


Return on Equity

High ROE: Whilst 9OI's Return on Equity (37.15%) is high, this metric is skewed due to their high level of debt.


Next Steps

Financial Health

How is ORIOR's financial position?


Financial Position Analysis

Short Term Liabilities: 9OI's short term assets (CHF189.4M) exceed its short term liabilities (CHF85.1M).

Long Term Liabilities: 9OI's short term assets (CHF189.4M) do not cover its long term liabilities (CHF206.6M).


Debt to Equity History and Analysis

Debt Level: 9OI's debt to equity ratio (200.1%) is considered high.

Reducing Debt: 9OI's debt to equity ratio has increased from 50.3% to 200.1% over the past 5 years.

Debt Coverage: 9OI's debt is well covered by operating cash flow (29.6%).

Interest Coverage: 9OI's interest payments on its debt are well covered by EBIT (14.4x coverage).


Balance Sheet

Inventory Level: 9OI has a high level of physical assets or inventory.

Debt Coverage by Assets: 9OI's debt is covered by short term assets (assets are 1.1x debt).


Next Steps

Dividend

What is ORIOR's current dividend yield, its reliability and sustainability?

2.66%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: 9OI's dividend (2.66%) is higher than the bottom 25% of dividend payers in the German market (1.38%).

High Dividend: 9OI's dividend (2.66%) is low compared to the top 25% of dividend payers in the German market (3.53%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, 9OI has been paying a dividend for less than 10 years.

Growing Dividend: 9OI's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (44.4%), 9OI's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 9OI's dividends in 3 years are forecast to be well covered by earnings (47.2% payout ratio).


Next Steps

Management

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

3.0yrs

Average management tenure


CEO

Daniel Lutz (53yo)

4.92s

Tenure

CHF979,156

Compensation

Mr. Daniel Lutz has been the Chief Executive Officer of ORIOR AG since October, 2014 and had been its Member of Management Board February 2015. From 1992 to 2001, Mr. Lutz worked for Nestlé Switzerland in  ...


CEO Compensation Analysis

Compensation vs Market: Daniel's total compensation ($USD988.94K) is about average for companies of similar size in the German market ($USD817.80K).

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


Leadership Team

NamePositionTenureCompensationOwnership
Daniel Lutz
Chief Executive Officer4.92yrsCHF979.16k0.049% CHF248.7k
Bernhard Pfulg
Interim Chief Financial Officer0.75yrno datano data
Sven Maushake
Chief Information Officer2.83yrsno datano data
Milena Mathiuet
Head of Corporate Communication & Investor Relationsno datano datano data
Glauco Martinetti
Head of Rapellino datano datano data
Urs Mösli
Head of Möfagno datano datano data
Bruno Bürki
Head of Albert Spiess7.25yrsno datano data
Oscar Marini
Head of Pastinella & Group Innovation Manager3.67yrsno datano data
Filip De Spiegeleire
Head of Orior Europe & Head Culinor Food Group3yrsno data0.12% CHF614.1k
Max Dreussi
Head of Fredag2.42yrsno datano data

3.0yrs

Average Tenure

Experienced Management: 9OI's management team is considered experienced (3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Markus Neuhaus
Vice Chairman of the Board0.42yrno datano data
Markus Vögeli
Director0.42yrno datano data
Rolf Sutter
Chairman of the Board of Directors8.42yrsCHF356.85k3.08% CHF15.6m
Monika Walser
Non-Executive Director6.67yrsCHF78.52k0.016% CHF81.6k
Walter Lüthi
Director3.42yrsCHF66.68k0.0077% CHF38.8k
Monika Schüpbach
Director0.42yrno datano data

1.9yrs

Average Tenure

61yo

Average Age

Experienced Board: 9OI's board of directors are not considered experienced ( 1.9 years average tenure), which suggests a new board.


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 been diluted in the past year, with total shares outstanding growing by 6.9%.


Top Shareholders

Company Information

ORIOR AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: ORIOR AG
  • Ticker: 9OI
  • Exchange: DB
  • Founded: 1852
  • Industry: Packaged Foods and Meats
  • Sector: Food, Beverage & Tobacco
  • Market Cap: CHF548.578m
  • Listing Market Cap: CHF505.855m
  • Shares outstanding: 6.51m
  • Website: https://www.orior.ch

Number of Employees


Location

  • ORIOR AG
  • Dufourstrasse 101
  • Zurich
  • Zurich
  • 8008
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ORONSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFApr 2010
9OIDB (Deutsche Boerse AG)YesRegistered SharesDEEURApr 2010
0QM6LSE (London Stock Exchange)YesRegistered SharesGBCHFApr 2010

Biography

ORIOR AG, together with its subsidiaries, produces and supplies refined meat and convenience food in Switzerland and internationally. The company operates through three segments: ORIOR Refinement, ORIOR Convenience, and ORIOR International. The ORIOR Refinement segment offers Bündnerfleisch, ham, salami, and Mostbröckli products through retailers and food service providers. This segment offers its products under the Rapelli SA, Rapelli, Ticinella, Val Mara, Albert Spiess, MÖFAG, and Fürstenländer Spezialitäten brand names. The ORIOR Convenience segment provides fresh convenience products, such as chilled ready meals, patés, terrines, fresh pasta, vegetarian specialties, poultry and meat products, and seafood products through retail and food service channels. This segment offers its products under the Fredag, Nature Gourmet, Noppa's, Ocean's Best, Le Patron, Rapelli, and Pastinella brands. The ORIOR International segment exports company’s products in the neighboring countries. This segment offers its products under the culinor, Vaco's Kitchen, Albert Spiess, and Nature Gourmet brand names. ORIOR AG was founded in 1852 and is based in Zurich, Switzerland. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/09/25 21:56
End of Day Share Price2019/06/28 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.