K+S

XTRA:SDF

Snowflake Description

Moderate growth potential second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.

SDF

XTRA

€3B

Market Cap

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Last updated 2019/05/21 21:19

Company description

K+S Aktiengesellschaft, together with its subsidiaries, produces and sells potash, magnesium, and salt products worldwide. The last earnings update was 6 days ago. More info.

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SDF Share Price and Events

7 Day Returns

-4.9%

XTRA:SDF

-0.2%

DE Chemicals

0.3%

DE Market

1 Year Returns

-31.8%

XTRA:SDF

-21.3%

DE Chemicals

-11.6%

DE Market

SDF Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
K+S (SDF)	-4.9%	-10.2%	0.2%	-31.8%	-24.1%	-36.6%
DE Chemicals	-0.2%	-9.7%	-3.1%	-21.3%	9.4%	-5%
DE Market	0.3%	-3.8%	2.5%	-11.6%	10.1%	7.9%

1 Year Return vs Industry and Market

SDF underperformed the Chemicals industry which returned -21.3% over the past year.
SDF underperformed the Market in Germany which returned -11.6% over the past year.

Price Volatility

SDF

Industry

5yr Volatility vs Market

Related Companies

Value

Is K+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 K+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 K+S.

XTRA:SDF Discounted Cash Flow Data Sources
Data Point	Source	Value
Valuation Model		2 Stage Free Cash Flow to Equity
Levered Free Cash Flow	Average of 20 Analyst Estimates (S&P Global)	See below
Discount Rate (Cost of Equity)	See below	8.4%
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 XTRA:SDF
Data Point	Calculation/ Source	Result
Risk-Free Rate	10-Year DE Govt Bond Rate	0.2%
Equity Risk Premium	S&P Global	6%
Chemicals Unlevered Beta	Simply Wall St/ S&P Global	0.87
Re-levered Beta	= Unlevered beta (1 + (1- tax rate) (Debt/Equity)) = 0.871 (1 + (1- 30%) (113.42%))	1.377
Levered Beta	Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm)	1.38
Discount Rate/ Cost of Equity	= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) = 0.23% + (1.377 * 5.96%)	8.43%

Discounted Cash Flow Calculation for XTRA:SDF using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for K+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.

XTRA:SDF DCF 1st Stage: Next 10 year cash flow forecast
	Levered FCF (EUR, Millions)	Source	Present Value Discounted (@ 8.43%)
2019	100.96	Analyst x6	93.11
2020	178.49	Analyst x6	151.80
2021	197.19	Analyst x9	154.66
2022	392.00	Analyst x1	283.54
2023	426.00	Analyst x1	284.17
2024	451.10	Est @ 5.89%	277.51
2025	470.01	Est @ 4.19%	266.65
2026	484.12	Est @ 3%	253.29
2027	494.63	Est @ 2.17%	238.66
2028	502.48	Est @ 1.59%	223.59
Present value of next 10 years cash flows			€2,227.00

XTRA:SDF DCF 2nd Stage: Terminal Value
	Calculation	Result
Terminal Value	= FCF₂₀₂₈ × (1 + g) ÷ (Discount Rate – g) = €502.48 × (1 + 0.23%) ÷ (8.43% – 0.23%)	€6,137.19
Present Value of Terminal Value	= Terminal Value ÷ (1 + r)¹⁰ = €6,137.19 ÷ (1 + 8.43%)¹⁰	€2,730.91

XTRA:SDF Total Equity Value
	Calculation	Result
Total Equity Value	= Present value of next 10 years cash flows + Terminal Value = €2,227.00 + €2,730.91	€4,957.91
Equity Value per Share (EUR)	= Total value / Shares Outstanding = €4,957.91 / 191.40	€25.9

XTRA:SDF Discount to Share Price
	Calculation	Result
Non-primary Listing Adjustment Factor	1 share in XTRA:SDF represents 0.98987x of DB:SDF (This could be a different class, a depositary receipt, a different currency, or all of these things.)	0.98987x
Value per Share (Listing Adjusted, EUR)	= Value per Share (EUR) x Listing Adjustment Factor = € 25.90 x 0.98987	€25.64
Value per share (EUR)	From above.	€25.64
Current discount	Discount to share price of €16.63 = -1 x (€16.63 - €25.64) / €25.64	35.2%

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

Current Discount

Amount off the current price K+S is available for.

35%

Share price is €16.63 vs Future cash flow value of €25.64

Current Discount Checks

For K+S to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.

K+S's share price is below the future cash flow value, and at a moderate discount (> 20%).
K+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 K+S's earnings, growth and assets is considered below, and whether this is a fair price.

Price based on past earnings

Are K+S's earnings available for a low price, and how does this compare to other companies in the same industry?

Raw Data

XTRA:SDF PE (Price to Earnings) Ratio Data Sources
Data Point	Source	Value
Earnings Per Share *	Company Filings (2019-03-31) in EUR	€0.39
DB:SDF Share Price **	DB (2019-05-21) in EUR	€16.8
Germany Chemicals Industry PE Ratio	Median Figure of 17 Publicly-Listed Chemicals Companies	20.76x
Germany Market PE Ratio	Median Figure of 423 Publicly-Listed Companies	20.29x

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

** Primary Listing of K+S.

XTRA:SDF PE (Price to Earnings) Ratio Calculation
	Calculation	Outcome
PE Ratio	= DB:SDF Share Price ÷ EPS (both in EUR) = 16.8 ÷ 0.39	43.03x

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

K+S is overvalued based on earnings compared to the DE Chemicals industry average.
K+S is overvalued based on earnings compared to the Germany market.

Price based on expected Growth

Does K+S's expected growth come at a high price?

Raw Data

XTRA:SDF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point	Source	Value
PE Ratio	See PE Ratio Section	43.03x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts	33.3%per year
Germany Chemicals Industry PEG Ratio	Median Figure of 13 Publicly-Listed Chemicals Companies	1.83x
Germany Market PEG Ratio	Median Figure of 272 Publicly-Listed Companies	1.5x

*Line of best fit is calculated by linear regression .

XTRA:SDF PEG (Price to Earnings to Growth) Ratio Calculation
	Calculation	Outcome
PEG Ratio	= PE Ratio ÷ Net Income Annual Growth Rate = 43.03x ÷ 33.3%	1.29x

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

K+S is poor value based on expected growth next year.

Price based on value of assets

What value do investors place on K+S's assets?

Raw Data

XTRA:SDF PB (Price to Book) Ratio Data Sources
Data Point	Source	Value
Book Value per Share	Company Filings (2019-03-31) in EUR	€23.29
DB:SDF Share Price *	DB (2019-05-21) in EUR	€16.8
Germany Chemicals Industry PB Ratio	Median Figure of 19 Publicly-Listed Chemicals Companies	1.57x
Germany Market PB Ratio	Median Figure of 576 Publicly-Listed Companies	1.79x

XTRA:SDF PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= DB:SDF Share Price ÷ Book Value per Share (both in EUR) = 16.8 ÷ 23.29	0.72x

* Primary Listing of K+S.

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

K+S is good value based on assets compared to the DE Chemicals industry average.

Value checks

We assess K+S's value by looking at:

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. )
Is the PE ratio less than the market average, and/ or less than the Chemicals industry average (and greater than 0)? (2 checks)
Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
Is the PB ratio less than the Chemicals industry average (and greater than 0)? (1 check)

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

Future Performance

How is K+S expected to perform in the next 1 to 3 years based on estimates from 20 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!

33.3%

Expected annual growth in earnings.

Earnings growth vs Low Risk Savings

Is K+S expected to grow at an attractive rate?

K+S's earnings growth is expected to exceed the low risk savings rate of 0.2%.

Growth vs Market Checks

K+S's earnings growth is expected to exceed the Germany market average.
K+S's revenue growth is positive but not above the Germany market average.

Annual Growth Rates Comparison

Raw Data

XTRA:SDF Future Growth Rates Data Sources
Data Point	Source	Value (per year)
XTRA:SDF Future Earnings Growth Rate	Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts	33.3%
XTRA:SDF Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 20 Analysts	3%
Germany Chemicals Industry Earnings Growth Rate	Market Cap Weighted Average	9.3%
Germany Chemicals Industry Revenue Growth Rate	Market Cap Weighted Average	3.9%
Germany Market Earnings Growth Rate	Market Cap Weighted Average	13%
Germany Market Revenue Growth Rate	Market Cap Weighted Average	4.9%

*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

XTRA:SDF Analysts Growth Expectations Data Sources
Data Point	Source	Value
Past Financials	Company Filings (1 month ago)	See Below
Future Estimates	Average of up to 20 Analyst Estimates (S&P Global)	See Below

All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.

XTRA:SDF Future Estimates Data
Date (Data in EUR Millions)	Revenue	Cash Flow	Net Income *	Avg. No. Analysts
2023-12-31	4,788	579		2
2022-12-31	4,673	551		2
2021-12-31	4,621	748	378	15
2020-12-31	4,461	709	309	20
2019-12-31	4,319	705	225	15

XTRA:SDF Past Financials Data
Date (Data in EUR Millions)	Revenue	Cash Flow	Net Income *
2019-03-31	4,133	400	75
2018-12-31	4,039	309	42
2018-09-30	3,854	200	13
2018-06-30	3,740	215	89
2018-03-31	3,670	273	159
2017-12-31	3,627	307	185
2017-09-30	3,536	438	154
2017-06-30	3,497	471	113
2017-03-31	3,488	419	75
2016-12-31	3,457	445	174
2016-09-30	3,508	447	302
2016-06-30	3,712	605	380

*GAAP earnings excluding extraordinary items.

High Growth Checks

K+S's earnings are expected to grow significantly at over 20% yearly.
K+S's revenue is expected to grow by 3% 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

XTRA:SDF Past and Future Earnings per Share
Data Point	Source	Value
Past Financials	Company Filings (1 month ago)	See Below
Future Estimates	Average of up to 20 Analyst Estimates (S&P Global)	See Below

All data from K+S Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

XTRA:SDF Future Estimates Data
Date (Data in EUR Millions)	EPS *	EPS High Estimate	EPS Low Estimate	Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31	1.96	2.63	1.60	12.00
2020-12-31	1.62	2.23	1.27	17.00
2019-12-31	1.16	1.27	1.02	13.00

XTRA:SDF Past Financials Data
Date (Data in EUR Millions)	EPS *
2019-03-31	0.39
2018-12-31	0.22
2018-09-30	0.07
2018-06-30	0.46
2018-03-31	0.83
2017-12-31	0.96
2017-09-30	0.80
2017-06-30	0.59
2017-03-31	0.39
2016-12-31	0.91
2016-09-30	1.58
2016-06-30	1.98

*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.

K+S is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).

Show me more growth companies in the Chemicals industry

Future performance checks

We assess K+S's future performance by looking at:

Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
Is the annual earnings growth rate expected to be above 20%? (1 check)
Is the annual revenue growth rate expected to be above 20%? (1 check)
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.
K+S has a total score of 3/6, 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 K+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 K+S's growth in the last year to its industry (Chemicals).

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.

K+S's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
K+S's 1-year earnings growth is negative, it can't be compared to the 5-year average.
K+S's 1-year earnings growth is negative, it can't be compared to the DE Chemicals industry average.

Earnings and Revenue History

K+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 K+S Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

XTRA:SDF 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	4,132.80	74.70	1,004.20	15.90
2018-12-31	4,039.10	42.10	1,008.30	15.90
2018-09-30	3,853.90	12.90	813.30	11.90
2018-06-30	3,740.30	88.50	772.90	12.70
2018-03-31	3,670.40	158.80	757.60	10.90
2017-12-31	3,627.00	184.60	935.90	16.60
2017-09-30	3,536.30	153.70	834.20	16.20
2017-06-30	3,497.40	113.20	857.60	15.70
2017-03-31	3,487.50	75.00	871.80	16.10
2016-12-31	3,456.60	174.10	871.40	13.70
2016-09-30	3,507.80	301.50	967.50	14.00
2016-06-30	3,711.60	379.70	988.60	14.20
2016-03-31	3,893.90	532.90	1,011.40	14.90
2015-12-31	4,175.50	495.20	1,048.10	14.70
2015-09-30	4,203.00	428.00	1,034.20	14.40
2015-06-30	4,138.50	467.10	1,019.90	13.70
2015-03-31	4,009.80	420.00	1,000.80	12.30
2014-12-31	3,821.70	380.50	989.70	12.20
2014-09-30	3,779.50	374.00	1,003.50	11.90
2014-06-30	3,770.30	355.90	1,015.70	13.00
2014-03-31	3,859.10	351.70	1,035.00	13.50
2013-12-31	3,950.40	415.10	1,033.00	13.90
2013-09-30	3,914.10	498.10	1,010.20	12.80
2013-06-30	4,013.00	540.60	998.50	12.40
2013-03-31	4,135.00	566.50	990.00	14.70
2012-12-31	3,935.30	565.30	943.10	19.40
2012-09-30	4,015.20	570.50	954.10	23.60
2012-06-30	3,952.10	544.80	937.60	23.90

*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.

K+S has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
K+S used its assets less efficiently than the DE Chemicals industry average last year based on Return on Assets.
K+S's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).

Past performance checks

We assess K+S'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 Chemicals 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.
K+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.

Health

How is K+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 K+S's finances.

The net worth of a company is the difference between its assets and liabilities.

Net Worth

K+S is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
K+S's long term commitments exceed its cash and other short term assets.

Balance sheet

This treemap shows a more detailed breakdown of K+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 not covered by short term assets, assets are 0.6x 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 K+S Company Filings, last reported 1 month ago.

XTRA:SDF Past Debt and Equity Data
Date (Data in EUR Millions)	Total Equity	Total Debt	Cash & Short Term Investments
2019-03-31	4,458.40	3,632.80	498.90
2018-12-31	4,144.10	3,447.50	252.90
2018-09-30	4,190.80	3,564.40	697.90
2018-06-30	4,138.00	3,180.90	356.70
2018-03-31	4,001.50	3,146.20	465.10
2017-12-31	4,160.70	3,194.70	252.70
2017-09-30	4,263.50	2,960.60	404.20
2017-06-30	4,295.70	2,987.10	522.30
2017-03-31	4,609.70	2,641.90	319.10
2016-12-31	4,552.20	2,585.20	246.40
2016-09-30	4,237.50	2,222.40	334.10
2016-06-30	4,367.70	2,122.60	468.70
2016-03-31	4,473.10	1,623.20	412.90
2015-12-31	4,295.60	1,548.90	252.30
2015-09-30	4,135.10	1,518.70	551.10
2015-06-30	4,313.90	1,519.90	602.90
2015-03-31	4,424.90	1,520.50	975.90
2014-12-31	3,974.50	1,554.30	961.50
2014-09-30	3,855.30	1,512.00	1,131.80
2014-06-30	3,575.20	2,244.30	2,068.60
2014-03-31	3,482.70	2,244.50	2,049.70
2013-12-31	3,396.60	2,258.40	1,867.50
2013-09-30	3,432.70	1,269.40	940.90
2013-06-30	3,418.40	1,266.40	906.90
2013-03-31	3,647.10	1,267.90	1,034.80
2012-12-31	3,393.90	1,270.30	786.80
2012-09-30	3,399.30	1,267.50	852.60
2012-06-30	3,248.40	1,271.60	1,003.80

K+S's level of debt (81.5%) compared to net worth is high (greater than 40%).
The level of debt compared to net worth has increased over the past 5 years (64.4% vs 81.5% today).
Debt is not well covered by operating cash flow (11%, less than 20% of total debt).
Interest payments on debt are not well covered by earnings (EBIT is 1.9x annual interest expense, ideally 3x coverage).

Financial health checks

We assess K+S's financial health by checking for:

Are short term assets greater than short term liabilities? (1 check)
Are short term assets greater than long term liabilities? (1 check)
Has the debt to equity ratio increased in the past 5 years? (1 check)
Is the debt to equity ratio over 40%? (1 check)
Is the debt covered by operating cash flow? (1 check)
Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)

For companies that are loss making and have been so on average in the past we replace the last 2 checks with:

Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
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 K+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

1.49%

Current annual income from K+S dividends. Estimated to be 3.36% next year.

If you bought €2,000 of K+S shares you are expected to receive €30 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?

K+S's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
K+S's dividend is below the markets top 25% of dividend payers in Germany (3.86%).

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

XTRA:SDF 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 20 Analyst Estimates (S&P Global)	See Below
Germany Chemicals Industry Average Dividend Yield	Market Cap Weighted Average of 15 Stocks	3.7%
Germany Market Average Dividend Yield	Market Cap Weighted Average of 326 Stocks	3.2%
Germany Minimum Threshold Dividend Yield	10th Percentile	0.8%
Germany Bottom 25% Dividend Yield	25th Percentile	1.5%
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.

XTRA:SDF Future Dividends Estimate Data
Date (Data in €)	Dividend per Share (annual)	Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31	0.68	16.00
2020-12-31	0.58	20.00
2019-12-31	0.43	17.00

XTRA:SDF Past Annualized Dividends Data
Date (Data in €)	Dividend per share (annual)	Avg. Yield (%)
2019-03-14	0.250	1.442
2018-03-15	0.350	1.842
2017-03-16	0.300	1.383
2016-05-10	1.150	5.741
2015-03-12	0.900	3.479
2015-01-15	0.900	3.229
2014-03-12	0.250	1.066
2013-03-13	1.400	5.882
2012-03-16	1.300	3.614
2012-03-15	1.300	3.326
2011-03-10	1.000	2.243
2010-03-10	0.200	0.438

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

K+S has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
Dividend payments have increased, but K+S only paid a dividend in the past 9 years.

Current Payout to shareholders

What portion of K+S's earnings are paid to the shareholders as a dividend.

Dividends paid are covered by earnings (1.6x coverage).

Future Payout to shareholders

Dividends after 3 years are expected to be well covered by earnings (2.7x coverage).

Income/ dividend checks

We assess K+S's dividend by checking for:

Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
Is current dividend yield above the bottom 25% of dividend payers? (1 check)
Is current dividend yield above the top 25% of dividend payers? (1 check)
Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
If they have paid a dividend for 10 years has it increased in this time? (1 check)
How sustainable is the dividend, can K+S afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)

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

Management

What is the CEO of K+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

Burkhard Lohr

COMPENSATION	€3,019,500
AGE	55
TENURE AS CEO	2 years

CEO Bio

Dr. Burkhard Lohr has been Chairman of the Board of Executive Directors at K+S Aktiengesellschaft since May 12, 2017 and has been its Member of Board of Executive Directors since June 01, 2012. Dr. Lohr is also Personnel Director at K+S Aktiengesellschaft since 2018. Dr. Lohr had been the Chief Financial Officer at K+S Aktiengesellschaft since March 14, 2012 Dr. Lohr served as the Chief Financial Officer and Labor Relations Director of Hochtief AG. He was responsible for Accounting, Tax, Risk Management, Financial and Investor Relations and Controlling of Hochtief. He joined to the Executive Board of HOCHTIEF construction AG in January 2002. He joined Hochtief in 1993 and has held various senior accounting and commercial positions. Dr. Lohr has experience in building, civil and structural engineering units. He served as a Member of the Executive Board of Hochtief AG from January 1, 2006 to October 18, 2011. Dr. Lohr served as a Non Executive Director of Leighton Holdings Ltd. from May 29, 2008 to October 12, 2011. He served as a Director of Leighton Finance (USA) Pty Ltd. Dr. Lohr is a graduate in Business Studies from Cologne University and received his Doctorate from the Technical University of Braunschweig in 2001.

CEO Compensation

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

Management Team Tenure

Average tenure and age of the K+S management team in years:

Average Tenure

Average Age

The tenure for the K+S management team is about average.

Management Team

Burkhard Lohr

TITLE

Chairman of the Board of Executive Directors

COMPENSATION

€3M

AGE

55

TENURE

2 yrs

Thorsten Boeckers

TITLE

CFO & Member of Board of Executive Directors

3.7

Average Tenure

Average Age

The tenure for the K+S board of directors is about average.

3.3 yrs

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 (€)

Management checks

We assess K+S's management by checking for:

Is the CEO's compensation unreasonable compared to market cap? (1 check)
Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
Is the average tenure of the management team less than 2 years? (1 check)
Is the average tenure of the board of directors team less than 3 years? (1 check)

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

K+S Aktiengesellschaft, together with its subsidiaries, produces and sells potash, magnesium, and salt products worldwide. Its Potash and Magnesium Products segment produces and markets mineral fertilizers, such as potassium chloride for various crops, including cereals, corn, rice, and soy beans; fertilizer specialties for rapeseeds, potatoes, citrus fruits, vines, and vegetables; potassium and magnesium products for industrial applications; and a range of products for use in pharmaceutical, cosmetics, food processing, and animal feed industries. The company’s Salt segment manufactures and markets consumer products, such as table salt, water softening salt for home use, and dishwater salt for end users, as well as kosher and low sodium salt; and salt for food processing, industrial salt, salt for chemical use, de-icing salt, and sodium chloride brine. Its Complementary Activities segment is involved in the underground disposal of waste in potash and rock salt mines and recycling activities; the granulation of animal hygiene products, such as CATSAN and THOMAS; and trading several basic chemicals, including caustic soda, nitric acid, sodium carbonate, calcium chloride, and magnesium chloride. K+S Aktiengesellschaft offers its products primarily under the CÉRÉBOS, ESCO, K+S-LOGO, MORTON, STIER, UMBRELLA GIRL, VATEL, WINDSOR, AXAL, REGENIT, SALDORO, ACTION MELT, SEASON-ALL, SYSTEM SAVER, BIOSAL, LOBOS, KADD, KORN-KALI, PATENTKALI, and KALISEL brands. The company was founded in 1889 and is headquartered in Kassel, Germany.

Details

Name:	K+S Aktiengesellschaft
Ticker:	SDF
Exchange:	XTRA
Founded:	1889
Market Cap:	€3,203,079,000
Shares outstanding:	191,400,000
Website:	http://www.k-plus-s.com
Address:	K+S Aktiengesellschaft Bertha-von-Suttner Strasse 7, Kassel, Hessen, 34131, Germany

Listings

Exchange Symbol	Ticker Symbol	Security	Exchange	Country	Currency	Listed on
DB	SDF	Bearer Shares	Deutsche Boerse AG	DE	EUR	02. Jan 1992
OTCPK	KPLU.F	Bearer Shares	Pink Sheets LLC	US	USD	02. Jan 1992
XTRA	SDF	Bearer Shares	XETRA Trading Platform	DE	EUR	02. Jan 1992
LSE	0Q2N	Bearer Shares	London Stock Exchange	GB	EUR	02. Jan 1992
SWX	SDF	Bearer Shares	SIX Swiss Exchange	CH	CHF	02. Jan 1992
BIT	SDF	Bearer Shares	Borsa Italiana	IT	EUR	02. Jan 1992
WBAG	SDF	Bearer Shares	Wiener Boerse AG	AT	EUR	02. Jan 1992
BATS-CHIXE	SDFD	Bearer Shares	BATS 'Chi-X Europe'	GB	EUR	02. Jan 1992
OTCPK	KPLU.Y	ADR	Pink Sheets LLC	US	USD	12. Feb 2009
XTRA	SDF1	ADR	XETRA Trading Platform	DE	EUR	12. Feb 2009
BST	SDF1	ADR	Boerse-Stuttgart	DE	EUR	12. Feb 2009

Number of employees

Current staff

14,654

K+S employees.

Industry

Industry:	Fertilizers and Agricultural Chemicals
Sector:	Materials

Company Analysis and Financial Data Status

Area	Date (UTC time)
Company Analysis updated:	2019/05/21 21:19
End of day share price update:	2019/05/21 00:00
Last estimates confirmation:	2019/05/21
Last earnings filing:	2019/05/15
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.

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Copyright © 2019, Standard & Poor’s Financial Services LLC. Reproduction of S&P Capital IQ in any form is prohibited except with the prior written permission of S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P Capital IQ. (2019)

K+S

SDF Share Price and Events

7 Day Returns

1 Year Returns

SDF Shareholder Return

1 Year Return vs Industry and Market

Price Volatility

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Value

INTRINSIC VALUE BASED ON FUTURE CASH FLOWS

Current Discount

Current Discount Checks

PRICE RELATIVE TO MARKET

Price based on past earnings

Price based on expected Growth

Price based on value of assets

Value checks

Future Performance

Earnings growth vs Low Risk Savings

Growth vs Market Checks

Annual Growth Rates Comparison

Analysts growth expectations

High Growth Checks

Past and Future Earnings per Share

Performance in 3 years

Future performance checks

Past Performance

Past earnings growth

Past Earnings growth analysis

Earnings and Revenue History

Performance last year

Past performance checks

Health

Net Worth

Balance sheet

Assets

Liabilities and shares

Historical Debt

Financial health checks

Dividends

Annual Dividend Income

Dividend Amount

Annualized Historical and Future Dividends

Current Payout to shareholders

Future Payout to shareholders

Income/ dividend checks

Management

CEO

CEO Bio

CEO Compensation

Management Team Tenure

Management Team

Burkhard Lohr

Chairman of the Board of Executive Directors

€3M

55

2 yrs

Thorsten Boeckers

CFO & Member of Board of Executive Directors

€2M

43

2 yrs

Mark Roberts

COO & Member of Board of Executive Directors

€2M

55

6.6 yrs

Frauke Riva

Head of Corporate Communications

1.3 yrs

Michael Wudonig

Head of Public Relations

Oliver Morgenthal

Head of Public Affairs

Katja Seeger

Head of Online & Project Communications

Hans-Jürgen Müller