DB:GVM

Stock Analysis Report

Executive Summary

Gurit Holding AG, together with its subsidiaries, develops, manufactures, and sells advanced composite materials, related technologies, and finished parts and components to small family enterprises and large multinational corporations in Switzerland and internationally.


Snowflake Analysis

Outstanding track record, good value and pays a dividend.


Similar Companies

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

0%

GVM

0.6%

DE Chemicals

2.0%

DE Market


1 Year Return

24.7%

GVM

-3.6%

DE Chemicals

15.1%

DE Market

Return vs Industry: GVM exceeded the German Chemicals industry which returned 3.9% over the past year.

Return vs Market: GVM exceeded the German Market which returned 17.1% over the past year.


Shareholder returns

GVMIndustryMarket
7 Day0%0.6%2.0%
30 Day0%-0.9%1.0%
90 Day0.1%-5.1%3.8%
1 Year27.2%24.7%0.2%-3.6%18.6%15.1%
3 Year20.6%12.8%-15.7%-23.7%16.8%6.6%
5 Year188.5%157.9%-0.9%-16.0%23.7%6.7%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

28.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: GVM (€908) is trading below our estimate of fair value (€1274.61)

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


Price To Earnings Ratio

PE vs Industry: GVM is good value based on its PE Ratio (15.9x) compared to the Chemicals industry average (22.4x).

PE vs Market: GVM is good value based on its PE Ratio (15.9x) compared to the German market (20.6x).


Price to Earnings Growth Ratio

PEG Ratio: GVM's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: GVM is overvalued based on its PB Ratio (4.7x) compared to the DE Chemicals industry average (1.8x).


Next Steps

Future Growth

How is Gurit Holding forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

-1.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: GVM's earnings are forecast to decline over the next 3 years (-1.5% per year).

Earnings vs Market: GVM's earnings are forecast to decline over the next 3 years (-1.5% per year).

High Growth Earnings: GVM's earnings are forecast to decline over the next 3 years.

Revenue vs Market: GVM's revenue (3.3% per year) is forecast to grow slower than the German market (4.8% per year).

High Growth Revenue: GVM's revenue (3.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: GVM's Return on Equity is forecast to be low in 3 years time (18.2%).


Next Steps

Past Performance

How has Gurit Holding performed over the past 5 years?

24.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: GVM has high quality earnings.

Growing Profit Margin: GVM's current net profit margins (9.4%) are higher than last year (7.4%).


Past Earnings Growth Analysis

Earnings Trend: GVM's earnings have grown significantly by 24.7% per year over the past 5 years.

Accelerating Growth: GVM's earnings growth over the past year (77.2%) exceeds its 5-year average (24.7% per year).

Earnings vs Industry: GVM earnings growth over the past year (77.2%) exceeded the Chemicals industry -10.8%.


Return on Equity

High ROE: GVM's Return on Equity (34.6%) is considered high.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Gurit Holding's financial position?


Financial Position Analysis

Short Term Liabilities: GVM's short term assets (CHF255.9M) exceed its short term liabilities (CHF141.9M).

Long Term Liabilities: GVM's short term assets (CHF255.9M) exceed its long term liabilities (CHF78.1M).


Debt to Equity History and Analysis

Debt Level: GVM's debt to equity ratio (81.6%) is considered high.

Reducing Debt: GVM's debt to equity ratio has increased from 14% to 81.6% over the past 5 years.

Debt Coverage: GVM's debt is well covered by operating cash flow (39.7%).

Interest Coverage: GVM's interest payments on its debt are well covered by EBIT (20.1x coverage).


Balance Sheet

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

Debt Coverage by Assets: GVM's debt is covered by short term assets (assets are 2.3x debt).


Next Steps

Dividend

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

1.59%

Current Dividend Yield


Dividend Yield vs Market

company1.6%marketbottom25%1.3%markettop25%3.6%industryaverage4.2%forecastin3Years2.0%

Current dividend yield vs market & industry

Notable Dividend: GVM's dividend (1.59%) is higher than the bottom 25% of dividend payers in the German market (1.38%).

High Dividend: GVM's dividend (1.59%) is low compared to the top 25% of dividend payers in the German market (3.53%).


Stability and Growth of Payments

Stable Dividend: GVM's dividend payments have been volatile in the past 10 years.

Growing Dividend: GVM's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (25.2%), GVM's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: GVM's dividends in 3 years are forecast to be well covered by earnings (30% payout ratio).


Next Steps

Management

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

2.9yrs

Average management tenure


CEO

Rudolf Hadorn (56yo)

11.8yrs

Tenure

CHF1,423,000

Compensation

Mr. Rudolf Hadorn, lic. oec. HSG, has been the Chief Executive Officer at Gurit Holding AG since November 1, 2007. Mr. Hadorn served as an Interim of General Manager for Gurit Composite Components at Gurit ...


CEO Compensation Analysis

Compensation vs Market: Rudolf's total compensation ($USD1.44M) is above average for companies of similar size in the German market ($USD817.80K).

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


Leadership Team

NamePositionTenureCompensationOwnership
Rudolf Hadorn
Chief Executive Officer11.8yrsCHF1.42m0.37% CHF2.0m
Patrick Sparer
Interim Chief Financial Officer0.7yrsno datano data
Emiliano Frulloni
Group Chief Technology Officer0.8yrsno datano data
Tanja Moehler
Head of Marketing & Corporate Communications0yrsno datano data
Hannes Haueis
Head of Group Human Resources4.9yrsno data0.033% CHF179.4k
Paul Hälg
Chief Executive Officer of An Operating Unit0yrsCHF97.00kno data
Binjiang Chen
Head of Tooling Business8.2yrsno datano data
Michael Muser
GM & Business Unit Head for Aero0.7yrsno datano data

2.9yrs

Average Tenure

56.5yo

Average Age

Experienced Management: GVM's management team is considered experienced (2.9 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Urs Kaufmann
Non-Executive Director13.4yrsCHF118.00k0.081% CHF441.1k
Nick Huber
Non-Executive Director24.3yrsCHF118.00k0.091% CHF493.2k
Peter Leupp
Chairman7.4yrsCHF298.00k0.11% CHF597.4k
Philippe Royer
Directors0.4yrsno datano data
Stefan Breitenstein
Non-Executive Director5.4yrsCHF104.00k0.035% CHF192.2k
Bettina Kalte
Director0.4yrsno datano data

6.4yrs

Average Tenure

57yo

Average Age

Experienced Board: GVM's board of directors are considered experienced (6.4 years average tenure).


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 not been meaningfully diluted in the past year.


Top Shareholders

Company Information

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


Key Information

  • Name: Gurit Holding AG
  • Ticker: GVM
  • Exchange: DB
  • Founded: 1835
  • Industry: Specialty Chemicals
  • Sector: Materials
  • Market Cap: CHF588.574m
  • Listing Market Cap: CHF541.639m
  • Shares outstanding: 467.87k
  • Website: https://www.gurit.com

Number of Employees


Location

  • Gurit Holding AG
  • Ebnaterstrasse 79
  • Wattwil
  • 9630
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
GURSWX (SIX Swiss Exchange)YesBearer SharesCHCHFJan 1992
GVMDB (Deutsche Boerse AG)YesBearer SharesDEEURJan 1992
0QQRLSE (London Stock Exchange)YesBearer SharesGBCHFJan 1992

Biography

Gurit Holding AG, together with its subsidiaries, develops, manufactures, and sells advanced composite materials, related technologies, and finished parts and components to small family enterprises and large multinational corporations in Switzerland and internationally. The company operates through four segments: Tooling, Kitting, Composite Materials, and Aerospace. It offers fiber-reinforced pre-impregnated materials, structural core products, gel coats, adhesives, resins, and consumables; flame retardant materials; liquid and filled systems, such as laminating and infusion systems, filling and fairing products, multi-purpose systems, tooling products, and coatings; reinforcements; ancillaries and consumables; and other products comprising B³ SmartPac, a construction solution that helps builders to manufacture composite components, as well as Hi-Panels, which are epoxy infused composite panels. The company also provides wind turbine blade kits; and tooling products consisting of wind blade master plugs, wind blade moulds, mould heating systems, wind blade hinge systems, and composite mineral castings, as well as mould alignment and clamping products. In addition, it offers composite engineering services to yachts, power boats, military and commercial vehicles, and civil structures and bridges, as well as architectural, vehicles and transportation, industrial, and renewable applications. The company was founded in 1835 and is based in Wattwil, 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 20:46
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.