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Recticel/SA

DB:RCZ
Snowflake Description

Excellent balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
RCZ
DB
€449M
Market Cap
  1. Home
  2. DE
  3. Materials
Company description

Recticel NV/SA manufactures and transforms polyurethane foams for the flexible foams, bedding, insulation, and automotive applications. The last earnings update was 21 days ago. More info.


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RCZ Share Price and Events
7 Day Returns
-6.2%
DB:RCZ
-0.2%
DE Chemicals
0.3%
DE Market
1 Year Returns
-22.7%
DB:RCZ
-21.3%
DE Chemicals
-11.6%
DE Market
RCZ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Recticel/SA (RCZ) -6.2% -16% 10.4% -22.7% 48.3% 6.6%
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
  • RCZ underperformed the Chemicals industry which returned -21.3% over the past year.
  • RCZ underperformed the Market in Germany which returned -11.6% over the past year.
Price Volatility
RCZ
Industry
5yr Volatility vs Market

Value

 Is Recticel/SA 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 Recticel/SA 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 Recticel/SA.

DB:RCZ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.2%
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:RCZ
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6.8%
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- 29%) (27.8%))
1.029
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.03
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.029 * 6.8%)
7.22%

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

The calculations below outline how an intrinsic value for Recticel/SA 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:RCZ DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 7.22%)
2019 0.30 Est @ -93.09% 0.28
2020 0.11 Est @ -65.1% 0.09
2021 0.06 Est @ -45.5% 0.05
2022 0.04 Est @ -31.78% 0.03
2023 0.03 Est @ -22.18% 0.02
2024 0.03 Est @ -15.46% 0.02
2025 0.02 Est @ -10.75% 0.01
2026 0.02 Est @ -7.46% 0.01
2027 0.02 Est @ -5.15% 0.01
2028 0.02 Est @ -3.54% 0.01
Present value of next 10 years cash flows €0.53
DB:RCZ DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €0.02 × (1 + 0.23%) ÷ (7.22% – 0.23%)
€0.28
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €0.28 ÷ (1 + 7.22%)10
€0.14
DB:RCZ Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €0.53 + €0.14
€0.67
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €0.67 / 54.92
€0.01
DB:RCZ Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:RCZ represents 0.96084x of ENXTBR:REC
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.96084x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 0.01 x 0.96084
€0.01
Value per share (EUR) From above. €0.01
Current discount Discount to share price of €7.85
= -1 x (€7.85 - €0.01) / €0.01
-66489.5%

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

  • The current share price of Recticel/SA is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Recticel/SA's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Recticel/SA's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:RCZ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.53
ENXTBR:REC Share Price ** ENXTBR (2019-05-21) in EUR €8.17
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 Recticel/SA.

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

= ENXTBR:REC Share Price ÷ EPS (both in EUR)

= 8.17 ÷ 0.53

15.48x

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

  • Recticel/SA is good value based on earnings compared to the DE Chemicals industry average.
  • Recticel/SA is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Recticel/SA's expected growth come at a high price?
Raw Data
DB:RCZ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.48x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
13.4%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 .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.48x ÷ 13.4%

1.15x

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

  • Recticel/SA is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Recticel/SA's assets?
Raw Data
DB:RCZ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €4.83
ENXTBR:REC Share Price * ENXTBR (2019-05-21) in EUR €8.17
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
DB:RCZ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTBR:REC Share Price ÷ Book Value per Share (both in EUR)

= 8.17 ÷ 4.83

1.69x

* Primary Listing of Recticel/SA.

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

  • Recticel/SA is overvalued based on assets compared to the DE Chemicals industry average.
X
Value checks
We assess Recticel/SA'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 Chemicals 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 Chemicals industry average (and greater than 0)? (1 check)
  5. Recticel/SA has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

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

Future Performance

 How is Recticel/SA expected to perform in the next 1 to 3 years based on estimates from 3 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
13.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Recticel/SA expected to grow at an attractive rate?
  • Recticel/SA's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Recticel/SA's earnings growth is expected to exceed the Germany market average.
  • Recticel/SA's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:RCZ Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:RCZ Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 13.4%
DB:RCZ Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 1.3%
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
DB:RCZ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:RCZ Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 1,183 49 1
2021-12-31 1,144 88 50 2
2020-12-31 1,120 83 46 3
2019-12-31 1,097 77 39 3
DB:RCZ Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 1,118 57 29
2018-09-30 1,133 69 29
2018-06-30 1,149 81 28
2018-03-31 1,142 78 26
2017-12-31 1,135 76 24
2017-09-30 1,108 56 20
2017-06-30 1,080 36 15
2017-03-31 1,064 39 16
2016-12-31 1,048 42 16
2016-09-30 1,049 43 16
2016-06-30 1,049 45 15
2016-03-31 1,041 37 10

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Recticel/SA's earnings are expected to grow by 13.4% yearly, however this is not considered high growth (20% yearly).
  • Recticel/SA's revenue is expected to grow by 1.3% 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
DB:RCZ Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Recticel/SA Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:RCZ Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 0.91 0.94 0.87 2.00
2020-12-31 0.84 0.86 0.81 2.00
2019-12-31 0.73 0.75 0.70 2.00
DB:RCZ Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.53
2018-09-30 0.52
2018-06-30 0.52
2018-03-31 0.48
2017-12-31 0.44
2017-09-30 0.36
2017-06-30 0.28
2017-03-31 0.29
2016-12-31 0.31
2016-09-30 0.29
2016-06-30 0.28
2016-03-31 0.20

*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.
  • Recticel/SA is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Recticel/SA's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Recticel/SA has a total score of 2/6, 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 Recticel/SA 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 Recticel/SA'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.
  • Recticel/SA has delivered over 20% year on year earnings growth in the past 5 years.
  • Recticel/SA's 1-year earnings growth is less than its 5-year average (20.6% vs 69.2%)
  • Recticel/SA's earnings growth has exceeded the DE Chemicals industry average in the past year (20.6% vs -10.2%).
Earnings and Revenue History
Recticel/SA'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 Recticel/SA Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:RCZ Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 1,117.65 28.85 144.54 11.04
2018-09-30 1,133.35 28.57 149.20 12.32
2018-06-30 1,149.04 28.30 151.53 13.60
2018-03-31 1,142.20 26.11 150.22 13.66
2017-12-31 1,135.35 23.91 151.24 13.72
2017-09-30 1,107.61 19.52 145.71 13.40
2017-06-30 1,079.87 15.13 140.18 13.08
2017-03-31 1,064.10 15.73 146.35 12.99
2016-12-31 1,048.32 16.33 152.52 12.89
2016-09-30 1,048.74 15.68 154.72 12.91
2016-06-30 1,049.16 15.03 156.92 12.93
2016-03-31 1,041.46 9.78 155.79 12.73
2015-12-31 1,033.76 4.54 154.67 12.54
2015-09-30 1,021.11 2.99 153.00 12.67
2015-06-30 1,008.45 1.44 151.33 12.81
2015-03-31 995.91 -4.15 149.22 13.04
2014-12-31 983.37 -9.75 147.10 13.28
2014-09-30 979.70 -20.97 147.27 14.49
2014-06-30 976.02 -32.19 147.44 15.71
2014-03-31 976.39 -34.16 144.01 14.94
2013-12-31 976.76 -36.14 140.58 14.18
2013-09-30 913.18 -21.53 131.37 12.62
2013-06-30 849.60 -6.93 122.15 11.06
2013-03-31 942.32 4.21 128.31 12.00
2012-12-31 1,035.05 15.35 134.47 12.94
2012-09-30 1,339.02 17.49 158.09 15.07
2012-06-30 1,358.55 17.27 157.68 15.25

*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.
  • Recticel/SA has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Recticel/SA used its assets less efficiently than the DE Chemicals industry average last year based on Return on Assets.
  • Recticel/SA has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Recticel/SA'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 Chemicals 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.
Recticel/SA has a total score of 3/6, 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 Recticel/SA'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 Recticel/SA's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Recticel/SA is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Recticel/SA's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Recticel/SA'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 2.8x 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 Recticel/SA Company Filings, last reported 4 months ago.

DB:RCZ Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 264.98 124.73 39.69
2018-09-30 264.98 124.73 39.69
2018-06-30 254.69 146.39 41.35
2018-03-31 254.69 146.39 41.35
2017-12-31 261.79 145.07 57.97
2017-09-30 261.79 145.07 57.97
2017-06-30 257.05 166.87 48.61
2017-03-31 257.05 166.87 48.61
2016-12-31 251.21 147.20 37.28
2016-09-30 251.21 147.20 37.28
2016-06-30 245.59 149.46 37.46
2016-03-31 245.59 149.46 37.46
2015-12-31 248.96 155.04 56.06
2015-09-30 248.96 155.04 56.06
2015-06-30 249.46 165.04 51.51
2015-03-31 249.46 165.04 51.51
2014-12-31 166.16 194.93 26.68
2014-09-30 166.16 194.93 26.68
2014-06-30 174.05 188.58 27.05
2014-03-31 174.05 188.58 27.05
2013-12-31 186.76 165.02 26.66
2013-09-30 186.76 165.02 26.66
2013-06-30 217.25 200.92 43.65
2013-03-31 217.25 200.92 43.65
2012-12-31 241.09 156.91 19.20
2012-09-30 260.62 200.35 27.72
2012-06-30 254.97 198.64 19.61
  • Recticel/SA's level of debt (47.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (88.6% vs 47.1% today).
  • Debt is well covered by operating cash flow (46%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 17.7x coverage).
X
Financial health checks
We assess Recticel/SA'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. Recticel/SA has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


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

Dividends

 What is Recticel/SA'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
2.94%
Current annual income from Recticel/SA dividends. Estimated to be 4.07% next year.
If you bought €2,000 of Recticel/SA shares you are expected to receive €59 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?
  • Recticel/SA's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • Recticel/SA's dividend is below the markets top 25% of dividend payers in Germany (3.86%).
Upcoming dividend payment

Purchase Recticel/SA before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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:RCZ 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 3 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.

DB:RCZ Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.36 1.00
2021-12-31 0.36 2.00
2020-12-31 0.33 2.00
2019-12-31 0.30 2.00
DB:RCZ Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-04-30 0.240 2.847
2019-02-28 0.240 3.359
2018-05-02 0.220 2.688
2018-02-26 0.220 2.179
2017-04-28 0.180 2.360
2017-02-27 0.180 2.474
2016-05-02 0.140 2.437
2016-02-26 0.140 2.452
2015-05-26 0.200 3.934
2014-05-27 0.200 3.458
2013-05-02 0.290 5.088
2013-03-04 0.290 4.779
2012-05-29 0.280 5.456
2011-03-04 0.270 4.835
2011-03-03 0.270 3.774
2010-03-01 0.188 2.505
2010-01-15 0.250 4.233

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

  • Recticel/SA has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Recticel/SA has only been paying a dividend for 9 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Recticel/SA's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.5x coverage).
X
Income/ dividend checks
We assess Recticel/SA'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 Recticel/SA afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Recticel/SA has a total score of 3/6, see the detailed checks below.


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

Management

 What is the CEO of Recticel/SA'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
Olivier Chapelle
COMPENSATION €930,768
AGE 54
CEO Bio

Mr. Olivier Chapelle is a Group General Manager of Bedding at Recticel SA since January 20, 2017. Experience: • Chief Executive Officer – Recticel 12/2009 – Present • Chief Executive Officer – Wagon Automotive SAS 2004 – 10/2009 • Division Vice-President – Faurecia 2002 – 2004 • Sales & Marketing Director, Europe, Middle East & Africa – Owens Corning 1999 – 2002 • Plant Manager in Wrexham, UK – Owens Corning 1998 – 1999 • Process Engineering Manager – GlaxoSmithKline 1992 – 1996. Education: Université Catholique de Louvain, Belgium, Civil Mechanical Engineer 1982 – 1988 Solvay Business School, Brussels, Belgium MBA 1991 – present.

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

Average tenure of the Recticel/SA management team in years:

7.2
Average Tenure
  • The average tenure for the Recticel/SA management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Olivier Chapelle

TITLE
CEO, MD
COMPENSATION
€931K
AGE
54

Jean-Pierre Mellen

TITLE
Chief Financial Officer
TENURE
17.1 yrs

Betty Bogaert

TITLE
Chief Information & Digitalisation Officer

Michel De Smedt

TITLE
Communications & Investor Relations Officer

Dirk Verbruggen

TITLE
General Counsel
TENURE
6.3 yrs

Bart Massant

TITLE
Chief Human Resources Officer
AGE
55

Jean-Pierre De Kesel

TITLE
Chief Sustainable Innovation Officer
TENURE
3.3 yrs

François Petit

TITLE
Chief Procurement Officer
TENURE
8 yrs

Jörg Söltzer

TITLE
Managing Director - Bedding Germany

Martin Kruse

TITLE
Managing Director of Recticel Automobilsysteme Gmbh
Board of Directors Tenure

Average tenure and age of the Recticel/SA board of directors in years:

4.3
Average Tenure
54
Average Age
  • The tenure for the Recticel/SA board of directors is about average.
Board of Directors

Johnny Thijs

TITLE
Independent Chairman
COMPENSATION
€85K
AGE
66
TENURE
4 yrs

Olivier Chapelle

TITLE
CEO, MD
COMPENSATION
€931K
AGE
54
TENURE
10.3 yrs

Luc Missorten

TITLE
Independent Director
COMPENSATION
€40K
AGE
63
TENURE
4 yrs

Ingrid Merckx

TITLE
Independent Director
COMPENSATION
€27K
AGE
52
TENURE
7 yrs

Benoit Deckers

TITLE
Non-Executive Director
COMPENSATION
€29K
AGE
54
TENURE
4.3 yrs

Frédéric Van Gansberghe

TITLE
Non-Executive Director
COMPENSATION
€25K
AGE
60
TENURE
5 yrs

Pierre-Yves de Laminne de Bex

TITLE
Non-Executive Director
COMPENSATION
€23K
AGE
49
TENURE
5 yrs

Kurt Pierloot

TITLE
Independent Director
COMPENSATION
€38K
AGE
46
TENURE
4 yrs

Anne De Vos

TITLE
Independent Director
AGE
60
TENURE
2 yrs

Elisa Vlerick

TITLE
Non-Executive & Independent Director
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 (€)
X
Management checks
We assess Recticel/SA'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. Recticel/SA has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

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

News

Simply Wall St News

Company Info

Description

Recticel NV/SA manufactures and transforms polyurethane foams for the flexible foams, bedding, insulation, and automotive applications. The company's automotive business line offers interior solutions, such as dashboard skins and door panel trims; light-stable polyurethane raw material; and produces seating pads in cold moulded foam, as well as other seating components, such as headrests, armrests, and side panels for car seats. Its bedding business line provides fully finished mattresses, slats and bed bases, and beds, as well as produces sleep systems. The company's flexible foams business line offers semi-finished products in flexible polyurethane foam. This business line produces flexible polyurethane foam and cold moulded foam; and technical foams that are used in applications, such as sponges, scouring pads, filters, paint rollers, seals, packaging, acoustic insulation, energy and vibration absorption, rechargeable batteries, fire-retardant foam for high risk clothing, and light-stable foam for clothing, outdoor, and horticulture. Its insulation business line offers sustainable thermal insulation material in rigid closed cell polyurethane (PUR) and polyisocyanurate foam (PIR). This business line manufactures PUR/PIR foam boards for thermally insulate walls, floors, and roofs. The company offers bedding products under the Beka, Lattoflex, Literie Bultex, Schlaraffia, Sembella, Swissflex, Superba, and Ubica brands; thermal insulation products under the Eurowall, Powerroof, Powerdeck, and Powerwall brands; and automotive products under the Colofast, ColoSense, and ColoSense Lite brands, as well as flexible foams under the Comfort Bultex, Sensus, Foam for Care, Dryfeel, and Polygrow names. It operates in Belgium, France, Germany, and other European Union countries. Recticel NV/SA was founded in 1896 and is headquartered in Brussels, Belgium.

Details
Name: Recticel NV/SA
RCZ
Exchange: DB
Founded: 1896
€448,698,132
54,920,212
Website: http://www.recticel.com
Address: Recticel NV/SA
Olympiadenlaan 2,
Brussels,
Brussels, 1140,
Belgium
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTBR REC Ordinary Shares Euronext Brussels BE EUR 02. Jan 1992
DB RCZ Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0NHV Ordinary Shares London Stock Exchange GB EUR 02. Jan 1992
BATS-CHIXE RECB Ordinary Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
Number of employees
Current staff
Staff numbers
8,472
Recticel/SA employees.
Industry
Commodity Chemicals
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/21 20:42
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/10
Last earnings filing: 2019/04/30
Last earnings reported: 2018/12/31
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.