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Plazza

DB:2PZ
Snowflake Description

Excellent balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
2PZ
DB
CHF462M
Market Cap
  1. Home
  2. DE
  3. Real Estate
Company description

Plazza AG plans, builds, manages, and markets real estate properties and projects in Switzerland. The last earnings update was 173 days ago. More info.


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2PZ Share Price and Events
7 Day Returns
0%
DB:2PZ
-0.3%
DE Real Estate
2.3%
DE Market
1 Year Returns
1.8%
DB:2PZ
19.6%
DE Real Estate
-11.5%
DE Market
2PZ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Plazza (2PZ) 0% -0.8% -0.8% 1.8% 7% -
DE Real Estate -0.3% 3.3% 4.9% 19.6% 54% 145.2%
DE Market 2.3% 1.1% 1.6% -11.5% 10.2% 5%
1 Year Return vs Industry and Market
  • 2PZ underperformed the Real Estate industry which returned 19.6% over the past year.
  • 2PZ outperformed the Market in Germany which returned -11.5% over the past year.
Price Volatility
2PZ
Industry
5yr Volatility vs Market

Value

 Is Plazza 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
  • It is not possible to calculate the future cash flow value for Plazza. This is due to cash flow or dividend data being unavailable. The share price is €194.
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 Plazza's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Plazza's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:2PZ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-06-30) in CHF CHF10.00
SWX:PLAN Share Price ** SWX (2019-02-19) in CHF CHF223
Germany Real Estate Industry PE Ratio Median Figure of 31 Publicly-Listed Real Estate Companies 12.72x
Germany Market PE Ratio Median Figure of 420 Publicly-Listed Companies 18.19x

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

** Primary Listing of Plazza.

DB:2PZ PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SWX:PLAN Share Price ÷ EPS (both in CHF)

= 223 ÷ 10.00

22.3x

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

  • Plazza is overvalued based on earnings compared to the DE Real Estate industry average.
  • Plazza is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Plazza's expected growth come at a high price?
Raw Data
DB:2PZ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 22.3x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
28.1%per year
Germany Real Estate Industry PEG Ratio Median Figure of 17 Publicly-Listed Real Estate Companies 0.59x
Germany Market PEG Ratio Median Figure of 277 Publicly-Listed Companies 1.41x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Plazza, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Plazza's assets?
Raw Data
DB:2PZ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-06-30) in CHF CHF265.76
SWX:PLAN Share Price * SWX (2019-02-19) in CHF CHF223
Germany Real Estate Industry PB Ratio Median Figure of 42 Publicly-Listed Real Estate Companies 1.38x
Germany Market PB Ratio Median Figure of 566 Publicly-Listed Companies 1.8x
DB:2PZ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SWX:PLAN Share Price ÷ Book Value per Share (both in CHF)

= 223 ÷ 265.76

0.84x

* Primary Listing of Plazza.

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

  • Plazza is good value based on assets compared to the DE Real Estate industry average.
X
Value checks
We assess Plazza'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 Real Estate 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 Real Estate industry average (and greater than 0)? (1 check)
  5. Plazza has a total score of 1/6, 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 Plazza expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

  • No analysts cover Plazza, future earnings growth has been estimated based on fundamentals.
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
28.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Plazza expected to grow at an attractive rate?
  • Plazza's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Plazza's earnings growth is expected to exceed the Germany market average.
  • Plazza's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:2PZ Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:2PZ Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 28.1%
DB:2PZ Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 1.5%
Germany Real Estate Industry Earnings Growth Rate Market Cap Weighted Average -9.6%
Germany Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 6.2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 9.7%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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:2PZ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (7 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:2PZ Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 25 1
2019-12-31 25 1
2018-12-31 36 1
DB:2PZ Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2018-06-30 17 10 21
2018-03-31 17 9 19
2017-12-31 16 9 17
2017-09-30 16 9 18
2017-06-30 16 8 19
2017-03-31 15 8 19
2016-12-31 15 8 19
2016-09-30 16 8 21
2016-06-30 17 9 22
2016-03-31 18 9 28
2015-12-31 19 10 33
2015-09-30 19 10 33

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Plazza's earnings are expected to grow significantly at over 20% yearly.
  • Plazza's revenue is expected to grow by 1.5% 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:2PZ Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (7 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Plazza Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:2PZ Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
2018-12-31
DB:2PZ Past Financials Data
Date (Data in CHF Millions) EPS *
2018-06-30 10.00
2018-03-31 9.10
2017-12-31 8.20
2017-09-30 8.79
2017-06-30 9.38
2017-03-31 9.40
2016-12-31 9.41
2016-09-30 9.95
2016-06-30 10.48
2016-03-31 13.30
2015-12-31 16.13
2015-09-30 16.08

*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.
  • Plazza is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Plazza'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.
Plazza 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 Plazza 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 Plazza's growth in the last year to its industry (Real Estate).
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.
  • Plazza's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Plazza's 1-year earnings growth exceeds its 5-year average (6.6% vs -14.9%)
  • Plazza's earnings growth has not exceeded the DE Real Estate industry average in the past year (6.6% vs 7.5%).
Earnings and Revenue History
Plazza'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 Plazza Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:2PZ Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-06-30 17.14 20.70 2.91
2018-03-31 16.63 18.83 2.83
2017-12-31 16.12 16.97 2.75
2017-09-30 15.91 18.19 2.67
2017-06-30 15.70 19.41 2.60
2017-03-31 15.45 19.45 2.53
2016-12-31 15.20 19.49 2.46
2016-09-30 15.91 20.59 2.71
2016-06-30 16.62 21.69 2.96
2016-03-31 17.70 27.54 2.84
2015-12-31 18.77 33.39 2.72
2015-09-30 19.06 33.28 2.26
2015-06-30 19.34 33.17 1.80
2015-03-31 19.27 26.53 1.78
2014-12-31 19.20 19.88 1.76

*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.
  • Plazza has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Plazza used its assets less efficiently than the DE Real Estate industry average last year based on Return on Assets.
  • Plazza's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Plazza'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 Real Estate 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.
Plazza has a total score of 1/6, 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 Plazza'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 Plazza's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Plazza is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Plazza's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Plazza'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.
  • Plazza has no debt, it does not need to be covered by short term assets.
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 Plazza Company Filings, last reported 7 months ago.

DB:2PZ Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2018-06-30 550.11 0.00 25.84
2018-03-31 550.11 0.00 25.84
2017-12-31 546.85 0.00 57.39
2017-09-30 546.85 0.00 57.39
2017-06-30 537.70 0.00 78.04
2017-03-31 537.70 0.00 78.04
2016-12-31 536.09 0.00 91.75
2016-09-30 536.09 0.00 91.75
2016-06-30 524.49 0.00 94.33
2016-03-31 524.49 0.00 94.33
2015-12-31 522.81 0.00 108.11
2015-09-30 522.81 0.00 108.11
2015-06-30 509.01 0.00 103.32
2015-03-31 509.01 0.00 103.32
2014-12-31 489.41 15.45 116.49
  • Plazza has no debt.
  • Plazza currently has no debt however we can't compare to 5 years ago as we have no data for that period.
  • Plazza has no debt, it does not need to be covered by operating cash flow.
  • Plazza has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Plazza'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. Plazza 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 Plazza'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
1.35%
Current annual income from Plazza dividends. Estimated to be 2.24% next year.
If you bought €2,000 of Plazza shares you are expected to receive €27 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?
  • Plazza's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.53%).
  • Plazza's dividend is below the markets top 25% of dividend payers in Germany (3.92%).
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:2PZ 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 1 Analyst Estimates (S&P Global) See Below
Germany Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 23 Stocks 2.6%
Germany Market Average Dividend Yield Market Cap Weighted Average of 332 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
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:2PZ Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 5.00 1.00
2019-12-31 5.00 1.00
2018-12-31 3.30 1.00
DB:2PZ Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2018-03-28 3.000 1.337
2017-04-07 3.000 1.309
2016-04-22 3.000 1.315

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

  • Whilst dividend payments have been stable, Plazza has been paying a dividend for less than 10 years.
  • Plazza has only been paying a dividend for 3 years, and since then there has been no growth.
Current Payout to shareholders
What portion of Plazza's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.4x coverage).
X
Income/ dividend checks
We assess Plazza's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - 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 Plazza afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Plazza has a total score of 2/6, 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 Plazza'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
Ralph Siegle
COMPENSATION CHF448,500
AGE 59
CEO Bio

Mr. Ralph Siegle, Fed.dipl., serves as the Chief Executive Officer at Plazza AG (formerly Plazza Immobilien Ag). Mr. Siegle served as Head of Real Estate - In real estate management and Other Industrial Activities at Conzzeta Holding AG. since 2003 and served as a Member of Executive Board at Conzzeta Holding Ag. Mr. Siegle was a Senior Executive at several large companies and worked in the field of real estate management.

CEO Compensation
  • Ralph's compensation has been consistent with company performance over the past year.
  • Ralph's remuneration is lower than average for companies of similar size in Germany.
Management Team

Ralph Siegle

TITLE
Chief Executive Officer
COMPENSATION
CHF449K
AGE
59

Thomas Casata

TITLE
Chief Financial Officer
AGE
53
Board of Directors

Markus Kellenberger

TITLE
Chairman of the Board
COMPENSATION
CHF150K

Jacob Schmidheiny

TITLE
Member of the Board
COMPENSATION
CHF72K
AGE
75

Lauric Barbier

TITLE
Member of the Board
COMPENSATION
CHF75K

Martin Byland

TITLE
Member of the Board
COMPENSATION
CHF75K

Dominik Weber

TITLE
Member of the Board
COMPENSATION
CHF75K

Stephan Beier

TITLE
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 Plazza'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. Plazza 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

Map
Description

Plazza AG plans, builds, manages, and markets real estate properties and projects in Switzerland. It has a portfolio of residential, commercial, and office buildings, as well as garage/parking spaces. The company also provides property management services for third parties. Plazza AG is based in Zurich, Switzerland.

Details
Name: Plazza AG
2PZ
Exchange: DB
Founded:
CHF406,740,377
2,070,000
Website: http://www.plazza.ch
Address: Plazza AG
Sieberstrasse 5,
Zurich,
Zurich, 8055,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX PLAN Class A Shares SIX Swiss Exchange CH CHF 26. Jun 2015
DB 2PZ Class A Shares Deutsche Boerse AG DE EUR 26. Jun 2015
LSE 0R8X Class A Shares London Stock Exchange GB CHF 26. Jun 2015
Number of employees
Current staff
Staff numbers
14
Plazza employees.
Industry
Diversified Real Estate Activities
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/20 00:09
End of day share price update: 2019/02/19 00:00
Last estimates confirmation: 2018/12/22
Last earnings filing: 2018/08/31
Last earnings reported: 2018/06/30
Last annual earnings reported: 2017/12/31


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.