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Bechtle

XTRA:BC8
Snowflake Description

Adequate balance sheet with proven track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BC8
XTRA
€4B
Market Cap
  1. Home
  2. DE
  3. Software
Company description

Bechtle AG provides information technology services primarily in Europe. The last earnings update was 42 days ago. More info.


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BC8 Share Price and Events
7 Day Returns
0.9%
XTRA:BC8
-0.4%
DE IT
-0.4%
DE Market
1 Year Returns
44.7%
XTRA:BC8
6.8%
DE IT
-6.2%
DE Market
BC8 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bechtle (BC8) 0.9% -10.6% 20.4% 44.7% 107.5% 207.3%
DE IT -0.4% -6% 19.7% 6.8% 182.5% 261.4%
DE Market -0.4% 0.7% 1.8% -6.2% 13.9% 7.5%
1 Year Return vs Industry and Market
  • BC8 outperformed the IT industry which returned 6.8% over the past year.
  • BC8 outperformed the Market in Germany which returned -6.2% over the past year.
Price Volatility
BC8
Industry
5yr Volatility vs Market

BC8 Value

 Is Bechtle 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 Bechtle 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 Bechtle.

XTRA:BC8 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 10 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.5%
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:BC8
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
IT Unlevered Beta Simply Wall St/ S&P Global 1.01
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.01 (1 + (1- 30%) (9.54%))
1.052
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.05
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.052 * 5.96%)
6.5%

Discounted Cash Flow Calculation for XTRA:BC8 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Bechtle 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:BC8 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 6.5%)
2019 85.12 Analyst x5 79.93
2020 139.40 Analyst x8 122.91
2021 149.52 Analyst x8 123.79
2022 139.50 Analyst x2 108.44
2023 142.10 Analyst x1 103.73
2024 142.06 Est @ -0.03% 97.37
2025 142.13 Est @ 0.05% 91.48
2026 142.28 Est @ 0.1% 85.98
2027 142.48 Est @ 0.14% 80.85
2028 142.72 Est @ 0.17% 76.04
Present value of next 10 years cash flows €970.52
XTRA:BC8 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €142.72 × (1 + 0.23%) ÷ (6.5% – 0.23%)
€2,281.39
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €2,281.39 ÷ (1 + 6.5%)10
€1,215.57
XTRA:BC8 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €970.52 + €1,215.57
€2,186.09
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €2,186.09 / 42.00
€52.05
XTRA:BC8 Discount to Share Price
Calculation Result
Value per share (EUR) From above. €52.05
Current discount Discount to share price of €97.80
= -1 x (€97.80 - €52.05) / €52.05
-87.9%

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

  • The current share price of Bechtle 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 Bechtle's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bechtle's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
XTRA:BC8 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €3.43
XTRA:BC8 Share Price ** XTRA (2019-06-26) in EUR €97.8
Germany IT Industry PE Ratio Median Figure of 20 Publicly-Listed IT Companies 26.27x
Germany Market PE Ratio Median Figure of 425 Publicly-Listed Companies 19.49x

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

** Primary Listing of Bechtle.

XTRA:BC8 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= XTRA:BC8 Share Price ÷ EPS (both in EUR)

= 97.8 ÷ 3.43

28.53x

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

  • Bechtle is overvalued based on earnings compared to the DE IT industry average.
  • Bechtle is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Bechtle's expected growth come at a high price?
Raw Data
XTRA:BC8 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 28.53x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
10%per year
Germany IT Industry PEG Ratio Median Figure of 12 Publicly-Listed IT Companies 1.6x
Germany Market PEG Ratio Median Figure of 271 Publicly-Listed Companies 1.45x

*Line of best fit is calculated by linear regression .

XTRA:BC8 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 28.53x ÷ 10%

2.86x

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

  • Bechtle is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Bechtle's assets?
Raw Data
XTRA:BC8 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €21.80
XTRA:BC8 Share Price * XTRA (2019-06-26) in EUR €97.8
Germany IT Industry PB Ratio Median Figure of 25 Publicly-Listed IT Companies 3.96x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.8x
XTRA:BC8 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= XTRA:BC8 Share Price ÷ Book Value per Share (both in EUR)

= 97.8 ÷ 21.80

4.49x

* Primary Listing of Bechtle.

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

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

BC8 Future Performance

 How is Bechtle expected to perform in the next 1 to 3 years based on estimates from 10 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
10%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bechtle expected to grow at an attractive rate?
  • Bechtle's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Bechtle's earnings growth is positive but not above the Germany market average.
  • Bechtle's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
XTRA:BC8 Future Growth Rates Data Sources
Data Point Source Value (per year)
XTRA:BC8 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts 10%
XTRA:BC8 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 7.2%
Germany IT Industry Earnings Growth Rate Market Cap Weighted Average 24.4%
Germany IT Industry Revenue Growth Rate Market Cap Weighted Average 17.2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*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:BC8 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
XTRA:BC8 Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 6,563 3
2022-12-31 6,351 221 217 4
2021-12-31 5,939 213 196 9
2020-12-31 5,500 185 178 9
2019-12-31 5,049 127 162 10
XTRA:BC8 Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 4,608 104 144
2018-12-31 4,323 141 137
2018-09-30 4,041 76 126
2018-06-30 3,865 85 123
2018-03-31 3,722 85 117
2017-12-31 3,570 54 115
2017-09-30 3,435 54 113
2017-06-30 3,291 24 109
2017-03-31 3,192 54 106
2016-12-31 3,094 53 103
2016-09-30 2,995 109 102
2016-06-30 2,951 105 100

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bechtle's earnings are expected to grow by 10% yearly, however this is not considered high growth (20% yearly).
  • Bechtle's revenue is expected to grow by 7.2% 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:BC8 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below

All data from Bechtle Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

XTRA:BC8 Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 4.76 4.76 4.76 1.00
2021-12-31 4.69 5.14 4.43 9.00
2020-12-31 4.26 4.55 4.05 9.00
2019-12-31 3.87 3.99 3.70 8.00
XTRA:BC8 Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 3.43
2018-12-31 3.27
2018-09-30 2.99
2018-06-30 2.92
2018-03-31 2.79
2017-12-31 2.73
2017-09-30 2.69
2017-06-30 2.60
2017-03-31 2.53
2016-12-31 2.46
2016-09-30 2.44
2016-06-30 2.39

*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.
  • Bechtle is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Bechtle'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.
Bechtle 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.

BC8 Past Performance

  How has Bechtle 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 Bechtle's growth in the last year to its industry (IT).
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.
  • Bechtle's year on year earnings growth rate has been positive over the past 5 years.
  • Bechtle's 1-year earnings growth exceeds its 5-year average (22.7% vs 13.6%)
  • Bechtle's earnings growth has exceeded the DE IT industry average in the past year (22.7% vs 16.2%).
Earnings and Revenue History
Bechtle'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 Bechtle Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

XTRA:BC8 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 4,607.88 143.97 492.08
2018-12-31 4,323.32 137.14 462.91
2018-09-30 4,040.79 125.51 432.20
2018-06-30 3,865.16 122.63 418.09
2018-03-31 3,722.38 117.31 404.25
2017-12-31 3,570.12 114.56 389.39
2017-09-30 3,434.51 112.81 379.72
2017-06-30 3,290.61 109.03 368.86
2017-03-31 3,191.80 106.35 358.97
2016-12-31 3,093.58 103.37 349.32
2016-09-30 2,994.94 102.46 341.89
2016-06-30 2,951.09 100.25 333.38
2016-03-31 2,913.76 96.26 327.08
2015-12-31 2,831.30 92.88 321.22
2015-09-30 2,766.49 81.89 317.84
2015-06-30 2,698.59 79.42 310.83
2015-03-31 2,616.20 77.13 302.45
2014-12-31 2,580.45 76.19 295.97
2014-09-30 2,490.87 77.68 284.29
2014-06-30 2,431.39 74.15 277.67
2014-03-31 2,346.23 68.12 272.06
2013-12-31 2,273.49 63.40 266.71
2013-09-30 2,203.56 58.26 259.72
2013-06-30 2,146.38 53.82 256.64
2013-03-31 2,123.18 54.18 253.89
2012-12-31 2,096.84 56.36 249.71
2012-09-30 2,068.96 55.33 243.75
2012-06-30 2,064.67 58.08 238.98

*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.
  • Bechtle has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Bechtle used its assets more efficiently than the DE IT industry average last year based on Return on Assets.
  • Bechtle's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Bechtle'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 IT 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.
Bechtle has a total score of 4/6, 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.

BC8 Health

 How is Bechtle'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 Bechtle's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bechtle is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Bechtle's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Bechtle'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 3.4x 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 Bechtle Company Filings, last reported 2 months ago.

XTRA:BC8 Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 915.55 391.78 191.58
2018-12-31 883.20 393.51 251.78
2018-09-30 831.71 349.20 140.95
2018-06-30 796.41 132.12 104.40
2018-03-31 802.26 83.86 115.65
2017-12-31 777.28 128.85 177.21
2017-09-30 735.74 72.58 96.95
2017-06-30 709.11 72.70 75.97
2017-03-31 716.26 64.14 127.06
2016-12-31 694.10 61.49 156.91
2016-09-30 655.94 61.75 141.32
2016-06-30 630.65 60.83 154.91
2016-03-31 636.95 64.92 171.48
2015-12-31 620.65 66.02 190.66
2015-09-30 589.99 67.64 116.74
2015-06-30 568.41 73.44 119.31
2015-03-31 575.67 56.67 133.35
2014-12-31 554.00 60.23 129.21
2014-09-30 533.80 58.70 86.66
2014-06-30 510.18 61.39 81.77
2014-03-31 516.44 65.31 118.49
2013-12-31 501.57 64.17 124.29
2013-09-30 475.17 72.87 82.64
2013-06-30 458.11 69.36 73.65
2013-03-31 469.23 68.50 99.43
2012-12-31 459.58 73.71 114.83
2012-09-30 435.22 63.83 53.84
2012-06-30 422.02 64.77 58.84
  • Bechtle's level of debt (42.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (12.6% vs 42.8% today).
  • Debt is well covered by operating cash flow (26.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 76.3x coverage).
X
Financial health checks
We assess Bechtle'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. Bechtle has a total score of 4/6, 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.

BC8 Dividends

 What is Bechtle'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
1.02%
Current annual income from Bechtle dividends. Estimated to be 1.36% next year.
If you bought €2,000 of Bechtle shares you are expected to receive €20 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?
  • Bechtle's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.43%).
  • Bechtle's dividend is below the markets top 25% of dividend payers in Germany (3.88%).
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:BC8 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 10 Analyst Estimates (S&P Global) See Below
Germany IT Industry Average Dividend Yield Market Cap Weighted Average of 12 Stocks 0.5%
Germany Market Average Dividend Yield Market Cap Weighted Average of 328 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
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:BC8 Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 1.69 2.00
2021-12-31 1.42 10.00
2020-12-31 1.30 10.00
2019-12-31 1.17 9.00
XTRA:BC8 Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-15 1.000 1.081
2018-03-16 0.900 1.208
2017-03-16 0.750 1.214
2016-03-14 0.700 1.459
2015-03-12 0.600 1.575
2014-03-14 0.550 1.747
2013-03-14 0.500 2.396
2012-02-29 0.425 2.711
2011-03-15 0.375 2.688
2010-03-19 0.300 2.404
2009-03-02 0.300 3.940

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Bechtle's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.2x coverage).
X
Income/ dividend checks
We assess Bechtle'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 Bechtle afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bechtle has a total score of 4/6, see the detailed checks below.


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

BC8 Management

 What is the CEO of Bechtle'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
Thomas Olemotz
COMPENSATION €3,268,000
AGE 56
CEO Bio

Dr. Thomas Olemotz, Dipl.-Kfm, has been the Chairman of the Executive Board since October 2010 and Member of its Executive Board since March 2006 and serves as its Chief Executive Officer. Dr. Olemotz served as Chief Financial Officer at Bechtle AG since March 1, 2007. Dr. Olemotz served as Head of Human Resources and Member of Executive board of Logwin AG (formerly, Thiel Logistik AG). He was the Chief Financial Officer and Member of Management Board at Logwin Holding Aschaffenburg AG since January 1, 2002. Dr. Olemotz served as Chief Financial Officer of Thiel Logistik AG. He served at Deutsche Bank Group, where he was responsible for the medium-sized mergers and acquisitions business as the Business area head. He was responsible for management of corporate development at Delton AG. After having worked at Westdeutche Landesbank and the Deutsche Bank Group, he served in the Executive Board of Bad Homburger Deltron AG. He started his career at West LB after a bank apprenticeship. Dr. Olemotz holds Diploma in Kaufmann and studied Business administration followed by a Doctorate.

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

Average tenure and age of the Bechtle management team in years:

12.8
Average Tenure
58
Average Age
  • The average tenure for the Bechtle management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Thomas Olemotz

TITLE
CEO & Chairman of The Executive Board
COMPENSATION
€3M
AGE
56

Jürgen Schäfer

TITLE
Member of Executive Board
COMPENSATION
€1M
AGE
60
TENURE
10.4 yrs

Michael Guschlbauer

TITLE
Member of Executive Board
COMPENSATION
€2M
AGE
54
TENURE
10.4 yrs

Gerhard Schick

TITLE
Co-Founder & Honorary Chairman of the Supervisory Board
AGE
78

Stefan Sagowski

TITLE
Executive Vice President of Finance Division
AGE
54
TENURE
15.3 yrs

Gabi Schepperle

TITLE
Head of Group Accounting & Treasury

Martin Link

TITLE
Head of Investor Relations

Christine Deutsch

TITLE
Head of Business Development Services

Katja Jager

TITLE
Head of Sales Controlling

Gerhard Marz

TITLE
Executive Vice President of Public Sector Division
AGE
62
TENURE
15.4 yrs
Board of Directors Tenure

Average tenure of the Bechtle board of directors in years:

6
Average Tenure
  • The tenure for the Bechtle board of directors is about average.
Board of Directors

Klaus Winkler

TITLE
Chairman of the Supervisory Board
COMPENSATION
€70K
TENURE
1 yrs

Uli Drautz

TITLE
Deputy Chairman of the Supervisory Board
COMPENSATION
€72K

Kurt Dobitsch

TITLE
Member of Supervisory Board
COMPENSATION
€46K
AGE
64
TENURE
20.1 yrs

Daniela Eberle

TITLE
Employee Representative Member of Supervisory Board
COMPENSATION
€46K
TENURE
15.7 yrs

Barbara Greyer

TITLE
Employee Representative Member of Supervisory Board
COMPENSATION
€33K
TENURE
15.7 yrs

Thomas Hess

TITLE
Member of Supervisory Board
COMPENSATION
€41K
TENURE
7 yrs

Volker Strohfeld

TITLE
Employee Representative Member of Supervisory Board
COMPENSATION
€34K
TENURE
6 yrs

Michael Unser

TITLE
Employee Representative Member of Supervisory Board
COMPENSATION
€33K
TENURE
6 yrs

Sandra Stegmann

TITLE
Member of Supervisory Board
COMPENSATION
€40K
TENURE
3 yrs

Lars Grünert

TITLE
Member of Supervisory Board
COMPENSATION
€18K
AGE
50
TENURE
1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Bechtle'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. Bechtle 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.

BC8 News

Simply Wall St News

What Kind Of Shareholder Owns Most Bechtle AG (ETR:BC8) Stock?

Taking a look at our data on the ownership groups (below), it's seems that institutional investors have bought into the company. … See our latest analysis for Bechtle XTRA:BC8 Ownership Summary, June 21st 2019 What Does The Institutional Ownership Tell Us About Bechtle? … We can see that Bechtle does have institutional investors; and they hold 49% of the stock.

Simply Wall St -

Can You Imagine How Chuffed Bechtle's (ETR:BC8) Shareholders Feel About Its 239% Share Price Gain?

During five years of share price growth, Bechtle achieved compound earnings per share (EPS) growth of 16% per year. … As well as measuring the share price return, investors should also consider the total shareholder return (TSR). … Before deciding if you like the current share price, check how Bechtle scores on these 3 valuation metrics.

Simply Wall St -

Is Now The Time To Put Bechtle (ETR:BC8) On Your Watchlist?

As a result, I'm encouraged by the fact that insiders own Bechtle shares worth a considerable sum. … Although Bechtle certainly looks good to me, I would like it more if insiders were buying up shares. … If you like to see insider buying, too, then this free list of growing companies that insiders are buying, could be exactly what you're looking for.

Simply Wall St -

Bechtle AG (ETR:BC8) Will Pay €1.00 In Dividends

Is this future income stream a compelling catalyst for dividend investors to think about the stock as an investment today? … See our latest analysis for Bechtle 5 checks you should use to assess a dividend stock Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Is it the top 25% annual dividend yield payer? … Reliability is an important factor for dividend stocks, particularly for income investors who want a strong track record of payment and a positive outlook for future payout.

Simply Wall St -

Why Bechtle AG (ETR:BC8) Is A Buy When Markets Go Down

Bechtle AG is a financially healthy and robust stock with a proven track record of outperformance. … We all know Bechtle, and having this large-cap to cushion your portfolio during a volatile period in the stock market isn't a bad idea. … Generally, large-cap stocks are well-resourced and well-established meaning that a bear market will cause it to rejig some short-term capital allocations, but stock market volatility is hardly detrimental to its financial health and business operations.

Simply Wall St -

Has Bechtle AG (ETR:BC8) Been Employing Capital Shrewdly?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Bechtle: 0.14 = €195m ÷ (€2.0b - €679m) (Based on the trailing twelve months to December 2018.) So, Bechtle has an ROCE of 14%. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE. … Our Take On Bechtle's ROCE Bechtle's ROCE does look good, but the level of current liabilities also contribute to that.

Simply Wall St -

How Does Investing In Bechtle AG (ETR:BC8) Impact The Volatility Of Your Portfolio?

Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one.

Simply Wall St -

Is Bechtle AG (ETR:BC8) Expensive For A Reason? A Look At Its Intrinsic Value

We generally believe that a company's value is the present value of all of the cash it will generate in the future. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model. … We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows

Simply Wall St -

How Does Bechtle AG (ETR:BC8) Fare As A Dividend Stock?

Today we'll take a closer look at Bechtle AG (ETR:BC8) from a dividend investor's perspective. … Owning a strong dividend company and reinvesting the dividends is widely seen as an attractive way of growing your wealth. … Some simple analysis can offer a lot of insight when buying a company for its dividend, and we'll go through these below.

Simply Wall St -

Bechtle AG (ETR:BC8): Will The Growth Last?

The latest earnings announcement Bechtle AG (ETR:BC8) released in December 2018a … confirmed … business

Simply Wall St -

BC8 Company Info

Description

Bechtle AG provides information technology services primarily in Europe. The company operates in two segments, IT System House & Managed Services, and IT E-Commerce. The IT System House & Managed Services segment offers IT strategy consulting, hardware and software, project planning and implementation, system integration, maintenance and training, IT, cloud, and IT operation services. It provides applications for customer relationship management, enterprise resource planning, computer-aided design/comptuer-aided manufacturing, product life-cycle management, collaboration, enterprise content management, and business intelligence; and modern workplace solutions. This segment also offers data center, networking, security, managed, professional, financial, and remarketing services. The IT E-Commerce segment provides hardware and software products, and peripherals through Internet and telesales under the multi brands. It also offers e-procurement services. The company also provides design, development, and implementation of software services. It serves customers in the fields of industry and trade, the public sector, and the financial industry. Bechtle AG was founded in 1983 and is headquartered in Neckarsulm, Germany.

Details
Name: Bechtle AG
BC8
Exchange: XTRA
Founded: 1983
€4,107,600,000
42,000,000
Website: http://www.bechtle.com
Address: Bechtle AG
Bechtle Platz 1,
Neckarsulm,
Baden-Württemberg, 74172,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA BC8 Ordinary Shares XETRA Trading Platform DE EUR 30. Mar 2000
DB BC8 Ordinary Shares Deutsche Boerse AG DE EUR 30. Mar 2000
LSE 0DPM Ordinary Shares London Stock Exchange GB EUR 30. Mar 2000
SWX BC8 Ordinary Shares SIX Swiss Exchange CH CHF 30. Mar 2000
WBAG BC8 Ordinary Shares Wiener Boerse AG AT EUR 30. Mar 2000
BATS-CHIXE BC8D Ordinary Shares BATS 'Chi-X Europe' GB EUR 30. Mar 2000
Number of employees
Current staff
Staff numbers
10,334
Bechtle employees.
Industry
IT Consulting and Other Services
Software
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/26 21:03
End of day share price update: 2019/06/26 00:00
Last estimates confirmation: 2019/06/17
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.