DB:BZ6

Stock Analysis Report

Kapsch TrafficCom

Executive Summary

Kapsch TrafficCom AG provides intelligent transportation systems (ITS) worldwide.


Snowflake Analysis

Undervalued established dividend payer.

Share Price & News

How has Kapsch TrafficCom's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BZ6's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

18.7%

BZ6

4.2%

DE Electronic

7.1%

DE Market


1 Year Return

-40.9%

BZ6

-26.4%

DE Electronic

-17.5%

DE Market

Return vs Industry: BZ6 underperformed the German Electronic industry which returned -26.4% over the past year.

Return vs Market: BZ6 underperformed the German Market which returned -17.5% over the past year.


Shareholder returns

BZ6IndustryMarket
7 Day18.7%4.2%7.1%
30 Day-23.1%-23.5%-20.0%
90 Day-40.4%-23.7%-26.1%
1 Year-38.2%-40.9%-24.9%-26.4%-15.0%-17.5%
3 Year-52.1%-57.5%-2.4%-5.6%-18.8%-25.8%
5 Year-7.6%-22.4%55.0%43.6%-17.9%-29.2%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

Is Kapsch TrafficCom undervalued compared to its fair value and its price relative to the market?

23.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BZ6 (€17.45) is trading below our estimate of fair value (€22.9)

Significantly Below Fair Value: BZ6 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: BZ6 is good value based on its PE Ratio (8.5x) compared to the Electronic industry average (15.8x).

PE vs Market: BZ6 is good value based on its PE Ratio (8.5x) compared to the German market (16.5x).


Price to Earnings Growth Ratio

PEG Ratio: BZ6 is poor value based on its PEG Ratio (1.6x)


Price to Book Ratio

PB vs Industry: BZ6 is good value based on its PB Ratio (0.9x) compared to the DE Electronic industry average (1.1x).


Next Steps

Future Growth

How is Kapsch TrafficCom forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

5.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BZ6's forecast earnings growth (5.3% per year) is above the savings rate (-0.4%).

Earnings vs Market: BZ6's earnings (5.3% per year) are forecast to grow slower than the German market (14.2% per year).

High Growth Earnings: BZ6's earnings are forecast to grow, but not significantly.

Revenue vs Market: BZ6's revenue (0.5% per year) is forecast to grow slower than the German market (4.2% per year).

High Growth Revenue: BZ6's revenue (0.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BZ6's Return on Equity is forecast to be low in 3 years time (9.3%).


Next Steps

Past Performance

How has Kapsch TrafficCom performed over the past 5 years?

16.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BZ6 has high quality earnings.

Growing Profit Margin: BZ6's current net profit margins (3.5%) are lower than last year (3.9%).


Past Earnings Growth Analysis

Earnings Trend: BZ6 has become profitable over the past 5 years, growing earnings by 16.2% per year.

Accelerating Growth: BZ6's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: BZ6 had negative earnings growth (-7.5%) over the past year, making it difficult to compare to the Electronic industry average (-7.4%).


Return on Equity

High ROE: BZ6's Return on Equity (10.6%) is considered low.


Next Steps

Financial Health

How is Kapsch TrafficCom's financial position?


Financial Position Analysis

Short Term Liabilities: BZ6's short term assets (€502.0M) exceed its short term liabilities (€247.8M).

Long Term Liabilities: BZ6's short term assets (€502.0M) exceed its long term liabilities (€272.0M).


Debt to Equity History and Analysis

Debt Level: BZ6's debt to equity ratio (82.4%) is considered high.

Reducing Debt: BZ6's debt to equity ratio has increased from 68.7% to 82.4% over the past 5 years.

Debt Coverage: BZ6's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: BZ6's interest payments on its debt are well covered by EBIT (17.3x coverage).


Balance Sheet

Inventory Level: BZ6 has a low level of unsold assets or inventory.

Debt Coverage by Assets: BZ6's debt is covered by short term assets (assets are 2.6x debt).


Next Steps

Dividend

What is Kapsch TrafficCom's current dividend yield, its reliability and sustainability?

8.82%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BZ6's dividend (8.82%) is higher than the bottom 25% of dividend payers in the German market (1.71%).

High Dividend: BZ6's dividend (8.82%) is in the top 25% of dividend payers in the German market (4.98%)


Stability and Growth of Payments

Stable Dividend: BZ6's dividend payments have been volatile in the past 10 years.

Growing Dividend: BZ6's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (74.7%), BZ6's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BZ6's dividends in 3 years are forecast to be covered by earnings (68.7% payout ratio).


Next Steps

Management

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

3.9yrs

Average management tenure


CEO

Georg Kapsch (60yo)

17.25s

Tenure

€1,020,000

Compensation

Mag. Georg Kapsch, M.P. serves as the Chief Executive Officer at Kapsch TrafficCom Russia OOO. Mag. Kapsch serves as the Chairman of Executive Board at Kapsch TrafficCom AG and has been its Chief Executive ...


CEO Compensation Analysis

Compensation vs Market: Georg's total compensation ($USD1.13M) is above average for companies of similar size in the German market ($USD765.33K).

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


Leadership Team

NamePositionTenureCompensationOwnership
Georg Kapsch
Chairman of Executive Board & CEO17.25yrs€1.02mno data
André Laux
Member of Executive Board & COO9.92yrs€571.00kno data
Ulrike Klemm-Pöttinger
Executive Vice President of Financeno datano datano data
Alfredo Escribá Gallego
CTO & Member of Executive Board0.83yrno datano data
Hans Lang
Investor Relations & Compliance Officer3.58yrsno datano data
Japjeev Kohli
Chief Technology Officer of North American Region3.92yrsno datano data
J. Kendrick
Senior Vice President of Sales & Business Development - North America2.5yrsno datano data
Nathalie Leboucher
Senior Vice President of Western Europeno datano datano data
Steve Parsons
Head of Sales for United Kingdomno datano datano data
Christopher Murray
CEO & President of Kapsch TrafficCom IVHS9yrsno datano data

3.9yrs

Average Tenure

55yo

Average Age

Experienced Management: BZ6's management team is considered experienced (3.9 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Harald Sommerer
Member of Supervisory Board6.5yrsno datano data
Kari Kapsch
Deputy Chairman of the Supervisory Board14.75yrsno datano data
Franz Semmernegg
Chairman of the Supervisory Board14.75yrsno datano data
Sabine Kauper
Member of Supervisory Board8.58yrsno datano data
Christian Windisch
Member of Supervisory Board17.33yrsno datano data
Claudia Rudolf-Misch
Member of Supervisory Board1.33yrsno datano data

11.7yrs

Average Tenure

52yo

Average Age

Experienced Board: BZ6's board of directors are seasoned and experienced ( 11.7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Kapsch TrafficCom AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Kapsch TrafficCom AG
  • Ticker: BZ6
  • Exchange: DB
  • Founded: 1892
  • Industry: Electronic Equipment and Instruments
  • Sector: Tech
  • Market Cap: €221.000m
  • Shares outstanding: 13.00m
  • Website: https://www.kapschtraffic.com

Number of Employees


Location

  • Kapsch TrafficCom AG
  • Am Europlatz 2
  • Vienna
  • Vienna
  • 1120
  • Austria

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
KTCGWBAG (Wiener Boerse AG)YesOrdinary SharesATEURJun 2007
BZ6DB (Deutsche Boerse AG)YesOrdinary SharesDEEURJun 2007
0GTOLSE (London Stock Exchange)YesOrdinary SharesGBEURJun 2007
KPSH.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJun 2007
KTCGVBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJun 2007

Biography

Kapsch TrafficCom AG provides intelligent transportation systems (ITS) worldwide. It operates through two segments, Electronic Toll Collection (ETC) and Intelligent Mobility Solutions. The company offers in-vehicle products, including CEN, WAVE, and GNSS/DSRC on-board units; transponders; and programming stations. It also provides RF field products comprising CEN DSRC and WAVE DSRC transceivers, RFID readers, and handheld readers; and video and sensor products, such as automatic number plate recognition and classification products. In addition, the company offers technical operation services, such as service and maintenance of the roadside components, as well as operation of point-of-sale and data center applications; and commercial operation services, including issuing the relevant access devices in the form of on-board units, transponders, and processing payments. Further, it operates points of sale and online shops; and manages Websites and mobile apps, as well as provides call center services. The company was founded in 1892 and is headquartered in Vienna, Austria. Kapsch TrafficCom AG is a subsidiary of KAPSCH-Group Beteiligungs GmbH. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/29 21:50
End of Day Share Price2020/03/27 00:00
Earnings2019/12/31
Annual Earnings2019/03/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.