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Eastman Kodak

DB:KODN
Snowflake Description

Good value with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
KODN
DB
$126M
Market Cap
  1. Home
  2. DE
  3. Tech
Company description

Eastman Kodak Company provides hardware, software, consumables, and services to customers in various markets worldwide. The last earnings update was 98 days ago. More info.


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  • Eastman Kodak has significant price volatility in the past 3 months.
KODN Share Price and Events
7 Day Returns
4%
DB:KODN
-0%
DE Tech
0.6%
DE Market
1 Year Returns
-52.4%
DB:KODN
-9.5%
DE Tech
-12.4%
DE Market
KODN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Eastman Kodak (KODN) 4% -1.5% -25% -52.4% -67.6% -88%
DE Tech -0% 7.2% 6.6% -9.5% 78.5% 63.4%
DE Market 0.6% 2% -1.8% -12.4% 9.8% 4%
1 Year Return vs Industry and Market
  • KODN underperformed the Tech industry which returned -9.5% over the past year.
  • KODN underperformed the Market in Germany which returned -12.4% over the past year.
Price Volatility
KODN
Industry
5yr Volatility vs Market

Value

 Is Eastman Kodak 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 Eastman Kodak 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 Eastman Kodak.

DB:KODN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 19.8%
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:KODN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 9.8%
Tech Unlevered Beta Simply Wall St/ S&P Global 0.93
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.928 (1 + (1- 21%) (319.23%))
3.267
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (2 * 9.77%)
19.77%

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

The calculations below outline how an intrinsic value for Eastman Kodak is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:KODN DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (USD, Millions) 92.64 83.02 74.40 66.67 59.75
Source Est @ -10.39% Est @ -10.39% Est @ -10.39% Est @ -10.39% Est @ -10.39%
Present Value
Discounted (@ 19.77%)
77.35 57.87 43.30 32.40 24.24
Present value of next 5 years cash flows $235.16
DB:KODN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= $59.75 × (1 + 0.23%) ÷ (19.77% – 0.23%)
$306.40
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= $306.40 ÷ (1 + 19.77%)5
$124.31
DB:KODN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= $235.16 + $124.31
$359.47
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $359.47 / 42.73
$7.33
DB:KODN Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:KODN represents 0.87162x of NYSE:KODK
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.87162x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 8.41 x 0.87162
€7.33
Value per share (EUR) From above. €7.33
Current discount Discount to share price of €2.58
= -1 x (€2.58 - €7.33) / €7.33
64.8%

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

Current Discount
Amount off the current price Eastman Kodak is available for.
Intrinsic value
>50%
Share price is €2.58 vs Future cash flow value of €7.33
Current Discount Checks
For Eastman Kodak to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Eastman Kodak's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Eastman Kodak's share price is below the future cash flow value, and at a substantial discount (> 40%).
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 Eastman Kodak's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Eastman Kodak's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:KODN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in USD $2.49
NYSE:KODK Share Price ** NYSE (2019-02-15) in USD $2.96
Europe Tech Industry PE Ratio Median Figure of 24 Publicly-Listed Tech Companies 15.36x
Germany Market PE Ratio Median Figure of 420 Publicly-Listed Companies 17.9x

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

** Primary Listing of Eastman Kodak.

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

= NYSE:KODK Share Price ÷ EPS (both in USD)

= 2.96 ÷ 2.49

1.19x

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

  • Eastman Kodak is good value based on earnings compared to the Europe Tech industry average.
  • Eastman Kodak is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Eastman Kodak's expected growth come at a high price?
Raw Data
DB:KODN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 1.19x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
-8.3%per year
Europe Tech Industry PEG Ratio Median Figure of 12 Publicly-Listed Tech Companies 0.92x
Germany Market PEG Ratio Median Figure of 276 Publicly-Listed Companies 1.43x

*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 Eastman Kodak, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Eastman Kodak's assets?
Raw Data
DB:KODN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in USD $0.42
NYSE:KODK Share Price * NYSE (2019-02-15) in USD $2.96
Europe Tech Industry PB Ratio Median Figure of 31 Publicly-Listed Tech Companies 1.3x
Germany Market PB Ratio Median Figure of 566 Publicly-Listed Companies 1.76x
DB:KODN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:KODK Share Price ÷ Book Value per Share (both in USD)

= 2.96 ÷ 0.42

7.02x

* Primary Listing of Eastman Kodak.

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

  • Eastman Kodak is overvalued based on assets compared to the Europe Tech industry average.
X
Value checks
We assess Eastman Kodak'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 Tech 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 Tech industry average (and greater than 0)? (1 check)
  5. Eastman Kodak has a total score of 4/6, 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 Eastman Kodak expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Eastman Kodak, 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
-8.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Eastman Kodak expected to grow at an attractive rate?
  • Eastman Kodak's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Eastman Kodak's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Unable to compare Eastman Kodak's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
DB:KODN Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:KODN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts -8.3%
Europe Tech Industry Earnings Growth Rate Market Cap Weighted Average 11.4%
Europe Tech Industry Revenue Growth Rate Market Cap Weighted Average 8.7%
Germany Market Earnings Growth Rate Market Cap Weighted Average 9.6%
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:KODN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:KODN Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-09-30 1,509 -69 106
2018-06-30 1,522 -42 42
2018-03-31 1,531 -41 45
2017-12-31 1,531 -67 77
2017-09-30 1,549 -60 -39
2017-06-30 1,581 -59 27
2017-03-31 1,623 -47 33
2016-12-31 1,643 -15 14
2016-09-30 1,650 16 38
2016-06-30 1,664 -21 15
2016-03-31 1,675 -27 -9
2015-12-31 1,803 -95 -72

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Eastman Kodak's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Unable to determine if Eastman Kodak is high growth as no revenue estimate data is available.
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:KODN 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 0 Analyst Estimates (S&P Global) See Below

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

DB:KODN Past Financials Data
Date (Data in USD Millions) EPS *
2018-09-30 2.49
2018-06-30 0.99
2018-03-31 1.06
2017-12-31 1.81
2017-09-30 -0.92
2017-06-30 0.64
2017-03-31 0.78
2016-12-31 0.33
2016-09-30 0.90
2016-06-30 0.36
2016-03-31 -0.21
2015-12-31 -1.72

*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.
  • Unable to establish if Eastman Kodak will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Eastman Kodak'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 Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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.
Eastman Kodak has a total score of 0/6, 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 Eastman Kodak 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 Eastman Kodak's growth in the last year to its industry (Tech).
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.
  • Eastman Kodak's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Eastman Kodak has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Eastman Kodak has become profitable in the last year making it difficult to compare the Europe Tech industry average.
Earnings and Revenue History
Eastman Kodak'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 Eastman Kodak Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:KODN Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 1,509.00 106.00 213.00 41.00
2018-06-30 1,522.00 42.00 211.00 44.00
2018-03-31 1,531.00 45.00 209.00 48.00
2017-12-31 1,531.00 77.00 205.00 53.00
2017-09-30 1,549.00 -39.00 123.00 68.00
2017-06-30 1,581.00 27.00 151.00 67.00
2017-03-31 1,623.00 33.00 180.00 65.00
2016-12-31 1,643.00 14.00 198.00 60.00
2016-09-30 1,650.00 38.00 195.00 54.00
2016-06-30 1,664.00 15.00 197.00 50.00
2016-03-31 1,675.00 -9.00 197.00 46.00
2015-12-31 1,803.00 -72.00 226.00 61.00
2015-09-30 1,802.00 -105.00 233.00 57.00
2015-06-30 1,945.00 -69.00 248.00 66.00
2015-03-31 2,039.00 -113.00 275.00 80.00
2014-12-31 2,046.00 -64.00 284.00 64.00
2014-09-30 2,193.00 -143.00 324.00 98.00
2014-06-30 2,188.00 1,885.00 350.00 102.00
2014-03-31 2,243.00 1,737.00 380.00 101.00
2013-12-31 2,358.00 2,116.00 411.00 99.00
2013-09-30 2,479.00 1,753.00 490.00 113.00
2013-06-30 2,577.00 -626.00 546.00 124.00
2013-03-31 2,693.00 -715.00 589.00 141.00
2012-12-31 2,719.00 -1,337.00 637.00 168.00
2012-09-30 3,451.00 -1,034.00 723.00 181.00
2012-06-30 4,051.00 -926.00 833.00 205.00
2012-03-31 4,446.00 -756.00 905.00 209.00

*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.
  • Whilst Eastman Kodak made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%), this is metric is skewed due to its high level of debt.
  • Eastman Kodak used its assets less efficiently than the Europe Tech industry average last year based on Return on Assets.
  • Eastman Kodak has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Eastman Kodak'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 Tech 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.
Eastman Kodak 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 Eastman Kodak'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 Eastman Kodak's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Eastman Kodak is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Eastman Kodak's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Eastman Kodak'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 2.1x 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 Eastman Kodak Company Filings, last reported 4 months ago.

DB:KODN Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 189.00 401.00 238.00
2018-06-30 180.00 401.00 275.00
2018-03-31 198.00 403.00 313.00
2017-12-31 221.00 403.00 344.00
2017-09-30 45.00 410.00 342.00
2017-06-30 101.00 411.00 370.00
2017-03-31 100.00 410.00 378.00
2016-12-31 83.00 411.00 434.00
2016-09-30 -23.00 672.00 489.00
2016-06-30 -39.00 676.00 513.00
2016-03-31 -48.00 676.00 513.00
2015-12-31 103.00 685.00 546.00
2015-09-30 182.00 674.00 521.00
2015-06-30 227.00 675.00 576.00
2015-03-31 247.00 677.00 609.00
2014-12-31 299.00 677.00 712.00
2014-09-30 527.00 676.00 744.00
2014-06-30 548.00 677.00 768.00
2014-03-31 616.00 677.00 809.00
2013-12-31 648.00 678.00 844.00
2013-09-30 616.00 679.00 839.00
2013-06-30 -3,153.00 1,924.00 1,018.00
2013-03-31 -3,321.00 1,915.00 1,179.00
2012-12-31 -3,677.00 2,122.00 1,139.00
2012-09-30 -3,231.00 2,123.00 1,134.00
2012-06-30 -2,955.00 2,159.00 1,263.00
2012-03-31 -2,703.00 2,080.00 1,368.00
  • Eastman Kodak's level of debt (212.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (110.2% vs 212.2% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Interest payments on debt are not well covered by earnings (EBIT is 3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Eastman Kodak'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. Eastman Kodak has a total score of 2/6, 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 Eastman Kodak'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
0%
Current annual income from Eastman Kodak dividends.
If you bought €2,000 of Eastman Kodak shares you are expected to receive €0 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?
  • Unable to evaluate Eastman Kodak's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Eastman Kodak's dividend against the top 25% market benchmark as the company has not reported any payouts.
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:KODN 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 0 Analyst Estimates (S&P Global) See Below
Europe Tech Industry Average Dividend Yield Market Cap Weighted Average of 11 Stocks 2.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 330 Stocks 3.1%
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 4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

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

  • Unable to perform a dividend volatility check as Eastman Kodak has not reported any payouts.
  • Unable to verify if Eastman Kodak's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Eastman Kodak's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Eastman Kodak has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Eastman Kodak'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 Eastman Kodak afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Eastman Kodak has a total score of 0/6, 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 Eastman Kodak'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
Jeff Clarke
COMPENSATION $2,053,668
AGE 56
TENURE AS CEO 4.9 years
CEO Bio

Mr. Jeffrey J. Clarke, also known as Jeff, MBA has been the Chief Executive Officer of Eastman Kodak Company since March 12, 2014. Mr. Clarke is the Chief Executive Officer and Director at Kodak Canada Inc. since March 2014. He is a Senior Operating Advisor of Augusta Columbia Capital Group LLC (formerly, Augusta Columbia Capital) and served as its Managing Partner. Mr. Clarke co-founded Augusta Columbia Capital in 2012. He served as the Chief Executive Officer and President of TravelPort Limited from May 2006 to June 1, 2011. He served as the President and Chief Executive Officer of TravelPort Inc. from 2006 to 2011 and served as its Executive Chairman. Mr. Clarke served as the Chief Operating Officer of CA, Inc. (formerly, Computer Associates Inc., and CA Technologies) from April 2004 to May 1, 2006. He joined CA, Inc., in April 2004 and served as its Executive Vice President from April 1, 2004 to May 1, 2006 and Chief Financial Officer since April 1, 2004. At CA, he was responsible for sales, services, distribution, corporate finance, mergers and acquisitions, information technology, corporate strategy and planning. From 2002 to 2003, Mr. Clarke served as an Executive Vice President of Global Operations at HP Inc. He served as Chief Financial Officer and Senior Vice President of Finance & Administration of Compaq Computer Corp. from 2001 to 2002. In 2002, Mr. Clarke was integral in the planning, negotiations and execution of the merger of Compaq and Hewlett-Packard Company, serving as Executive Vice President of merger integration with responsibility for merger integration planning and implementation. Mr. Clarke joined Compaq in 1998 following its acquisition of Digital and served as the Vice President of strategic finance and later as the Vice President, Finance and Strategy worldwide sales and services. From 1985 to 1998, he served at Digital Equipment Corporation in various finance and operations-oriented roles. He has nearly 30 years of experience in the technology industry. Mr. Clarke served as the Chairman of Orbitz Worldwide, Inc. from June 2007 to April 10, 2014. He served as the Non-Executive Chairman of Travelport Limited from February 10, 2012 to May 1, 2013 and also served as its Executive Chairman from June 1, 2011 to February 10, 2012. From 2012 to 2014, Mr. Clarke was the Chairman of Travelport, Inc., a private travel technology firm, where he served as Chief Executive Officer from 2006 to 2011, after leading its sale from Cendant Corporation to The Blackstone Group L.P. for $4.3 billion in 2006. Mr. Clarke has been a Director of Eastman Kodak Company since March 12, 2014. He serves as a Director of Mykonos Software, Inc. and served as Director of Autodesk Limited from March 2016 through June 2017. He serves as a Trustee of Northeastern University. He serves as a Member of Advisory Board at Superfly Inc. He served as Director of Autodesk, Inc. since March 2016 until June 14, 2017. He served as Director of Travelport Worldwide Limited, Allclear Holdings, SPI Moibile and Vertascale. In November 2017, Mr. Clarke joined the board of directors of Docker Inc., a leading software company for building, securing and managing applications on a global container platform. He served as a Director of UTStarcom Holdings Corp. (formerly, Utstarcom Inc.) from January 17, 2005 to September 2010, Orbitz Worldwide Inc. from June 2007 to April 2014, TravelPort Inc. since May 2006, Compuware Corporation from November 21, 2013 to 2014 and Travelport Limited from September 2006 to January 2, 2014. He serves as a Board member of the Transatlantic Business Dialogue (TABD) and member of the Geneseo Foundation board of directors (Charitable Foundation for SUNY at Geneseo). He served as an Independent Director at Red Hat, Inc. from November 7, 2008 to August 11, 2016. Mr. Clarke earned an MBA from Northeastern University. He holds a B.A. degree in Economics from SUNY Geneseo.

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

Average tenure and age of the Eastman Kodak management team in years:

4.9
Average Tenure
54
Average Age
  • The tenure for the Eastman Kodak management team is about average.
Management Team

Jeff Clarke

TITLE
CEO & Director
COMPENSATION
$2M
AGE
56
TENURE
4.9 yrs

Dave Bullwinkle

TITLE
CFO & Senior VP
COMPENSATION
$1M
AGE
44
TENURE
2.6 yrs

Terry Taber

TITLE
Senior VP
COMPENSATION
$781K
AGE
64
TENURE
10.1 yrs

John O'Grady

TITLE
Senior VP
COMPENSATION
$392K
AGE
54
TENURE
10.2 yrs

Eric-Yves Mahe

TITLE
Senior VP
COMPENSATION
$912K
AGE
55
TENURE
4.8 yrs

Eric Samuels

TITLE
Chief Accounting Officer & Corporate Controller
AGE
50
TENURE
9.6 yrs

Kim VanGelder

TITLE
Chief Information Officer & Senior VP
AGE
54
TENURE
15.1 yrs

William Love

TITLE
Director of Investor Relations & Treasurer
TENURE
2.6 yrs

Roger Byrd

TITLE
Senior VP
TENURE
0.1 yrs

Steven Overman

TITLE
Senior VP & Chief Marketing Officer
AGE
50
TENURE
4.3 yrs
Board of Directors Tenure

Average tenure and age of the Eastman Kodak board of directors in years:

5.4
Average Tenure
57
Average Age
  • The tenure for the Eastman Kodak board of directors is about average.
Board of Directors

Jim Continenza

TITLE
Chairman
COMPENSATION
$400K
AGE
55
TENURE
5.4 yrs

Jeff Clarke

TITLE
CEO & Director
COMPENSATION
$2M
AGE
56
TENURE
4.9 yrs

Etienne Bourgeois

TITLE
VP of Global Logistics & VP & Director of European
AGE
70
TENURE
15.1 yrs

Bill Parrett

TITLE
Director
COMPENSATION
$270K
AGE
73
TENURE
11.3 yrs

Mark Burgess

TITLE
Director
COMPENSATION
$262K
AGE
58
TENURE
5.4 yrs

Jason New

TITLE
Director
COMPENSATION
$200K
AGE
48
TENURE
5.4 yrs

George Karfunkel

TITLE
Director
COMPENSATION
$250K
AGE
69
TENURE
5.4 yrs

Matt Doheny

TITLE
Director
COMPENSATION
$250K
AGE
48
TENURE
5.4 yrs

Jeffrey Engelberg

TITLE
Director
COMPENSATION
$61K
AGE
41
TENURE
1.8 yrs

Richard Bradley

TITLE
Director
COMPENSATION
$51K
AGE
59
TENURE
1.7 yrs
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 Eastman Kodak'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. Eastman Kodak 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

Eastman Kodak Company provides hardware, software, consumables, and services to customers in various markets worldwide. The company operates through seven segments: Print Systems; Enterprise Inkjet Systems; Flexographic Packaging; Software and Solutions; Consumer and Film; Advanced Materials and 3D Printing Technology; and Eastman Business Park. It offers digital offset plate and computer-to-plate imaging solutions, and electro photographic printing solutions to a range of commercial industries, including commercial print, direct mail, book publishing, newspapers and magazines, and packaging. The company also provides production press systems, consumables, and inkjet components and services; flexographic imaging equipment, printing plates, consumables, and related services; enterprise services and solutions, such as a suite of software solutions for print production workflow, as well as print and managed media services that assist customers with solutions for their printing requirements and document management services; consumer products, including cameras and inkjet printers; and motion picture and industrial film, and chemicals, as well as licenses Kodak brand to third parties for a range of products, such as batteries, digital and instant print cameras, camera accessories, printers, and LED lighting products. In addition, it offers intellectual property licensing solutions; and leases technology center and industrial complex. The company sells its products and services through third party resellers and distributors, as well as directly and indirectly to enterprise accounts and customers. Eastman Kodak Company was founded in 1880 and is headquartered in Rochester, New York.

Details
Name: Eastman Kodak Company
KODN
Exchange: DB
Founded: 1880
$111,421,708
42,726,652
Website: http://www.kodak.com
Address: Eastman Kodak Company
343 State Street,
Rochester,
New York, 14650,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE KODK Common Stock New York Stock Exchange US USD 23. Sep 2013
DB KODN Common Stock Deutsche Boerse AG DE EUR 23. Sep 2013
LSE 0IF4 Common Stock London Stock Exchange GB USD 23. Sep 2013
Number of employees
Current staff
Staff numbers
5,800
Eastman Kodak employees.
Industry
Technology Hardware, Storage and Peripherals
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/15 22:41
End of day share price update: 2019/02/15 00:00
Last earnings filing: 2018/11/09
Last earnings reported: 2018/09/30
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.