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Bang & Olufsen

CPSE:BO
Snowflake Description

Reasonable growth potential with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BO
CPSE
DKK2B
Market Cap
  1. Home
  2. DK
  3. Consumer Durables
Company description

Bang & Olufsen a/s designs, develops, and markets audio and video products. The last earnings update was 7 days ago. More info.


Add to Portfolio Compare Print
  • Bang & Olufsen has significant price volatility in the past 3 months.
BO Share Price and Events
7 Day Returns
-10%
CPSE:BO
-1.3%
DK Consumer Durables
-1%
DK Market
1 Year Returns
-74.8%
CPSE:BO
-4.9%
DK Consumer Durables
-0.4%
DK Market
BO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bang & Olufsen (BO) -10% -9.9% -28.9% -74.8% -41.5% -39.8%
DK Consumer Durables -1.3% -3.3% -6.2% -4.9% 18.9% 52.9%
DK Market -1% -0.3% 0.7% -0.4% 9% 33.8%
1 Year Return vs Industry and Market
  • BO underperformed the Consumer Durables industry which returned -4.9% over the past year.
  • BO underperformed the Market in Denmark which returned -0.4% over the past year.
Price Volatility
BO
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Bang & Olufsen 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 Bang & Olufsen 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 Bang & Olufsen.

CPSE:BO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.7%
Perpetual Growth Rate 10-Year DK 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 CPSE:BO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DK Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Consumer Durables Unlevered Beta Simply Wall St/ S&P Global 0.86
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.86 (1 + (1- 22%) (4.24%))
0.925
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.93
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.21% + (0.925 * 5.96%)
5.73%

Discounted Cash Flow Calculation for CPSE:BO using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Bang & Olufsen 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.

CPSE:BO DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (DKK, Millions) Source Present Value
Discounted (@ 5.73%)
2020 299.50 Analyst x2 283.28
2021 216.50 Analyst x2 193.68
2022 205.00 Analyst x2 173.46
2023 206.00 Analyst x1 164.86
2024 187.95 Est @ -8.76% 142.27
2025 176.54 Est @ -6.07% 126.39
2026 169.16 Est @ -4.18% 114.54
2027 164.31 Est @ -2.87% 105.23
2028 161.12 Est @ -1.94% 97.60
2029 159.03 Est @ -1.3% 91.12
Present value of next 10 years cash flows DKK1,492.42
CPSE:BO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= DKK159.03 × (1 + 0.21%) ÷ (5.73% – 0.21%)
DKK2,890.16
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= DKK2,890.16 ÷ (1 + 5.73%)10
DKK1,655.92
CPSE:BO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= DKK1,492.42 + DKK1,655.92
DKK3,148.34
Equity Value per Share
(DKK)
= Total value / Shares Outstanding
= DKK3,148.34 / 40.83
DKK77.1
CPSE:BO Discount to Share Price
Calculation Result
Value per share (DKK) From above. DKK77.10
Current discount Discount to share price of DKK41.56
= -1 x (DKK41.56 - DKK77.10) / DKK77.10
46.1%

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

Current Discount
Amount off the current price Bang & Olufsen is available for.
Intrinsic value
46%
Share price is DKK41.56 vs Future cash flow value of DKK77.1
Current Discount Checks
For Bang & Olufsen to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Bang & Olufsen's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Bang & Olufsen'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 Bang & Olufsen's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bang & Olufsen's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
CPSE:BO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-05-31) in DKK DKK0.47
CPSE:BO Share Price ** CPSE (2019-07-18) in DKK DKK41.56
Europe Consumer Durables Industry PE Ratio Median Figure of 87 Publicly-Listed Consumer Durables Companies 12.45x
Denmark Market PE Ratio Median Figure of 100 Publicly-Listed Companies 17.64x

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

** Primary Listing of Bang & Olufsen.

CPSE:BO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= CPSE:BO Share Price ÷ EPS (both in DKK)

= 41.56 ÷ 0.47

89.32x

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

  • Bang & Olufsen is overvalued based on earnings compared to the Europe Consumer Durables industry average.
  • Bang & Olufsen is overvalued based on earnings compared to the Denmark market.
Price based on expected Growth
Does Bang & Olufsen's expected growth come at a high price?
Raw Data
CPSE:BO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 89.32x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
42.8%per year
Europe Consumer Durables Industry PEG Ratio Median Figure of 59 Publicly-Listed Consumer Durables Companies 1.22x
Denmark Market PEG Ratio Median Figure of 44 Publicly-Listed Companies 2.07x

*Line of best fit is calculated by linear regression .

CPSE:BO PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 89.32x ÷ 42.8%

2.09x

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

  • Bang & Olufsen is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Bang & Olufsen's assets?
Raw Data
CPSE:BO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-05-31) in DKK DKK34.75
CPSE:BO Share Price * CPSE (2019-07-18) in DKK DKK41.56
Denmark Consumer Durables Industry PB Ratio Median Figure of 5 Publicly-Listed Consumer Durables Companies 1.2x
Denmark Market PB Ratio Median Figure of 136 Publicly-Listed Companies 1.57x
CPSE:BO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= CPSE:BO Share Price ÷ Book Value per Share (both in DKK)

= 41.56 ÷ 34.75

1.2x

* Primary Listing of Bang & Olufsen.

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

  • Bang & Olufsen is good value based on assets compared to the DK Consumer Durables industry average.
X
Value checks
We assess Bang & Olufsen'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 Consumer Durables 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 Consumer Durables industry average (and greater than 0)? (1 check)
  5. Bang & Olufsen has a total score of 3/6, 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 Bang & Olufsen expected to perform in the next 1 to 3 years based on estimates from 2 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
42.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bang & Olufsen expected to grow at an attractive rate?
  • Bang & Olufsen's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Bang & Olufsen's earnings growth is expected to exceed the Denmark market average.
  • Bang & Olufsen's revenue growth is expected to exceed the Denmark market average.
Annual Growth Rates Comparison
Raw Data
CPSE:BO Future Growth Rates Data Sources
Data Point Source Value (per year)
CPSE:BO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 42.8%
CPSE:BO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 8.3%
Europe Consumer Durables Industry Earnings Growth Rate Market Cap Weighted Average 6.6%
Europe Consumer Durables Industry Revenue Growth Rate Market Cap Weighted Average 3.1%
Denmark Market Earnings Growth Rate Market Cap Weighted Average 10.5%
Denmark Market Revenue Growth Rate Market Cap Weighted Average 6.3%

*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
CPSE:BO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in DKK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
CPSE:BO Future Estimates Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-05-31 3,937 256 2
2022-05-31 3,636 393 199 2
2021-05-31 3,339 399 149 2
2020-05-31 3,056 480 76 2
CPSE:BO Past Financials Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income *
2019-05-31 2,838 -131 19
2019-02-28 3,050 81 133
2018-11-30 3,205 122 143
2018-08-31 3,295 237 132
2018-05-31 3,285 248 81
2018-02-28 3,241 166 -48
2017-11-30 3,162 252 -70
2017-08-31 3,030 281 -105
2017-05-31 2,954 352 -117
2017-02-28 2,865 251 -116
2016-11-30 2,781 79 -130
2016-08-31 2,643 107 -172

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bang & Olufsen's earnings are expected to grow significantly at over 20% yearly.
  • Bang & Olufsen's revenue is expected to grow by 8.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
CPSE:BO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Bang & Olufsen Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

CPSE:BO Future Estimates Data
Date (Data in DKK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-05-31
2022-05-31 5.50 6.34 4.66 2.00
2021-05-31 3.79 4.28 3.31 2.00
2020-05-31 1.84 1.97 1.72 2.00
CPSE:BO Past Financials Data
Date (Data in DKK Millions) EPS *
2019-05-31 0.47
2019-02-28 2.99
2018-11-30 3.32
2018-08-31 3.02
2018-05-31 1.88
2018-02-28 -1.22
2017-11-30 -1.63
2017-08-31 -2.46
2017-05-31 -2.70
2017-02-28 -2.56
2016-11-30 -3.01
2016-08-31 -3.95

*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.
  • Bang & Olufsen is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Bang & Olufsen'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.
Bang & Olufsen has a total score of 4/6, 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 Bang & Olufsen 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 Bang & Olufsen's growth in the last year to its industry (Consumer Durables).
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.
  • Bang & Olufsen has delivered over 20% year on year earnings growth in the past 5 years.
  • Bang & Olufsen's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Bang & Olufsen's 1-year earnings growth is negative, it can't be compared to the Europe Consumer Durables industry average.
Earnings and Revenue History
Bang & Olufsen'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 Bang & Olufsen Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

CPSE:BO Past Revenue, Cash Flow and Net Income Data
Date (Data in DKK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-05-31 2,838.00 19.00 1,011.00 321.00
2019-02-28 3,049.50 132.50 894.80 299.90
2018-11-30 3,204.50 143.30 923.00 327.80
2018-08-31 3,294.70 131.80 854.70 365.20
2018-05-31 3,285.00 81.00 919.00 409.00
2018-02-28 3,241.30 -47.70 878.30 444.80
2017-11-30 3,162.40 -70.40 821.90 443.00
2017-08-31 3,030.40 -104.70 824.40 424.30
2017-05-31 2,954.00 -116.50 822.90 385.90
2017-02-28 2,864.90 -116.20 869.40 373.00
2016-11-30 2,781.40 -130.00 838.60 344.40
2016-08-31 2,642.90 -172.10 843.60 318.60
2016-05-31 2,633.40 -197.80 844.60 314.80
2016-02-29 2,632.30 -441.20 900.30 368.00
2015-11-30 2,579.20 -459.50 924.90 387.70
2015-08-31 2,429.00 -557.90 913.80 400.70
2015-05-31 2,356.50 -607.30 938.80 417.80
2015-02-28 1,760.20 -439.20 807.30 268.90
2014-11-30 1,785.20 -442.10 818.50 271.40
2014-08-31 2,028.80 -316.40 815.50 284.10
2014-05-31 2,161.70 -227.60 797.70 292.80
2014-02-28 2,802.80 -113.30 840.90 388.90
2013-11-30 2,782.90 -172.10 846.40 410.50
2013-08-31 2,779.90 -164.50 840.00 427.90
2013-05-31 2,813.90 -158.90 840.60 442.40
2013-02-28 2,941.40 -68.00 830.70 418.90
2012-11-30 3,053.00 39.70 791.40 385.90
2012-08-31 3,009.50 53.10 781.90 356.30

*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.
  • Bang & Olufsen has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Bang & Olufsen used its assets less efficiently than the Europe Consumer Durables industry average last year based on Return on Assets.
  • Bang & Olufsen has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess Bang & Olufsen'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 Consumer Durables 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.
Bang & Olufsen has a total score of 2/6, 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 Bang & Olufsen'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 Bang & Olufsen's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bang & Olufsen is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Bang & Olufsen's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Bang & Olufsen'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 24.7x 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 Bang & Olufsen Company Filings, last reported 1 month ago.

CPSE:BO Past Debt and Equity Data
Date (Data in DKK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-05-31 1,419.00 72.00 492.00
2019-02-28 1,508.00 92.00 609.00
2018-11-30 1,623.30 163.90 800.10
2018-08-31 1,698.40 166.20 1,028.30
2018-05-31 1,709.00 170.00 1,155.00
2018-02-28 1,622.70 172.30 992.30
2017-11-30 1,585.40 174.60 960.10
2017-08-31 1,520.20 177.00 918.40
2017-05-31 1,586.10 179.30 1,079.20
2017-02-28 1,690.00 181.60 971.20
2016-11-30 1,686.20 183.70 876.30
2016-08-31 1,654.90 185.80 750.70
2016-05-31 1,724.90 189.60 788.50
2016-02-29 1,829.80 191.80 810.20
2015-11-30 1,836.20 193.80 877.10
2015-08-31 1,834.20 195.90 816.30
2015-05-31 1,921.40 409.50 1,198.00
2015-02-28 1,706.40 515.20 138.60
2014-11-30 1,680.80 577.40 172.60
2014-08-31 1,752.00 469.90 107.70
2014-05-31 1,604.40 494.50 120.40
2014-02-28 1,549.70 469.50 169.10
2013-11-30 1,584.90 570.50 176.00
2013-08-31 1,582.60 471.40 128.40
2013-05-31 1,640.10 419.10 145.90
2013-02-28 1,683.90 439.80 108.80
2012-11-30 1,771.60 523.70 101.80
2012-08-31 1,580.90 524.50 129.20
  • Bang & Olufsen's level of debt (5.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (30.8% vs 5.1% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Interest payments on debt are not well covered by earnings (EBIT is 2.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Bang & Olufsen'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. Bang & Olufsen 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.

Dividends

 What is Bang & Olufsen'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 Bang & Olufsen dividends. Estimated to be 3.08% next year.
If you bought DKK2,000 of Bang & Olufsen shares you are expected to receive DKK0 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 Bang & Olufsen's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Bang & Olufsen'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
CPSE:BO 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 2 Analyst Estimates (S&P Global) See Below
Europe Consumer Durables Industry Average Dividend Yield Market Cap Weighted Average of 68 Stocks 5.2%
Denmark Market Average Dividend Yield Market Cap Weighted Average of 77 Stocks 2.4%
Denmark Minimum Threshold Dividend Yield 10th Percentile 0.9%
Denmark Bottom 25% Dividend Yield 25th Percentile 1.6%
Denmark Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

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

CPSE:BO Future Dividends Estimate Data
Date (Data in DKK) Dividend per Share (annual) Avg. No. Analysts
2023-05-31
2022-05-31 2.29 1.00
2021-05-31 1.55 1.00
2020-05-31 0.00 1.00
CPSE:BO Past Annualized Dividends Data
Date (Data in DKK) Dividend per share (annual) Avg. Yield (%)
2010-04-14 0.000 0.000
2010-01-25 0.000 0.000
2009-10-08 0.000 0.000
2009-09-04 0.000 0.000
2008-09-26 3.000 4.800

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

  • Unable to perform a dividend volatility check as Bang & Olufsen has not reported any payouts.
  • Unable to verify if Bang & Olufsen's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Bang & Olufsen's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Bang & Olufsen has not reported any payouts.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.4x coverage).
X
Income/ dividend checks
We assess Bang & Olufsen'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 Bang & Olufsen afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bang & Olufsen has a total score of 1/6, 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 Bang & Olufsen'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
Henrik Clausen
COMPENSATION DKK0
AGE 56
TENURE AS CEO 3 years
CEO Bio

Mr. Henrik Clausen has been the Chief Executive Officer and President of Bang & Olufsen a/s since July 1, 2016. He has been a Director of Nordic Entertainment Group AB since September 11, 2018. Mr. Clausen served as an Executive Vice President and Head of Digital & Strategy at Telenor ASA from June 15, 2014 to October 2015. Mr. Clausen served as the Chief Executive Officer of Digi.com Berhad from May 17, 2010 to August 1, 2014. Mr. Clausen served as the Chief Executive Officer of Digi Telecommunications Sdn Bhd since May 17, 2010. He served as the Chief Executive Officer - SONOFON of Telenor ASA since August 15, 2005. He served as the Chief Executive Officer of Telenor Danmark Holding A/S from August 15, 2005 to April 2010. He served as the Chief Executive Officer of Cybercity since 2000. He served as the Head of Joint Telecommunications activities of Denmark at Telenor ASA since August 15, 2005. Mr. Clausen served as Managing Director of Cybercity A/S, a subsidiary of Telenor ASA since 2000 and also served as its Chief Executive Officer. Mr. Clausen serves as a Member of Executive Management Board at Bang & Olufsen a/s. He was a Partner in AT Kearney in Denmark. He was a Partner and Member of the European management team, of consultancy firm Andersen Consulting (currently Accenture). He served as a Director of Total Access Communication Public Company Limited from September 16, 2014 to March 29, 2016. He is a Chartered Engineer and holds Master of Science in Civil Engineering from the Technical University of Denmark, a Bachelor of International Business from the Copenhagen Business School and a Master of Business Administration from INSEAD in 1992.

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

Average tenure and age of the Bang & Olufsen management team in years:

1.9
Average Tenure
49
Average Age
  • The average tenure for the Bang & Olufsen management team is less than 2 years, this suggests a new team.
Management Team

Henrik Clausen

TITLE
President
AGE
56
TENURE
3 yrs

John Mollanger

TITLE
Executive VP
AGE
49
TENURE
2.1 yrs

Nikolaj Wendelboe

TITLE
Executive VP
AGE
44
TENURE
0.2 yrs

Snorre Kjesbu

TITLE
Head of Product Creation & Fulfilment
AGE
50
TENURE
0.3 yrs

Martin Egenhardt

TITLE
Head of Investor Relations

Jens Gamborg

TITLE
Head of Group Communications

Christian Birk

TITLE
Chief Digital Officer & Senior VP
AGE
33
TENURE
1.8 yrs

Jaan Lievand

TITLE
Chief Executive Officer of OÜ BO-Soft Tallinn

Lars Jørgensen

TITLE
Senior Director of Research & Engineering
TENURE
3.1 yrs

Claus Jensen

TITLE
Director of Brand & Market Operations
Board of Directors Tenure

Average tenure and age of the Bang & Olufsen board of directors in years:

4.7
Average Tenure
57
Average Age
  • The tenure for the Bang & Olufsen board of directors is about average.
Board of Directors

Ole Andersen

TITLE
Chairman of the Board
AGE
63
TENURE
8.6 yrs

Juha Christensen

TITLE
Vice Chairman of the Board
AGE
55
TENURE
2.8 yrs

Jesper Jarlbæk

TITLE
Independent Director
AGE
63
TENURE
8.3 yrs

Majken Schultz

TITLE
Independent Director
AGE
61
TENURE
5.8 yrs

Albert Bensoussan

TITLE
Director
AGE
60
TENURE
4.8 yrs

Mads Nipper

TITLE
Director
AGE
53
TENURE
4.8 yrs

Geoff Martin

TITLE
Director
AGE
50
TENURE
4.5 yrs

Brian Hansen

TITLE
Director
AGE
47
TENURE
4.5 yrs

Ivan Tong Kai Lap

TITLE
Independent Director
AGE
59
TENURE
2.8 yrs

Soren Balling

TITLE
Director
AGE
48
TENURE
4.5 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 (DKK) Value (DKK)
X
Management checks
We assess Bang & Olufsen'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. Bang & Olufsen 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

Bang & Olufsen a/s (CPH:BO): What Does Its Beta Value Mean For Your Portfolio?

Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. … If this beta value holds true in the future, Bang & Olufsen shares are likely to rise more than the market when the market is going up, but fall faster when the market is going down.

Simply Wall St -

What Kind Of Shareholders Own Bang & Olufsen a/s (CPH:BO)?

Our analysis of the ownership of the company, below, shows that institutions own shares in the company. … Insider Ownership Of Bang & Olufsen While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. … Private Company Ownership Our data indicates that Private Companies hold 22%, of the company's shares.

Simply Wall St -

Introducing Bang & Olufsen (CPH:BO), The Stock That Slid 68% In The Last Year

There will continue to be wide discrepancies between price and value in the marketplace...' One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During the last year Bang & Olufsen grew its earnings per share, moving from a loss to a profit. … When a company has just transitioned to profitability, earnings per share growth is not always the best way to look at the share price action.

Simply Wall St -

Why We Think Bang & Olufsen a/s (CPH:BO) Could Be Worth Looking At

Help shape the future of investing tools and you could win a $250 gift card! … Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on Bang & Olufsen a/s (CPH:BO) due to its excellent fundamentals in more than one area.

Simply Wall St -

Is Bang & Olufsen a/s (CPH:BO) Potentially Undervalued?

saw significant share price movement during recent months on the CPSE, rising to highs of DKK108 and falling to the lows of DKK54. … Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a lower price? … A question to answer is whether Bang & Olufsen's current trading price of DKK58.5 reflective of the actual value of the?

Simply Wall St -

Will Bang & Olufsen a/s's (CPH:BO) Earnings Grow In The Year Ahead?

In November 2018, Bang & Olufsen a/s (CPH:BO) released its earnings update. … the consensus outlook from analysts appear … as a -2.7% fall in profits is expected in the upcoming year

Simply Wall St -

What You Must Know About Bang & Olufsen a/s's (CPH:BO) Beta Value

Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. … In comparison a stock with a beta of over one tends to be move in a similar direction to the market in the long term, but with greater changes in price.

Simply Wall St -

Can Bang & Olufsen a/s (CPH:BO) Improve Its Returns?

Our data shows Bang & Olufsen has a return on equity of 8.8% for the last year. … That means that for every DKK1 worth of shareholders' equity, it generated DKK0.088 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Do Directors Own Bang & Olufsen a/s (CPH:BO) Shares?

Every investor in Bang & Olufsen a/s (CPH:BO) should be aware of the most powerful shareholder groups. … Generally speaking, as a company grows, institutions will increase their ownership. … Conversely, insiders often decrease their ownership over time.

Simply Wall St -

Is Bang & Olufsen a/s (CPH:BO) Creating Value For Shareholders?

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Return On Capital Employed (ROCE): What is it? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

Company Info

Description

Bang & Olufsen a/s designs, develops, and markets audio and video products. The company offers portable, multi room, stereo, and architectural speakers; over-ear, on-ear, and other ear and head phones; televisions; and accessories. It also provides products for hotels and hospitality, smart home, automotive, and computer audio markets. The company offers its products through approximately 522 Bang & Olufsen monobranded stores; and 4,782 multi-brand stores, as well as through third party retail stores and online. It has operations in Denmark, China, the United States, the United Kingdom, Ireland, Germany, Eastern Europe, South Korea, Switzerland, Hong Kong, and internationally. The company was founded in 1925 and is based in Struer, Denmark.

Details
Name: Bang & Olufsen a/s
BO
Exchange: CPSE
Founded: 1925
DKK1,697,062,660
40,834,039
Website: http://www.bang-olufsen.com
Address: Bang & Olufsen a/s
Bang og Olufsen Allé 1,
Struer,
7600,
Denmark
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
CPSE BO Ordinary Shares OMX Nordic Exchange Copenhagen DK DKK 02. Jan 1992
OTCPK BGOU.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB BUOB Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0MRM Ordinary Shares London Stock Exchange GB DKK 02. Jan 1992
BATS-CHIXE BOC Ordinary Shares BATS 'Chi-X Europe' GB DKK 02. Jan 1992
Number of employees
Current staff
Staff numbers
957
Bang & Olufsen employees.
Industry
Consumer Electronics
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/18 20:45
End of day share price update: 2019/07/18 00:00
Last estimates confirmation: 2019/07/12
Last earnings filing: 2019/07/11
Last earnings reported: 2019/05/31
Last annual earnings reported: 2019/05/31


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.