CPSE:KBHL

Stock Analysis Report

Københavns Lufthavne

Executive Summary

Københavns Lufthavne A/S develops, owns, and operates Roskilde Airport at Roskilde and Copenhagen Airport at Kastrup in Denmark.

Risk Analysis

Has a high level of debt



Snowflake Analysis

Questionable track record with imperfect balance sheet.


Similar Companies

Share Price & News

How has Københavns Lufthavne's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: KBHL has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

5.3%

KBHL

0.9%

DK Infrastructure

12.2%

DK Market


1 Year Return

-19.7%

KBHL

-38.5%

DK Infrastructure

1.7%

DK Market

Return vs Industry: KBHL exceeded the Danish Infrastructure industry which returned -35.3% over the past year.

Return vs Market: KBHL underperformed the Danish Market which returned -0.6% over the past year.


Shareholder returns

KBHLIndustryMarket
7 Day5.3%0.9%12.2%
30 Day-1.3%-30.0%-6.8%
90 Day-17.1%-40.2%-9.2%
1 Year-18.1%-19.7%-36.2%-38.5%4.8%1.7%
3 Year-16.0%-22.0%-25.0%-31.8%35.2%23.7%
5 Year53.6%33.1%-7.6%-21.2%28.4%11.9%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is Københavns Lufthavne undervalued compared to its fair value and its price relative to the market?

36.46x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: KBHL (DKK4740) is trading above our estimate of fair value (DKK2.03)

Significantly Below Fair Value: KBHL is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: KBHL is poor value based on its PE Ratio (36.5x) compared to the Infrastructure industry average (11.1x).

PE vs Market: KBHL is poor value based on its PE Ratio (36.5x) compared to the Danish market (12x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate KBHL's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: KBHL is overvalued based on its PB Ratio (11.4x) compared to the XE Infrastructure industry average (1.1x).


Next Steps

Future Growth

How is Københavns Lufthavne forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

4.4%

Forecasted Transportation industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Københavns Lufthavne has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Københavns Lufthavne performed over the past 5 years?

1.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: KBHL has high quality earnings.

Growing Profit Margin: KBHL's current net profit margins (23.5%) are lower than last year (24.9%).


Past Earnings Growth Analysis

Earnings Trend: KBHL's earnings have grown by 1.1% per year over the past 5 years.

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

Earnings vs Industry: KBHL had negative earnings growth (-7.7%) over the past year, making it difficult to compare to the Infrastructure industry average (6.9%).


Return on Equity

High ROE: Whilst KBHL's Return on Equity (31.31%) is high, this metric is skewed due to their high level of debt.


Next Steps

Financial Health

How is Københavns Lufthavne's financial position?


Financial Position Analysis

Short Term Liabilities: KBHL's short term assets (DKK643.8M) do not cover its short term liabilities (DKK3.7B).

Long Term Liabilities: KBHL's short term assets (DKK643.8M) do not cover its long term liabilities (DKK7.2B).


Debt to Equity History and Analysis

Debt Level: KBHL's debt to equity ratio (257.5%) is considered high.

Reducing Debt: KBHL's debt to equity ratio has increased from 168% to 257.5% over the past 5 years.

Debt Coverage: KBHL's debt is well covered by operating cash flow (21.1%).

Interest Coverage: KBHL's interest payments on its debt are well covered by EBIT (10.5x coverage).


Balance Sheet

Inventory Level: KBHL has a high level of physical assets or inventory.

Debt Coverage by Assets: KBHL's debt is not covered by short term assets (assets are 0.1x debt).


Next Steps

Dividend

What is Københavns Lufthavne's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate KBHL's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate KBHL's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if KBHL's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if KBHL's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: KBHL is not paying a notable dividend for the Danish market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of KBHL's dividend in 3 years as they are not forecast to pay a notable one for the Danish market.


Next Steps

Management

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

5.5yrs

Average management tenure


CEO

Thomas Woldbye (55yo)

8.83s

Tenure

ø8,400,000

Compensation

Mr. Thomas Woldbye has been the Chief Executive Officer of Copenhagen Airports International A/S since May 1, 2011 and serves as its President. Mr. Woldbye has been the Chief Executive Officer at København ...


Leadership Team

NamePositionTenureCompensationOwnership
Thomas Woldbye
Chief Executive Officer8.83yrsø8.40mno data
Rasmus Lund
Chief Financial Officer1.25yrsno datano data
Christian Poulsen
CTO & CIO8.92yrsno datano data
Christian Kledal
General Counselno datano datano data
Peter Goll
Communication Director and VP of Corporate Responsibilityno datano datano data
Kirstine Bergenholtz
HR Director2.17yrsno datano data
Erik Nielsen
Head of Environmental Affairsno datano datano data
Peter Krogsgaard
Chief Commercial Officer5.5yrsno datano data
John Andersen
Controllerno datano datano data

5.5yrs

Average Tenure

53yo

Average Age

Experienced Management: KBHL's management team is seasoned and experienced (5.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Lars Johansen
Independent Chairman5.92yrsø1.00mno data
Janis Kong
Independent Director8yrsø500.00kno data
David Stanton
Deputy Chairman8.42yrsno datano data
Charles Thomazi
Director4.92yrsno datano data
Ulrik Dan Weuder
Deputy Chairman2.25yrsno datano data
John Flyttov
Employee Representative Director5.17yrsø300.00k0.000010% DKK3.7k
Dan Hansen
Employee Representative Director5.17yrsø300.00kno data
Marlene Haugaard
Independent Director1.92yrsø300.00kno data
Betina Thomsen
Employee Representative Director0.92yrø300.00kno data
Michael Bock
Alternate Director1yrno datano data

5.0yrs

Average Tenure

56yo

Average Age

Experienced Board: KBHL's board of directors are considered experienced (5 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

Københavns Lufthavne A/S's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Københavns Lufthavne A/S
  • Ticker: KBHL
  • Exchange: CPSE
  • Founded: 1990
  • Industry: Airport Services
  • Sector: Transportation
  • Market Cap: ø37.200b
  • Shares outstanding: 7.85m
  • Website: https://www.cph.dk

Number of Employees


Location

  • Københavns Lufthavne A/S
  • Lufthavnsboulevarden 6
  • Kastrup
  • 2770
  • Denmark

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
KBHLCPSE (OMX Nordic Exchange Copenhagen)YesShare CapitalDKDKKApr 1994
KLHDB (Deutsche Boerse AG)YesShare CapitalDEEURApr 1994
0EYJLSE (London Stock Exchange)YesShare CapitalGBDKKApr 1994
KBHLCBATS-CHIXE (BATS 'Chi-X Europe')YesShare CapitalGBDKKApr 1994

Biography

Københavns Lufthavne A/S develops, owns, and operates Roskilde Airport at Roskilde and Copenhagen Airport at Kastrup in Denmark. The company operates in two segments, Aeronautical and Non-Aeronautical. The Aeronautical segment comprises infrastructure and services relating to air traffic, including route development, baggage systems, and security; and operation and development of technical systems, terminals, IT, aircraft stands, taxiways, and runways. The Non-Aeronautical segment comprises activities, such as parking; terminal services, such as restaurants and shops; hotel activities; and letting in the airport area. This segment is also involved in leasing company’s buildings, premises, and land, as well as the provision of consulting services concerning airport operation and other services. The company also serves concessionaires in the shopping center, as well as tenants. The company was founded in 1990 and is based in Kastrup, Denmark. Københavns Lufthavne A/S is a subsidiary of Copenhagen Airports Denmark ApS. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/30 20:49
End of Day Share Price2020/03/30 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.