BME:CBAV

Stock Analysis Report

Executive Summary

Clínica Baviera, S.A. operates a network of ophthalmological clinics.

Rewards

Trading at 46.1% below its fair value

Earnings grew by 10.1% over the past year

Risk Analysis

Has a high level of debt

Unstable dividend track record



Snowflake Analysis

Proven track record and fair value.

Share Price & News

How has Clínica Baviera's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

-1.5%

CBAV

0.3%

ES Healthcare

1.1%

ES Market


1 Year Return

-0.7%

CBAV

11.2%

ES Healthcare

7.6%

ES Market

Return vs Industry: CBAV underperformed the Spanish Healthcare industry which returned 12.3% over the past year.

Return vs Market: CBAV underperformed the Spanish Market which returned 8.5% over the past year.


Shareholder returns

CBAVIndustryMarket
7 Day-1.5%0.3%1.1%
30 Day7.5%1.9%0.3%
90 Day-1.8%6.9%3.5%
1 Year2.6%-0.7%13.3%11.2%11.5%7.6%
3 Year49.8%38.8%-8.6%-12.2%15.8%4.7%
5 Year120.0%87.4%26.4%18.6%11.0%-7.6%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is Clínica Baviera undervalued compared to its fair value and its price relative to the market?

46.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CBAV (€13.85) is trading below our estimate of fair value (€25.7)

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


Price To Earnings Ratio

PE vs Industry: CBAV is good value based on its PE Ratio (18.8x) compared to the Healthcare industry average (22.1x).

PE vs Market: CBAV is poor value based on its PE Ratio (18.8x) compared to the Spanish market (17x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: CBAV is overvalued based on its PB Ratio (9.1x) compared to the XE Healthcare industry average (1.9x).


Next Steps

Future Growth

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

13.5%

Forecasted Healthcare 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 Clínica Baviera 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 Clínica Baviera performed over the past 5 years?

24.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CBAV has high quality earnings.

Growing Profit Margin: CBAV's current net profit margins (10.4%) are lower than last year (10.5%).


Past Earnings Growth Analysis

Earnings Trend: CBAV's earnings have grown significantly by 24.5% per year over the past 5 years.

Accelerating Growth: CBAV's earnings growth over the past year (10.1%) is below its 5-year average (24.5% per year).

Earnings vs Industry: CBAV earnings growth over the past year (10.1%) exceeded the Healthcare industry -6.8%.


Return on Equity

High ROE: CBAV's Return on Equity (47.1%) is considered outstanding.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Clínica Baviera's financial position?


Financial Position Analysis

Short Term Liabilities: CBAV's short term assets (€10.9M) do not cover its short term liabilities (€15.6M).

Long Term Liabilities: CBAV's short term assets (€10.9M) do not cover its long term liabilities (€55.1M).


Debt to Equity History and Analysis

Debt Level: CBAV's debt to equity ratio (63.2%) is considered high.

Reducing Debt: CBAV's debt to equity ratio has reduced from 73.5% to 63.2% over the past 5 years.

Debt Coverage: CBAV's debt is well covered by operating cash flow (136.8%).

Interest Coverage: CBAV's interest payments on its debt are well covered by EBIT (37.7x coverage).


Balance Sheet

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

Debt Coverage by Assets: CBAV's debt is not covered by short term assets (assets are 0.6x debt).


Next Steps

Dividend

What is Clínica Baviera's current dividend yield, its reliability and sustainability?

4.28%

Current Dividend Yield


Dividend Yield vs Market

company4.3%marketbottom25%2.2%markettop25%5.4%industryaverage1.7%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: CBAV's dividend (4.19%) is higher than the bottom 25% of dividend payers in the Spanish market (2.22%).

High Dividend: CBAV's dividend (4.19%) is low compared to the top 25% of dividend payers in the Spanish market (5.51%).


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (78.8%), CBAV's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

What is the CEO of Clínica Baviera's salary, the management and board of directors tenure and is there insider trading?

11.5yrs

Average board tenure


CEO

Eduardo Baviera Sabater (51yo)

0yrs

Tenure

€200,000

Compensation

Mr. Eduardo Baviera Sabater serves as the Chief Executive Officer of Clínica Baviera, S.A. and served as its Executive Chairman since February 12 2007 and also served as its Managing Director. Mr. Baviera  ...


CEO Compensation Analysis

Compensation vs Market: Eduardo's total compensation ($USD0.00) is below average for companies of similar size in the Spanish market ($USD546.13K).

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


Board Age and Tenure

11.5yrs

Average Tenure

54yo

Average Age

Experienced Board: CBAV's board of directors are seasoned and experienced ( 11.5 years average tenure).


Insider Trading

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.


Management Team

  • Eduardo Baviera Sabater (51yo)

    CEO & Executive Director

    • Compensation: €200.00k
  • Antonio Peral Ortiz de la Torre

    Deputy Secretary to the Board of Directors

    • Julio Baviera Sabater (64yo)

      President

      • Tenure: 12.9yrs
      • Compensation: €43.33k
    • Diego Ramos Pascual

      Secretary & Independent Director

      • Tenure: 11.5yrs
      • Compensation: €33.20k
    • Luis Miguel Raga Romero

      Executive Director and Expansion & Openings Manager

      • Compensation: €121.46k
    • Virgilio Leal Espí

      Finance Manager


      Board Members

      • Eduardo Baviera Sabater (51yo)

        CEO & Executive Director

        • Compensation: €200.00k
      • Diego Ramos Pascual

        Secretary & Independent Director

        • Tenure: 11.5yrs
        • Compensation: €33.20k
      • Ricardo Moreno Warleta (54yo)

        Independent Director

        • Tenure: 12.9yrs
        • Compensation: €33.20k
      • Bang Chen (54yo)

        Chairman

        • Tenure: 2.4yrs
      • Luis Miguel Raga Romero

        Executive Director and Expansion & Openings Manager

        • Compensation: €121.46k
      • Li Li

        Director

        • Tenure: 2.4yrs

      Company Information

      Clínica Baviera, S.A.'s company bio, employee growth, exchange listings and data sources


      Key Information

      • Name: Clínica Baviera, S.A.
      • Ticker: CBAV
      • Exchange: BME
      • Founded:
      • Industry: Health Care Facilities
      • Sector: Healthcare
      • Market Cap: €220.894m
      • Shares outstanding: 16.30m
      • Website: https://www.clinicabaviera.com

      Number of Employees


      Location

      • Clínica Baviera, S.A.
      • Paseo de la Castellana nº 20
      • Madrid
      • Madrid
      • 28046
      • Spain

      Listings

      TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
      CBAVBME (Bolsas y Mercados Espanoles)YesCommon SharesESEURApr 2007
      D9ZDB (Deutsche Boerse AG)YesCommon SharesDEEURApr 2007
      0GWJLSE (London Stock Exchange)YesCommon SharesGBEURApr 2007
      CBAVEBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEURApr 2007

      Biography

      Clínica Baviera, S.A. operates a network of ophthalmological clinics. It is involved in the diagnosis, treatment, and monitoring of various types of ophthalmological disorders. The company’s clinics offers myopia, hyperopia, astigmatism, presbyopia, cataract, retina, pediatric ophthalmology, glaucoma, squint, oculoplasty, cornea, neuroftalmología, and vias lagrimales treatments, as well as refractive surgery services. It operates approximately 80 ophthalmological clinics in Spain, Germany, Austria, and Italy. The company is based in Madrid, Spain. 


      Company Analysis and Financial Data Status

      All financial data provided by Standard & Poor's Capital IQ.
      DataLast Updated (UTC time)
      Company Analysis2020/01/19 20:57
      End of Day Share Price2020/01/17 00:00
      Earnings2019/09/30
      Annual Earnings2018/12/31


      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.