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Almirall

BME:ALM
Snowflake Description

Moderate growth potential with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ALM
BME
€3B
Market Cap
  1. Home
  2. ES
  3. Pharmaceuticals & Biotech
Company description

Almirall, S.A., a pharmaceutical company, engages in the research, development, manufacture, and sale of medicines worldwide. The last earnings update was 63 days ago. More info.


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ALM Share Price and Events
7 Day Returns
0.6%
BME:ALM
-3.8%
Europe Pharmaceuticals
-0.3%
ES Market
1 Year Returns
42.4%
BME:ALM
2.3%
Europe Pharmaceuticals
-3.9%
ES Market
ALM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Almirall (ALM) 0.6% 7.4% 17.5% 42.4% 27.8% 55%
Europe Pharmaceuticals -3.8% -1.4% 0.6% 2.3% 0.3% 8.2%
ES Market -0.3% 0.9% -1.3% -3.9% 11.4% -12.9%
1 Year Return vs Industry and Market
  • ALM outperformed the Pharmaceuticals industry which returned 2.3% over the past year.
  • ALM outperformed the Market in Spain which returned -3.9% over the past year.
Price Volatility
ALM
Industry
5yr Volatility vs Market

Value

 Is Almirall 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 Almirall 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 Almirall.

BME:ALM Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.8%
Perpetual Growth Rate 10-Year ES Government Bond Rate 1.5%

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 BME:ALM
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year ES Govt Bond Rate 1.5%
Equity Risk Premium S&P Global 8.2%
Pharmaceuticals Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.733 (1 + (1- 25%) (18.04%))
0.888
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.89
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.53% + (0.888 * 8.18%)
8.79%

Discounted Cash Flow Calculation for BME:ALM using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Almirall 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.

BME:ALM DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 8.79%)
2020 208.63 Analyst x6 191.78
2021 252.80 Analyst x4 213.61
2022 196.00 Analyst x1 152.23
2023 193.39 Est @ -1.33% 138.08
2024 192.48 Est @ -0.47% 126.32
2025 192.72 Est @ 0.13% 116.27
2026 193.78 Est @ 0.55% 107.46
2027 195.41 Est @ 0.84% 99.61
2028 197.45 Est @ 1.05% 92.52
2029 199.80 Est @ 1.19% 86.06
Present value of next 10 years cash flows €1,323.92
BME:ALM DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €199.80 × (1 + 1.53%) ÷ (8.79% – 1.53%)
€2,793.28
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €2,793.28 ÷ (1 + 8.79%)10
€1,203.11
BME:ALM Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €1,323.92 + €1,203.11
€2,527.03
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €2,527.03 / 174.55
€14.48
BME:ALM Discount to Share Price
Calculation Result
Value per share (EUR) From above. €14.48
Current discount Discount to share price of €16.82
= -1 x (€16.82 - €14.48) / €14.48
-16.2%

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

  • The current share price of Almirall is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Almirall's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Almirall's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BME:ALM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €0.46
BME:ALM Share Price ** BME (2019-07-15) in EUR €16.82
Europe Pharmaceuticals Industry PE Ratio Median Figure of 44 Publicly-Listed Pharmaceuticals Companies 22.94x
Spain Market PE Ratio Median Figure of 140 Publicly-Listed Companies 16.88x

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

** Primary Listing of Almirall.

BME:ALM PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BME:ALM Share Price ÷ EPS (both in EUR)

= 16.82 ÷ 0.46

36.75x

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

  • Almirall is overvalued based on earnings compared to the Europe Pharmaceuticals industry average.
  • Almirall is overvalued based on earnings compared to the Spain market.
Price based on expected Growth
Does Almirall's expected growth come at a high price?
Raw Data
BME:ALM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 36.75x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
18.2%per year
Europe Pharmaceuticals Industry PEG Ratio Median Figure of 35 Publicly-Listed Pharmaceuticals Companies 1.99x
Spain Market PEG Ratio Median Figure of 82 Publicly-Listed Companies 1.63x

*Line of best fit is calculated by linear regression .

BME:ALM PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 36.75x ÷ 18.2%

2.02x

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

  • Almirall is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Almirall's assets?
Raw Data
BME:ALM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €6.98
BME:ALM Share Price * BME (2019-07-15) in EUR €16.82
Europe Pharmaceuticals Industry PB Ratio Median Figure of 95 Publicly-Listed Pharmaceuticals Companies 3.13x
Spain Market PB Ratio Median Figure of 185 Publicly-Listed Companies 1.63x
BME:ALM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BME:ALM Share Price ÷ Book Value per Share (both in EUR)

= 16.82 ÷ 6.98

2.41x

* Primary Listing of Almirall.

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

  • Almirall is good value based on assets compared to the Europe Pharmaceuticals industry average.
X
Value checks
We assess Almirall'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 Pharmaceuticals 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 Pharmaceuticals industry average (and greater than 0)? (1 check)
  5. Almirall has a total score of 1/6, 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 Almirall expected to perform in the next 1 to 3 years based on estimates from 8 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
18.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Almirall expected to grow at an attractive rate?
  • Almirall's earnings growth is expected to exceed the low risk savings rate of 1.5%.
Growth vs Market Checks
  • Almirall's earnings growth is expected to exceed the Spain market average.
  • Almirall's revenue growth is expected to exceed the Spain market average.
Annual Growth Rates Comparison
Raw Data
BME:ALM Future Growth Rates Data Sources
Data Point Source Value (per year)
BME:ALM Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 18.2%
BME:ALM Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 8%
Europe Pharmaceuticals Industry Earnings Growth Rate Market Cap Weighted Average 12.3%
Europe Pharmaceuticals Industry Revenue Growth Rate Market Cap Weighted Average 4.8%
Spain Market Earnings Growth Rate Market Cap Weighted Average 7.9%
Spain Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*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
BME:ALM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BME:ALM Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,187 348 255 2
2022-12-31 1,114 335 223 3
2021-12-31 1,004 287 181 7
2020-12-31 925 258 153 8
2019-12-31 879 293 135 6
BME:ALM Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 794 138 80
2018-12-31 759 143 78
2018-09-30 714 170 -111
2018-06-30 709 133 -179
2018-03-31 687 82 -293
2017-12-31 677 6 -304
2017-09-30 735 -89 -128
2017-06-30 752 -13 -78
2017-03-31 821 12 73
2016-12-31 822 105 75
2016-09-30 778 151 162
2016-06-30 746 122 154

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Almirall's earnings are expected to grow by 18.2% yearly, however this is not considered high growth (20% yearly).
  • Almirall's revenue is expected to grow by 8% 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
BME:ALM Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Almirall Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BME:ALM Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 1.49 1.67 1.31 2.00
2022-12-31 1.27 1.51 1.14 3.00
2021-12-31 1.04 1.28 0.88 6.00
2020-12-31 0.88 1.07 0.66 7.00
2019-12-31 0.77 0.89 0.71 6.00
BME:ALM Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 0.46
2018-12-31 0.45
2018-09-30
2018-06-30 -1.03
2018-03-31
2017-12-31 -1.75
2017-09-30 -0.74
2017-06-30 -0.45
2017-03-31 0.42
2016-12-31 0.44
2016-09-30 0.95
2016-06-30 0.89

*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.
  • Almirall is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Almirall'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.
Almirall has a total score of 3/6, 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 Almirall 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 Almirall's growth in the last year to its industry (Pharmaceuticals).
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.
  • Almirall's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Almirall has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Almirall has become profitable in the last year making it difficult to compare the Europe Pharmaceuticals industry average.
Earnings and Revenue History
Almirall'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 Almirall Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BME:ALM Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 793.62 79.87 209.17 3.10
2018-12-31 758.52 77.67 194.47
2018-09-30 714.22 -111.06 176.14 -9.80
2018-06-30 708.82 -178.85 195.74
2018-03-31 686.72 -292.66 194.74 -5.60
2017-12-31 676.92 -303.96 207.04
2017-09-30 735.45 -127.72 214.51 5.40
2017-06-30 751.82 -78.17 214.16
2017-03-31 820.55 73.38 215.81 5.00
2016-12-31 822.29 75.48 213.31
2016-09-30 777.63 162.03 230.43 10.10
2016-06-30 745.80 153.55 210.07
2016-03-31 721.33 110.63 204.03 1.70
2015-12-31 737.53 131.83 201.33
2015-09-30 783.40 478.83 189.95 -28.40
2015-06-30 802.07 488.16 243.70
2015-03-31 841.80 480.73 250.35 -10.70
2014-12-31 827.64 448.43 273.75
2014-09-30 868.18 -12.62 261.76 -10.60
2014-06-30 848.54 -32.29 255.57
2014-03-31 844.78 -33.32 260.56 -0.10
2013-12-31 825.48 -33.72 250.06
2013-09-30 804.87 6.69 299.08 -25.80
2013-06-30 889.05 66.85 250.86
2013-03-31 877.57 68.19 254.98 -9.70
2012-12-31 900.17 76.29 241.88
2012-09-30 806.62 86.77 269.88 19.20

*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.
  • Almirall has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Almirall used its assets less efficiently than the Europe Pharmaceuticals industry average last year based on Return on Assets.
  • Almirall has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Almirall'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 Pharmaceuticals 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.
Almirall 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 Almirall'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 Almirall's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Almirall is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Almirall's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Almirall'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.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.9x 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 Almirall Company Filings, last reported 3 months ago.

BME:ALM Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,227.60 529.70 43.70
2018-12-31 1,191.75 561.42 86.19
2018-09-30 1,202.60 550.30 67.80
2018-06-30 1,155.81 114.74 62.69
2018-03-31 1,160.00 150.00 137.00
2017-12-31 1,133.68 264.67 280.10
2017-09-30 1,333.30 152.00 127.40
2017-06-30 1,375.37 181.08 136.43
2017-03-31 1,530.80 317.50 396.80
2016-12-31 1,520.28 342.47 466.60
2016-09-30 1,525.60 317.00 500.20
2016-06-30 1,508.82 336.66 466.12
2016-03-31 1,471.00 316.10 488.50
2015-12-31 1,462.58 350.63 867.96
2015-09-30 1,399.40 316.80 806.70
2015-06-30 1,389.83 338.16 796.49
2015-03-31 1,416.00 316.30 832.40
2014-12-31 1,339.57 346.37 754.40
2014-09-30 941.20 315.70 82.50
2014-06-30 907.32 342.40 88.25
2014-03-31 897.80 315.40 85.40
2013-12-31 888.33 297.01 89.01
2013-09-30 944.50 0.00 48.70
2013-06-30 939.92 19.24 49.33
2013-03-31 937.80 0.00 35.90
2012-12-31 923.67 18.96 52.05
2012-09-30 947.70 66.00 169.60
  • Almirall's level of debt (43.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (35.2% vs 43.1% today).
  • Debt is well covered by operating cash flow (26%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 61x coverage).
X
Financial health checks
We assess Almirall'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. Almirall has a total score of 3/6, 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 Almirall'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
1.13%
Current annual income from Almirall dividends. Estimated to be 1.5% next year.
If you bought €2,000 of Almirall shares you are expected to receive €23 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?
  • Almirall's pays a lower dividend yield than the bottom 25% of dividend payers in Spain (2.3%).
  • Almirall's dividend is below the markets top 25% of dividend payers in Spain (5.31%).
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
BME:ALM 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 8 Analyst Estimates (S&P Global) See Below
Europe Pharmaceuticals Industry Average Dividend Yield Market Cap Weighted Average of 31 Stocks 3.3%
Spain Market Average Dividend Yield Market Cap Weighted Average of 77 Stocks 4.4%
Spain Minimum Threshold Dividend Yield 10th Percentile 1.2%
Spain Bottom 25% Dividend Yield 25th Percentile 2.3%
Spain Top 25% Dividend Yield 75th Percentile 5.3%

Industry and Market average data is calculated daily.

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

BME:ALM Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.30 2.00
2022-12-31 0.29 3.00
2021-12-31 0.27 6.00
2020-12-31 0.25 8.00
2019-12-31 0.22 8.00
BME:ALM Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-25 0.190 1.240
2018-02-23 0.190 1.492
2017-05-08 0.190 2.018
2017-02-27 0.190 1.226
2016-05-09 0.190 1.357
2016-02-22 0.190 1.270
2016-01-15 0.190 1.109
2015-07-28 0.200 1.155
2015-02-23 0.000 0.000
2014-11-10 0.000 0.000
2014-07-30 0.000 0.000
2014-05-12 0.000 0.000
2014-02-25 0.000 0.000
2014-02-24 0.000 0.000
2013-07-29 0.150 1.400
2012-12-31 0.150 1.574
2012-07-30 0.170 2.601
2012-05-08 0.000 0.000
2012-02-29 0.170 2.628
2011-05-10 0.290 4.965
2011-02-28 0.290 3.699
2011-02-25 0.290 3.469
2010-02-25 0.330 4.313
2009-07-30 0.320 3.534
2009-02-27 0.320 4.357
2008-08-28 0.320 4.715

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

  • Almirall is not paying a notable dividend for Spain, therefore no need to check if the payments are stable.
  • Almirall is not paying a notable dividend for Spain, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Almirall's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Almirall's dividends as it is not paying a notable one for Spain.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4x coverage).
X
Income/ dividend checks
We assess Almirall's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - 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 Almirall afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Almirall 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 Almirall'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
Peter Guenter
AGE 57
TENURE AS CEO 1.9 years
CEO Bio

Mr. Peter Guenter has been Chairman of Management Board and Chief Executive Officer at Almirall, S.A. since August 28, 2017 and it Executive Director since October 10, 2017. Mr. Guenter served as an Executive Vice President of Diabetes & Cardiovascular at Sanofi since July 6, 2017 until August 31, 2017. Mr. Guenter served as an Executive Vice President and General Manager of Diabetes and Cardiovascular at Sanofi since June 1, 2016 until July 6, 2017. He held positions in several companies in the pharmaceutical sector. Mr. Guenter served as Head of The General Medicines & Emerging Markets at Sanofi since January 2016 until June 1, 2016. Mr. Guenter served as an Executive Vice President of General Medicine & Emerging Markets at Sanofi since July 2013. Mr. Guenter served as Managing Director of Sanofi-Aventis Deutschland GmbH. Mr. Guenter served as Senior Vice President of Global Operations for Europe at Sanofi since July 15, 2011. He joined Sanofi in 1995 and served in France, Europe and Global Marketing. He served as a General Manager of Belgium at Sanofi since 2000 and then served as Vice President of Eastern Europe, Northern Europe & Scandinavia and vice president business management and support, general manager of Germany. He served as General Manager of Commercial Operations at Sanofi, Germany since 2008. He served as a General Manager for the Multi-Country-Organisation for Germany, Switzerland and Austria since 2011. He started his career in sales at SmithKline in 1986. He holds a Master’s Degree in Physical Education at the Faculty of Medicine and Health Sciences, University of Ghent, Belgium. He serves as Director at Galapagos NV since April 30, 2019.

CEO Compensation
  • Insufficient data for Peter to compare compensation growth.
  • Insufficient data for Peter to establish whether their remuneration is reasonable compared to companies of similar size in Spain.
Management Team

Jorge Gallardo Ballart

TITLE
Chairman & President
COMPENSATION
€455K
AGE
63

Peter Guenter

TITLE
CEO, Chairman of Management Board & Executive Director
AGE
57
TENURE
1.9 yrs

David Nieto

TITLE
CFO, Executive VP of Finance & Member of Management Board

Joan Figueras Carreras

TITLE
General Counsel

Eloi Cervera

TITLE
VP of Manufacturing & Technical Services and Member of Management Board

Alfredo de Juan

TITLE
Executive VP of Global Commercial Operations & Member of Management Board

Jordi Richer

TITLE
Senior VP of Corporate Development & Member of Management Board

Amita Kent

TITLE
Senior VP of Legal

Bhushan Hardas

TITLE
Chief Scientific Officer

Esteve Conesa

TITLE
VP of Human Resources & Member of Management Board
Board of Directors Tenure

Average tenure and age of the Almirall board of directors in years:

8.5
Average Tenure
70
Average Age
  • The tenure for the Almirall board of directors is about average.
Board of Directors

Peter Guenter

TITLE
CEO, Chairman of Management Board & Executive Director
AGE
57
TENURE
1.8 yrs

Daniel Bravo Andreu

TITLE
Vice-Chairman
COMPENSATION
€50K

Jorge Gallardo Ballart

TITLE
Chairman & President
COMPENSATION
€455K
AGE
63

Joan Figueras Carreras

TITLE
General Counsel

José Pintó Sala

TITLE
Secretary & Non-Voting Director

Tom McKillop

TITLE
External Independent Director
COMPENSATION
€132K
AGE
76
TENURE
10.2 yrs

Karin Louise Dorrepaal

TITLE
External Independent Director
COMPENSATION
€122K
AGE
58
TENURE
6.5 yrs

Juan Arena de la Mora

TITLE
External Independent Director
COMPENSATION
€124K
AGE
76
TENURE
12.2 yrs

Sidney Taurel

TITLE
Member of Global Advisory Board-Spain
AGE
70
TENURE
10.5 yrs

Gerhard Mayr

TITLE
External Independent Director
COMPENSATION
€122K
AGE
73
TENURE
6.8 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 (€) Value (€)
X
Management checks
We assess Almirall'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. Almirall 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

Is Almirall SA's (BME:ALM) Liquidity Good Enough?

Let’s take a look at ALM’s debt concentration and assess their financial liquidity to get an idea of their ability to fund strategic acquisitions and grow through cyclical pressures. … Remember this is a very top-level look that focuses exclusively on financial health, so I recommend a deeper analysis. … View our latest analysis for Almirall

Simply Wall St -

Is Almirall SA (BME:ALM) Expensive For A Reason? A Look At The Intrinsic Value

by taking the foreast future cash flows of the company and discounting them back to today's value. … Discounted Cash Flows (DCF). … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model

Simply Wall St -

How Does Almirall SA. (BME:ALM) Affect Your Portfolio Returns?

A widely-used metric to measure a stock's market risk is beta, and the broad market index represents a beta value of one. … I test ALM’s ratio of fixed assets to total assets in order to determine how high the risk is associated with this type of constraint. … Since ALM’s fixed assets are only 10.51% of its total assets, it doesn’t depend heavily on a high level of these rigid and costly assets to operate its business.

Simply Wall St -

What Does Almirall SA.'s (BME:ALM) Ownership Structure Look Like?

See our latest analysis for Almirall BME:ALM Ownership_summary May 8th 18 Institutional Ownership ALM's 17.23% institutional ownership seems enough to cause large share price movements in the case of significant share sell-off or acquisitions by institutions, particularly when there is a low level of public shares available on the market to trade. … This size of ownership gives retail investors collective power in deciding on major policy decisions such as executive compensation, appointment of directors and acquisitions of businesses. … As a result, potential investors should further explore the company's business relations with these companies and find out if they can affect shareholder returns in the long-term.Next Steps: ALM's considerably high level of institutional ownership calls for further analysis into its margin of safety.

Simply Wall St -

Is Almirall SA. (BME:ALM) A Financially Strong Company?

Check out our latest analysis for Almirall How does ALM’s operating cash flow stack up against its debt? … Additionally, ALM has generated cash from operations of €6.09M over the same time period, leading to an operating cash to total debt ratio of 2.30%, meaning that ALM’s current level of operating cash is not high enough to cover debt. … Next Steps: Although ALM’s debt level is relatively low, its cash flow levels still could not copiously cover its borrowings.

Simply Wall St -

A Look At The Fair Value Of Almirall SA. (BME:ALM)

5-year cash flow estimate 2018 2019 2020 2021 2022 Levered FCF (€, Millions) €102.40 €136.41 €130.35 €126.00 €121.79 Source Analyst x2 Analyst x7 Analyst x4 Extrapolated @ (-3.34%) Extrapolated @ (-3.34%) Present Value Discounted @ 8.29% €94.56 €116.32 €102.64 €91.61 €81.77 Present Value of 5-year Cash Flow (PVCF)= €487 After calculating the present value of future cash flows in the intial 5-year period we need to calculate the Terminal Value, which accounts for all the future cash flows beyond the first stage. … Terminal Value (TV) = FCF2022 × (1 + g) ÷ (r – g) = €122 × (1 + 1.5%) ÷ (8.3% – 1.5%) = €1,811 Present Value of Terminal Value (PVTV) = TV / (1 + r)5 = €1,811 / ( 1 + 8.3%)5 = €1,216 The total value is the sum of cash flows for the next five years and the discounted terminal value, which results in the Total Equity Value, which in this case is €1,703. … BME:ALM Intrinsic Value Apr 4th 18 The assumptions Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows.

Simply Wall St -

At €9.34, Is It Time To Buy Almirall SA. (BME:ALM)?

According to my valuation model, Almirall seems to be fairly priced at around 5.13% below my intrinsic value, which means if you buy Almirall today, you’d be paying a reasonable price for it. … It seems like the market has already priced in ALM’s positive outlook, with shares trading around its fair value. … However, the positive outlook is encouraging for the company, which means it’s worth further examining other factors such as the strength of its balance sheet, in order to take advantage of the next price drop.

Simply Wall St -

Loss-Making Almirall SA. (BME:ALM) Expected To Breakeven

In this article, I will touch on the expectations for ALM’s growth and when analysts expect the company to become profitable. … Working backwards from analyst estimates, it turns out that they expect the company to grow 49.62% year-on-year, on average, which is extremely buoyant. … This means that a high growth rate is not unusual, especially if the company is currently in an investment period.

Simply Wall St -

Company Info

Description

Almirall, S.A., a pharmaceutical company, engages in the research, development, manufacture, and sale of medicines worldwide. The company offers its products for dermatological diseases comprising actinic keratosis, atopic dermatitis, acne, rosacea, and psoriasis; and central nervous system, cardiovascular, and gastrointestinal diseases. Its strategic brands include ACTIKERALL, BALNEUM, DECODERM, SATIVEX, SKILARENCE, and DECODERM. Almirall, S.A. has a strategic research collaboration with Evotec AG to discover and develop first-in-class therapeutics in the field of dermatology diseases, as well as drug discovery partnership with X-Chem, Inc. The company was formerly known as Laboratorios Almirall, S.A. and changed its name to Almirall, S.A. in May 2009. Almirall, S.A. was founded in 1943 and is headquartered in Barcelona, Spain.

Details
Name: Almirall, S.A.
ALM
Exchange: BME
Founded: 1943
€2,936,012,072
174,554,820
Website: http://www.almirall.com
Address: Almirall, S.A.
Ronda General Mitre, 151,
Barcelona,
Catalonia, 08022,
Spain
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BME ALM Common Stock Bolsas y Mercados Espanoles ES EUR 20. Jun 2007
OTCPK LBTS.F Common Stock Pink Sheets LLC US USD 20. Jun 2007
DB E2Z Common Stock Deutsche Boerse AG DE EUR 20. Jun 2007
LSE 0O9B Common Stock London Stock Exchange GB EUR 20. Jun 2007
BMV ALM N Common Stock Bolsa Mexicana de Valores MX MXN 20. Jun 2007
BATS-CHIXE ALME Common Stock BATS 'Chi-X Europe' GB EUR 20. Jun 2007
Number of employees
Current staff
Staff numbers
1,805
Almirall employees.
Industry
Pharmaceuticals
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/15 21:10
End of day share price update: 2019/07/15 00:00
Last estimates confirmation: 2019/07/08
Last earnings filing: 2019/05/13
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


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.