Kemira Oyj

HLSE:KEMIRA

Snowflake Description

Adequate balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.

KEMIRA

HLSE

€2B

Market Cap

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Last updated 2019/04/21 20:36

Company description

Kemira Oyj operates as a chemicals company in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. The last earnings update was 59 days ago. More info.

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KEMIRA Share Price and Events

7 Day Returns

0.1%

HLSE:KEMIRA

1.6%

Europe Chemicals

-0.7%

FI Market

1 Year Returns

5.7%

HLSE:KEMIRA

-1.8%

Europe Chemicals

2.6%

FI Market

KEMIRA Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
Kemira Oyj (KEMIRA)	0.1%	7.5%	9%	5.7%	14%	2.9%
Europe Chemicals	1.6%	4.5%	9.6%	-1.8%	22%	27.3%
FI Market	-0.7%	-0.6%	5.3%	2.6%	25.7%	39.4%

1 Year Return vs Industry and Market

KEMIRA outperformed the Chemicals industry which returned -1.8% over the past year.
KEMIRA outperformed the Market in Finland which returned 2.6% over the past year.

Price Volatility

KEMIRA

Industry

5yr Volatility vs Market

Related Companies

KEMIRA Value

Is Kemira Oyj 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 Kemira Oyj 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 Kemira Oyj.

HLSE:KEMIRA Discounted Cash Flow Data Sources
Data Point	Source	Value
Valuation Model		2 Stage Free Cash Flow to Equity
Levered Free Cash Flow	Average of 7 Analyst Estimates (S&P Global)	See below
Discount Rate (Cost of Equity)	See below	8.4%
Perpetual Growth Rate	10-Year FI Government Bond Rate	0.5%

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 HLSE:KEMIRA
Data Point	Calculation/ Source	Result
Risk-Free Rate	10-Year FI Govt Bond Rate	0.5%
Equity Risk Premium	S&P Global	6.5%
Chemicals Unlevered Beta	Simply Wall St/ S&P Global	0.93
Re-levered Beta	= Unlevered beta (1 + (1- tax rate) (Debt/Equity)) = 0.93 (1 + (1- 20%) (50.44%))	1.205
Levered Beta	Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm)	1.2
Discount Rate/ Cost of Equity	= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) = 0.54% + (1.205 * 6.51%)	8.38%

Discounted Cash Flow Calculation for HLSE:KEMIRA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Kemira Oyj 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.

HLSE:KEMIRA DCF 1st Stage: Next 10 year cash flow forecast
	Levered FCF (EUR, Millions)	Source	Present Value Discounted (@ 8.38%)
2019	103.00	Analyst x2	95.03
2020	125.50	Analyst x4	106.84
2021	135.50	Analyst x4	106.43
2022	150.00	Analyst x1	108.70
2023	137.00	Analyst x1	91.60
2024	128.53	Est @ -6.18%	79.29
2025	123.17	Est @ -4.17%	70.11
2026	119.78	Est @ -2.75%	62.90
2027	117.66	Est @ -1.77%	57.01
2028	116.40	Est @ -1.07%	52.04
Present value of next 10 years cash flows			€829.95

HLSE:KEMIRA DCF 2nd Stage: Terminal Value
	Calculation	Result
Terminal Value	= FCF₂₀₂₈ × (1 + g) ÷ (Discount Rate – g) = €116.40 × (1 + 0.54%) ÷ (8.38% – 0.54%)	€1,492.05
Present Value of Terminal Value	= Terminal Value ÷ (1 + r)¹⁰ = €1,492.05 ÷ (1 + 8.38%)¹⁰	€667.04

HLSE:KEMIRA Total Equity Value
	Calculation	Result
Total Equity Value	= Present value of next 10 years cash flows + Terminal Value = €829.95 + €667.04	€1,496.99
Equity Value per Share (EUR)	= Total value / Shares Outstanding = €1,496.99 / 152.65	€9.81

HLSE:KEMIRA Discount to Share Price
	Calculation	Result
Value per share (EUR)	From above.	€9.81
Current discount	Discount to share price of €11.51 = -1 x (€11.51 - €9.81) / €9.81	-17.4%

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

The current share price of Kemira Oyj 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 Kemira Oyj's earnings, growth and assets is considered below, and whether this is a fair price.

Price based on past earnings

Are Kemira Oyj's earnings available for a low price, and how does this compare to other companies in the same industry?

Raw Data

HLSE:KEMIRA PE (Price to Earnings) Ratio Data Sources
Data Point	Source	Value
Earnings Per Share *	Company Filings (2018-12-31) in EUR	€0.58
HLSE:KEMIRA Share Price **	HLSE (2019-04-18) in EUR	€11.51
Europe Chemicals Industry PE Ratio	Median Figure of 93 Publicly-Listed Chemicals Companies	18.75x
Finland Market PE Ratio	Median Figure of 108 Publicly-Listed Companies	20.04x

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

** Primary Listing of Kemira Oyj.

HLSE:KEMIRA PE (Price to Earnings) Ratio Calculation
	Calculation	Outcome
PE Ratio	= HLSE:KEMIRA Share Price ÷ EPS (both in EUR) = 11.51 ÷ 0.58	19.7x

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

Kemira Oyj is overvalued based on earnings compared to the Europe Chemicals industry average.
Kemira Oyj is good value based on earnings compared to the Finland market.

Price based on expected Growth

Does Kemira Oyj's expected growth come at a high price?

Raw Data

HLSE:KEMIRA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point	Source	Value
PE Ratio	See PE Ratio Section	19.7x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts	10.4%per year
Europe Chemicals Industry PEG Ratio	Median Figure of 62 Publicly-Listed Chemicals Companies	1.89x
Finland Market PEG Ratio	Median Figure of 91 Publicly-Listed Companies	1.7x

*Line of best fit is calculated by linear regression .

HLSE:KEMIRA PEG (Price to Earnings to Growth) Ratio Calculation
	Calculation	Outcome
PEG Ratio	= PE Ratio ÷ Net Income Annual Growth Rate = 19.7x ÷ 10.4%	1.89x

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

Kemira Oyj is poor value based on expected growth next year.

Price based on value of assets

What value do investors place on Kemira Oyj's assets?

Raw Data

HLSE:KEMIRA PB (Price to Book) Ratio Data Sources
Data Point	Source	Value
Book Value per Share	Company Filings (2018-12-31) in EUR	€7.80
HLSE:KEMIRA Share Price *	HLSE (2019-04-18) in EUR	€11.51
Europe Chemicals Industry PB Ratio	Median Figure of 138 Publicly-Listed Chemicals Companies	1.87x
Finland Market PB Ratio	Median Figure of 142 Publicly-Listed Companies	2.03x

HLSE:KEMIRA PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= HLSE:KEMIRA Share Price ÷ Book Value per Share (both in EUR) = 11.51 ÷ 7.80	1.48x

* Primary Listing of Kemira Oyj.

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

Kemira Oyj is good value based on assets compared to the Europe Chemicals industry average.

Value checks

We assess Kemira Oyj's value by looking at:

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. )
Is the PE ratio less than the market average, and/ or less than the Chemicals industry average (and greater than 0)? (2 checks)
Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
Is the PB ratio less than the Chemicals industry average (and greater than 0)? (1 check)

Full details on the Value part of the Simply Wall St company analysis model.

KEMIRA Future Performance

How is Kemira Oyj expected to perform in the next 1 to 3 years based on estimates from 7 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!

10.4%

Expected annual growth in earnings.

Earnings growth vs Low Risk Savings

Is Kemira Oyj expected to grow at an attractive rate?

Kemira Oyj's earnings growth is expected to exceed the low risk savings rate of 0.5%.

Growth vs Market Checks

Kemira Oyj's earnings growth is positive but not above the Finland market average.
Kemira Oyj's revenue growth is expected to exceed the Finland market average.

Annual Growth Rates Comparison

Raw Data

HLSE:KEMIRA Future Growth Rates Data Sources
Data Point	Source	Value (per year)
HLSE:KEMIRA Future Earnings Growth Rate	Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts	10.4%
HLSE:KEMIRA Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts	2.5%
Europe Chemicals Industry Earnings Growth Rate	Market Cap Weighted Average	9.9%
Europe Chemicals Industry Revenue Growth Rate	Market Cap Weighted Average	3.5%
Finland Market Earnings Growth Rate	Market Cap Weighted Average	15.4%
Finland Market Revenue Growth Rate	Market Cap Weighted Average	1.6%

*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

HLSE:KEMIRA Analysts Growth Expectations Data Sources
Data Point	Source	Value
Past Financials	Company Filings (3 months ago)	See Below
Future Estimates	Average of up to 7 Analyst Estimates (S&P Global)	See Below

All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.

HLSE:KEMIRA Future Estimates Data
Date (Data in EUR Millions)	Revenue	Cash Flow	Net Income *	Avg. No. Analysts
2023-12-31	331
2022-12-31	2,808	334	115	1
2021-12-31	2,819	311	139	5
2020-12-31	2,745	301	131	6
2019-12-31	2,673	327	123	6

HLSE:KEMIRA Past Financials Data
Date (Data in EUR Millions)	Revenue	Cash Flow	Net Income *
2018-12-31	2,596	210	89
2018-09-30	2,577	194	88
2018-06-30	2,529	222	86
2018-03-31	2,494	227	82
2017-12-31	2,490	205	79
2017-09-30	2,448	236	71
2017-06-30	2,422	228	78
2017-03-31	2,393	257	86
2016-12-31	2,366	271	92
2016-09-30	2,369	281	78
2016-06-30	2,397	277	78
2016-03-31	2,405	231	71

*GAAP earnings excluding extraordinary items.

High Growth Checks

Kemira Oyj's earnings are expected to grow by 10.4% yearly, however this is not considered high growth (20% yearly).
Kemira Oyj's revenue is expected to grow by 2.5% 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

HLSE:KEMIRA 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 7 Analyst Estimates (S&P Global)	See Below

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

HLSE:KEMIRA Future Estimates Data
Date (Data in EUR Millions)	EPS *	EPS High Estimate	EPS Low Estimate	Avg. No. Analysts
2023-12-31
2022-12-31	0.75	0.75	0.75	1.00
2021-12-31	0.91	1.04	0.72	6.00
2020-12-31	0.88	1.04	0.73	7.00
2019-12-31	0.81	0.92	0.70	7.00

HLSE:KEMIRA Past Financials Data
Date (Data in EUR Millions)	EPS *
2018-12-31	0.58
2018-09-30	0.58
2018-06-30	0.56
2018-03-31	0.54
2017-12-31	0.52
2017-09-30	0.47
2017-06-30	0.51
2017-03-31	0.56
2016-12-31	0.60
2016-09-30	0.51
2016-06-30	0.51
2016-03-31	0.46

*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.

Kemira Oyj is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).

Future performance checks

We assess Kemira Oyj's future performance by looking at:

Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
Is the annual earnings growth rate expected to be above 20%? (1 check)
Is the annual revenue growth rate expected to be above 20%? (1 check)
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.
Kemira Oyj has a total score of 2/6, 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.

KEMIRA Past Performance

How has Kemira Oyj 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 Kemira Oyj's growth in the last year to its industry (Chemicals).

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.

Kemira Oyj has delivered over 20% year on year earnings growth in the past 5 years.
Kemira Oyj's 1-year earnings growth is less than its 5-year average (13.4% vs 21.8%)
Kemira Oyj's earnings growth has exceeded the Europe Chemicals industry average in the past year (13.4% vs 1.8%).

Earnings and Revenue History

Kemira Oyj'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 Kemira Oyj Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

HLSE:KEMIRA Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions)	Revenue	Net Income *	G+A Expenses
2018-12-31	2,596.00	89.10	49.30
2018-09-30	2,576.70	88.00	51.10
2018-06-30	2,529.40	85.70	51.10
2018-03-31	2,493.70	81.60	51.10
2017-12-31	2,489.70	78.60	51.10
2017-09-30	2,448.30	71.00	53.60
2017-06-30	2,421.90	78.30	53.60
2017-03-31	2,392.70	85.60	53.60
2016-12-31	2,365.90	91.80	53.60
2016-09-30	2,368.50	78.00	47.60
2016-06-30	2,397.20	77.90	47.60
2016-03-31	2,404.80	70.50	47.60
2015-12-31	2,375.50	71.00	47.60
2015-09-30	2,327.80	90.60	35.10
2015-06-30	2,243.00	90.40	35.10
2015-03-31	2,164.40	73.00	35.10
2014-12-31	2,139.30	89.90	35.10
2014-09-30	2,135.90	17.30	37.80
2014-06-30	2,148.10	6.50	37.80
2014-03-31	2,199.20	8.50	37.80
2013-12-31	2,230.20	-31.60	37.80
2013-09-30	2,246.10	-23.10	47.40
2013-06-30	2,259.60	-37.50	47.40
2013-03-31	2,252.60	-9.70	47.40
2012-12-31	2,244.60	17.70	47.40
2012-09-30	2,230.00	96.10	37.40
2012-06-30	2,221.10	127.50	37.40

*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.

Kemira Oyj has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
Kemira Oyj used its assets less efficiently than the Europe Chemicals industry average last year based on Return on Assets.
Kemira Oyj has improved its use of capital last year versus 3 years ago (Return on Capital Employed).

Past performance checks

We assess Kemira Oyj's performance over the past 5 years by checking for:

Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the Chemicals industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
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.
Kemira Oyj has a total score of 3/6, 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.

KEMIRA Health

How is Kemira Oyj'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 Kemira Oyj's finances.

The net worth of a company is the difference between its assets and liabilities.

Net Worth

Kemira Oyj is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
Kemira Oyj's cash and other short term assets cover its long term commitments.

Balance sheet

This treemap shows a more detailed breakdown of Kemira Oyj'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 1x debt.

Historical Debt

Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.

Raw Data

All data from Kemira Oyj Company Filings, last reported 3 months ago.

HLSE:KEMIRA Past Debt and Equity Data
Date (Data in EUR Millions)	Total Equity	Total Debt	Cash & Short Term Investments
2018-12-31	1,202.50	886.30	144.90
2018-09-30	1,145.80	889.20	144.90
2018-06-30	1,145.90	901.90	129.30
2018-03-31	1,103.10	907.70	229.90
2017-12-31	1,172.80	860.50	166.10
2017-09-30	1,118.20	861.10	160.50
2017-06-30	1,105.00	871.80	113.70
2017-03-31	1,117.50	792.40	131.50
2016-12-31	1,182.90	807.40	173.40
2016-09-30	1,151.30	827.50	161.90
2016-06-30	1,122.20	844.20	154.30
2016-03-31	1,073.90	800.30	156.20
2015-12-31	1,193.20	793.60	151.50
2015-09-30	1,159.50	815.10	125.20
2015-06-30	1,156.10	820.70	109.30
2015-03-31	1,156.40	687.30	125.50
2014-12-31	1,163.30	605.20	119.10
2014-09-30	1,119.60	565.20	108.20
2014-06-30	1,085.10	649.40	199.90
2014-03-31	1,081.90	483.90	158.40
2013-12-31	1,125.50	558.30	102.00
2013-09-30	1,190.30	573.90	164.90
2013-06-30	1,176.20	564.80	139.90
2013-03-31	1,193.70	575.20	218.20
2012-12-31	1,260.60	664.70	132.70
2012-09-30	1,359.20	697.00	152.50
2012-06-30	1,352.00	748.00	155.40

Kemira Oyj's level of debt (73.7%) compared to net worth is high (greater than 40%).
The level of debt compared to net worth has increased over the past 5 years (49.6% vs 73.7% today).
Debt is well covered by operating cash flow (23.7%, greater than 20% of total debt).
Interest payments on debt are well covered by earnings (EBIT is 6.8x coverage).

Show me more healthy companies in the Chemicals industry

Financial health checks

We assess Kemira Oyj's financial health by checking for:

Are short term assets greater than short term liabilities? (1 check)
Are short term assets greater than long term liabilities? (1 check)
Has the debt to equity ratio increased in the past 5 years? (1 check)
Is the debt to equity ratio over 40%? (1 check)
Is the debt covered by operating cash flow? (1 check)
Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)

For companies that are loss making and have been so on average in the past we replace the last 2 checks with:

Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
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.

KEMIRA Dividends

What is Kemira Oyj'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

4.6%

Current annual income from Kemira Oyj dividends. Estimated to be 4.73% next year.

If you bought €2,000 of Kemira Oyj shares you are expected to receive €92 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?

Kemira Oyj's pays a higher dividend yield than the bottom 25% of dividend payers in Finland (2.23%).
Kemira Oyj's dividend is below the markets top 25% of dividend payers in Finland (4.86%).

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

HLSE:KEMIRA 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 7 Analyst Estimates (S&P Global)	See Below
Europe Chemicals Industry Average Dividend Yield	Market Cap Weighted Average of 78 Stocks	3%
Finland Market Average Dividend Yield	Market Cap Weighted Average of 101 Stocks	4.2%
Finland Minimum Threshold Dividend Yield	10th Percentile	1.4%
Finland Bottom 25% Dividend Yield	25th Percentile	2.2%
Finland Top 25% Dividend Yield	75th Percentile	4.9%

Industry and Market average data is calculated daily.

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

HLSE:KEMIRA Future Dividends Estimate Data
Date (Data in €)	Dividend per Share (annual)	Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31	0.57	5.00
2020-12-31	0.54	7.00
2019-12-31	0.53	7.00

HLSE:KEMIRA Past Annualized Dividends Data
Date (Data in €)	Dividend per share (annual)	Avg. Yield (%)
2019-02-08	0.530	4.608
2018-02-22	0.530	4.883
2018-02-08	0.530	4.716
2017-02-23	0.530	4.653
2017-02-08	0.530	4.397
2016-03-21	0.530	4.727
2015-02-26	0.530	4.902
2014-02-10	0.530	4.955
2013-03-26	0.530	4.521
2012-07-26	0.530	4.832
2012-03-21	0.530	5.716
2011-02-21	0.480	4.741
2011-02-09	0.480	4.320
2010-02-09	0.270	2.685
2009-04-22	0.250	2.766

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

Dividends per share have been stable in the past 10 years.
Dividends per share have increased over the past 10 years.

Current Payout to shareholders

What portion of Kemira Oyj's earnings are paid to the shareholders as a dividend.

Dividends paid are not well covered by earnings (1.1x coverage).

Future Payout to shareholders

Dividends after 3 years are expected to be covered by earnings (1.6x coverage).

Show me more dividend paying companies in the Chemicals industry

Income/ dividend checks

We assess Kemira Oyj's dividend by checking for:

Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
Is current dividend yield above the bottom 25% of dividend payers? (1 check)
Is current dividend yield above the top 25% of dividend payers? (1 check)
Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
If they have paid a dividend for 10 years has it increased in this time? (1 check)
How sustainable is the dividend, can Kemira Oyj afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)

Full details on the Dividends part of the Simply Wall St company analysis model.

KEMIRA Management

What is the CEO of Kemira Oyj'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

Jari Rosendal

COMPENSATION	€1,021,520
AGE	53
TENURE AS CEO	4.9 years

CEO Bio

Mr. Jari Rosendal, M.Sc. (Eng.) serves as Director of Neste Oyj since April 5, 2018. He has been the Chief Executive Officer and President of Kemira Oyj since May 1, 2014 and serves as its Chairman of Management Board. Mr. Rosendal served as Interim CTO of Kemira Oyj since November 1, 2017 until December 31, 2017. He served as a Special Advisor of Outotec Oyj from March 1, 2014 to April 30, 2014. He served as Managing Director at Kemira Oyj until January 2018. He served as an Executive Vice President of Outotec Oyj until February 28, 2014. He served as the President of Americas Region at Outotec Oyj from July 1, 2013 to February 28, 2014 and served as a Member of its Executive Board from 2006 to February 28, 2014. He served as the President of Non-Ferrous Solutions Business Area at Outotec Oyj until June 30, 2013. Mr. Rosendal served as the President of Minerals Processing division of Outotec Oyj since 2003 and served as its Executive Vice President. He has been with Outotec since 1989. He was employed by Outokumpu Technology from 1989 to 2006. He has been the Chairman of the Board of Larox Oyj since March 2010 and its Director since March 16, 2010. Mr. Rosendal served as Director at Uponor Oyj since March 15, 2012.

CEO Compensation

Jari's compensation has been consistent with company performance over the past year.
Jari's remuneration is about average for companies of similar size in Finland.

Management Team Tenure

Average tenure and age of the Kemira Oyj management team in years:

3.7

Average Tenure

Average Age

The tenure for the Kemira Oyj management team is about average.

Management Team

Jari Rosendal

1.3 yrs

Olli Turunen

TITLE

Vice President of Investor Relations

TENURE

3.5 yrs

Tero Huovinen

TITLE

Senior Vice President of Communications & Corporate Responsibility

TENURE

3.7 yrs

Board of Directors Tenure

Average tenure and age of the Kemira Oyj board of directors in years:

5.1

Average Tenure

58.5

Average Age

The tenure for the Kemira Oyj board of directors is about average.

2.1 yrs

Who owns this company?

Recent Insider Trading

More shares have been bought than sold by Kemira Oyj insiders in the past 3 months.

Show me more companies with insider buying in the Chemicals industry

Recent Insider Transactions

Announced	Type	Name	Entity	Role		Start	End	Shares	Max Price (€)	Value (€)
11. Feb 19	Buy	Jari Rosendal	Individual			08. Feb 19	08. Feb 19	5,000	€10.80	€54,000

Management checks

We assess Kemira Oyj's management by checking for:

Is the CEO's compensation unreasonable compared to market cap? (1 check)
Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
Is the average tenure of the management team less than 2 years? (1 check)
Is the average tenure of the board of directors team less than 3 years? (1 check)

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.

KEMIRA News

Simply Wall St News

What Kind Of Shareholder Owns Most Kemira Oyj (HEL:KEMIRA) Stock?

The big shareholder groups in Kemira Oyj (HEL:KEMIRA) have power over the company. … Companies that have been privatized tend to have low insider ownership. … With a market capitalization of €1.8b, Kemira Oyj is a decent size, so it is probably on the radar of institutional investors.

Simply Wall St - 5 days ago – Full article

Kemira Oyj (HEL:KEMIRA): What Does The Future Look Like?

Kemira Oyj's (HEL:KEMIRA) released its most recent earnings update in December 2018, whicha … confirmed

Simply Wall St - 1 week ago – Full article

Kemira Oyj (HEL:KEMIRA) Delivered A Weaker ROE Than Its Industry

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Our data shows Kemira Oyj has a return on equity of 7.9% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St - 2 weeks ago – Full article

Kemira Oyj (HEL:KEMIRA) Has Attractive Fundamentals

Kemira Oyj (HEL:KEMIRA) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … In the case of KEMIRA, it.

Simply Wall St - 4 weeks ago – Full article

Is Kemira Oyj (HEL:KEMIRA) Undervalued After Accounting For Its Future Growth?

Looking at Kemira Oyj’s (HEL:KEMIRA) fundamentals some investors are wondering if its last closing price of €11.83 represents a good value for money for this high growth stock. … What can we expect from Kemira Oyj in the future. … Investors in Kemira Oyj have been patiently waiting for the uptick in earnings.

Simply Wall St - 1 month ago – Full article

If You Had Bought Kemira Oyj Stock Three Years Ago, You Could Pocket A 12% Gain Today

Unfortunately for shareholders, while the Kemira Oyj (HEL:KEMIRA) share price is up 12% in the last three years, that falls short of the market return. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During three years of share price growth, Kemira Oyj achieved compound earnings per share growth of 7.8% per year.

Simply Wall St - 1 month ago – Full article

What You Must Know About Kemira Oyj's (HEL:KEMIRA) Financial Strength

Small-caps and large-caps are wildly popular among investors; however, mid-cap stocks, such as Kemira Oyj (HEL:KEMIRA) with a market-capitalization of €1.8b, rarely draw their attention. … This article will examine KEMIRA’s financial liquidity and debt levels to get an idea of whether the company can deal with cyclical downturns and maintain funds to accommodate strategic spending for future growth. … Does KEMIRA produce enough cash relative to debt?

Simply Wall St - 1 month ago – Full article

Kemira Oyj (HEL:KEMIRA): What Does The Future Look Like?

Help shape the future of investing tools and receive a $20 prize! … Looking at Kemira Oyj's (HEL:KEMIRA) earnings update on 31 December 2018, … analyst consensus outlook appear cautiously optimistic,

Simply Wall St - 2 months ago – Full article

Why Kemira Oyj’s (HEL:KEMIRA) Return On Capital Employed Might Be A Concern

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. … Understanding Return On Capital Employed (ROCE). … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St - 2 months ago – Full article

Should You Be Tempted To Sell Kemira Oyj (HEL:KEMIRA) Because Of Its P/E Ratio?

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … We'll look at Kemira Oyj's (HEL:KEMIRA) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St - 2 months ago – Full article

KEMIRA Company Info

Description

Kemira Oyj operates as a chemicals company in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. It operates in two segments, Pulp & Paper and Industry & Water. The Pulp & Paper segment develops and commercializes pulp, paper, and packaging chemicals, as well as a range of products for paper wet-end, including packaging and board, and tissue products. The Industry & Water segment offers coagulants, polyacrylamide polymers, and other water treatment chemicals for raw water, waste water and sludge treatment, and shale and conventional oil recovery applications. The company was founded in 1920 and is headquartered in Helsinki, Finland.

Details

Name:	Kemira Oyj
Ticker:	KEMIRA
Exchange:	HLSE
Founded:	1920
Market Cap:	€1,757,014,207
Shares outstanding:	152,651,104
Website:	http://www.kemira.com
Address:	Kemira Oyj Energiakatu 4, PO Box 330, Helsinki, Uusimaa, 00101, Finland

Listings

Exchange Symbol	Ticker Symbol	Security	Exchange	Country	Currency	Listed on
HLSE	KEMIRA	Registered Shares	OMX Nordic Exchange Helsinki	FI	EUR	18. Nov 1994
OTCPK	KOYJ.F	Registered Shares	Pink Sheets LLC	US	USD	18. Nov 1994
DB	KEM	Registered Shares	Deutsche Boerse AG	DE	EUR	18. Nov 1994
LSE	0MGG	Registered Shares	London Stock Exchange	GB	EUR	18. Nov 1994
BATS-CHIXE	KEMIRH	Registered Shares	BATS 'Chi-X Europe'	GB	EUR	18. Nov 1994

Number of employees

Current staff

4,879

Kemira Oyj employees.

Industry

Industry:	Diversified Chemicals
Sector:	Materials

Company Analysis and Financial Data Status

Area	Date (UTC time)
Company Analysis updated:	2019/04/21 20:36
End of day share price update:	2019/04/18 00:00
Last estimates confirmation:	2019/04/11
Last earnings filing:	2019/02/21
Last earnings reported:	2018/12/31
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.

Simply Wall Street Pty Ltd (ACN 600 056 611), is a Corporate Authorised Representative (Authorised Representative Number: 467183) of Sanlam Private Wealth Pty Ltd (AFSL No. 337927). Any advice contained in this website is general advice only and has been prepared without considering your objectives, financial situation or needs. You should not rely on any advice and/or information contained in this website and before making any investment decision we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice. Please read our Financial Services Guide before deciding whether to obtain financial services from us.

Copyright © 2019, Standard & Poor’s Financial Services LLC. Reproduction of S&P Capital IQ in any form is prohibited except with the prior written permission of S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P Capital IQ. (2019)

Kemira Oyj

KEMIRA Share Price and Events

7 Day Returns

1 Year Returns

KEMIRA Shareholder Return

1 Year Return vs Industry and Market

Price Volatility

Related Companies

Honeywell International

Reckitt Benckiser Group

Ecolab

KEMIRA Value

INTRINSIC VALUE BASED ON FUTURE CASH FLOWS

PRICE RELATIVE TO MARKET

Price based on past earnings

Price based on expected Growth

Price based on value of assets

Value checks

KEMIRA Future Performance

Earnings growth vs Low Risk Savings

Growth vs Market Checks

Annual Growth Rates Comparison

Analysts growth expectations

High Growth Checks

Past and Future Earnings per Share

Performance in 3 years

Future performance checks

KEMIRA Past Performance

Past earnings growth

Past Earnings growth analysis

Earnings and Revenue History

Performance last year

Past performance checks

KEMIRA Health

Net Worth

Balance sheet

Assets

Liabilities and shares

Historical Debt

Financial health checks

KEMIRA Dividends

Annual Dividend Income

Dividend Amount

Annualized Historical and Future Dividends

Current Payout to shareholders

Future Payout to shareholders

Income/ dividend checks

KEMIRA Management

CEO

CEO Bio

CEO Compensation

Management Team Tenure

Management Team

Jari Rosendal

Chairman of Mgmt. Board

€1M

53

4.9 yrs

Jukka Hakkila

Deputy CEO

€330K

58

Petri Castrén

CFO, Member of Management Board & President of Americas

56

5.6 yrs

M. A. Salonen

Executive VP of Human Resources & Member of Management Board

58

10.8 yrs

Antti Salminen

Member of Mgmt. Board

47

1.8 yrs

Esa-Matti Puputti

Executive VP of Operational Excellence & Member of Management Board

59

3.9 yrs

Kim Poulsen

Member of Mgmt. Board