ENXTPA:BCRA

Stock Analysis Report

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Executive Summary

Baccarat S.A. manufactures and sells crystal articles in France and internationally.


Snowflake Analysis

Excellent balance sheet with questionable track record.

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

0%

BCRA

7.5%

FR Consumer Durables

6.4%

FR Market


1 Year Return

-2.9%

BCRA

-16.0%

FR Consumer Durables

-7.9%

FR Market

Return vs Industry: BCRA exceeded the French Consumer Durables industry which returned -18.4% over the past year.

Return vs Market: BCRA exceeded the French Market which returned -9.4% over the past year.


Shareholder returns

BCRAIndustryMarket
7 Day0%7.5%6.4%
30 Day0%3.3%5.1%
90 Day-0.5%-0.9%-9.2%
1 Year-2.9%-2.9%-14.9%-16.0%-6.2%-7.9%
3 Year-23.8%-23.8%-19.6%-23.5%2.9%-5.5%
5 Year-13.9%-13.9%56.4%42.1%22.3%4.4%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

47.81x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BCRA (€198) is trading above our estimate of fair value (€72.83)

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


Price To Earnings Ratio

PE vs Industry: BCRA is poor value based on its PE Ratio (47.8x) compared to the Consumer Durables industry average (13.7x).

PE vs Market: BCRA is poor value based on its PE Ratio (47.8x) compared to the French market (14.6x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: BCRA is overvalued based on its PB Ratio (2.9x) compared to the FR Consumer Durables industry average (2.4x).


Next Steps

Future Growth

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

11.5%

Forecasted Consumer Durables 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 Baccarat 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 Baccarat performed over the past 5 years?

66.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BCRA has high quality earnings.

Growing Profit Margin: BCRA's current net profit margins (2.2%) are lower than last year (3.8%).


Past Earnings Growth Analysis

Earnings Trend: BCRA has become profitable over the past 5 years, growing earnings by 66.9% per year.

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

Earnings vs Industry: BCRA had negative earnings growth (-39%) over the past year, making it difficult to compare to the Consumer Durables industry average (-1.9%).


Return on Equity

High ROE: BCRA's Return on Equity (6.1%) is considered low.


Next Steps

Financial Health

How is Baccarat's financial position?


Financial Position Analysis

Short Term Liabilities: BCRA's short term assets (€106.1M) exceed its short term liabilities (€67.2M).

Long Term Liabilities: BCRA's short term assets (€106.1M) exceed its long term liabilities (€50.6M).


Debt to Equity History and Analysis

Debt Level: BCRA's debt to equity ratio (51.1%) is considered high.

Reducing Debt: BCRA's debt to equity ratio has reduced from 70.7% to 51.1% over the past 5 years.

Debt Coverage: BCRA's debt is well covered by operating cash flow (34.6%).

Interest Coverage: BCRA's interest payments on its debt are well covered by EBIT (5.1x coverage).


Balance Sheet


Next Steps

Dividend

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


Dividend Yield vs Market

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

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


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

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


Next Steps

Management

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

1.9yrs

Average board tenure


CEO

Daniela Riccardi (59yo)

6.92yrs

Tenure

€5,366,521

Compensation

Ms. Daniela Riccardi has been Director of Kering SA since May 2014. Ms. Riccardi been the Chief Executive Officer at Baccarat S.A. since June 3, 2013. Ms. Riccardi joined Baccarat in May 2013. She served a ...


CEO Compensation Analysis

Compensation vs Market: Daniela's total compensation ($USD5.89M) is above average for companies of similar size in the French market ($USD439.51K).

Compensation vs Earnings: Daniela's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Board Members

NamePositionTenureCompensationOwnership
Margareth Henriquez
Director5.83yrs€1.43mno data
Zhen Sun
President of the Board1.92yrsno datano data
Yuting Hu
Director1.92yrsno datano data
Laurence Nicolas
Independent Director1.92yrsno datano data
Kevin Sims
Director1.92yrsno datano data

1.9yrs

Average Tenure

Experienced Board: BCRA's board of directors are not considered experienced ( 1.9 years average tenure), which suggests a new board.


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

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


Key Information

  • Name: Baccarat S.A.
  • Ticker: BCRA
  • Exchange: ENXTPA
  • Founded: 1764
  • Industry: Housewares and Specialties
  • Sector: Consumer Durables
  • Market Cap: €164.481m
  • Shares outstanding: 830.71k
  • Website: https://www.baccarat.fr

Number of Employees


Location

  • Baccarat S.A.
  • 11, Place des Etats-Unis
  • Paris
  • Ile-de-France
  • 75116
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BCRAENXTPA (Euronext Paris)YesCommon SharesFREURJan 1992
0I0CLSE (London Stock Exchange)YesCommon SharesGBEURJan 1992
BCRAPBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEURJan 1992

Biography

Baccarat S.A. manufactures and sells crystal articles in France and internationally. The company's tableware products include wine and water glasses, champagne flutes and coupes, decanters, pitchers, gift sets, and table accessories; and barware products comprise highballs, tumblers, wine tasting and cocktail glasses, and whiskey decanters and accessories. It also provides vases, bowls, exceptional pieces, decorative objects, candelabras, candleholders, votives, desk accessories, and trophies; and lightning products, including chandeliers, ceiling units, sconces, and floor lamps, as well as table and desk lamps, and accessories. In addition, the company offers rings, necklaces, pendants, earrings, bracelets, scarves, shawls, perfumes, and jewelry accessories. It sells its products through company-owned stores. Baccarat S.A. was founded in 1764 and is headquartered in Paris, France. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/28 20:38
End of Day Share Price2020/04/28 00:00
Earnings2019/06/30
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.