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Baccarat

ENXTPA:BCRA
Snowflake Description

Excellent balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BCRA
ENXTPA
€173M
Market Cap
  1. Home
  2. FR
  3. Consumer Durables
Company description

Baccarat S.A. manufactures, markets, and sells crystal articles in Europe, Asia, the Americas, and internationally. The last earnings update was 23 days ago. More info.


Add to Portfolio Compare Print
BCRA Share Price and Events
7 Day Returns
1%
ENXTPA:BCRA
1.9%
FR Consumer Durables
-0.1%
FR Market
1 Year Returns
-5.5%
ENXTPA:BCRA
-6.2%
FR Consumer Durables
-3.1%
FR Market
BCRA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Baccarat (BCRA) 1% 0% 4% -5.5% 3.5% -5%
FR Consumer Durables 1.9% -3.8% 11.1% -6.2% 33.7% 97.6%
FR Market -0.1% -3.4% 3.8% -3.1% 26.1% 27%
1 Year Return vs Industry and Market
  • BCRA underperformed the Market in France which returned -3.1% over the past year.
Price Volatility
BCRA
Industry
5yr Volatility vs Market

Value

 Is Baccarat 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 Baccarat 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 Baccarat.

ENXTPA:BCRA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year FR Government Bond Rate 0.7%

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 ENXTPA:BCRA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FR Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 6.7%
Consumer Durables Unlevered Beta Simply Wall St/ S&P Global 0.9
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.897 (1 + (1- 33%) (19.62%))
1.01
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.01
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.73% + (1.01 * 6.65%)
7.45%

Discounted Cash Flow Calculation for ENXTPA:BCRA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Baccarat 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.

ENXTPA:BCRA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 7.45%)
2019 3.13 Est @ -16.48% 2.91
2020 2.78 Est @ -11.32% 2.40
2021 2.56 Est @ -7.7% 2.07
2022 2.43 Est @ -5.17% 1.82
2023 2.35 Est @ -3.4% 1.64
2024 2.30 Est @ -2.16% 1.49
2025 2.27 Est @ -1.29% 1.37
2026 2.25 Est @ -0.68% 1.27
2027 2.25 Est @ -0.26% 1.18
2028 2.25 Est @ 0.04% 1.10
Present value of next 10 years cash flows €17.25
ENXTPA:BCRA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €2.25 × (1 + 0.73%) ÷ (7.45% – 0.73%)
€33.70
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €33.70 ÷ (1 + 7.45%)10
€16.42
ENXTPA:BCRA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €17.25 + €16.42
€33.67
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €33.67 / 0.83
€40.54
ENXTPA:BCRA Discount to Share Price
Calculation Result
Value per share (EUR) From above. €40.54
Current discount Discount to share price of €208.00
= -1 x (€208.00 - €40.54) / €40.54
-413.1%

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

  • The current share price of Baccarat 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 Baccarat's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Baccarat's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTPA:BCRA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €5.72
ENXTPA:BCRA Share Price ** ENXTPA (2019-05-17) in EUR €208
France Consumer Durables Industry PE Ratio Median Figure of 9 Publicly-Listed Consumer Durables Companies 16.92x
France Market PE Ratio Median Figure of 419 Publicly-Listed Companies 17.65x

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

** Primary Listing of Baccarat.

ENXTPA:BCRA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:BCRA Share Price ÷ EPS (both in EUR)

= 208 ÷ 5.72

36.34x

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

  • Baccarat is overvalued based on earnings compared to the FR Consumer Durables industry average.
  • Baccarat is overvalued based on earnings compared to the France market.
Price based on expected Growth
Does Baccarat's expected growth come at a high price?
Raw Data
ENXTPA:BCRA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 36.34x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
18.7%per year
France Consumer Durables Industry PEG Ratio Median Figure of 7 Publicly-Listed Consumer Durables Companies 1.07x
France Market PEG Ratio Median Figure of 269 Publicly-Listed Companies 1.46x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Baccarat, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Baccarat's assets?
Raw Data
ENXTPA:BCRA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €68.55
ENXTPA:BCRA Share Price * ENXTPA (2019-05-17) in EUR €208
France Consumer Durables Industry PB Ratio Median Figure of 15 Publicly-Listed Consumer Durables Companies 1.66x
France Market PB Ratio Median Figure of 621 Publicly-Listed Companies 1.44x
ENXTPA:BCRA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:BCRA Share Price ÷ Book Value per Share (both in EUR)

= 208 ÷ 68.55

3.03x

* Primary Listing of Baccarat.

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

  • Baccarat is overvalued based on assets compared to the FR Consumer Durables industry average.
X
Value checks
We assess Baccarat'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 Consumer Durables 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 Consumer Durables industry average (and greater than 0)? (1 check)
  5. Baccarat has a total score of 0/6, 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 Baccarat expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Baccarat, future earnings growth has been estimated based on fundamentals.
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
18.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Baccarat expected to grow at an attractive rate?
  • Baccarat's earnings growth is expected to exceed the low risk savings rate of 0.7%.
Growth vs Market Checks
  • Baccarat's earnings growth is expected to exceed the France market average.
  • Unable to compare Baccarat's revenue growth to the France market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
ENXTPA:BCRA Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTPA:BCRA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 18.7%
France Consumer Durables Industry Earnings Growth Rate Market Cap Weighted Average 10%
France Consumer Durables Industry Revenue Growth Rate Market Cap Weighted Average 5.3%
France Market Earnings Growth Rate Market Cap Weighted Average 13.2%
France Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*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
ENXTPA:BCRA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTPA:BCRA Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 151 7 5
2018-09-30 149 7 5
2018-06-30 147 7 6
2018-03-31 147 7 5
2017-12-31 147 8 3
2017-09-30 149 10 4
2017-06-30 152 11 5
2017-03-31 150 8 4
2016-12-31 148 4 2
2016-09-30 149 3 -1
2016-06-30 149 2 -4
2016-03-31 149 2 -3

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Baccarat's earnings are expected to grow by 18.7% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Baccarat is high growth as no revenue estimate data is available.
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
ENXTPA:BCRA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Baccarat Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:BCRA Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 5.72
2018-09-30 6.26
2018-06-30 6.79
2018-03-31 5.43
2017-12-31 4.07
2017-09-30 4.95
2017-06-30 5.84
2017-03-31 4.26
2016-12-31 2.68
2016-09-30 -1.11
2016-06-30 -4.91
2016-03-31 -3.13

*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.
  • Unable to establish if Baccarat will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Baccarat'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 France market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the France 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.
Baccarat 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.

Past Performance

  How has Baccarat 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 Baccarat's growth in the last year to its industry (Consumer Durables).
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.
  • Baccarat has delivered over 20% year on year earnings growth in the past 5 years.
  • Baccarat's 1-year earnings growth is less than its 5-year average (40.8% vs 72.4%)
  • Baccarat's earnings growth has exceeded the FR Consumer Durables industry average in the past year (40.8% vs -0.8%).
Earnings and Revenue History
Baccarat'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 Baccarat Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:BCRA Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 150.88 4.76 115.88
2018-09-30 149.04 5.20 114.68
2018-06-30 147.20 5.64 113.48
2018-03-31 146.90 4.51 113.22
2017-12-31 146.60 3.38 112.97
2017-09-30 149.09 4.11 113.64
2017-06-30 151.57 4.85 114.32
2017-03-31 149.96 3.54 114.26
2016-12-31 148.34 2.23 114.21
2016-09-30 148.63 -0.93 115.31
2016-06-30 148.92 -4.08 116.41
2016-03-31 149.33 -2.60 116.76
2015-12-31 149.75 -1.11 117.12
2015-09-30 150.66 -0.35 119.50
2015-06-30 151.57 0.41 121.88
2015-03-31 151.29 -2.50 122.09
2014-12-31 151.01 -5.42 122.31
2014-09-30 151.04 -8.06 122.31
2014-06-30 145.10 -10.70 116.34
2014-03-31 147.22 -10.25 117.27
2013-12-31 155.32 -9.80 124.17
2013-09-30 154.88 -7.45 123.96
2013-06-30 154.44 -5.11 123.75
2013-03-31 156.41 -2.53 124.59
2012-12-31 158.39 0.05 125.44
2012-09-30 154.92 -1.90 121.17
2012-06-30 151.45 -3.85 116.89

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

Health

 How is Baccarat'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 Baccarat's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Baccarat is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Baccarat's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Baccarat'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 3.3x 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 Baccarat Company Filings, last reported 4 months ago.

ENXTPA:BCRA Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 57.54 33.90 28.50
2018-09-30 57.54 33.90 28.50
2018-06-30 53.06 38.26 29.68
2018-03-31 53.06 38.26 29.68
2017-12-31 52.34 39.29 29.28
2017-09-30 52.34 39.29 29.28
2017-06-30 48.90 38.14 26.93
2017-03-31 48.90 38.14 26.93
2016-12-31 49.46 41.55 27.20
2016-09-30 49.46 41.55 27.20
2016-06-30 41.90 43.77 22.18
2016-03-31 41.90 43.77 22.18
2015-12-31 47.66 41.29 27.77
2015-09-30 47.66 41.29 27.77
2015-06-30 48.98 40.74 26.53
2015-03-31 48.98 40.74 26.53
2014-12-31 48.95 39.62 27.93
2014-09-30 50.20 39.62 27.93
2014-06-30 50.71 35.81 18.80
2014-03-31 50.71 35.81 18.80
2013-12-31 58.40 37.08 26.13
2013-09-30 58.40 37.08 26.13
2013-06-30 61.28 32.70 20.10
2013-03-31 61.28 32.70 20.10
2012-12-31 68.37 34.78 33.87
2012-09-30 68.37 34.78 33.87
2012-06-30 67.67 28.73 31.19
  • Baccarat's level of debt (58.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (63.6% vs 58.9% today).
  • Debt is well covered by operating cash flow (21.1%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7.8x coverage).
X
Financial health checks
We assess Baccarat'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. Baccarat has a total score of 5/6, 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 Baccarat'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
0%
Current annual income from Baccarat dividends.
If you bought €2,000 of Baccarat shares you are expected to receive €0 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?
  • Unable to evaluate Baccarat's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Baccarat's dividend against the top 25% market benchmark as the company has not reported any payouts.
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
ENXTPA:BCRA 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 0 Analyst Estimates (S&P Global) See Below
France Consumer Durables Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 2%
France Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.1%
France Minimum Threshold Dividend Yield 10th Percentile 0.9%
France Bottom 25% Dividend Yield 25th Percentile 1.6%
France Top 25% Dividend Yield 75th Percentile 4.5%

Industry and Market average data is calculated daily.

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

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

  • Unable to perform a dividend volatility check as Baccarat has not reported any payouts.
  • Unable to verify if Baccarat's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Baccarat's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Baccarat has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Baccarat's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - 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 Baccarat afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Baccarat has a total score of 0/6, 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 Baccarat'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
Daniela Riccardi
COMPENSATION €1,237,500
AGE 58
TENURE AS CEO 5.9 years
CEO Bio

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 as Global Chief Executive Officer of Diesel from 2010 March 2013. Ms. Riccardi served as President of Procter & Gamble (China) Ltd. from June 2005 to July 2010. She served as Vice President of Eastern Europe at The Procter & Gamble Company. She served as President of P&G China at The Procter & Gamble Company since June 2005 and its President of Greater China from 2005 to July 2010. For 25 years previously, she was an executive at Procter & Gamble, including service as Vice President-General Manager for Eastern Europe & Russia; Vice-President of P&G Columbia, Mexico and Venezuela; and Chief Executive Officer Manager of P&G Eastern Europe and Russia. She served as Chief Executive Officer of Baccarat España S.L She served as President of Baccarat Far East and Baccarat Italia S.R.L. She served as Vice President and Chief Executive Officer (Eastern Europe and Moscow, Russia) from 2001 to 2004. She served as Chairman of Baccarat Americas and Baccarat UK Ltd. She has been a Non-Executive Director at WPP plc since September 12, 2013. She served as a Director of Baccarat Inc, Baccarat Pacific KK, Baccarat (Singapore Pte Ltd) and Groupe du Louvre. She served as Permanent representative of Baccarat (Director) at Etablissement Damon & Delente. She speaks fluent French, English, Spanish and Italian. Ms. Riccardi is a 1984 Magna Cum Laude graduate in Political Science and International Studies at Sapienza University of Rome and completed a Fellowship in Marketing at Yale University.

CEO Compensation
  • Daniela's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Daniela's remuneration is higher than average for companies of similar size in France.
Management Team

Daniela Riccardi

TITLE
Chief Executive Officer
COMPENSATION
€1M
AGE
58
TENURE
5.9 yrs
Board of Directors Tenure

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

5.3
Average Tenure
56.5
Average Age
  • The tenure for the Baccarat board of directors is about average.
Board of Directors

Barry Sternlicht

TITLE
Chairman
AGE
57

Steve Goldman

TITLE
Vice Chairman
AGE
56
TENURE
4.4 yrs

J. Chu

TITLE
Director
AGE
60
TENURE
6.9 yrs

Neda Daneshzadeh

TITLE
Director
TENURE
6.9 yrs

Ellis Rinaldi

TITLE
Director
AGE
56

Hamilton South

TITLE
Director
COMPENSATION
€11K
AGE
53

John Demsey

TITLE
Director
COMPENSATION
€14K
AGE
62
TENURE
5.3 yrs

Jeffrey Dishner

TITLE
Director
TENURE
5.3 yrs

Margareth Henriquez

TITLE
Director
COMPENSATION
€12K
TENURE
4.8 yrs

Pascal Malbéqui

TITLE
Director
TENURE
5.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
21. Dec 18 Buy Fortune Fountain Capital Corporate Finance Limited Company 20. Dec 18 20. Dec 18 943 €222.70 €210,006
19. Dec 18 Buy Fortune Fountain Capital Corporate Finance Limited Company 19. Dec 18 19. Dec 18 166 €222.70 €36,968
18. Dec 18 Buy Fortune Fountain Capital Corporate Finance Limited Company 18. Dec 18 18. Dec 18 165 €222.70 €36,745
18. Dec 18 Buy Fortune Fountain Capital Corporate Finance Limited Company 17. Dec 18 17. Dec 18 175 €222.70 €38,973
17. Dec 18 Buy Fortune Fountain Capital Corporate Finance Limited Company 13. Dec 18 13. Dec 18 200 €222.70 €44,540
14. Dec 18 Buy Fortune Fountain Capital Corporate Finance Limited Company 13. Dec 18 13. Dec 18 3,703 €222.70 €824,658
21. Nov 18 Buy Concert Consellior SA Company 16. Nov 18 19. Nov 18 2 €220.00 €439
12. Nov 18 Buy Concert Consellior SA Company 08. Nov 18 08. Nov 18 1 €220.00 €220
07. Nov 18 Buy Concert Consellior SA Company 05. Nov 18 05. Nov 18 1 €220.00 €220
26. Oct 18 Buy Concert Consellior SA Company 24. Oct 18 24. Oct 18 13 €222.00 €2,886
24. Oct 18 Buy Concert Consellior SA Company 23. Oct 18 23. Oct 18 37 €222.00 €8,214
X
Management checks
We assess Baccarat'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. Baccarat 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

Read This Before Judging Baccarat S.A.'s (EPA:BCRA) ROE

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … One way to conceptualize this, is that for each €1 of shareholders' equity it has, the company made €0.11 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

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How Financially Strong Is Baccarat SA (EPA:BCRA)?

Baccarat SA (EPA:BCRA) is a small-cap stock with a market capitalization of €182.76m. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … Assessing first and foremost the financial health is

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Should You Be Tempted To Sell Baccarat SA (ENXTPA:BCRA) Because Of Its PE Ratio?

and want to begin learning the link between Baccarat SA (ENXTPA:BCRA)’s fundamentals and stock market performance. … Although some investors may jump to the conclusion that you should avoid the stock or sell if you own it, understanding the assumptions behind the P/E ratio might change your mind. … I will deconstruct the P/E ratio and highlight what you need to be careful of when using the P/E ratio

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What Should Investors Know About Baccarat SA.'s (EPA:BCRA) Capital Returns?

Therefore, looking at how efficiently Baccarat is able to use capital to create earnings will help us understand your potential return. … To determine Baccarat's capital return we will use ROCE, which tells us how much the company makes from the capital employed in their operations (for things like machinery, wages etc). … BCRA’s ROCE is calculated below: ROCE Calculation for BCRA Return on Capital Employed (ROCE) = Earnings Before Tax (EBT) ÷ (Capital Employed) Capital Employed = (Total Assets - Current Liabilities) ∴ ROCE = €4.90M ÷ (€147.98M - €51.54M) = 5.08% The calculation above shows that BCRA’s earnings were 5.08% of capital employed.

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One Thing To Consider Before Buying Baccarat SA. (EPA:BCRA)

Generally, an investor should consider two types of risk that impact the market value of BCRA. … Based on this beta value, BCRA appears to be a stock that an investor with a high-beta portfolio would look for to reduce risk exposure to the market. … BCRA, with its market capitalisation of €179.43M, is a small-cap stock, which generally have higher beta than similar companies of larger size.

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What Does Baccarat SA.'s (EPA:BCRA) Ownership Structure Look Like?

See our latest analysis for Baccarat ENXTPA:BCRA Ownership_summary May 1st 18 General Public Ownership With 6.13% ownership, the general public are also an important ownership class in BCRA. … Private Company Ownership Another important group of owners for potential investors in BCRA are private companies that hold a stake of 71.80% in BCRA. … Thus, potential investors should look into these business relations and check how it can impact long-term shareholder returns.Next Steps: A large shareholding of BCRA by the general public could mean higher market liquidity to buy and sell shares for retail investors, and also the potential to have more influence over company policies as a collective.

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Does Baccarat SA.'s (EPA:BCRA) Recent Track Record Look Strong?

Check out our latest analysis for Baccarat Were BCRA's earnings stronger than its past performances and the industry? … Given that these values are fairly short-term thinking, I’ve estimated an annualized five-year value for BCRA's earnings, which stands at -€2.15M This means that, on average, Baccarat has been able to increasingly grow its earnings over the past few years as well. … Over the past few years, Baccarat increased its bottom line faster than revenue by effectively controlling its costs.

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Is Baccarat SA. (EPA:BCRA) A Sell At Its Current PE Ratio?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for BCRA Price per share = €212 Earnings per share = €5.836 ∴ Price-Earnings Ratio = €212 ÷ €5.836 = 36.3x The P/E ratio itself doesn’t tell you a lot; however, it becomes very insightful when you compare it with other similar companies. … For example, if you are inadvertently comparing riskier firms with BCRA, then BCRA’s P/E would naturally be higher than its peers since investors would reward its lower risk with a higher price. … In this case, BCRA’s P/E would be higher since investors would also reward BCRA’s higher growth with a higher price.

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How Financially Strong Is Baccarat SA. (EPA:BCRA)?

How does BCRA’s operating cash flow stack up against its debt? … Additionally, BCRA has generated €4.30M in operating cash flow during the same period of time, leading to an operating cash to total debt ratio of 10.36%, indicating that BCRA’s operating cash is not sufficient to cover its debt. … In BCRA's case, the ratio of 9.27x suggests that interest is appropriately covered, which means that lenders may be inclined to lend more money to the company, as it is seen as safe in terms of payback.Next Steps: At its current level of cash flow coverage, BCRA has room for improvement to better cushion for events which may require debt repayment.

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Will Baccarat SA. (EPA:BCRA) Continue To Underperform Its Industry?

View our latest analysis for Baccarat What you must know about ROE Return on Equity (ROE) weighs Baccarat’s profit against the level of its shareholders’ equity. … ROE can be split up into three useful ratios: net profit margin, asset turnover, and financial leverage. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity ENXTPA:BCRA Last Perf Mar 14th 18 The first component is profit margin, which measures how much of sales is retained after the company pays for all its expenses.

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Company Info

Description

Baccarat S.A. manufactures, markets, and sells crystal articles in Europe, Asia, the Americas, and internationally. The company's tableware products include wine and water glasses, champagne flutes and coupes, decanters, pitchers, carafes, teacups, fruit cups, table accessories, etc.; and barware products comprise highballs, tumblers, wine tasting and cocktail glasses, and whiskey decanters and accessories. It also provides animal figurines, vases, bowls, exceptional pieces, decorative and desktop 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, cufflinks, and jewelry accessories, as well as items for furs and leather goods. It sells its products through company-owned stores and retailers. The company was founded in 1764 and is headquartered in Baccarat, France. Baccarat S.A. is a subsidiary of Fortune Legend Limited.

Details
Name: Baccarat S.A.
BCRA
Exchange: ENXTPA
Founded: 1764
€172,788,304
830,713
Website: http://www.baccarat.fr
Address: Baccarat S.A.
20, rue des Cristalleries,
Bertrichamps,
Baccarat,
Lorraine, 54120,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA BCRA Common Shares Euronext Paris FR EUR 02. Jan 1992
LSE 0I0C Common Shares London Stock Exchange GB EUR 02. Jan 1992
BATS-CHIXE BCRAP Common Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
Number of employees
Current staff
Staff numbers
1,012
Baccarat employees.
Industry
Housewares and Specialties
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 20:40
End of day share price update: 2019/05/17 00:00
Last earnings filing: 2019/04/30
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.