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Kering

ENXTPA:KER
Snowflake Description

Outstanding track record with flawless balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
KER
ENXTPA
€67B
Market Cap
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Last updated 2019/04/24 20:50
Company description

Kering SA develops, designs, manufactures, markets, and sells apparel and accessories worldwide. The last earnings update was 71 days ago. More info.

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  • Kering has significant price volatility in the past 3 months.
KER Share Price and Events
7 Day Returns
-0.8%
ENXTPA:KER
1.3%
FR Luxury
1%
FR Market
1 Year Returns
16.3%
ENXTPA:KER
19.6%
FR Luxury
3.5%
FR Market
KER Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Kering (KER) -0.8% 7.2% 28.6% 16.3% 256.6% 234.4%
FR Luxury 1.3% 9.3% 25.3% 19.6% 113.4% 143.8%
FR Market 1% 6% 15% 3.5% 30% 32.9%
1 Year Return vs Industry and Market
  • KER underperformed the Luxury industry which returned 19.6% over the past year.
  • KER outperformed the Market in France which returned 3.5% over the past year.
Price Volatility
KER
Industry
5yr Volatility vs Market

Value

 Is Kering 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 Kering 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 Kering.

ENXTPA:KER Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 23 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.3%
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:KER
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FR Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 6.7%
Luxury Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.73 (1 + (1- 33%) (5.86%)) 		0.838
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 0.84
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.73% + (0.838 * 6.65%) 		6.31%

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

The calculations below outline how an intrinsic value for Kering 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:KER DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 6.31%)
2019 2,986.83 Analyst x11 2,809.64
2020 3,242.04 Analyst x14 2,868.78
2021 3,487.14 Analyst x10 2,902.62
2022 3,672.75 Est @ 5.32% 2,875.75
2023 3,817.67 Est @ 3.95% 2,811.89
2024 3,931.52 Est @ 2.98% 2,723.95
2025 4,022.23 Est @ 2.31% 2,621.48
2026 4,096.03 Est @ 1.83% 2,511.21
2027 4,157.65 Est @ 1.5% 2,397.77
2028 4,210.58 Est @ 1.27% 2,284.24
Present value of next 10 years cash flows €26,807.33
ENXTPA:KER DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €4,210.58 × (1 + 0.73%) ÷ (6.31% – 0.73%) 		€76,099.32
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €76,099.32 ÷ (1 + 6.31%)10 		€41,283.83
ENXTPA:KER Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €26,807.33 + €41,283.83 		€68,091.16
Equity Value per Share
(EUR)		 = Total value / Shares Outstanding
= €68,091.16 / 125.68 		€541.8
ENXTPA:KER Discount to Share Price
Calculation Result
Value per share (EUR) From above. €541.80
Current discount Discount to share price of €533.10
= -1 x (€533.10 - €541.80) / €541.80 		1.6%

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

Current Discount
Amount off the current price Kering is available for.
Intrinsic value
2%
Share price is €533.1 vs Future cash flow value of €541.8
Current Discount Checks
For Kering to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Kering's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Kering's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 Kering's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Kering's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTPA:KER PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €20.80
ENXTPA:KER Share Price ** ENXTPA (2019-04-24) in EUR €533.1
France Luxury Industry PE Ratio Median Figure of 9 Publicly-Listed Luxury Companies 26.21x
France Market PE Ratio Median Figure of 416 Publicly-Listed Companies 16.24x

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

** Primary Listing of Kering.

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

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

= 533.1 ÷ 20.80

 25.63x

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

  • Kering is good value based on earnings compared to the FR Luxury industry average.
  • Kering is overvalued based on earnings compared to the France market.
Price based on expected Growth
Does Kering's expected growth come at a high price?
Raw Data
ENXTPA:KER PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 25.63x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 23 Analysts		 13.6%per year
France Luxury Industry PEG Ratio Median Figure of 6 Publicly-Listed Luxury Companies 2.2x
France Market PEG Ratio Median Figure of 273 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

ENXTPA:KER PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 25.63x ÷ 13.6%

 1.89x

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

  • Kering is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Kering's assets?
Raw Data
ENXTPA:KER PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €78.71
ENXTPA:KER Share Price * ENXTPA (2019-04-24) in EUR €533.1
France Luxury Industry PB Ratio Median Figure of 14 Publicly-Listed Luxury Companies 1.66x
France Market PB Ratio Median Figure of 617 Publicly-Listed Companies 1.49x
ENXTPA:KER PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 533.1 ÷ 78.71

 6.77x

* Primary Listing of Kering.

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

  • Kering is overvalued based on assets compared to the FR Luxury industry average.
X
Value checks
We assess Kering'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 Luxury 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 Luxury industry average (and greater than 0)? (1 check)
    5. Kering 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 Kering expected to perform in the next 1 to 3 years based on estimates from 23 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
13.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Kering expected to grow at an attractive rate?
  • Kering's earnings growth is expected to exceed the low risk savings rate of 0.7%.
Growth vs Market Checks
  • Kering's earnings growth is expected to exceed the France market average.
  • Kering's revenue growth is expected to exceed the France market average.
Annual Growth Rates Comparison
Raw Data
ENXTPA:KER Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTPA:KER Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 23 Analysts 13.6%
ENXTPA:KER Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 23 Analysts 8.3%
France Luxury Industry Earnings Growth Rate Market Cap Weighted Average 11.4%
France Luxury Industry Revenue Growth Rate Market Cap Weighted Average 7.6%
France Market Earnings Growth Rate Market Cap Weighted Average 13.4%
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:KER Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 23 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTPA:KER Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 20,680 2
2022-12-31 19,340 2
2021-12-31 18,274 4,551 4,012 19
2020-12-31 17,031 4,173 3,678 23
2019-12-31 15,793 3,857 3,262 15
ENXTPA:KER Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 13,665 3,370 2,620
2018-09-30 12,920 3,347 2,377
2018-06-30 16,837 3,325 2,254
2018-03-31 16,157 3,170 2,022
2017-12-31 10,816 3,014 1,672
2017-09-30 11,290 2,624 1,391
2017-06-30 11,765 2,235 1,110
2017-03-31 12,075 2,005 967
2016-12-31 12,385 1,774 825
2016-09-30 12,075 1,625 755
2016-06-30 11,765 1,475 686
2016-03-31 11,674 1,359 670

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Kering's earnings are expected to grow by 13.6% yearly, however this is not considered high growth (20% yearly).
  • Kering's revenue is expected to grow by 8.3% 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
ENXTPA:KER 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 23 Analyst Estimates (S&P Global) See Below

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

ENXTPA:KER Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 31.78 33.12 29.98 14.00
2020-12-31 29.12 30.85 26.69 18.00
2019-12-31 25.96 27.56 19.90 18.00
ENXTPA:KER Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 20.80
2018-09-30 18.87
2018-06-30 17.89
2018-03-31 16.05
2017-12-31 13.27
2017-09-30 11.04
2017-06-30 8.81
2017-03-31 7.68
2016-12-31 6.55
2016-09-30 6.00
2016-06-30 5.44
2016-03-31 5.32

*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.
  • Kering is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
Show me more growth companies in the Luxury industry
X
Future performance checks
We assess Kering'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.
Kering has a total score of 4/6, 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 Kering 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 Kering's growth in the last year to its industry (Luxury).
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.
  • Kering has delivered over 20% year on year earnings growth in the past 5 years.
  • Kering's 1-year earnings growth exceeds its 5-year average (56.6% vs 25.1%)
  • Kering's earnings growth has exceeded the FR Luxury industry average in the past year (56.6% vs 13.9%).
Earnings and Revenue History
Kering'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 Kering Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:KER 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 13,665.20 2,619.70 3,636.80
2018-09-30 12,920.00 2,377.25 3,451.00
2018-06-30 16,836.60 2,253.60 4,092.50
2018-03-31 16,157.15 2,022.40 4,014.30
2017-12-31 10,815.90 1,672.40 3,108.80
2017-09-30 11,290.45 1,391.00 3,083.65
2017-06-30 11,765.00 1,109.60 3,058.50
2017-03-31 12,074.95 967.35 3,103.00
2016-12-31 12,384.90 825.10 3,147.50
2016-09-30 12,074.75 755.40 2,508.75
2016-06-30 11,764.60 685.70 1,870.00
2016-03-31 11,674.40 670.35 1,845.30
2015-12-31 11,584.20 655.00 1,820.60
2015-09-30 11,211.90 774.65 1,754.95
2015-06-30 10,839.60 894.30 1,689.30
2015-03-31 10,438.55 951.00 1,617.25
2014-12-31 10,037.50 1,007.70 1,545.20
2014-09-30 9,862.60 934.30 1,528.50
2014-06-30 9,687.70 860.90 1,511.80
2014-03-31 9,671.70 866.70 1,513.65
2013-12-31 9,655.70 872.50 1,515.50
2013-09-30 9,728.35 1,108.70 1,510.95
2013-06-30 9,801.00 1,344.90 1,506.40
2013-03-31 9,768.65 1,334.30 1,500.00
2012-12-31 9,736.30 1,323.70 1,493.60
2012-09-30 8,470.15 1,209.35 1,300.40
2012-06-30 7,204.00 1,095.00 1,107.20

*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.
  • Kering has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Kering used its assets more efficiently than the FR Luxury industry average last year based on Return on Assets.
  • Kering has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Show me more strong past performing companies in the Luxury industry
X
Past performance checks
We assess Kering'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 Luxury 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.
Kering has a total score of 6/6, 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 Kering'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 Kering's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Kering is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Kering's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Kering'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 1.7x 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 Kering Company Filings, last reported 3 months ago.

ENXTPA:KER Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 10,061.60 3,928.50 2,224.90
2018-09-30 10,061.60 3,928.50 2,224.90
2018-06-30 9,356.60 4,719.90 1,932.40
2018-03-31 9,356.60 4,719.90 1,932.40
2017-12-31 12,626.40 5,185.20 2,143.70
2017-09-30 12,626.40 5,185.20 2,143.70
2017-06-30 12,056.10 5,659.50 1,093.80
2017-03-31 12,056.10 5,659.50 1,093.80
2016-12-31 11,963.90 5,421.90 1,058.70
2016-09-30 11,963.90 5,421.90 1,058.70
2016-06-30 11,660.50 6,104.80 1,042.10
2016-03-31 11,660.50 6,104.80 1,042.10
2015-12-31 11,623.10 5,825.80 1,155.60
2015-09-30 11,623.10 5,825.80 1,155.60
2015-06-30 11,483.30 6,262.20 932.60
2015-03-31 11,483.30 6,262.20 932.60
2014-12-31 11,262.30 5,480.60 1,100.10
2014-09-30 11,262.30 5,480.60 1,100.10
2014-06-30 11,041.80 5,131.90 1,236.40
2014-03-31 11,041.80 5,131.90 1,236.40
2013-12-31 11,195.90 4,869.80 1,425.80
2013-09-30 11,195.90 4,869.80 1,425.80
2013-06-30 11,556.40 4,125.70 946.70
2013-03-31 11,556.40 4,125.70 946.70
2012-12-31 12,118.70 4,584.00 2,090.80
2012-09-30 12,118.70 4,584.00 2,090.80
2012-06-30 11,760.30 5,585.30 1,109.50
  • Kering's level of debt (39%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (43.5% vs 39% today).
  • Debt is well covered by operating cash flow (85.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 50.7x coverage).
Show me more healthy companies in the Luxury industry
X
Financial health checks
We assess Kering'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. Kering has a total score of 6/6, 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 Kering'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
1.97%
Current annual income from Kering dividends. Estimated to be 2.55% next year.
If you bought €2,000 of Kering shares you are expected to receive €39 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?
  • Kering's pays a higher dividend yield than the bottom 25% of dividend payers in France (1.55%).
  • Kering's dividend is below the markets top 25% of dividend payers in France (4.31%).
Upcoming dividend payment

Purchase Kering before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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:KER 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 23 Analyst Estimates (S&P Global) See Below
France Luxury Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 1.6%
France Market Average Dividend Yield Market Cap Weighted Average of 324 Stocks 2.9%
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 4.3%

Industry and Market average data is calculated daily.

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

ENXTPA:KER Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 14.90 18.00
2020-12-31 13.51 22.00
2019-12-31 12.31 18.00
ENXTPA:KER Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-12 10.500 2.099
2018-12-14 7.500 1.815
2018-02-13 6.000 1.385
2017-12-14 5.100 1.288
2017-03-30 4.600 1.456
2016-12-15 4.000 1.769
2016-02-19 4.000 2.404
2015-12-16 4.000 2.634
2015-02-17 4.000 2.430
2014-12-08 3.750 2.248
2014-04-09 3.750 2.377
2014-02-21 3.750 2.578
2013-12-20 3.750 2.499
2013-02-15 4.500 2.677
2012-12-19 3.000 1.973
2012-02-16 3.500 2.807
2011-03-22 3.500 3.080
2011-02-17 3.500 3.232
2010-02-18 3.300 3.084

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

  • Whilst dividend payments have been stable, Kering has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Kering only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Kering's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.2x coverage).
X
Income/ dividend checks
We assess Kering'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 Kering afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. Kering has a total score of 3/6, 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 Kering'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
François-Henri Pinault
COMPENSATION €67,121
AGE 56
TENURE AS CEO 14.1 years
CEO Bio

Mr. François-Henri Pinault has been the Chairman and Chief Executive Officer of Kering SA since May 19, 2005 and March 21, 2005 respectively. Mr. Pinault joined the Pinault group in 1987 where he had various responsibilities in the main subsidiaries of the Group. After starting off as a salesman in the Évreux branch of Pinault Distribution, a subsidiary specialised in wood importation and distribution, in 1988 he set up said company’s purchasing group for which he was responsible until September 1989. Appointed Chief Executive Officer of France Bois Industries, the company comprising the industrial activities of the Pinault group, he managed the 14 plants of this subsidiary until December 1990, when he returned to Pinault Distribution to become Chairman. In 1993, his responsibilities were broadened upon his appointment as Chairman of Cfao and as member of the Executive Board of Pinault Printemps Redoute. Four years later, he was appointed Chairman and Chief Executive Officer of Fnac, a position he held until February 2000. He was then appointed Deputy Chief Executive Officer of Pinault Printemps Redoute with responsibility for developing the Group’s Internet activities. He has been a member of the Board of Directors of Bouygues SA since December 1998. He became the co- manager of Financière Pinault in 2000. In 2003, he was appointed Chairman of the Artemis S.A. and Chief Executive Officer in January 2018. In 2005, he was appointed Chairman of the Executive Board and then Chairman and Chief Executive Officer of Kering Holland NV, Vice- Chairman of the Supervisory Board (from May 22, 2003 to March 21, 2005), and member of the Supervisory Board (from January 17, 2001) and the Executive Board (from June 1993 to January 2001). He has been Manager of Financière Pinault SCA France since October 2000; Group Managing Director of Artemis S.A. France since December 2017; Member of the Management Board at SC Château Latour France since June 1998; Chairman of the Board of Directors at Collection Pinault- Paris (SAS) France since May 2016; Chairman of Sonova Management (SAS) France since October 2015; Representative of Sonova Management Sonova SCS France since October 2015; Director of Stella McCartney Ltd United Kingdom since June 2011; Director of Ulysse Nardin le Locle SA, Switzerland since November 2014; Director of Sapardis SE France since May 2008; Chairman of the Board of Directors at Volcom Inc. United States since July 2011; Director of Kering International Ltd United Kingdom since May 2013; Director of Kering UK Services Ltd United Kingdom since May 2014; Director of Kering Eyewear SpA Italy since November 2014; Chairman of the Board of Directors at Yves Saint Laurent SAS France since June 2013. He served as Vice- Chairman of the Board of Directors PUMA SE Germany from July 2011 to April 2017; Director Fnac SA France from October 1994 to June 2013; Chairman of the Supervisory Board Yves Saint Laurent SAS France from April 2005 to June 2013; Chairman of the Supervisory Board Kering Holland NV from October 2005 to April 2013; Director Christie’s International Plc United Kingdom from May 2003 to April 2014; Chairman of the Board of Directors Sowind Group SA Switzerland from July 2011 to October 2015; Director Brioni SpA Italy from January 2012 to May 2015; Non- executive Director Kering Holland NV from April 2013 to October 2016; Non- executive Director Kering Netherlands NV from April 2013 to October 2016; Director Bouygues France from December 1998 to April 2016; Director Soft Computing France from June 2001 to September 2017 and Chairman of the Board of Directors Artemis S.A. France from May 2003 to December 2017. Mr. Pinault is a Business Administration graduate of France’s HEC business school.

CEO Compensation
  • François-Henri's compensation has been consistent with company performance over the past year.
  • François-Henri's remuneration is lower than average for companies of similar size in France.
Management Team Tenure

Average tenure and age of the Kering management team in years:

6.9
Average Tenure
54
Average Age
  • The average tenure for the Kering management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

François-Henri Pinault

TITLE
Chairman & CEO
COMPENSATION
€67K
AGE
56
TENURE
14.1 yrs

Jean-François Palus

TITLE
Group MD & Director
COMPENSATION
€7M
AGE
57
TENURE
11.3 yrs

Sophie Bouchillou

TITLE
Human Resources Project Coordinator
COMPENSATION
€49K
AGE
55

Jean-Marc Duplaix

TITLE
Chief Financial Officer
AGE
47
TENURE
7.2 yrs

Eric Sandrin

TITLE
Legal Director
AGE
53
TENURE
4.8 yrs

Valérie Duport

TITLE
Chief Communications & Image Officer
AGE
49
TENURE
2.9 yrs

Béatrice Lazat

TITLE
Chief People Officer
AGE
56
TENURE
3.1 yrs

Laurent Claquin

TITLE
Head of Kering Americas
AGE
47
TENURE
11.6 yrs

Marie-Claire Daveu

TITLE
Chief Sustainability Officer & Head of International Institutional Affairs
AGE
47
TENURE
6.6 yrs

Albert Bensoussan

TITLE
Chief Executive Officer of Watches & Jewelry Division
AGE
57
Board of Directors Tenure

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

9.2
Average Tenure
55.5
Average Age
  • The tenure for the Kering board of directors is about average.
Board of Directors

François-Henri Pinault

TITLE
Chairman & CEO
COMPENSATION
€67K
AGE
56
TENURE
14.1 yrs

Héloïse Temple-Boyer

TITLE
Vice-Chairman of the Board
AGE
40
TENURE
0.3 yrs

François Pinault

TITLE
Honorary Chairman
COMPENSATION
€6M
AGE
82

Jean-François Palus

TITLE
Group MD & Director
COMPENSATION
€7M
AGE
57
TENURE
9.9 yrs

Claire Lacaze

TITLE
Event Production Manager & Employees Representing Director
AGE
47
TENURE
0.8 yrs

Alexandre Bompard

TITLE
Chairman of FNAC and Chief Executive Officer of FNAC
AGE
46
TENURE
8.4 yrs

Roberto Vedovotto

TITLE
CEO & Chairman of Kering Eyewear
AGE
53

Jean-Pierre Denis

TITLE
Independent Director
COMPENSATION
€110K
AGE
58
TENURE
10.8 yrs

Sophie L’Hélias

TITLE
Independent Director
COMPENSATION
€69K
AGE
55
TENURE
3 yrs

Baudouin Prot

TITLE
Director
COMPENSATION
€67K
AGE
67
TENURE
13.9 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 (€)
X
Management checks
We assess Kering'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. Kering 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

Kering SA (EPA:KER): Financial Strength Analysis

Investors looking for stocks with high market liquidity and little debt on the balance sheet should consider Kering SA (EPA:KER). … With a market valuation of €64b, KER is a safe haven in times of market uncertainty due to its strong balance sheet. … In times of low liquidity in the market, these firms won’t be left high and dry.

Simply Wall St - –

What Does Kering SA's (EPA:KER) P/E Ratio Tell You?

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … Looking at earnings over the last twelve months, Kering has a P/E ratio of 25.74. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St - –

Why Kering SA’s (EPA:KER) Return On Capital Employed Is Impressive

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … Understanding Return On Capital Employed (ROCE). … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St - –

Is Kering SA (EPA:KER) Undervalued After Accounting For Its Future Growth?

Kering SA (EPA:KER) is considered a high-growth stock, but its last closing price of €493.8 left some investors wondering if this high future earnings potential can be rationalized by its current price tag. … Let’s take a look at some key metrics to determine whether there's any value here for current and potential future investors. … Investors in Kering have been patiently waiting for the uptick in earnings.

Simply Wall St - –

Kering SA (EPA:KER): Will The Growth Last?

Kering SA's (EPA:KER) latest earnings update in December 2018a … signalled … business

Simply Wall St - –

What Type Of Shareholder Owns Kering SA's (EPA:KER)?

Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … We also tend to see lower insider ownership in companies that were previously publicly owned. … institutions own shares in the company.

Simply Wall St - –

Kering SA (EPA:KER): A Fundamentally Attractive Investment

Help shape the future of investing tools and receive a $20 prize! … As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook.

Simply Wall St - –

Calculating The Fair Value Of Kering SA (EPA:KER)

Help shape the future of investing tools and you could win a $250 gift card! … by estimating the company's future cash flows and discounting them to their present value. … Discounted Cash Flows (DCF)

Simply Wall St - –

What Is Kering SA's (EPA:KER) Share Price Doing?

saw a decent share price growth in the teens level on the ENXTPA over the last few months. … With many analysts covering the large-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price? … However, could the stock still be trading at a relatively cheap price

Simply Wall St - –

What Investors Should Know About Kering SA's (EPA:KER) Financial Strength

the key to their continued success lies in its financial health. … This article will examine Kering’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. … Note that this information is centred entirely on financial health and is a high-level overview, so I encourage you to look further

Simply Wall St - –

Company Info

Description

Kering SA develops, designs, manufactures, markets, and sells apparel and accessories worldwide. The company offers shoes; leather goods, including handbags and wallets, and other leather products; eyewear and textile accessories; jewelry and watches; and T-shirts, sweatshirts, polo shirts, etc., as well as ready-to-wear products for men and women. It also provides fragrances and cosmetics. The company provides its products under the Gucci, Bottega Veneta, Yves Saint Laurent, Alexander McQueen, Balenciaga, Boucheron, Brioni, Christopher Kane, Pomellato, Qeelin, Sowind, Stella McCartney, Ulysse Nardin, Tomas Maier, Dodo, Girard-Perregaux, Puma, Volcom, and Kering brand names. It sells its products through department stores, multi-brand stores, and franchise stores, as well as retail channels and e-commerce Websites. The company was formerly known as PPR SA and changed its name to Kering SA in June 2013. Kering SA was founded in 1963 and is based in Paris, France.

Details
Name: Kering SA
KER
Exchange: ENXTPA
Founded: 1963
€66,997,830,819
125,675,916
Website: http://www.kering.com
Address: Kering SA
40 rue de Sèvres,
Paris,
Ile-de-France, 75007,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA KER Ordinary Shares Euronext Paris FR EUR 02. Jan 1992
OTCPK PPRU.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB PPX Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
XTRA PPX Ordinary Shares XETRA Trading Platform DE EUR 02. Jan 1992
LSE 0IIH Ordinary Shares London Stock Exchange GB EUR 02. Jan 1992
SWX KER Ordinary Shares SIX Swiss Exchange CH CHF 02. Jan 1992
BIT KER Ordinary Shares Borsa Italiana IT EUR 02. Jan 1992
WBAG KER Ordinary Shares Wiener Boerse AG AT EUR 02. Jan 1992
BMV KER N Ordinary Shares Bolsa Mexicana de Valores MX MXN 02. Jan 1992
BATS-CHIXE KERP Ordinary Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
OTCPK PPRU.Y UNSPONSORED ADR Pink Sheets LLC US USD 16. Oct 2008
Number of employees
Current staff
Staff numbers
34,795
Kering employees.
Industry
Apparel, Accessories and Luxury Goods
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/24 20:50
End of day share price update: 2019/04/24 00:00
Last estimates confirmation: 2019/04/23
Last earnings filing: 2019/02/12
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.

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