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Fromageries Bel

ENXTPA:FBEL
Snowflake Description

Adequate balance sheet second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FBEL
ENXTPA
€2B
Market Cap
  1. Home
  2. FR
  3. Food, Beverage & Tobacco
Company description

Fromageries Bel SA produces and distributes cheese in Western Europe, Northern and Eastern Europe, the Americas, the Asia-Pacific, Greater Africa, and the Middle East. The last earnings update was 107 days ago. More info.


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FBEL Share Price and Events
7 Day Returns
-1.4%
ENXTPA:FBEL
-0%
FR Food
0.1%
FR Market
1 Year Returns
-36.9%
ENXTPA:FBEL
8.7%
FR Food
2.4%
FR Market
FBEL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Fromageries Bel (FBEL) -1.4% -2.1% -9.7% -36.9% -44% 0.7%
FR Food -0% 1.1% 6.2% 8.7% 9.9% 28.7%
FR Market 0.1% 0.8% -0.3% 2.4% 33.3% 35.5%
1 Year Return vs Industry and Market
  • FBEL underperformed the Food industry which returned 8.7% over the past year.
  • FBEL underperformed the Market in France which returned 2.4% over the past year.
Price Volatility
FBEL
Industry
5yr Volatility vs Market
Related Companies

FBEL Value

 Is Fromageries Bel 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 Fromageries Bel 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 Fromageries Bel.

ENXTPA:FBEL 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 6.4%
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:FBEL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FR Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 6.7%
Food Unlevered Beta Simply Wall St/ S&P Global 0.56
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.565 (1 + (1- 33%) (58.72%))
0.857
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.86
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.73% + (0.857 * 6.65%)
6.43%

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

The calculations below outline how an intrinsic value for Fromageries Bel 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:FBEL DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 6.43%)
2020 75.84 Est @ -16.44% 71.25
2021 67.27 Est @ -11.29% 59.39
2022 62.11 Est @ -7.68% 51.51
2023 58.90 Est @ -5.16% 45.90
2024 56.90 Est @ -3.39% 41.67
2025 55.68 Est @ -2.15% 38.30
2026 54.96 Est @ -1.29% 35.53
2027 54.59 Est @ -0.68% 33.15
2028 54.45 Est @ -0.26% 31.07
2029 54.47 Est @ 0.04% 29.20
Present value of next 10 years cash flows €436.97
ENXTPA:FBEL DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €54.47 × (1 + 0.73%) ÷ (6.43% – 0.73%)
€962.63
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €962.63 ÷ (1 + 6.43%)10
€516.06
ENXTPA:FBEL Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €436.97 + €516.06
€953.03
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €953.03 / 6.79
€140.41
ENXTPA:FBEL Discount to Share Price
Calculation Result
Value per share (EUR) From above. €140.41
Current discount Discount to share price of €280.00
= -1 x (€280.00 - €140.41) / €140.41
-99.4%

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

  • The current share price of Fromageries Bel 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 Fromageries Bel's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Fromageries Bel's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTPA:FBEL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €14.21
ENXTPA:FBEL Share Price ** ENXTPA (2019-07-19) in EUR €280
France Food Industry PE Ratio Median Figure of 14 Publicly-Listed Food Companies 17.67x
France Market PE Ratio Median Figure of 415 Publicly-Listed Companies 17.52x

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

** Primary Listing of Fromageries Bel.

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

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

= 280 ÷ 14.21

19.7x

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

  • Fromageries Bel is overvalued based on earnings compared to the FR Food industry average.
  • Fromageries Bel is overvalued based on earnings compared to the France market.
Price based on expected Growth
Does Fromageries Bel's expected growth come at a high price?
Raw Data
ENXTPA:FBEL 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 0 Analysts
2.2%per year
France Food Industry PEG Ratio Median Figure of 7 Publicly-Listed Food Companies 1.49x
France Market PEG Ratio Median Figure of 269 Publicly-Listed Companies 1.55x

*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 Fromageries Bel, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Fromageries Bel's assets?
Raw Data
ENXTPA:FBEL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €242.76
ENXTPA:FBEL Share Price * ENXTPA (2019-07-19) in EUR €280
France Food Industry PB Ratio Median Figure of 18 Publicly-Listed Food Companies 1.28x
France Market PB Ratio Median Figure of 614 Publicly-Listed Companies 1.46x
ENXTPA:FBEL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 280 ÷ 242.76

1.15x

* Primary Listing of Fromageries Bel.

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

  • Fromageries Bel is good value based on assets compared to the FR Food industry average.
X
Value checks
We assess Fromageries Bel'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 Food 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 Food industry average (and greater than 0)? (1 check)
  5. Fromageries Bel 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.

FBEL Future Performance

 How is Fromageries Bel expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Fromageries Bel, 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
2.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Fromageries Bel expected to grow at an attractive rate?
  • Fromageries Bel's earnings growth is expected to exceed the low risk savings rate of 0.7%.
Growth vs Market Checks
  • Fromageries Bel's earnings growth is positive but not above the France market average.
  • Unable to compare Fromageries Bel's revenue growth to the France market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
ENXTPA:FBEL Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTPA:FBEL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 2.2%
France Food Industry Earnings Growth Rate Market Cap Weighted Average 7.8%
France Food Industry Revenue Growth Rate Market Cap Weighted Average 3.5%
France Market Earnings Growth Rate Market Cap Weighted Average 12.7%
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:FBEL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 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:FBEL Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
ENXTPA:FBEL Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 3,312 251 96
2018-09-30 3,309 302 123
2018-06-30 3,307 353 149
2018-03-31 3,327 317 164
2017-12-31 3,346 281 180
2017-09-30 3,249 264 183
2017-06-30 3,152 247 186
2017-03-31 3,044 268 199
2016-12-31 2,936 289 213
2016-09-30 2,942 304 208
2016-06-30 2,949 318 202
2016-03-31 2,949 322 193

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Fromageries Bel's earnings are expected to grow by 2.2% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Fromageries Bel 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:FBEL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Fromageries Bel Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:FBEL Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
ENXTPA:FBEL Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 14.21
2018-09-30 18.07
2018-06-30 21.94
2018-03-31 24.22
2017-12-31 26.50
2017-09-30 26.94
2017-06-30 27.38
2017-03-31 29.39
2016-12-31 31.41
2016-09-30 30.62
2016-06-30 29.82
2016-03-31 28.51

*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 Fromageries Bel will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Fromageries Bel'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.
Fromageries Bel has a total score of 1/6, 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.

FBEL Past Performance

  How has Fromageries Bel 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 Fromageries Bel's growth in the last year to its industry (Food).
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.
  • Fromageries Bel's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Fromageries Bel's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Fromageries Bel's 1-year earnings growth is negative, it can't be compared to the FR Food industry average.
Earnings and Revenue History
Fromageries Bel'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 Fromageries Bel Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:FBEL 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 3,311.67 96.47 682.65 23.73
2018-09-30 3,309.40 122.73 699.13 23.37
2018-06-30 3,307.14 149.00 754.09 23.00
2018-03-31 3,326.78 164.48 762.83 23.14
2017-12-31 3,346.41 179.97 733.08 23.29
2017-09-30 3,249.28 182.89 734.40 22.21
2017-06-30 3,152.15 185.81 735.72 21.13
2017-03-31 3,043.90 199.47 722.53 19.75
2016-12-31 2,935.65 213.14 709.35 18.38
2016-09-30 2,942.16 207.72 704.55 17.76
2016-06-30 2,948.67 202.31 699.75 17.15
2016-03-31 2,948.72 193.38 691.34 16.94
2015-12-31 2,948.77 184.45 682.94 16.73
2015-09-30 2,918.84 176.83 655.86 16.55
2015-06-30 2,888.90 169.20 628.79 16.36
2015-03-31 2,836.06 146.05 603.94 16.16
2014-12-31 2,783.23 122.90 579.09 15.96
2014-09-30 2,762.76 102.33 569.36 15.99
2014-06-30 2,742.28 81.76 559.63 16.02
2014-03-31 2,731.16 103.77 562.55 16.32
2013-12-31 2,720.04 125.79 565.48 16.61
2013-09-30 2,696.79 141.52 568.06 16.80
2013-06-30 2,673.53 157.26 570.65 16.98
2013-03-31 2,661.12 142.84 567.57 16.90
2012-12-31 2,648.71 128.43 564.49 16.82
2012-09-30 2,624.22 116.56 552.44 15.97

*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.
  • Fromageries Bel has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Fromageries Bel used its assets less efficiently than the FR Food industry average last year based on Return on Assets.
  • Fromageries Bel's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Fromageries Bel'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 Food 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.
Fromageries Bel has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

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

FBEL Health

 How is Fromageries Bel'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 Fromageries Bel's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Fromageries Bel is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Fromageries Bel's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Fromageries Bel'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 1.1x 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 Fromageries Bel Company Filings, last reported 6 months ago.

ENXTPA:FBEL Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,739.63 1,015.35 338.33
2018-09-30 1,739.63 1,015.35 338.33
2018-06-30 1,731.72 1,061.86 433.95
2018-03-31 1,731.72 1,061.86 433.95
2017-12-31 1,714.09 1,124.80 487.26
2017-09-30 1,714.09 1,124.80 487.26
2017-06-30 1,657.44 1,110.25 379.18
2017-03-31 1,657.44 1,110.25 379.18
2016-12-31 1,667.35 1,000.79 317.94
2016-09-30 1,667.35 1,000.79 317.94
2016-06-30 1,526.97 649.72 673.43
2016-03-31 1,526.97 649.72 673.43
2015-12-31 1,501.96 660.75 687.10
2015-09-30 1,501.96 660.75 687.10
2015-06-30 1,368.82 591.75 564.97
2015-03-31 1,368.82 591.75 564.97
2014-12-31 1,298.75 578.25 514.44
2014-09-30 1,298.75 578.25 514.44
2014-06-30 1,193.18 551.78 390.57
2014-03-31 1,193.18 551.78 390.57
2013-12-31 1,211.84 545.25 511.66
2013-09-30 1,211.84 545.25 511.66
2013-06-30 1,171.76 746.94 630.87
2013-03-31 1,171.76 746.94 630.87
2012-12-31 1,149.58 506.03 450.50
2012-09-30 1,149.58 506.03 450.50
  • Fromageries Bel's level of debt (64.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (45.1% vs 64.2% today).
  • Debt is well covered by operating cash flow (22.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7.9x coverage).
X
Financial health checks
We assess Fromageries Bel'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. Fromageries Bel has a total score of 4/6, 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.

FBEL Dividends

 What is Fromageries Bel'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
1.77%
Current annual income from Fromageries Bel dividends.
If you bought €2,000 of Fromageries Bel shares you are expected to receive €35 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?
  • Fromageries Bel's pays a higher dividend yield than the bottom 25% of dividend payers in France (1.53%).
  • Fromageries Bel's dividend is below the markets top 25% of dividend payers in France (4.45%).
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:FBEL 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 Food Industry Average Dividend Yield Market Cap Weighted Average of 12 Stocks 2.4%
France Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3%
France Minimum Threshold Dividend Yield 10th Percentile 1%
France Bottom 25% Dividend Yield 25th Percentile 1.5%
France Top 25% Dividend Yield 75th Percentile 4.4%

Industry and Market average data is calculated daily.

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

ENXTPA:FBEL Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
ENXTPA:FBEL Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-04-03 4.950 1.689
2019-03-14 4.950 1.668
2018-03-09 7.000 1.806
2017-03-09 9.750 1.870
2016-04-04 9.000 1.811
2016-03-11 9.000 1.914
2015-04-07 6.250 1.731
2015-03-27 6.250 2.031
2014-04-03 6.250 2.145
2014-03-21 6.250 2.176
2013-04-04 6.250 2.325
2013-03-22 6.250 2.967
2012-04-04 5.000 2.709
2012-03-23 5.000 2.740
2011-04-06 6.000 3.668
2011-03-25 6.000 4.217
2010-04-06 4.850 3.314
2010-03-26 4.850 3.893
2009-04-14 2.750 2.413
2009-03-02 2.750 3.199
2008-08-27 4.500 3.798

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Fromageries Bel's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.9x coverage).
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 Fromageries Bel's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - 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 Fromageries Bel afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Fromageries Bel 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.

FBEL Management

 What is the CEO of Fromageries Bel'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
Antoine Fiévet
COMPENSATION €1,474,287
AGE 55
TENURE AS CEO 10.2 years
CEO Bio

Mr. Antoine Fiévet has been the Chief Executive Officer of Fromageries Bel since May 14, 2009. Mr. Fiévet served as a Manager and Acting Partner of Unibel. Mr. Fiévet served as Co-Manager of R.F.E. and Manager of SCI Mori. He had served as the Chairman of the Executive Board at Unibel S.A. since August 2005. Mr. Fiévet has been the Chairman of Fromageries Bel since May 14, 2009 and has been its Director April 25, 2001. Mr. Fiévet serves as Member of the Supervisory Board - OJSC Shostka Municipal Dairy Factory at Shostka City Milk Plant. He served as a Director of Sofico, ATAD, C.G.F.F. and Cianas. He serves as a Director of Bonduelle SA and Bonduelle SAS.

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

Antoine Fiévet

TITLE
Chairman & CEO
COMPENSATION
€1M
AGE
55
TENURE
10.2 yrs

Hubert Mayet

TITLE
General Manager of Manufacturing and Technical Operations

Guillaume Jouët

TITLE
General Manager of Human Relations

Éric de Poncins

TITLE
General Manager of Development & Prospection
Board of Directors Tenure

Average tenure and age of the Fromageries Bel board of directors in years:

5.2
Average Tenure
54
Average Age
  • The tenure for the Fromageries Bel board of directors is about average.
Board of Directors

Thierry Billot

TITLE
Lead Independent Director
COMPENSATION
€91K
AGE
64
TENURE
4 yrs

Antoine Fiévet

TITLE
Chairman & CEO
COMPENSATION
€1M
AGE
55
TENURE
10.2 yrs

Bruno Schocht

TITLE
Permanent Representative Director
COMPENSATION
€4M
AGE
54
TENURE
1 yrs

Fatine Layt

TITLE
Independent Director
COMPENSATION
€35K
AGE
52
TENURE
7.2 yrs

Nathalie Roos

TITLE
Independent Director
COMPENSATION
€18K
AGE
54
TENURE
5.2 yrs

Philippe Perche

TITLE
Employee Representative Director
COMPENSATION
€16K
AGE
57
TENURE
1 yrs

Florian Sauvin

TITLE
Director
COMPENSATION
€195K
AGE
40
TENURE
10.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Fromageries Bel'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. Fromageries Bel 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.

FBEL News

Simply Wall St News

Why We’re Not Impressed By Fromageries Bel SA’s (EPA:FBEL) 5.5% ROCE

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … Return On Capital Employed (ROCE): What is it? … How Do You Calculate Return On Capital Employed

Simply Wall St -

Fromageries Bel SA (EPA:FBEL) Has A ROE Of 9.2%

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … Our data shows Fromageries Bel has a return on equity of 9.2% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What Should You Know About Fromageries Bel SA's (EPA:FBEL) Return On Capital?

Your equity share is granted in return for the capital provided to the business to operate, and in order for an investment to be successful the business has to create earnings from the funds that make up this capital. … This is because the actual cash flow generated by the business dictates the potential for income (dividends) and capital appreciation (price increases), which are the two ways to achieve positive returns when buying a stock. … To understand Fromageries Bel’s capital returns we will look at a useful metric called return on capital employed.

Simply Wall St -

Is Fromageries Bel SA (EPA:FBEL) Attractive At This PE Ratio?

The content of this article will benefit those of you who are starting to educate yourself about investing in the stock market. … and want to learn about the link between company’s fundamentals and stock market performance. … Although some investors may jump to the conclusion that this is a great buying opportunity, understanding the assumptions behind the P/E ratio might change your mind.

Simply Wall St -

Want To Invest In Fromageries Bel SA (EPA:FBEL)? Here's How It Performed Lately

Understanding Fromageries Bel SA's (EPA:FBEL) performance as a company requires examining more than earnings from one point in time. … Today I will take you through a basic sense check to gain perspective on how Fromageries Bel is doing by evaluating its latest earnings with its longer term trend as well as its industry peers' performance over the same period. … FBEL's trailing twelve-month earnings (from 31 December 2017) of €179.97m has

Simply Wall St -

How Does Fromageries Bel SA (ENXTPA:FBEL) Fare As A Dividend Stock?

In the past 10 years Fromageries Bel SA (ENXTPA:FBEL) has returned an average of 3.00% per year to investors in the form of dividend payouts. … How I analyze a dividend stock … When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas:

Simply Wall St -

How Financially Strong Is Fromageries Bel SA (EPA:FBEL)?

View our latest analysis for Fromageries Bel How does FBEL’s operating cash flow stack up against its debt? … Moreover, FBEL has generated €280.88M in operating cash flow over the same time period, leading to an operating cash to total debt ratio of 25.47%, signalling that FBEL’s current level of operating cash is high enough to cover debt. … Next Steps: Although FBEL’s debt level is towards the higher end of the spectrum, its cash flow coverage seems adequate to meet obligations which means its debt is being efficiently utilised.

Simply Wall St -

Fromageries Bel SA (EPA:FBEL): Does The Earnings Decline Make It An Underperformer?

For Fromageries Bel, its latest earnings (trailing twelve month) is €179.97M, which, in comparison to the previous year's level, has dropped by -15.56%. … Given that these figures are somewhat short-term, I have computed an annualized five-year value for Fromageries Bel's earnings, which stands at €145.79M This shows that although earnings declined against the previous year, in the long run, Fromageries Bel's profits have been increasing on average. … Though Fromageries Bel's past data is helpful, it is only one aspect of my investment thesis.

Simply Wall St -

Is Fromageries Bel's (EPA:FBEL) ROE Of 10.86% Sustainable?

Check out our latest analysis for Fromageries Bel Peeling the layers of ROE – trisecting a company’s profitability Firstly, Return on Equity, or ROE, is simply the percentage of last years’ earning against the book value of shareholders’ equity. … Fromageries Bel’s cost of equity is 8.18%. … Since Fromageries Bel’s return covers its cost in excess of 2.68%, its use of equity capital is efficient and likely to be sustainable.

Simply Wall St -

Does Fromageries Bel's (EPA:FBEL) PE Ratio Signal A Selling Opportunity?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for FBEL Price per share = €530 Earnings per share = €27.486 ∴ Price-Earnings Ratio = €530 ÷ €27.486 = 19.3x 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 accidentally compared lower growth firms with FBEL, then FBEL’s P/E would naturally be higher since investors would reward FBEL’s higher growth with a higher price. … Alternatively, if you inadvertently compared riskier firms with FBEL, FBEL’s P/E would again be higher since investors would reward FBEL’s lower risk with a higher price as well.

Simply Wall St -

FBEL Company Info

Description

Fromageries Bel SA produces and distributes cheese in Western Europe, Northern and Eastern Europe, the Americas, the Asia-Pacific, Greater Africa, and the Middle East. The company offers its products under core brands, including The Laughing Cow, Kiri, Mini Babybel, Leerdammer, and Boursin. It also provides institutional catering services to hospitals and company canteens; and commercial catering services to restaurants, vending machine operators, etc. In addition, the company markets and sells prepared dairy proteins to meet the needs of food industry customers who make products, such as ice cream, yogurt, and other foods that use dairy products under the Nollibel name. The company was founded in 1865 and is headquartered in Suresnes, France. Fromageries Bel SA is a subsidiary of Unibel SA.

Details
Name: Fromageries Bel SA
FBEL
Exchange: ENXTPA
Founded: 1865
€1,900,464,440
6,787,373
Website: http://www.groupe-bel.com
Address: Fromageries Bel SA
2 allée de Longchamp,
Suresnes,
Ile-de-France, 92150,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA FBEL Common Shares Euronext Paris FR EUR 02. Jan 1992
LSE 0EIA Common Shares London Stock Exchange GB EUR 02. Jan 1992
BATS-CHIXE FBELP Common Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
Number of employees
Current staff
Staff numbers
12,637
Fromageries Bel employees.
Industry
Packaged Foods and Meats
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/19 20:47
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2018/03/29
Last earnings filing: 2019/04/03
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.