BATS-CHIXE:BDTD

Stock Analysis Report

Executive Summary

Bertrandt Aktiengesellschaft develops solutions for the automotive and avaition industries in Germany and internationally.


Snowflake Analysis

Good value with reasonable growth potential and pays a dividend.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: BDTD's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-1.8%

BDTD

-3.8%

GB Professional Services

-2.2%

GB Market


1 Year Return

-55.3%

BDTD

-4.7%

GB Professional Services

-25.9%

GB Market

Return vs Industry: BDTD underperformed the UK Professional Services industry which returned -2.9% over the past year.

Return vs Market: BDTD underperformed the UK Market which returned -25% over the past year.


Shareholder returns

BDTDIndustryMarket
7 Day-1.8%-3.8%-2.2%
30 Day-29.2%-18.7%-21.7%
90 Day-45.0%-18.3%-29.6%
1 Year-53.8%-55.3%-2.5%-4.7%-22.2%-25.9%
3 Year-62.4%-65.4%17.3%9.4%-16.1%-26.6%
5 Year-74.0%-77.3%60.6%41.7%-4.6%-26.2%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

8.46x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BDTD (€30.6) is trading above our estimate of fair value (€26.82)

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


Price To Earnings Ratio

PE vs Industry: BDTD is good value based on its PE Ratio (8.8x) compared to the Professional Services industry average (15.3x).

PE vs Market: BDTD is good value based on its PE Ratio (8.8x) compared to the UK market (12.5x).


Price to Earnings Growth Ratio

PEG Ratio: BDTD is good value based on its PEG Ratio (0.3x)


Price to Book Ratio

PB vs Industry: BDTD is good value based on its PB Ratio (0.7x) compared to the GB Professional Services industry average (2.3x).


Next Steps

Future Growth

How is Bertrandt forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

33.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BDTD's forecast earnings growth (33.8% per year) is above the savings rate (0.5%).

Earnings vs Market: BDTD's earnings (33.8% per year) are forecast to grow faster than the UK market (15.6% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: BDTD's revenue (4.8% per year) is forecast to grow faster than the UK market (2.4% per year).

High Growth Revenue: BDTD's revenue (4.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BDTD's Return on Equity is forecast to be low in 3 years time (8%).


Next Steps

Past Performance

How has Bertrandt performed over the past 5 years?

-10.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BDTD has a large one-off gain of €9.7M impacting its December 31 2019 financial results.

Growing Profit Margin: BDTD's current net profit margins (3.4%) are lower than last year (4.6%).


Past Earnings Growth Analysis

Earnings Trend: BDTD's earnings have declined by -10.6% per year over the past 5 years.

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

Earnings vs Industry: BDTD had negative earnings growth (-24.7%) over the past year, making it difficult to compare to the Professional Services industry average (12%).


Return on Equity

High ROE: BDTD's Return on Equity (8.4%) is considered low.


Next Steps

Financial Health

How is Bertrandt's financial position?


Financial Position Analysis

Short Term Liabilities: BDTD's short term assets (€489.0M) exceed its short term liabilities (€195.2M).

Long Term Liabilities: BDTD's short term assets (€489.0M) exceed its long term liabilities (€303.2M).


Debt to Equity History and Analysis

Debt Level: BDTD's debt to equity ratio (55.6%) is considered high.

Reducing Debt: BDTD's debt to equity ratio has increased from 0.2% to 55.6% over the past 5 years.

Debt Coverage: BDTD's debt is well covered by operating cash flow (34.1%).

Interest Coverage: BDTD's interest payments on its debt are well covered by EBIT (11.8x coverage).


Balance Sheet

Inventory Level: BDTD has a high level of physical assets or inventory.

Debt Coverage by Assets: BDTD's debt is covered by short term assets (assets are 2.1x debt).


Next Steps

Dividend

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

5.33%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BDTD's dividend (5.14%) is higher than the bottom 25% of dividend payers in the UK market (2.67%).

High Dividend: BDTD's dividend (5.14%) is low compared to the top 25% of dividend payers in the UK market (7.36%).


Stability and Growth of Payments

Stable Dividend: BDTD's dividend payments have been volatile in the past 10 years.

Growing Dividend: BDTD's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (45.1%), BDTD's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BDTD's dividends in 3 years are forecast to be well covered by earnings (41.2% payout ratio).


Next Steps

Management

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

1.2yrs

Average board tenure


CEO

Bertrandt has no CEO, or we have no data on them.


Board Members

NamePositionTenureCompensationOwnership
Wilfried Sihn
Member of the Supervisory Boardno data€40.00kno data
Dietmar Bichler
Chairman of Supervisory Board1.17yrs€1.43m3.96% 12.0m
Horst Binnig
Deputy Chairman of Supervisory Board1.17yrs€54.66kno data
Udo Bäder
Independent Member of Supervisory Board1.17yrs€29.33kno data
Michael Schmidt
Member of the Supervisory Board1.17yrs€19.55kno data
Marianne Weiß
Member of the Supervisory Board1.17yrs€19.55kno data

1.2yrs

Average Tenure

58yo

Average Age

Experienced Board: BDTD's board of directors are not considered experienced ( 1.2 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Bertrandt Aktiengesellschaft's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Bertrandt Aktiengesellschaft
  • Ticker: BDTD
  • Exchange: BATS-CHIXE
  • Founded: 1974
  • Industry: Research and Consulting Services
  • Sector: Commercial Services
  • Market Cap: €302.856m
  • Shares outstanding: 10.10m
  • Website: https://www.bertrandt.com

Number of Employees


Location

  • Bertrandt Aktiengesellschaft
  • Birkensee 1
  • Ehningen
  • Baden-Württemberg
  • 71139
  • Germany

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BDTDB (Deutsche Boerse AG)YesOrdinary SharesDEEUROct 1996
BDTXTRA (XETRA Trading Platform)YesOrdinary SharesDEEUROct 1996
0NYZLSE (London Stock Exchange)YesOrdinary SharesGBEUROct 1996
BDGX.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDOct 1996
BDTDBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEUROct 1996
BDTSWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFOct 1996
BDTWBAG (Wiener Boerse AG)YesOrdinary SharesATEUROct 1996
BDTETLX (Eurotlx)YesOrdinary SharesITEUROct 1996

Biography

Bertrandt Aktiengesellschaft develops solutions for the automotive and avaition industries in Germany and internationally. The company operates through Digital Engineering, Physical Engineering, and Electrical Systems/Electronics segments. It offers design services, including designing and surfacing, and design modelling and technologies; interior development services, such as seat, cockpit, trim, and dimensional management services; and vehicle body development services comprising body-in-white, doors and closures, exterior, and light and visibility services. The company also provides powertrain services, including thermodynamics/emission control, drivetrain control, thermal management, and engine mechanics; and chassis development services, such as concept, component, and module development, module integration, calculation/simulation, testing, and mechatronic chassis systems. It offers simulation services consisting of body-in-white crashworthiness, occupant safety, occupant safety/interior modules, crash management system, structural add-on parts, stiffness/noise, vibration and harshness, and computational fluid dynamics; electronics, including body/comfort/displays, infotainment systems, driver assistance systems, test systems, chassis electronics, diagnosis, on-board power network, and processes; testing services; and engineering services. The company also provides modelling and rapid technology services comprising CAD/CAM, model making, gauge building and cubing, and tool making services, as well as milling and measuring technologies. It serves automotive, aerospace, commercial vehicle, agricultural machinery, motorcycle, electrical, medical technology, and energy industries, as well as machines and production plants. The company was founded in 1974 and is headquartered in Ehningen, Germany. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/03 19:48
End of Day Share Price2020/04/02 00:00
Earnings2019/12/31
Annual Earnings2019/09/30


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.