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Patisserie Holdings

AIM:CAKE
Snowflake Description

Flawless balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CAKE
AIM
£581M
Market Cap
  1. Home
  2. GB
  3. Consumer Services
Company description

Patisserie Holdings plc, together with its subsidiaries, operates in the casual dining sector in the United Kingdom and the Republic of Ireland. The last earnings update was 237 days ago. More info.


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CAKE Share Price and Events
7 Day Returns
0%
AIM:CAKE
1.5%
GB Hospitality
1.6%
GB Market
1 Year Returns
8.5%
AIM:CAKE
-13.8%
GB Hospitality
-12%
GB Market
CAKE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Patisserie Holdings (CAKE) 0% 0% 0% 8.5% 3.3% -
GB Hospitality 1.5% -3.9% -8.6% -13.8% 2% 16.8%
GB Market 1.6% 0.4% -5.8% -12% 9.4% -8.1%
1 Year Return vs Industry and Market
  • CAKE outperformed the Hospitality industry which returned -13.8% over the past year.
  • CAKE outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -12% over the past year.
Price Volatility
CAKE
Industry
5yr Volatility vs Market

Value

 Is Patisserie Holdings 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 Patisserie Holdings 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 Patisserie Holdings.

AIM:CAKE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.3%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.4%

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 AIM:CAKE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.4%
Equity Risk Premium S&P Global 8.6%
Hospitality Unlevered Beta Simply Wall St/ S&P Global 0.45
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.445 (1 + (1- 19%) (0%))
0.445
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.4% + (0.8 * 8.6%)
8.28%

Discounted Cash Flow Calculation for AIM:CAKE using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Patisserie Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

AIM:CAKE DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (GBP, Millions) 16.40 18.40 21.02 24.01 27.43
Source Analyst x1 Analyst x1 Est @ 14.23% Est @ 14.23% Est @ 14.23%
Present Value
Discounted (@ 8.28%)
15.15 15.69 16.56 17.47 18.43
Present value of next 5 years cash flows £83.29
AIM:CAKE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= £27.43 × (1 + 1.4%) ÷ (8.28% – 1.4%)
£404.11
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= £404.11 ÷ (1 + 8.28%)5
£271.50
AIM:CAKE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= £83.29 + £271.50
£354.79
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £354.79 / 135.32
£2.62
AIM:CAKE Discount to Share Price
Calculation Result
Value per share (GBP) From above. £2.62
Current discount Discount to share price of £4.30
= -1 x (£4.30 - £2.62) / £2.62
-63.8%

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

  • The current share price of Patisserie Holdings 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 Patisserie Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Patisserie Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
AIM:CAKE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-03-31) in GBP £0.17
AIM:CAKE Share Price ** AIM (2018-10-10) in GBP £4.3
United Kingdom of Great Britain and Northern Ireland Hospitality Industry PE Ratio Median Figure of 37 Publicly-Listed Hospitality Companies 16.8x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 813 Publicly-Listed Companies 15.08x

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

** Primary Listing of Patisserie Holdings.

AIM:CAKE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= AIM:CAKE Share Price ÷ EPS (both in GBP)

= 4.3 ÷ 0.17

24.69x

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

  • Patisserie Holdings is overvalued based on earnings compared to the GB Hospitality industry average.
  • Patisserie Holdings is overvalued based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Patisserie Holdings's expected growth come at a high price?
Raw Data
AIM:CAKE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 24.69x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
10.5%per year
United Kingdom of Great Britain and Northern Ireland Hospitality Industry PEG Ratio Median Figure of 29 Publicly-Listed Hospitality Companies 1.85x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 577 Publicly-Listed Companies 1.19x

*Line of best fit is calculated by linear regression .

AIM:CAKE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 24.69x ÷ 10.5%

2.36x

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

  • Patisserie Holdings is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Patisserie Holdings's assets?
Raw Data
AIM:CAKE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-03-31) in GBP £1.01
AIM:CAKE Share Price * AIM (2018-10-10) in GBP £4.3
United Kingdom of Great Britain and Northern Ireland Hospitality Industry PB Ratio Median Figure of 57 Publicly-Listed Hospitality Companies 1.39x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,358 Publicly-Listed Companies 1.46x
AIM:CAKE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= AIM:CAKE Share Price ÷ Book Value per Share (both in GBP)

= 4.3 ÷ 1.01

4.25x

* Primary Listing of Patisserie Holdings.

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

  • Patisserie Holdings is overvalued based on assets compared to the GB Hospitality industry average.
X
Value checks
We assess Patisserie Holdings'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 Hospitality 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 Hospitality industry average (and greater than 0)? (1 check)
  5. Patisserie Holdings 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 Patisserie Holdings expected to perform in the next 1 to 3 years based on estimates from 2 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
10.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Patisserie Holdings expected to grow at an attractive rate?
  • Patisserie Holdings's earnings growth is expected to exceed the low risk savings rate of 1.4%.
Growth vs Market Checks
  • Patisserie Holdings's earnings growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
  • Patisserie Holdings's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
AIM:CAKE Future Growth Rates Data Sources
Data Point Source Value (per year)
AIM:CAKE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 10.5%
AIM:CAKE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 8.6%
United Kingdom of Great Britain and Northern Ireland Hospitality Industry Earnings Growth Rate Market Cap Weighted Average 9.5%
United Kingdom of Great Britain and Northern Ireland Hospitality Industry Revenue Growth Rate Market Cap Weighted Average 5.8%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 11.5%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*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
AIM:CAKE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (9 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
AIM:CAKE Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-09-30 147 33 23 2
2019-09-30 136 31 21 2
2018-09-30 124 28 19 2
AIM:CAKE Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2018-03-31 119 23 17
2017-12-31 117 22 17
2017-09-30 114 20 16
2017-06-30 112 20 16
2017-03-31 110 19 15
2016-12-31 107 19 14
2016-09-30 104 19 14
2016-06-30 101 17 13
2016-03-31 98 16 13
2015-12-31 95 16 12
2015-09-30 92 16 11
2015-06-30 88 12 11

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Patisserie Holdings's earnings are expected to grow by 10.5% yearly, however this is not considered high growth (20% yearly).
  • Patisserie Holdings's revenue is expected to grow by 8.6% 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
AIM:CAKE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (9 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Patisserie Holdings Company Filings, last reported 9 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AIM:CAKE Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-09-30 0.23 0.23 0.23 1.00
2019-09-30 0.21 0.21 0.21 1.00
2018-09-30 0.19 0.19 0.19 1.00
AIM:CAKE Past Financials Data
Date (Data in GBP Millions) EPS *
2018-03-31 0.17
2017-12-31 0.17
2017-09-30 0.16
2017-06-30 0.16
2017-03-31 0.15
2016-12-31 0.14
2016-09-30 0.14
2016-06-30 0.13
2016-03-31 0.13
2015-12-31 0.12
2015-09-30 0.11
2015-06-30 0.11

*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.
  • Patisserie Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Patisserie Holdings'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 United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland 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.
Patisserie Holdings 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 Patisserie Holdings performed over the past 5 years?

  • Patisserie Holdings's last earnings update was 237 days ago.
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 Patisserie Holdings's growth in the last year to its industry (Hospitality).
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.
  • Patisserie Holdings has delivered over 20% year on year earnings growth in the past 5 years.
  • Patisserie Holdings's 1-year earnings growth is less than its 5-year average (16.5% vs 20%)
  • Patisserie Holdings's earnings growth has exceeded the GB Hospitality industry average in the past year (16.5% vs 14.8%).
Earnings and Revenue History
Patisserie Holdings'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 Patisserie Holdings Company Filings, last reported 9 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AIM:CAKE Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-03-31 119.23 17.47 71.51
2017-12-31 116.71 16.92 70.31
2017-09-30 114.20 16.36 69.12
2017-06-30 111.92 15.68 68.02
2017-03-31 109.65 15.00 66.92
2016-12-31 106.89 14.37 65.51
2016-09-30 104.14 13.74 64.10
2016-06-30 101.18 13.16 62.29
2016-03-31 98.23 12.59 60.48
2015-12-31 95.08 12.00 58.47
2015-09-30 91.93 11.41 56.46
2015-06-30 88.25 11.06 54.45
2015-03-31 84.58 10.71 52.45
2014-12-31 80.61 9.81 50.23
2014-09-30 76.64 8.90 48.01
2014-06-30 72.07 8.22 45.72
2014-03-31 67.51 7.54 43.44
2013-12-31 63.81 7.17 40.41
2013-09-30 60.11 6.80 37.38
2012-09-30 49.51 4.65 30.85

*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.
  • Patisserie Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Patisserie Holdings used its assets more efficiently than the GB Hospitality industry average last year based on Return on Assets.
  • Patisserie Holdings's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Patisserie Holdings'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 Hospitality 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.
Patisserie Holdings 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 Patisserie Holdings'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 Patisserie Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Patisserie Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Patisserie Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Patisserie Holdings'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.
  • Patisserie Holdings has no debt, it does not need to be covered by short term assets.
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 Patisserie Holdings Company Filings, last reported 9 months ago.

AIM:CAKE Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2018-03-31 101.92 0.00 28.84
2017-12-31 101.92 0.00 28.84
2017-09-30 92.33 0.00 21.53
2017-06-30 92.33 0.00 21.53
2017-03-31 84.36 0.00 16.18
2016-12-31 84.36 0.00 16.18
2016-09-30 78.20 0.00 13.27
2016-06-30 78.20 0.00 13.27
2016-03-31 72.03 0.00 8.92
2015-12-31 72.03 0.00 8.92
2015-09-30 66.70 0.00 6.10
2015-06-30 66.70 0.00 6.10
2015-03-31 60.47 0.00 2.98
2014-12-31 60.47 0.00 2.98
2014-09-30 54.86 1.90 0.48
2014-06-30 54.86 1.90 0.48
2014-03-31 15.95 33.23 0.29
2013-12-31 15.95 33.23 0.29
2013-09-30 12.01 26.93 0.13
2012-09-30 5.20 26.31 0.11
  • Patisserie Holdings has no debt.
  • Patisserie Holdings has no debt compared to 5 years ago when it was 309%.
  • Patisserie Holdings has no debt, it does not need to be covered by operating cash flow.
  • Patisserie Holdings has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Patisserie Holdings'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. Patisserie Holdings 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 Patisserie Holdings'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
0.84%
Current annual income from Patisserie Holdings dividends. Estimated to be 1.3% next year.
If you bought £2,000 of Patisserie Holdings shares you are expected to receive £17 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?
  • Patisserie Holdings's pays a lower dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.06%).
  • Patisserie Holdings's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.48%).
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
AIM:CAKE 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 2 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Hospitality Industry Average Dividend Yield Market Cap Weighted Average of 34 Stocks 3.3%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 708 Stocks 4.4%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2.1%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

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

AIM:CAKE Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2020-09-30 0.06 2.00
2019-09-30 0.05 2.00
2018-09-30 0.04 2.00
AIM:CAKE Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2017-12-22 0.036 0.877
2017-11-27 0.036 0.972
2017-05-17 0.032 0.928
2016-12-23 0.040 1.242
2016-11-29 0.040 1.325
2016-05-18 0.020 0.664
2015-12-31 0.017 0.456
2015-11-27 0.017 0.437

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

  • Patisserie Holdings is not paying a notable dividend for United Kingdom of Great Britain and Northern Ireland, therefore no need to check if the payments are stable.
  • Patisserie Holdings is not paying a notable dividend for United Kingdom of Great Britain and Northern Ireland, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Patisserie Holdings's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Patisserie Holdings's dividends as it is not paying a notable one for United Kingdom of Great Britain and Northern Ireland.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.8x coverage).
X
Income/ dividend checks
We assess Patisserie Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - 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 Patisserie Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Patisserie Holdings has a total score of 1/6, 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 Patisserie Holdings'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
Steve Francis
AGE 57
TENURE AS CEO 0.2 years
CEO Bio

Mr. Stephen Roland William Francis, also known as Steve, has been Chief Executive Officer of Patisserie Holdings plc since November 15, 2018. Mr. Francis served as the Chief Executive Officer of Tulip Ltd since September 1, 2016. Mr. Francis has been a Director/Partner of Fairfax Partners Group Ltd. Mr. Francis has extensive international experience of turning around companies. He has experience from several sectors, including the food and the meat industries. His past directorships and partnerships over the last 5 years include : Oak Crown Meats Limited, Dixon Pork & Bacon Company Limited, Parkam Foods Limited, Tranfoods Limited, Dak (UK) Ltd, Hafnia Ham Company Limited, Geo. Adams & Sons (Frozen Foods) Ltd, Geo. Adams & Sons (Pigs) Limited, Flagship Foods Limited, Hygrade Foods Limited, Normeat Company Limited, Wolverhampton Sandwiches Limited, Ess-Food UK Limited, Dalehead Foods Holdings Limited, Dalehead Trustees Ltd, Fancy a Quickie Limited, Geo. Adams & Sons (Holdings) Limited, Danish Deli Limited, Henry A. Lane & Company Limited, Latona Foods Limited, Danwood Wales Limited, Grampian Country Pork Limited, Hykeham Capital Limited, Hykeham Group Holdings Limited, Global Source and Marketing Limited, Danwood Limited, Insatsu Chosa Limited, Hykeham Group Limited, Kent Photocopier Associates Limited, Kent Photocopier Services (London) Limited, KPS Business Solutions Limited, Document Express Limited, P H J Limited, KPS (Group) Limited, Lane Food Company Limited (The), Laxgate Limited, Trophy Foods Limited, Danish Crown Foods Limited, Flagship Fresh Meats Limited, Prideaux Stables Limited, Belvoir Foods Limited, Tulip International (UK) Limited, Tulip Limited, Geo. Adams & Sons Limited, Tulip International (UK) Cooked Meat Division Limited, Tulip International (UK) Wellingborough Limited, Meadowbrook Foods Limited, Gott Holdings Limited, Dalehead Foods Limited, Gott Foods Limited, Vjs Foods Limited, Glenbrook Foods Limited, Danish Crown Holding (UK) Limited, Roach Foods Limited, Danish Bacon Company Limited, Adams Pork Products Limited, Geo. Adams & Sons (Farms) Limited, Celebrity Food Factories (U.K.) Limited, Foodane Limited, Plumrose Limited, VJS Holdings (U.K.) Limited, Norman C. Roach & Son Limited, Tulip Food Service Limited, Printware Limited, Phoenix Office Supplies Limited and The Danwood Group Limited. He is described as an expert in solving complex problems in companies. He served as the Chief Executive Officer of The Danwood Group Ltd. from October 2012 to September 1, 2015. He served as Chief Operating Officer, Chief Financial Officer and then Managing Director of Pork Business Unit at Vion Food Group from 2008 to 2012. He served as Chief Operating Officer and Chief Financial Officer of British Vita from 2005 to 2007. Mr. Francis was Founder and Partner of MNS Partners from 2003 to 2005. He was Managing Director and Head of Corporate Finance at Barclays Capital from 2001 to 2003. He was Lead Partner of European M&A at PwC from 1999 to 2001. He was Vice President and Head of Northern European Strategy at A.T. Kearney from 1997 to 1999. He served as Senior Engagement Manager of McKinsey & Company from 1992 to 1997. He served as Divisional Director and Head of Corporate Development at Brent Chemicals from 1988 to 1992. He served as a Director of Hykeham Capital Limited from December 18, 2012 to September 1, 2015. He served as Assistant Director of County Natwest from 1985 to 1988. He was Graduate Traniee of First Chicago from 1983 to 1985. Mr. Francis received an MA in Physics from Oxford University in 1983. He was a director of Paramount Food Limited.

CEO Compensation
  • Insufficient data for Steve to compare compensation growth.
  • Insufficient data for Steve to establish whether their remuneration is reasonable compared to companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team

Luke Johnson

TITLE
Executive Chairman
COMPENSATION
£60K
AGE
56

Steve Francis

TITLE
Chief Executive Officer
AGE
57
TENURE
0.2 yrs

Nick Perrin

TITLE
Interim Chief Financial Officer
AGE
58
TENURE
0.1 yrs
Board of Directors Tenure

Average tenure and age of the Patisserie Holdings board of directors in years:

5.1
Average Tenure
57.5
Average Age
  • The tenure for the Patisserie Holdings board of directors is about average.
Board of Directors

Luke Johnson

TITLE
Executive Chairman
COMPENSATION
£60K
AGE
56
TENURE
13 yrs

Lee Ginsberg

TITLE
Non-Executive Deputy Chairman & Senior Independent Director
COMPENSATION
£50K
AGE
60
TENURE
4.7 yrs

Jeremy Michael Jorgen Jensen

TITLE
Director
AGE
59
TENURE
0.1 yrs

James Michael Horler

TITLE
Non-Executive Director
COMPENSATION
£35K
AGE
52
TENURE
5.6 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 (£)
29. Jun 18 Sell Lee Ginsberg Individual 29. Jun 18 29. Jun 18 -40,000 £4.69 £-187,600
02. Feb 18 Sell James Michael Horler Individual 01. Feb 18 01. Feb 18 -47,116 £3.68 £-173,187
X
Management checks
We assess Patisserie Holdings'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. Patisserie Holdings 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

External News
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Simply Wall St News

Does Patisserie Holdings plc's (LON:CAKE) CEO Salary Compare Well With Others?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Paul May's Compensation Compare With Similar Sized Companies. … Our data indicates that Patisserie Holdings plc is worth UK£581m, and total annual CEO compensation is UK£313k.

Simply Wall St -

Understanding Your Return On Investment In Patisserie Holdings plc (LON:CAKE)

and want to begin learning the link between Patisserie Holdings plc (LON:CAKE)’s return fundamentals and stock market performance. … Patisserie Holdings stock represents an ownership share in the company. … Thus, to understand how your money can grow by investing in Patisserie Holdings, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE)

Simply Wall St -

Patisserie Holdings plc (LON:CAKE): Poised For Long Term Success?

with profits predicted to rise by 12.96% next year … the higher past 5-year average growth rate of 20.26% … With trailing-twelve-month net income at current levels of UK£17.47m, we should see this rise to UK£19.74m in 2019.

Simply Wall St -

Who Just Sold Their Shares In Patisserie Holdings plc (LON:CAKE)?

Patisserie Holdings plc, together with its subsidiaries, operates in the casual dining sector in the United Kingdom and the Republic of Ireland. … some insider selling over the past three months, with insiders divesting from. … Generally, insiders selling shares in their own firm sends a bearish signal.

Simply Wall St -

Should You Invest In Consumer Sector Stock Patisserie Holdings plc (LON:CAKE)?

is a consumer discretionary company operating in an industry,. … whose sales are driven primarily by consumer sentiment, which is closely linked to employment and wages. … Consumer discretionary analysts are forecasting for the entire industry,

Simply Wall St -

Is Patisserie Holdings plc (LON:CAKE) Expensive For A Reason? A Look At The Intrinsic Value

Today, I will calculate the stock's intrinsic value. … by taking the expected future cash flows and discounting them to today's value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

Does Patisserie Holdings plc's (LON:CAKE) PE Ratio Warrant A Sell?

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 begin learning the link between Patisserie Holdings plc (LON:CAKE)’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

Simply Wall St -

How Patisserie Holdings plc (LON:CAKE) Can Add Value To Your Portfolio

Patisserie Holdings plc (LON:CAKE) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … For those interested in digger a bit deeper into my commentary,

Simply Wall St -

How Do Analysts See Patisserie Holdings plc's (LON:CAKE) Margin Performing In The Future?

With analysts expecting … Patisserie Holdings plc (LON:CAKE) to … earnings growth of 12.36%

Simply Wall St -

Is It Time To Buy Patisserie Holdings plc (LON:CAKE)?

Another thing to keep in mind is that Patisserie Holdings’s share price is quite stable relative to the rest of the market, as indicated by its low beta. … This means that if you believe the current share price should move towards its intrinsic value over time, a low beta could suggest it is not likely to reach that level anytime soon, and once it’s there, it may be hard to fall back down into an attractive buying range again. … Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price.

Simply Wall St -

Company Info

Map
Description

Patisserie Holdings plc, together with its subsidiaries, operates in the casual dining sector in the United Kingdom and the Republic of Ireland. The company’s stores formats include cafés, concessions, brasseries, takeaways, kiosks, and an online channel. Its stores offer cakes, pastries, snacks, meals, and hot and cold drinks. The company operates 152 stores under the Patisserie Valerie brand, 20 stores under the Druckers – Vienna Patisserie brand, 22 stores under Philpotts brand, 4 stores under Baker & Spice brand, and 1 bakery under the Flour Power City Bakery brand. Patisserie Holdings plc was founded in 1926 and is based in Birmingham, the United Kingdom.

Details
Name: Patisserie Holdings plc
CAKE
Exchange: AIM
Founded: 1926
£581,209,931
135,322,452
Website: http://www.patisserie-valerie.co.uk
Address: Patisserie Holdings plc
146 – 156 Sarehole Road,
Birmingham,
West Midlands, B28 8DT,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
AIM CAKE Ordinary Shares London Stock Exchange AIM Market GB GBP 14. May 2014
DB PFH Ordinary Shares Deutsche Boerse AG DE EUR 14. May 2014
Number of employees
Current staff
Staff numbers
2,500
Patisserie Holdings employees.
Industry
Restaurants
Consumer Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/01/07 21:43
End of day share price update: 2018/10/10 00:00
Last estimates confirmation: 2018/12/03
Last earnings filing: 2018/05/15
Last earnings reported: 2018/03/31
Last annual earnings reported: 2017/09/30


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.