Clarkson

LSE:CKN

Snowflake Description

Flawless balance sheet second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.

CKN

LSE

£687M

Market Cap

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Last updated 2019/05/20 20:35

Company description

Clarkson PLC provides integrated shipping services worldwide. The last earnings update was 47 days ago. More info.

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CKN Share Price and Events

7 Day Returns

-1.1%

LSE:CKN

-2.3%

Europe Shipping

1.3%

GB Market

1 Year Returns

-9%

LSE:CKN

-14.6%

Europe Shipping

-5%

GB Market

CKN Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
Clarkson (CKN)	-1.1%	-4%	-5.8%	-9%	-2%	-14.4%
Europe Shipping	-2.3%	-8.9%	-7%	-14.6%	-4.7%	-27.2%
GB Market	1.3%	-1.6%	1.9%	-5%	15.8%	2.5%

1 Year Return vs Industry and Market

CKN outperformed the Shipping industry which returned -14.6% over the past year.
CKN underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -5% over the past year.

Price Volatility

CKN

Industry

5yr Volatility vs Market

Related Companies

Sorry, no analysis for Clarkson's competitors could be found in our database.

CKN Value

Is Clarkson 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 Clarkson 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 Clarkson.

LSE:CKN Discounted Cash Flow Data Sources
Data Point	Source	Value
Valuation Model		2 Stage Free Cash Flow to Equity
Levered Free Cash Flow	Average of 4 Analyst Estimates (S&P Global)	See below
Discount Rate (Cost of Equity)	See below	6.5%
Perpetual Growth Rate	10-Year GB Government Bond Rate	1.2%

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 LSE:CKN
Data Point	Calculation/ Source	Result
Risk-Free Rate	10-Year GB Govt Bond Rate	1.2%
Equity Risk Premium	S&P Global	6.7%
Shipping Unlevered Beta	Simply Wall St/ S&P Global	0.69
Re-levered Beta	= Unlevered beta (1 + (1- tax rate) (Debt/Equity)) = 0.691 (1 + (1- 19%) (0%))	0.793
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) = 1.23% + (0.8 * 6.65%)	6.55%

Discounted Cash Flow Calculation for LSE:CKN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Clarkson 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.

LSE:CKN DCF 1st Stage: Next 10 year cash flow forecast
	Levered FCF (GBP, Millions)	Source	Present Value Discounted (@ 6.55%)
2019	39.54	Analyst x2	37.11
2020	51.12	Analyst x2	45.03
2021	48.66	Analyst x2	40.23
2022	47.16	Est @ -3.09%	36.59
2023	46.31	Est @ -1.79%	33.73
2024	45.90	Est @ -0.89%	31.38
2025	45.79	Est @ -0.25%	29.37
2026	45.88	Est @ 0.19%	27.62
2027	46.11	Est @ 0.5%	26.05
2028	46.44	Est @ 0.72%	24.63
Present value of next 10 years cash flows			£331.75

LSE:CKN DCF 2nd Stage: Terminal Value
	Calculation	Result
Terminal Value	= FCF₂₀₂₈ × (1 + g) ÷ (Discount Rate – g) = £46.44 × (1 + 1.23%) ÷ (6.55% – 1.23%)	£883.60
Present Value of Terminal Value	= Terminal Value ÷ (1 + r)¹⁰ = £883.60 ÷ (1 + 6.55%)¹⁰	£468.64

LSE:CKN Total Equity Value
	Calculation	Result
Total Equity Value	= Present value of next 10 years cash flows + Terminal Value = £331.75 + £468.64	£800.40
Equity Value per Share (GBP)	= Total value / Shares Outstanding = £800.40 / 30.21	£26.5

LSE:CKN Discount to Share Price
	Calculation	Result
Value per share (GBP)	From above.	£26.50
Current discount	Discount to share price of £22.75 = -1 x (£22.75 - £26.50) / £26.50	14.1%

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

Current Discount

Amount off the current price Clarkson is available for.

14%

Share price is £22.75 vs Future cash flow value of £26.5

Current Discount Checks

For Clarkson to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.

Clarkson's share price is below the future cash flow value, but not at a moderate discount (< 20%).
Clarkson'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 Clarkson's earnings, growth and assets is considered below, and whether this is a fair price.

Price based on past earnings

Are Clarkson's earnings available for a low price, and how does this compare to other companies in the same industry?

Raw Data

LSE:CKN PE (Price to Earnings) Ratio Data Sources
Data Point	Source	Value
Earnings Per Share *	Company Filings (2018-12-31) in GBP	£0.99
LSE:CKN Share Price **	LSE (2019-05-20) in GBP	£22.75
Europe Shipping Industry PE Ratio	Median Figure of 21 Publicly-Listed Shipping Companies	14.04x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio	Median Figure of 788 Publicly-Listed Companies	16.24x

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

** Primary Listing of Clarkson.

LSE:CKN PE (Price to Earnings) Ratio Calculation
	Calculation	Outcome
PE Ratio	= LSE:CKN Share Price ÷ EPS (both in GBP) = 22.75 ÷ 0.99	23.01x

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

Clarkson is overvalued based on earnings compared to the Europe Shipping industry average.
Clarkson is overvalued based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.

Price based on expected Growth

Does Clarkson's expected growth come at a high price?

Raw Data

LSE:CKN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point	Source	Value
PE Ratio	See PE Ratio Section	23.01x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts	10.2%per year
Europe Shipping Industry PEG Ratio	Median Figure of 12 Publicly-Listed Shipping Companies	0.91x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio	Median Figure of 574 Publicly-Listed Companies	1.5x

*Line of best fit is calculated by linear regression .

LSE:CKN PEG (Price to Earnings to Growth) Ratio Calculation
	Calculation	Outcome
PEG Ratio	= PE Ratio ÷ Net Income Annual Growth Rate = 23.01x ÷ 10.2%	2.25x

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

Clarkson is poor value based on expected growth next year.

Price based on value of assets

What value do investors place on Clarkson's assets?

Raw Data

LSE:CKN PB (Price to Book) Ratio Data Sources
Data Point	Source	Value
Book Value per Share	Company Filings (2018-12-31) in GBP	£14.25
LSE:CKN Share Price *	LSE (2019-05-20) in GBP	£22.75
Europe Shipping Industry PB Ratio	Median Figure of 29 Publicly-Listed Shipping Companies	0.76x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio	Median Figure of 1,368 Publicly-Listed Companies	1.51x

LSE:CKN PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= LSE:CKN Share Price ÷ Book Value per Share (both in GBP) = 22.75 ÷ 14.25	1.6x

* Primary Listing of Clarkson.

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

Clarkson is overvalued based on assets compared to the Europe Shipping industry average.

Value checks

We assess Clarkson's value by looking at:

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. )
Is the PE ratio less than the market average, and/ or less than the Shipping industry average (and greater than 0)? (2 checks)
Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
Is the PB ratio less than the Shipping industry average (and greater than 0)? (1 check)

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

CKN Future Performance

How is Clarkson expected to perform in the next 1 to 3 years based on estimates from 4 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!

10.2%

Expected annual growth in earnings.

Earnings growth vs Low Risk Savings

Is Clarkson expected to grow at an attractive rate?

Clarkson's earnings growth is expected to exceed the low risk savings rate of 1.2%.

Growth vs Market Checks

Clarkson's earnings growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
Clarkson's revenue growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.

Annual Growth Rates Comparison

Raw Data

LSE:CKN Future Growth Rates Data Sources
Data Point	Source	Value (per year)
LSE:CKN Future Earnings Growth Rate	Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts	10.2%
LSE:CKN Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts	4.6%
Europe Shipping Industry Earnings Growth Rate	Market Cap Weighted Average	30.6%
Europe Shipping Industry Revenue Growth Rate	Market Cap Weighted Average	4.5%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate	Market Cap Weighted Average	10.8%
United Kingdom of Great Britain and Northern Ireland 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

LSE:CKN Analysts Growth Expectations Data Sources
Data Point	Source	Value
Past Financials	Company Filings (4 months ago)	See Below
Future Estimates	Average of up to 4 Analyst Estimates (S&P Global)	See Below

All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.

LSE:CKN Future Estimates Data
Date (Data in GBP Millions)	Revenue	Cash Flow	Net Income *	Avg. No. Analysts
2021-12-31	388	46	41	4
2020-12-31	372	44	37	4
2019-12-31	355	47	33	4

LSE:CKN Past Financials Data
Date (Data in GBP Millions)	Revenue	Cash Flow	Net Income *
2018-12-31	338	23	30
2018-09-30	329	19	29
2018-06-30	320	15	29
2018-03-31	322	32	30
2017-12-31	324	48	31
2017-09-30	320	54	35
2017-06-30	316	60	38
2017-03-31	311	53	37
2016-12-31	306	46	36
2016-09-30	305	42	32
2016-06-30	304	39	28
2016-03-31	303	32	24

*GAAP earnings excluding extraordinary items.

High Growth Checks

Clarkson's earnings are expected to grow by 10.2% yearly, however this is not considered high growth (20% yearly).
Clarkson's revenue is expected to grow by 4.6% 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

LSE:CKN Past and Future Earnings per Share
Data Point	Source	Value
Past Financials	Company Filings (4 months ago)	See Below
Future Estimates	Average of up to 4 Analyst Estimates (S&P Global)	See Below

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

LSE:CKN Future Estimates Data
Date (Data in GBP Millions)	EPS *	EPS High Estimate	EPS Low Estimate	Avg. No. Analysts
2021-12-31	1.34	1.38	1.30	3.00
2020-12-31	1.24	1.28	1.18	3.00
2019-12-31	1.12	1.16	1.06	3.00

LSE:CKN Past Financials Data
Date (Data in GBP Millions)	EPS *
2018-12-31	0.99
2018-09-30	0.98
2018-06-30	0.96
2018-03-31	1.00
2017-12-31	1.04
2017-09-30	1.16
2017-06-30	1.28
2017-03-31	1.24
2016-12-31	1.20
2016-09-30	1.07
2016-06-30	0.94
2016-03-31	0.81

*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.

Clarkson is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).

Future performance checks

We assess Clarkson's future performance by looking at:

Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
Is the annual earnings growth rate expected to be above 20%? (1 check)
Is the annual revenue growth rate expected to be above 20%? (1 check)
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.
Clarkson 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.

CKN Past Performance

How has Clarkson 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 Clarkson's growth in the last year to its industry (Shipping).

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.

Clarkson's year on year earnings growth rate has been positive over the past 5 years.
Clarkson's 1-year earnings growth is negative, it can't be compared to the 5-year average.
Clarkson's 1-year earnings growth is negative, it can't be compared to the Europe Shipping industry average.

Earnings and Revenue History

Clarkson'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 Clarkson Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:CKN Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions)	Revenue	Net Income *	G+A Expenses
2018-12-31	337.60	29.80	281.10
2018-09-30	328.70	29.40	274.20
2018-06-30	319.80	29.00	267.30
2018-03-31	321.90	30.20	267.85
2017-12-31	324.00	31.40	268.40
2017-09-30	319.85	34.90	266.70
2017-06-30	315.70	38.40	265.00
2017-03-31	310.90	37.05	262.35
2016-12-31	306.10	35.70	259.70
2016-09-30	304.90	31.85	258.00
2016-06-30	303.70	28.00	256.30
2016-03-31	302.75	23.85	253.95
2015-12-31	301.80	19.70	251.60
2015-09-30	286.65	15.65	236.85
2015-06-30	271.50	11.60	222.10
2015-03-31	254.70	14.40	206.85
2014-12-31	237.90	17.20	191.60
2014-09-30	229.25	18.10	186.20
2014-06-30	220.60	19.00	180.80
2014-03-31	209.30	17.15	174.35
2013-12-31	198.00	15.30	167.90
2013-09-30	187.65	13.70	160.40
2013-06-30	177.30	12.10	152.90
2013-03-31	176.75	14.00	152.25
2012-12-31	176.20	15.90	151.60
2012-09-30	185.10	20.55	156.95
2012-06-30	194.00	25.20	162.30

*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.

Clarkson has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
Clarkson used its assets less efficiently than the Europe Shipping industry average last year based on Return on Assets.
Clarkson's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).

Past performance checks

We assess Clarkson's performance over the past 5 years by checking for:

Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the Shipping industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
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.
Clarkson 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.

CKN Health

How is Clarkson'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 Clarkson's finances.

The net worth of a company is the difference between its assets and liabilities.

Net Worth

Clarkson is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
Clarkson's cash and other short term assets cover its long term commitments.

Balance sheet

This treemap shows a more detailed breakdown of Clarkson'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.

Low level of unsold assets.
Clarkson 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 Clarkson Company Filings, last reported 4 months ago.

LSE:CKN Past Debt and Equity Data
Date (Data in GBP Millions)	Total Equity	Total Debt	Cash & Short Term Investments
2018-12-31	434.60	0.00	166.20
2018-09-30	434.60	0.00	166.20
2018-06-30	428.10	0.00	100.60
2018-03-31	428.10	0.00	100.60
2017-12-31	423.40	0.00	167.50
2017-09-30	423.40	0.00	167.50
2017-06-30	408.40	0.00	122.80
2017-03-31	408.40	0.00	122.80
2016-12-31	406.70	23.60	183.80
2016-09-30	406.70	23.60	183.80
2016-06-30	367.80	23.30	112.00
2016-03-31	367.80	23.30	112.00
2015-12-31	340.90	46.10	174.10
2015-09-30	340.90	46.10	174.10
2015-06-30	347.40	53.10	136.20
2015-03-31	347.40	53.10	136.20
2014-12-31	167.30	0.00	178.20
2014-09-30	167.30	0.00	178.20
2014-06-30	139.40	0.00	100.30
2014-03-31	139.40	0.00	100.30
2013-12-31	137.70	0.00	122.10
2013-09-30	137.70	0.00	122.10
2013-06-30	133.90	0.00	94.30
2013-03-31	133.90	0.00	94.30
2012-12-31	126.00	0.00	114.60
2012-09-30	126.00	0.00	114.60
2012-06-30	123.30	0.00	101.40

Clarkson has no debt.
Clarkson had no debt 5 years ago.
Clarkson has no debt, it does not need to be covered by operating cash flow.
Clarkson has no debt, therefore coverage of interest payments is not a concern.

Show me more healthy companies in the Shipping industry

Financial health checks

We assess Clarkson's financial health by checking for:

Are short term assets greater than short term liabilities? (1 check)
Are short term assets greater than long term liabilities? (1 check)
Has the debt to equity ratio increased in the past 5 years? (1 check)
Is the debt to equity ratio over 40%? (1 check)
Is the debt covered by operating cash flow? (1 check)
Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)

For companies that are loss making and have been so on average in the past we replace the last 2 checks with:

Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
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.

CKN Dividends

What is Clarkson'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

3.3%

Current annual income from Clarkson dividends. Estimated to be 3.64% next year.

If you bought £2,000 of Clarkson shares you are expected to receive £66 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?

Clarkson's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (1.99%).
Clarkson's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.21%).

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

LSE:CKN 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 4 Analyst Estimates (S&P Global)	See Below
Europe Shipping Industry Average Dividend Yield	Market Cap Weighted Average of 17 Stocks	2.9%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield	Market Cap Weighted Average of 705 Stocks	4.3%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield	10th Percentile	1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield	25th Percentile	2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield	75th Percentile	5.2%

Industry and Market average data is calculated daily.

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

LSE:CKN Future Dividends Estimate Data
Date (Data in £)	Dividend per Share (annual)	Avg. No. Analysts
2021-12-31	0.87	4.00
2020-12-31	0.83	4.00
2019-12-31	0.79	4.00

LSE:CKN Past Annualized Dividends Data
Date (Data in £)	Dividend per share (annual)	Avg. Yield (%)
2019-04-03	0.750	3.129
2019-03-11	0.750	3.155
2018-04-05	0.730	2.928
2018-03-12	0.730	2.273
2017-04-05	0.650	2.284
2017-03-13	0.650	2.311
2016-03-31	0.620	2.868
2016-03-07	0.620	3.004
2015-04-02	0.600	2.626
2015-03-09	0.600	2.768
2014-04-07	0.560	2.537
2014-03-10	0.560	2.366
2013-03-08	0.510	2.714
2012-04-05	0.500	3.856
2012-03-08	0.500	3.825
2011-03-10	0.470	4.018
2011-03-09	0.470	4.348
2010-03-11	0.430	4.388
2009-12-31	0.430	5.405

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

Whilst dividend payments have been stable, Clarkson has been paying a dividend for less than 10 years.
Dividend payments have increased, but Clarkson only paid a dividend in the past 9 years.

Current Payout to shareholders

What portion of Clarkson's earnings are paid to the shareholders as a dividend.

Dividends paid are covered by earnings (1.3x coverage).

Future Payout to shareholders

Dividends after 3 years are expected to be covered by earnings (1.6x coverage).

Income/ dividend checks

We assess Clarkson's dividend by checking for:

Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
Is current dividend yield above the bottom 25% of dividend payers? (1 check)
Is current dividend yield above the top 25% of dividend payers? (1 check)
Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
If they have paid a dividend for 10 years has it increased in this time? (1 check)
How sustainable is the dividend, can Clarkson afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)

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

CKN Management

What is the CEO of Clarkson'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

Andi Case

COMPENSATION	£2,758,000
AGE	51
TENURE AS CEO	10.9 years

CEO Bio

Mr. Andi Case has been the Chief Executive Officer at Clarkson plc since June 17, 2008. Mr. Case served as an Interim Chief Executive of Clarkson plc from May 7, 2008 to June 2008 and served as its Chief Operating Officer until May 2008 and Managing Director of Global Broking arm H Clarkson & Company Limited from 2006 to May 2008. He began his shipbroking career at CWKellock and later Eggar Forrester. Prior to joining Clarksons, Mr. Case was with Braemar Seascope for 17 years, latterly as head of Sale & Purchase and Newbuildings. He serves as Director of Clarkson plc.

CEO Compensation

Andi's compensation has been consistent with company performance over the past year, both up more than 20%.
Andi's remuneration is higher than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.

Management Team Tenure

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

6.1

Average Tenure

Average Age

The average tenure for the Clarkson management team is over 5 years, this suggests they are a seasoned and experienced team.

Management Team

Andi Case

61

TENURE

0.1 yrs

Kate Hoare

TITLE

Head of Public Relations

John Beckwith

TITLE

Head of Human Resources

Matt Russell

TITLE

Head of Specialised Products

TENURE

5 yrs

Richard Whittet

TITLE

Managing Director of Specialised Products

Janet Sykes

TITLE

Head of Media

Robert Stopford

TITLE

Consultant of Maritime Economics and President of Clarkson Research Services

COMPENSATION

£50K

AGE

70

TENURE

7.2 yrs

Mike Cahill

TITLE

Financial Controller

Board of Directors Tenure

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

4.5

Average Tenure

Average Age

The tenure for the Clarkson board of directors is about average.

COMPENSATION

£57K

AGE

67

TENURE

4.3 yrs

Who owns this company?

Recent Insider Trading

More shares have been bought than sold by Clarkson insiders in the past 3 months.

Show me more companies with insider buying in the Shipping industry

Recent Insider Transactions

Announced	Type	Name	Entity	Start	End	Shares	Max Price (£)	Value (£)
15. Mar 19	Buy	William Thomas	Individual	12. Mar 19	12. Mar 19	2,083	£23.85	£49,680
25. Mar 19	Buy	Peter Backhouse	Individual	22. Mar 19	22. Mar 19	1,000	£23.00	£23,000
15. Mar 19	Buy	Peter Backhouse	Individual	12. Mar 19	12. Mar 19	3,000	£23.96	£71,880
19. Feb 19	Buy	James Hughes-Hallett	Individual	03. Jan 19	03. Jan 19	663	£21.11	£13,994
13. Sep 18	Sell	Peter Anker	Individual	12. Sep 18	12. Sep 18	-52,059	£27.25	£-1,418,608
13. Sep 18	Sell	Birger Nergaard	Individual	12. Sep 18	12. Sep 18	-41,647	£27.25	£-1,134,881
23. Aug 18	Sell	Peter Anker	Individual	21. Aug 18	21. Aug 18	-72,941	£27.50	£-2,005,877
23. Aug 18	Sell	Birger Nergaard	Individual	21. Aug 18	21. Aug 18	-58,353	£27.50	£-1,604,707
26. Jun 18	Sell	Peter Anker	Individual	26. Jun 18	26. Jun 18	-17,500	£26.35	£-461,125

Management checks

We assess Clarkson's management by checking for:

Is the CEO's compensation unreasonable compared to market cap? (1 check)
Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
Is the average tenure of the management team less than 2 years? (1 check)
Is the average tenure of the board of directors team less than 3 years? (1 check)

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.

CKN News

Simply Wall St News

How Clarkson PLC (LON:CKN) Can Impact Your Portfolio Volatility

If you're interested in Clarkson PLC (LON:CKN), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … Given that it has a beta of 1.39, we can surmise that the Clarkson share price has been fairly sensitive to market volatility (over the last 5 years).

Simply Wall St - 14 hours ago – Full article

Read This Before Buying Clarkson PLC (LON:CKN) For Its Dividend

Click the interactive chart for our full dividend analysis LSE:CKN Historical Dividend Yield, May 13th 2019 Payout ratios Companies (usually) pay dividends out of their earnings. … We also measure dividends paid against a company's levered free cash flow, to see if enough cash was generated to cover the dividend. … Unfortunately, earnings growth has also been mediocre, and we think it has not been paying dividends long enough to demonstrate resilience across economic cycles.

Simply Wall St - 1 week ago – Full article

The Clarkson (LON:CKN) Share Price Has Gained 12% And Shareholders Are Hoping For More

For example, the Clarkson PLC (LON:CKN) share price return of 12% over three years lags the market return in the same period. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During three years of share price growth, Clarkson achieved compound earnings per share growth of 13% per year.

Simply Wall St - 2 weeks ago – Full article

A Look At The Intrinsic Value Of Clarkson PLC (LON:CKN)

Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model. … We're using the 2-stage growth model, which simply means we take in account two stages of company's growth … In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate.

Simply Wall St - 3 weeks ago – Full article

Read This Before Buying Clarkson PLC (LON:CKN) Shares

So before you buy or sell Clarkson PLC (LON:CKN), you may well want to know whether insiders have been buying or selling. … Clarkson Insider Transactions Over The Last Year. … In total, Clarkson insiders sold more than they bought over the last year

Simply Wall St - 4 weeks ago – Full article

Why We Like Clarkson PLC’s (LON:CKN) 9.6% Return On Capital Employed

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the 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 - 1 month ago – Full article

Clarkson PLC (LON:CKN): Does The -5.1% Earnings Drop Reflect A Longer Term Trend?

Below, I assess CKN's latest performance announced on 31 December 2018 and evaluate these figures to its historical trend and industry movements. … How Did CKN's Recent Performance Stack Up Against Its Past. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 17%, indicating the rate at which CKN is growing has slowed down

Simply Wall St - 1 month ago – Full article

Clarkson PLC (LON:CKN): Are Analysts Bullish?

The most recent earnings release Clarkson PLC's (LON:CKN) announced in December 2018a … confirmed

Simply Wall St - 1 month ago – Full article

Don't Sell Clarkson PLC (LON:CKN) Before You Read This

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … We'll look at Clarkson PLC's (LON:CKN) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St - 1 month ago – Full article

What Should You Know About Clarkson PLC's (LON:CKN) Future?

As Clarkson PLC (LON:CKN) released its earnings announcement on 31 December 2018, … with profits predicted to rise by 12% next year … the higher past 5-year average growth rate of 17%.

Simply Wall St - 2 months ago – Full article

CKN Company Info

Description

Clarkson PLC provides integrated shipping services worldwide. It operates through four segments: Broking, Financial, Support, and Research. The Broking segment includes services provided to ship owners and charterers in the transportation of various cargoes by sea; and to buyers and sellers/yards related to sale and purchase transactions, as well as arranges principal-to-principal cash-settled contracts for differences based upon standardized freight contracts. This segment deals in containers, dry cargo, deep sea tankers, liquefied petroleum gas and ammonia, liquefied natural gas, offshore, petrochemical gases, renewables, shortsea, specialized products, sale and purchase, and PCTC markets; and towage, salvage, and transportation markets. The Financial segment offers investment banking services for maritime, oil services, and natural resources sectors; structured asset finance services and projects in the shipping, offshore, and real estate sectors; and freight derivative products. This segment also provides equity and fixed income sales and trading; equity and credit research; corporate access and corporate finance services, including advising clients on various equity and debt capital markets, and M&A transactions. The Support segment offers port and agency, freight forwarding, supplies, and tools for the marine and offshore industries. The Research segment provides shipping-related information and publications; and collects, validates, analyses, and manages data to inform various business decisions. This segment offers Web products, such as Shipping Intelligence Network and World Fleet Register to printed publications, including Shipping Intelligence Weekly and Offshore Intelligence Monthly; data and analysis services for IPO and bond issues; customer service contracts; and valuations to owners and the financial community. The company also provides property related services. Clarkson PLC was founded in 1852 and is headquartered in London, the United Kingdom.

Details

Name:	Clarkson PLC
Ticker:	CKN
Exchange:	LSE
Founded:	1852
Market Cap:	£687,223,173
Shares outstanding:	30,207,612
Website:	http://www.clarksons.com
Address:	Clarkson PLC Commodity Quay, St. Katharine Docks, London, Greater London, E1W 1BF, United Kingdom

Listings

Exchange Symbol	Ticker Symbol	Security	Exchange	Country	Currency	Listed on
LSE	CKN	Ordinary Shares	London Stock Exchange	GB	GBP	02. Jan 1992
OTCPK	CKNH.F	Ordinary Shares	Pink Sheets LLC	US	USD	02. Jan 1992
DB	1DH	Ordinary Shares	Deutsche Boerse AG	DE	EUR	02. Jan 1992
BATS-CHIXE	CKNl	Ordinary Shares	BATS 'Chi-X Europe'	GB	GBP	02. Jan 1992

Number of employees

Current staff

1,584

Clarkson employees.

Industry

Industry:	Marine
Sector:	Transportation

Company Analysis and Financial Data Status

Area	Date (UTC time)
Company Analysis updated:	2019/05/20 20:35
End of day share price update:	2019/05/20 00:00
Last estimates confirmation:	2019/05/01
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.

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