ENXTAM:GVNV

Stock Analysis Report

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Executive Summary

GrandVision N.V., together with its subsidiaries, operates optical retail chains in the France, Germany, the United Kingdom, and internationally.


Snowflake Analysis

Mediocre balance sheet with questionable track record.

Share Price & News

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


Latest Share Price and Events

Stable Share Price: GVNV has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

2.0%

GVNV

-2.3%

NL Specialty Retail

0.6%

NL Market


1 Year Return

26.3%

GVNV

-14.8%

NL Specialty Retail

-11.8%

NL Market

Return vs Industry: GVNV exceeded the Dutch Specialty Retail industry which returned -14.8% over the past year.

Return vs Market: GVNV exceeded the Dutch Market which returned -11.8% over the past year.


Shareholder returns

GVNVIndustryMarket
7 Day2.0%-2.3%0.6%
30 Day8.6%-2.1%4.8%
90 Day10.4%1.8%12.2%
1 Year26.3%26.3%-13.4%-14.8%-9.0%-11.8%
3 Year8.9%5.4%-25.1%-30.8%7.0%-4.0%
5 Year20.2%13.5%-25.7%-36.8%24.3%0.9%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

36.81x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: GVNV (€25.9) is trading above our estimate of fair value (€22.05)

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


Price To Earnings Ratio

PE vs Industry: GVNV is poor value based on its PE Ratio (36.8x) compared to the XE Specialty Retail industry average (13x).

PE vs Market: GVNV is poor value based on its PE Ratio (36.8x) compared to the Dutch market (16.7x).


Price to Earnings Growth Ratio

PEG Ratio: GVNV is poor value based on its PEG Ratio (2.2x)


Price to Book Ratio

PB vs Industry: GVNV is overvalued based on its PB Ratio (5.6x) compared to the XE Specialty Retail industry average (1.1x).


Next Steps

Future Growth

How is GrandVision forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

16.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: GVNV's forecast earnings growth (16.9% per year) is above the savings rate (0.4%).

Earnings vs Market: GVNV's earnings (16.9% per year) are forecast to grow slower than the Dutch market (21.4% per year).

High Growth Earnings: GVNV's earnings are forecast to grow, but not significantly.

Revenue vs Market: GVNV's revenue (1.6% per year) is forecast to grow slower than the Dutch market (7% per year).

High Growth Revenue: GVNV's revenue (1.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: GVNV's Return on Equity is forecast to be low in 3 years time (16.9%).


Next Steps

Past Performance

How has GrandVision performed over the past 5 years?

0.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: GVNV has high quality earnings.

Growing Profit Margin: GVNV's current net profit margins (4.4%) are lower than last year (5.8%).


Past Earnings Growth Analysis

Earnings Trend: GVNV's earnings have grown by 0.5% per year over the past 5 years.

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

Earnings vs Industry: GVNV had negative earnings growth (-17.5%) over the past year, making it difficult to compare to the Specialty Retail industry average (-4.6%).


Return on Equity

High ROE: GVNV's Return on Equity (15.5%) is considered low.


Next Steps

Financial Health

How is GrandVision's financial position?


Financial Position Analysis

Short Term Liabilities: GVNV's short term assets (€860.7M) do not cover its short term liabilities (€1.6B).

Long Term Liabilities: GVNV's short term assets (€860.7M) do not cover its long term liabilities (€1.7B).


Debt to Equity History and Analysis

Debt Level: GVNV's debt to equity ratio (72.3%) is considered high.

Reducing Debt: GVNV's debt to equity ratio has reduced from 157.5% to 72.3% over the past 5 years.

Debt Coverage: GVNV's debt is well covered by operating cash flow (96%).

Interest Coverage: GVNV's interest payments on its debt are well covered by EBIT (9.4x coverage).


Balance Sheet


Next Steps

Dividend

What is GrandVision current dividend yield, its reliability and sustainability?

1.29%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate GVNV's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate GVNV's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if GVNV's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if GVNV's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: GVNV is not paying a notable dividend for the Dutch market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of GVNV's dividend in 3 years as they are not forecast to pay a notable one for the Dutch market.


Next Steps

Management

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

9.5yrs

Average board tenure


CEO

Stephan Borchert (51yo)

2.42yrs

Tenure

€1,619,328

Compensation

Mr. Stephan Borchert has been Chief Executive Officer at GrandVision NV since February 28, 2018 and has been its Member of the Management Board since January 15, 2018. Mr. Borchert was the General Manager  ...


CEO Compensation Analysis

Compensation vs Market: Stephan's total compensation ($USD1.84M) is about average for companies of similar size in the Dutch market ($USD2.24M).

Compensation vs Earnings: Stephan's compensation has been consistent with company performance over the past year.


Board Members

NamePositionTenureCompensationOwnership
Jeffrey Cole
Independent Member of Supervisory Board9.5yrs€60.00kno data
Melchert Groot
Vice-Chairman of Supervisory Boardno data€60.00kno data
Cornelis van der Graaf
Independent Chairman of Supervisory Boardno data€72.50kno data
Peter Bolliger
Independent Member of Supervisory Board9.5yrs€60.00kno data
Rianne Meijerman
Independent Member of Supervisory Board1.25yrs€33.33kno data

9.5yrs

Average Tenure

70yo

Average Age

Experienced Board: GVNV's board of directors are considered experienced (9.5 years average tenure).


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

GrandVision N.V.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: GrandVision N.V.
  • Ticker: GVNV
  • Exchange: ENXTAM
  • Founded: 1891
  • Industry: Specialty Stores
  • Sector: Retail
  • Market Cap: €6.570b
  • Shares outstanding: 253.65m
  • Website: https://www.grandvision.com

Number of Employees


Location

  • GrandVision N.V.
  • The Base, Tower C
  • 6th Floor
  • Schiphol
  • Noord-Holland
  • 1118 CL
  • Netherlands

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
GVNVENXTAM (Euronext Amsterdam)YesOrdinary SharesNLEURFeb 2015
GVNVaBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURFeb 2015
0R6JLSE (London Stock Exchange)YesOrdinary SharesGBEURFeb 2015
GRRD.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDFeb 2015

Biography

GrandVision N.V., together with its subsidiaries, operates optical retail chains in the France, Germany, the United Kingdom, and internationally. The company offers a range of optical services; prescription glasses, including frames and lenses; contact lenses; sunglasses comprising plain and with prescription lenses; and care products. It operates under approximately 30 retail banners. As of December 31, 2019, the company operated approximately 7,406 optical retail stores. The company also provides eye testing, examinations, and diagnostics services. It sells its products under the DbyD, Fuzion, Heritage, Miki Ninn, Seen, Sensaya, Unofficial, eyexpert, and iWear brand names. The company was founded in 1891 and is headquartered in Schiphol, the Netherlands. GrandVision N.V. is a subsidiary of HAL Optical Investments B.V. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/13 20:52
End of Day Share Price2020/07/13 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.