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Gunnebo

OM:GUNN
Snowflake Description

Fair value with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GUNN
OM
SEK2B
Market Cap
  1. Home
  2. SE
  3. Commercial Services
Company description

Gunnebo AB (publ) develops and supplies security products, services, and software for banks, retail, mass transit, public and commercial buildings, and industrial and high-risk sites. The last earnings update was 84 days ago. More info.


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GUNN Share Price and Events
7 Day Returns
4%
OM:GUNN
1.4%
SE Commercial Services
-1.3%
SE Market
1 Year Returns
-7.1%
OM:GUNN
13.8%
SE Commercial Services
3.3%
SE Market
GUNN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Gunnebo (GUNN) 4% -4.9% -3% -7.1% -35.7% -38.4%
SE Commercial Services 1.4% 0.1% 1.1% 13.8% 14.7% 45.3%
SE Market -1.3% -0.7% -1.3% 3.3% 12.8% 18.2%
1 Year Return vs Industry and Market
  • GUNN underperformed the Commercial Services industry which returned 13.8% over the past year.
  • GUNN underperformed the Market in Sweden which returned 3.3% over the past year.
Price Volatility
GUNN
Industry
5yr Volatility vs Market

GUNN Value

 Is Gunnebo 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 Gunnebo 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 Gunnebo.

OM:GUNN 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 7.4%
Perpetual Growth Rate 10-Year SE Government Bond Rate 0.4%

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 OM:GUNN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SE Govt Bond Rate 0.4%
Equity Risk Premium S&P Global 6%
Commercial Services Unlevered Beta Simply Wall St/ S&P Global 0.67
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.672 (1 + (1- 22%) (108.65%))
1.162
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.16
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.43% + (1.162 * 5.96%)
7.36%

Discounted Cash Flow Calculation for OM:GUNN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Gunnebo 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.

OM:GUNN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SEK, Millions) Source Present Value
Discounted (@ 7.36%)
2020 260.00 Analyst x1 242.18
2021 278.00 Analyst x1 241.19
2022 291.39 Est @ 4.82% 235.48
2023 301.60 Est @ 3.5% 227.02
2024 309.39 Est @ 2.58% 216.92
2025 315.38 Est @ 1.94% 205.96
2026 320.07 Est @ 1.49% 194.70
2027 323.82 Est @ 1.17% 183.48
2028 326.89 Est @ 0.95% 172.52
2029 329.49 Est @ 0.8% 161.97
Present value of next 10 years cash flows SEK2,081.42
OM:GUNN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= SEK329.49 × (1 + 0.43%) ÷ (7.36% – 0.43%)
SEK4,778.57
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SEK4,778.57 ÷ (1 + 7.36%)10
SEK2,349.06
OM:GUNN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SEK2,081.42 + SEK2,349.06
SEK4,430.48
Equity Value per Share
(SEK)
= Total value / Shares Outstanding
= SEK4,430.48 / 76.45
SEK57.95
OM:GUNN Discount to Share Price
Calculation Result
Value per share (SEK) From above. SEK57.95
Current discount Discount to share price of SEK26.10
= -1 x (SEK26.10 - SEK57.95) / SEK57.95
55%

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

Current Discount
Amount off the current price Gunnebo is available for.
Intrinsic value
>50%
Share price is SEK26.1 vs Future cash flow value of SEK57.95
Current Discount Checks
For Gunnebo to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Gunnebo's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Gunnebo's share price is below the future cash flow value, and 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 Gunnebo's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Gunnebo's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OM:GUNN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in SEK SEK1.36
OM:GUNN Share Price ** OM (2019-07-19) in SEK SEK26.1
Sweden Commercial Services Industry PE Ratio Median Figure of 11 Publicly-Listed Commercial Services Companies 17.2x
Sweden Market PE Ratio Median Figure of 325 Publicly-Listed Companies 16.12x

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

** Primary Listing of Gunnebo.

OM:GUNN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OM:GUNN Share Price ÷ EPS (both in SEK)

= 26.1 ÷ 1.36

19.18x

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

  • Gunnebo is overvalued based on earnings compared to the SE Commercial Services industry average.
  • Gunnebo is overvalued based on earnings compared to the Sweden market.
Price based on expected Growth
Does Gunnebo's expected growth come at a high price?
Raw Data
OM:GUNN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 19.18x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
27.1%per year
Sweden Commercial Services Industry PEG Ratio Median Figure of 10 Publicly-Listed Commercial Services Companies 0.93x
Sweden Market PEG Ratio Median Figure of 233 Publicly-Listed Companies 1.29x

*Line of best fit is calculated by linear regression .

OM:GUNN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 19.18x ÷ 27.1%

0.71x

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

  • Gunnebo is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Gunnebo's assets?
Raw Data
OM:GUNN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in SEK SEK15.19
OM:GUNN Share Price * OM (2019-07-19) in SEK SEK26.1
Sweden Commercial Services Industry PB Ratio Median Figure of 19 Publicly-Listed Commercial Services Companies 1.61x
Sweden Market PB Ratio Median Figure of 573 Publicly-Listed Companies 2.58x
OM:GUNN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OM:GUNN Share Price ÷ Book Value per Share (both in SEK)

= 26.1 ÷ 15.19

1.72x

* Primary Listing of Gunnebo.

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

  • Gunnebo is overvalued based on assets compared to the SE Commercial Services industry average.
X
Value checks
We assess Gunnebo'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 Commercial Services 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 Commercial Services industry average (and greater than 0)? (1 check)
  5. Gunnebo has a total score of 3/6, 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.

GUNN Future Performance

 How is Gunnebo 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
27.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Gunnebo expected to grow at an attractive rate?
  • Gunnebo's earnings growth is expected to exceed the low risk savings rate of 0.4%.
Growth vs Market Checks
  • Gunnebo's earnings growth is expected to exceed the Sweden market average.
  • Gunnebo's revenue growth is positive but not above the Sweden market average.
Annual Growth Rates Comparison
Raw Data
OM:GUNN Future Growth Rates Data Sources
Data Point Source Value (per year)
OM:GUNN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 27.1%
OM:GUNN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 2.5%
Sweden Commercial Services Industry Earnings Growth Rate Market Cap Weighted Average 13.1%
Sweden Commercial Services Industry Revenue Growth Rate Market Cap Weighted Average 5.2%
Sweden Market Earnings Growth Rate Market Cap Weighted Average 7.9%
Sweden Market Revenue Growth Rate Market Cap Weighted Average 4.7%

*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
OM:GUNN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in SEK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OM:GUNN Future Estimates Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 5,895 1
2022-12-31 5,743 1
2021-12-31 5,631 393 213 2
2020-12-31 5,492 370 197 2
2019-12-31 5,429 223 125 1
OM:GUNN Past Financials Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income *
2019-03-31 5,177 230 104
2018-12-31 5,128 242 120
2018-09-30 5,008 203 156
2018-06-30 4,869 126 126
2018-03-31 4,846 109 137
2017-12-31 4,861 71 145
2017-09-30 5,337 85 182
2017-06-30 5,621 152 207
2017-03-31 5,870 247 217
2016-12-31 6,088 234 206
2016-09-30 5,989 358 191
2016-06-30 6,003 386 188

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Gunnebo's earnings are expected to grow significantly at over 20% yearly.
  • Gunnebo's revenue is expected to grow by 2.5% 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
OM:GUNN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Gunnebo Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OM:GUNN Future Estimates Data
Date (Data in SEK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 2.50 2.55 2.44 2.00
2020-12-31 2.31 2.41 2.20 2.00
2019-12-31 1.96 1.96 1.96 1.00
OM:GUNN Past Financials Data
Date (Data in SEK Millions) EPS *
2019-03-31 1.36
2018-12-31 1.57
2018-09-30 2.04
2018-06-30 1.65
2018-03-31 1.80
2017-12-31 1.90
2017-09-30 2.38
2017-06-30 2.71
2017-03-31 2.84
2016-12-31 2.70
2016-09-30 2.51
2016-06-30 2.47

*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.
  • Gunnebo is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Gunnebo'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 Sweden market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Sweden 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.
Gunnebo has a total score of 3/6, 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.

GUNN Past Performance

  How has Gunnebo 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 Gunnebo's growth in the last year to its industry (Commercial Services).
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.
  • Gunnebo's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Gunnebo's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Gunnebo's 1-year earnings growth is negative, it can't be compared to the SE Commercial Services industry average.
Earnings and Revenue History
Gunnebo'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 Gunnebo Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OM:GUNN Past Revenue, Cash Flow and Net Income Data
Date (Data in SEK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 5,177.00 104.00 1,200.00
2018-12-31 5,128.00 120.00 1,200.00
2018-09-30 5,008.00 156.00 1,167.00
2018-06-30 4,869.00 126.00 1,150.00
2018-03-31 4,846.00 137.00 1,131.00
2017-12-31 4,861.00 145.00 1,139.00
2017-09-30 5,337.00 182.00 1,185.00
2017-06-30 5,621.00 207.00 1,259.00
2017-03-31 5,870.00 217.00 1,317.00
2016-12-31 6,088.00 206.00 1,382.00
2016-09-30 5,989.00 191.00 1,358.00
2016-06-30 6,003.00 188.00 1,364.00
2016-03-31 6,045.00 196.00 1,392.00
2015-12-31 6,052.00 166.00 1,414.00
2015-09-30 5,948.50 173.20 2,397.20
2015-06-30 5,800.50 162.20 2,055.20
2015-03-31 5,703.50 219.20 1,692.20
2014-12-31 5,556.50 226.20 1,328.20
2014-09-30 5,459.50 185.10 1,319.30
2014-06-30 5,459.50 179.10 1,319.30
2014-03-31 5,365.50 107.10 1,319.30
2013-12-31 5,270.50 98.10 1,319.30
2013-09-30 5,311.20 51.50 1,325.20
2013-06-30 5,277.20 20.50 1,325.20
2013-03-31 5,222.20 10.50 1,325.20
2012-12-31 5,236.20 19.50 1,325.20
2012-09-30 5,211.10 172.90 1,292.40

*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.
  • Gunnebo has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Gunnebo used its assets less efficiently than the SE Commercial Services industry average last year based on Return on Assets.
  • Gunnebo's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Gunnebo'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 Commercial Services 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.
Gunnebo has a total score of 0/6, 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.

GUNN Health

 How is Gunnebo'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 Gunnebo's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Gunnebo is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Gunnebo's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Gunnebo's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Gunnebo Company Filings, last reported 3 months ago.

OM:GUNN Past Debt and Equity Data
Date (Data in SEK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,161.00 1,926.00 580.00
2018-12-31 1,087.00 1,908.00 569.00
2018-09-30 1,202.00 1,689.00 476.00
2018-06-30 1,263.00 1,676.00 483.00
2018-03-31 1,890.00 1,512.00 488.00
2017-12-31 1,866.00 1,504.00 498.00
2017-09-30 1,788.00 1,477.00 449.00
2017-06-30 1,813.00 1,535.00 537.00
2017-03-31 1,933.00 1,348.00 552.00
2016-12-31 1,890.00 1,403.00 581.00
2016-09-30 1,735.00 1,416.00 496.00
2016-06-30 1,753.00 1,455.00 539.00
2016-03-31 1,771.00 1,297.00 452.00
2015-12-31 1,747.00 1,353.00 496.00
2015-09-30 1,660.00 0.00 427.00
2015-06-30 1,668.00 0.00 350.00
2015-03-31 1,727.00 0.00 345.00
2014-12-31 1,694.30 1,066.50 447.00
2014-09-30 1,569.00 0.00 259.00
2014-06-30 1,540.00 0.00 292.00
2014-03-31 1,472.00 0.00 288.00
2013-12-31 1,463.60 1,125.90 392.00
2013-09-30 1,416.00 1,187.00 317.00
2013-06-30 1,456.00 1,241.00 291.00
2013-03-31 1,509.00 0.00 306.00
2012-12-31 1,533.60 1,081.70 349.60
2012-09-30 1,665.00 0.00 263.00
  • Gunnebo's level of debt (165.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0% vs 165.9% today).
  • Debt is not well covered by operating cash flow (11.9%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.3x coverage).
X
Financial health checks
We assess Gunnebo'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. Gunnebo has a total score of 3/6, 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.

GUNN Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.92%
Current annual income from Gunnebo dividends. Estimated to be 4.09% next year.
If you bought SEK2,000 of Gunnebo shares you are expected to receive SEK38 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?
  • Gunnebo's pays a higher dividend yield than the bottom 25% of dividend payers in Sweden (1.89%).
  • Gunnebo's dividend is below the markets top 25% of dividend payers in Sweden (4.38%).
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
OM:GUNN 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
Sweden Commercial Services Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 3%
Sweden Market Average Dividend Yield Market Cap Weighted Average of 244 Stocks 3.6%
Sweden Minimum Threshold Dividend Yield 10th Percentile 1.2%
Sweden Bottom 25% Dividend Yield 25th Percentile 1.9%
Sweden Top 25% Dividend Yield 75th Percentile 4.4%

Industry and Market average data is calculated daily.

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

OM:GUNN Future Dividends Estimate Data
Date (Data in SEK) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.40 1.00
2020-12-31 1.20 1.00
2019-12-31 0.60 1.00
OM:GUNN Past Annualized Dividends Data
Date (Data in SEK) Dividend per share (annual) Avg. Yield (%)
2019-03-05 0.500 1.890
2018-03-20 1.200 4.609
2018-02-02 1.200 3.787
2017-04-05 1.200 3.006
2016-03-04 1.000 2.403
2015-03-06 1.000 2.480
2014-04-11 1.000 2.579
2013-04-10 1.000 2.950
2012-04-26 1.000 3.592
2011-02-28 0.500 1.557
2011-02-09 0.500 1.212
2009-10-23 0.000 0.000
2009-07-17 0.000 0.000
2009-04-23 0.000 0.000
2009-02-06 0.000 0.000

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

  • Gunnebo has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Gunnebo has only been paying a dividend for 8 years, and since then there has been no growth.
Current Payout to shareholders
What portion of Gunnebo's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.2x coverage).
X
Income/ dividend checks
We assess Gunnebo's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - 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 Gunnebo afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Gunnebo has a total score of 3/6, see the detailed checks below.


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

GUNN Management

 What is the CEO of Gunnebo'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
Henrik Lange
COMPENSATION SEK9,559,000
AGE 58
TENURE AS CEO 4.5 years
CEO Bio

Mr. Henrik Lange serves as the Chief Executive Officer and President of Gunnebo AB and served as its Acting Senior Vice President of Region EMEA since September 14, 2016. Mr. Lange served as Acting Chief Financial Officer of Gunnebo AB from June 15, 2015 to September 1, 2015. Mr. Lange served as the Chief Financial Officer of SKF AB from May 1, 2013 to January 19, 2015 and its Executive Vice President from March 2013 to January 19, 2015 and also served as its President of Industrial Market for Strategic Industries since January 2012. He served as the Chief Financial Officer and Executive Vice President of SKF USA Inc. He served as the President of Industrial Division at SKF AB from January 2006 to 2013 and as President of Industrial Division at SKF USA Inc. He served as Senior Vice President of Group Business Development at SKF Inc. and SKF AB from 2003 to 2005. Mr. Lange held a number of previous managerial positions at SKF AB, including Chief Executive Officer of its Austrian and Polish subsidiaries. He served as the Chief Executive Officer at Custos AB (Johnson Pump AB & Johnson Pump International AB) from 2000 to 2003. His professional experience spans over 17 years in various senior positions in the field of Finance and Manufacturing. At SKF Group, he served as an Assistant Controller of SKF Bearing Services, Sweden, Financial Controller of SKF UK Limited, Division Controller of SKF Industrial Sales Div/ Sales Company Division, Managing Director at SKF Poland Sp. z o.o. from 1995 to 1997 and SKF Austria. He served as Managing Director of SKF Österreich AG from 1997 to 2000. He held several executive and managerial positions within SKF and IBM. He served as the Chairman of the Supervisory Board of SKF Lubrication Systems Germany AG. He has been a Director of Endorsia.com International AB since 2003, Alfa Laval AB (publ) since 2018, PartnerTech AB since April 2008 and Scanfil Sweden AB (alternate name, PartnerTech Oy) since April 2008. He serves as a Board Member of SKF GmbH, SKF Sverige AB, SKF Japan Ltd., SKF (China) Investment Co. Ltd., China and SKF (Dalian) Bearings and Precision Technologies Co. Ltd., China. He served as a Director of PKC Group Oyj since 2016 until April 04, 2017. He served as a Director of Custos AB since March 2002. He served as a Non-Executive & Non-Independent Director of SKF India Ltd. from April 27, 2006 to June 01, 2015. Mr. Lange earned an MBA in International Economics and Business Administration and BSBA in International Economics from School of Business, Economics and Law from Göteborg University. He has completed part time studies at the Masters program at City University Business School from London. He holds MBA in International Economics from Handelshögskolan vid Göteborgs universitet.

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

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

3.5
Average Tenure
51
Average Age
  • The tenure for the Gunnebo management team is about average.
Management Team

Henrik Lange

TITLE
President & CEO
COMPENSATION
SEK10M
AGE
58
TENURE
4.5 yrs

Susanne Larsson

TITLE
Group CFO and Head of Finance & IT
AGE
51
TENURE
3.8 yrs

Karin Nordén

TITLE
Senior Vice President of Marketing & Communications
AGE
41
TENURE
2.5 yrs

Christian Carlsson

TITLE
Senior Vice President of Human Resources & Sustainability
AGE
44
TENURE
2.6 yrs

Robert Hermans

TITLE
Senior Vice President of Entrance Control
AGE
51
TENURE
9.5 yrs

Sacha de La Noë

TITLE
Senior Vice President of Asia-Pacific
AGE
49
TENURE
4.5 yrs

Dan Schroeder

TITLE
Senior Vice President of Region Americas
AGE
55
TENURE
3.5 yrs

Stefan Syrén

TITLE
Senior Vice President of Safe Storage & Integrated Security
AGE
53
TENURE
1.2 yrs

Christian Weisser

TITLE
Senior Vice President of Business Unit Cash Management
AGE
53
TENURE
0.4 yrs
Board of Directors Tenure

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

5.9
Average Tenure
56
Average Age
  • The tenure for the Gunnebo board of directors is about average.
Board of Directors

Martin Svalstedt

TITLE
Chairman
AGE
56
TENURE
11.5 yrs

Eva Elmstedt

TITLE
Director
AGE
59
TENURE
4.5 yrs

Mikael Jönsson

TITLE
Director
AGE
56
TENURE
19.5 yrs

Göran Bille

TITLE
Director
AGE
64
TENURE
11.5 yrs

Crister Carlsson

TITLE
Employee Representative Director
COMPENSATION
SEK39K
AGE
54
TENURE
0.5 yrs

Charlotte Jansdotter Karlberg

TITLE
Director
AGE
56
TENURE
7.3 yrs

Anna Saether

TITLE
Director
AGE
48
TENURE
2.3 yrs

Micke Fridström

TITLE
Employee Representative Director
AGE
55
TENURE
1.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SEK) Value (SEK)
20. Nov 18 Buy Eva Elmstedt Individual 19. Nov 18 19. Nov 18 12,587 SEK23.70 SEK296,286
17. Nov 18 Buy Göran Bille Individual 16. Nov 18 16. Nov 18 40,000 SEK23.60 SEK944,000
22. Jul 18 Buy Eva Elmstedt Individual 20. Jul 18 20. Jul 18 3,413 SEK28.05 SEK95,735
X
Management checks
We assess Gunnebo'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. Gunnebo 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.

GUNN News

Simply Wall St News

Would Gunnebo AB (publ) (STO:GUNN) Be Valuable To Income Investors?

Click the interactive chart for our full dividend analysis OM:GUNN Historical Dividend Yield, July 8th 2019 Payout ratios Dividends are typically paid from company earnings. … Conclusion When we look at a dividend stock, we need to form a judgement on whether the dividend will grow, if the company is able to maintain it in a wide range of economic circumstances, and if the dividend payout is sustainable. … Unfortunately, earnings growth has also been mediocre, and the company has cut its dividend at least once in the past.

Simply Wall St -

Have Insiders Been Buying Gunnebo AB (publ) (STO:GUNN) Shares?

So we'll take a look at whether insiders have been buying or selling shares in Gunnebo AB (publ) (STO:GUNN). … Insider Ownership of Gunnebo Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. … Overall we don't see anything to make us think Gunnebo insiders are doubting the company, and they do own shares.

Simply Wall St -

How Much is Gunnebo AB (publ)'s (STO:GUNN) CEO Getting Paid?

At the time of writing our data says that Gunnebo AB (publ) has a market cap of kr2.1b, and is paying total annual CEO compensation of kr9.6m. … When we examined a selection of companies with market caps ranging from kr958m to kr3.8b, we found the median CEO total compensation was kr3.1m. … Thus we can conclude that Henrik Lange receives more in total compensation than the median of a group of companies in the same market, and of similar size to Gunnebo AB (publ).

Simply Wall St -

An Intrinsic Calculation For Gunnebo AB (publ) (STO:GUNN) Suggests It's 42% Undervalued

A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, and so the sum of these future cash flows is then discounted to today's value: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (SEK, Millions) SEK181.00 SEK222.00 SEK242.00 SEK256.93 SEK268.36 SEK277.06 SEK283.72 SEK288.86 SEK292.89 SEK296.14 Growth Rate Estimate Source Analyst x1 Analyst x1 Analyst x1 Est @ 6.17% Est @ 4.45% Est @ 3.24% Est @ 2.4% Est @ 1.81% Est @ 1.4% Est @ 1.11% Present Value (SEK, Millions) Discounted @ 7.5% SEK168.38 SEK192.12 SEK194.82 SEK192.41 SEK186.96 SEK179.56 SEK171.05 SEK162.00 SEK152.81 SEK143.73 Present Value of 10-year Cash Flow (PVCF)= SEK1.74b "Est" = FCF growth rate estimated by Simply Wall St We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = kr296m × (1 + 0.4%) ÷ (7.5% – 0.4%) = kr4.2b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = SEKkr4.2b ÷ ( 1 + 7.5%)10 = SEK2.04b The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is SEK3.79b. … OM:GUNN Intrinsic value, May 17th 2019 Important assumptions Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows.

Simply Wall St -

Is Gunnebo AB (publ)'s (STO:GUNN) High P/E Ratio A Problem For Investors?

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … How Do I Calculate A Price To Earnings Ratio … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Are Gunnebo AB (publ)’s Returns On Capital Worth Investigating?

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 -

Boasting A 11% Return On Equity, Is Gunnebo AB (publ) (STO:GUNN) A Top Quality Stock?

This article is for those who would like to learn about Return On Equity (ROE). … That means that for every SEK1 worth of shareholders' equity, it generated SEK0.11 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Gunnebo AB (STO:GUNN): Ex-Dividend Is In 4 Days

To qualify for the dividend check of kr0.50 per share, investors must have owned the shares prior to 12 April 2019, which is the last day the company's management will finalize their list of shareholders to which they will send dividend payments. … Investors looking for higher income-generating stocks to add to their portfolio should keep reading, as I take a deeper dive into Gunnebo's latest financial data to analyse its dividend attributes. … When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas:?

Simply Wall St -

Does Gunnebo AB (STO:GUNN) Have A Place In Your Dividend Stock Portfolio?

Dividends play an important role in compounding returns in the long run and end up forming a sizeable part of investment returns. … Historically, Gunnebo AB (STO:GUNN) has paid dividends to shareholders, and these days it yields 1.9%. … Let's dig deeper into whether Gunnebo should have a place in your portfolio.

Simply Wall St -

What Are Analysts Saying About Gunnebo AB's (STO:GUNN) Future?

In December 2018, Gunnebo AB (STO:GUNN) released its earnings update. … with earnings expected to grow by 30% in the upcoming year … the past 5-year average growth rate of -0.5%

Simply Wall St -

GUNN Company Info

Description

Gunnebo AB (publ) develops and supplies security products, services, and software for banks, retail, mass transit, public and commercial buildings, and industrial and high-risk sites. It offers cash management solutions, such as closed cash handling terminals that replaces manual tills; cash deposit solutions, which enhance cash management and cash handling processes; cash recycling self-service terminals for managing notes and coins; and CashControl, a Web-based application that allows retailers and cash in transit to control the cash process in the stores. The company also provides entrance security solutions, including airport security gates, fare collection gates, speed gates, and tripod and full height turnstiles; integrated security solutions, such as security and interlocking doors, windows, partitions, and fire safety products, as well as electronic article surveillance and video surveillance; and safe storage solutions, including safes and vaults, security cabinets, and mechanical and automated safe deposit lockers and locks. The company offers cash management solutions under the Gunnebo, sallén, and Hamilton brands; entrance control solutions under the Gunnebo and elkosta brands; safe storage solutions under the Chubbsafes, Rosengrens, Hamilton, Steelage, and Gunnebo brands; and integrated security solutions under the Gunnebo, Minimax, and gateway brands. It operates in Europe, the Middle East, Africa, the Asia Pacific, the Americas, and internationally. Gunnebo AB (publ) was founded in 1764 and is headquartered in Gothenburg, Sweden.

Details
Name: Gunnebo AB (publ)
GUNN
Exchange: OM
Founded: 1764
SEK1,995,307,964
76,448,581
Website: http://www.gunnebo.com
Address: Gunnebo AB (publ)
PO Box 5181,
Gothenburg,
402 26,
Sweden
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OM GUNN Ordinary Shares OMX Nordic Exchange Stockholm SE SEK 20. Dec 1993
LSE 0GNX Ordinary Shares London Stock Exchange GB SEK 20. Dec 1993
BATS-CHIXE GUNNs Ordinary Shares BATS 'Chi-X Europe' GB SEK 20. Dec 1993
Number of employees
Current staff
Staff numbers
4,325
Gunnebo employees.
Industry
Security and Alarm Services
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/19 20:33
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/19
Last earnings filing: 2019/04/26
Last earnings reported: 2019/03/31
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.