OM:FOI B

Stock Analysis Report

Fenix Outdoor International

Executive Summary

Fenix Outdoor International AG, together with its subsidiaries, develops, produces, and sells outdoor products primarily in Sweden, other Nordic countries, Benelux, Europe, North America, and internationally.

Rewards

Trading at 20.9% below its fair value

Earnings are forecast to grow 9.59% per year

Risk Analysis

No risks detected for FOI B from our risk checks.


Snowflake Analysis

Flawless balance sheet and fair value.


Similar Companies

Share Price & News

How has Fenix Outdoor International's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

-2.3%

FOI B

-0.4%

SE Specialty Retail

2.1%

SE Market


1 Year Return

16.9%

FOI B

32.4%

SE Specialty Retail

24.5%

SE Market

Return vs Industry: FOI B underperformed the Swedish Specialty Retail industry which returned 36.9% over the past year.

Return vs Market: FOI B underperformed the Swedish Market which returned 26.1% over the past year.


Shareholder returns

FOI BIndustryMarket
7 Day-2.3%-0.4%2.1%
30 Day1.0%-3.7%3.6%
90 Day11.5%-7.9%9.7%
1 Year18.4%16.9%39.5%32.4%29.7%24.5%
3 Year35.6%31.4%-9.6%-23.4%40.8%19.2%
5 Year164.8%150.9%-27.4%-42.5%58.0%24.2%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is Fenix Outdoor International undervalued compared to its fair value and its price relative to the market?

22.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FOI B (SEK1048) is trading below our estimate of fair value (SEK1324.4)

Significantly Below Fair Value: FOI B is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: FOI B is poor value based on its PE Ratio (19.5x) compared to the Specialty Retail industry average (15x).

PE vs Market: FOI B is good value based on its PE Ratio (19.2x) compared to the Swedish market (19.4x).


Price to Earnings Growth Ratio

PEG Ratio: FOI B is poor value based on its PEG Ratio (2x)


Price to Book Ratio

PB vs Industry: FOI B is overvalued based on its PB Ratio (4.2x) compared to the SE Specialty Retail industry average (2.7x).


Next Steps

Future Growth

How is Fenix Outdoor International forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

9.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FOI B's forecast earnings growth (9.6% per year) is above the savings rate (-0.4%).

Earnings vs Market: FOI B's earnings (9.6% per year) are forecast to grow slower than the Swedish market (9.7% per year).

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

Revenue vs Market: FOI B's revenue (3.8% per year) is forecast to grow slower than the Swedish market (4.4% per year).

High Growth Revenue: FOI B's revenue (3.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FOI B's Return on Equity is forecast to be low in 3 years time (19.9%).


Next Steps

Past Performance

How has Fenix Outdoor International performed over the past 5 years?

24.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FOI B has high quality earnings.

Growing Profit Margin: FOI B's current net profit margins (11.5%) are lower than last year (12.2%).


Past Earnings Growth Analysis

Earnings Trend: FOI B's earnings have grown significantly by 24.8% per year over the past 5 years.

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

Earnings vs Industry: FOI B had negative earnings growth (-0.8%) over the past year, making it difficult to compare to the Specialty Retail industry average (-1.6%).


Return on Equity

High ROE: FOI B's Return on Equity (21.6%) is considered high.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Fenix Outdoor International's financial position?


Financial Position Analysis

Short Term Liabilities: FOI B's short term assets (€308.4M) exceed its short term liabilities (€112.3M).

Long Term Liabilities: FOI B's short term assets (€308.4M) exceed its long term liabilities (€118.4M).


Debt to Equity History and Analysis

Debt Level: FOI B's debt to equity ratio (8.2%) is considered satisfactory.

Reducing Debt: FOI B's debt to equity ratio has reduced from 20.7% to 8.2% over the past 5 years.

Debt Coverage: FOI B's debt is well covered by operating cash flow (206.3%).

Interest Coverage: FOI B earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet

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

Debt Coverage by Assets: FOI B's debt is covered by short term assets (assets are 11.8x debt).


Next Steps

Dividend

What is Fenix Outdoor International's current dividend yield, its reliability and sustainability?

1.20%

Current Dividend Yield


Dividend Yield vs Market

company1.2%marketbottom25%1.6%markettop25%4.4%industryaverage5.1%forecastin3Years1.7%

Current dividend yield vs market & industry

Notable Dividend: FOI B's dividend (1.18%) isn’t notable compared to the bottom 25% of dividend payers in the Swedish market (1.57%).

High Dividend: FOI B's dividend (1.18%) is low compared to the top 25% of dividend payers in the Swedish market (4.45%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, FOI B has been paying a dividend for less than 10 years.

Growing Dividend: FOI B's dividend payments have increased, but the company has only paid a dividend for 5 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (22.9%), FOI B's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FOI B's dividends in 3 years are forecast to be well covered by earnings (28.7% payout ratio).


Next Steps

Management

What is the CEO of Fenix Outdoor International's salary, the management and board of directors tenure and is there insider trading?

1.8yrs

Average management tenure


CEO

Martin Nordin (57yo)

18yrs

Tenure

€755,000

Compensation

Mr. Martin Nordin serves as the Managing Director at HANWAG GmbH. Mr. Nordin has served as Executive Chairman since April 2018 and CEO of Fenix Outdoor AB since 2002. He serves as Executive Chairman & Dire ...


CEO Compensation Analysis

Compensation vs Market: Martin's total compensation ($USD839.92K) is about average for companies of similar size in the Swedish market ($USD727.33K).

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


Management Age and Tenure

1.8yrs

Average Tenure

53yo

Average Age

Experienced Management: FOI B's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.


Board Age and Tenure

4.0yrs

Average Tenure

60yo

Average Age

Experienced Board: FOI B's board of directors are considered experienced (4 years average tenure).


Insider Trading

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.


Management Team

  • Martin Nordin (57yo)

    Executive Chairman & CEO

    • Tenure: 18yrs
    • Compensation: €755.00k
  • Thomas Lindberg (56yo)

    Chief Financial Officer

    • Martin Axelhed (43yo)

      Executive Vice President

      • Tenure: 1.8yrs
    • Alex Koska (53yo)

      President

      • Tenure: 1.8yrs
      • Compensation: €495.00k
    • Susanne Nordin (53yo)

      Senior Executive & Director

      • Tenure: 4yrs

    Board Members

    • Sven Stork (79yo)

      Permanent Honorary Member of Board of Directors

      • Tenure: 2yrs
    • Rolf Schmid (60yo)

      Director

      • Martin Nordin (57yo)

        Executive Chairman & CEO

        • Tenure: 18yrs
        • Compensation: €755.00k
      • Ulf Gustafsson (64yo)

        Director

        • Tenure: 6.7yrs
      • Mats Olsson (71yo)

        Independent Director

        • Tenure: 34yrs
      • Susanne Nordin (53yo)

        Senior Executive & Director

        • Tenure: 4yrs
      • Sebastian von Wallwitz (54yo)

        Director

        • Tenure: 4yrs

      Company Information

      Fenix Outdoor International AG's company bio, employee growth, exchange listings and data sources


      Key Information

      • Name: Fenix Outdoor International AG
      • Ticker: FOI B
      • Exchange: OM
      • Founded:
      • Industry: Specialty Stores
      • Sector: Retail
      • Market Cap: kr13.687b
      • Shares outstanding: 13.34m
      • Website: https://www.fenixoutdoor.se

      Number of Employees


      Location

      • Fenix Outdoor International AG
      • Industristrasse 6
      • Zug
      • Zug
      • 6300
      • Switzerland

      Listings

      TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
      FOI BOM (OMX Nordic Exchange Stockholm)YesClass B Ordinary SharesSESEKJun 2014
      FOIBSBATS-CHIXE (BATS 'Chi-X Europe')YesClass B Ordinary SharesGBSEKJun 2014
      0QVELSE (London Stock Exchange)YesClass B Ordinary SharesGBSEKJun 2014
      FNXT.FOTCPK (Pink Sheets LLC)YesClass B Ordinary SharesUSUSDJun 2014

      Biography

      Fenix Outdoor International AG, together with its subsidiaries, develops, produces, and sells outdoor products primarily in Sweden, other Nordic countries, Benelux, Europe, North America, and internationally. The company operates through three segments: Brands, Global Sales, and Frilufts. It offers backpacks, sleeping bags, tents, stoves, lanterns, apparel, outdoor shoes and boots, and navigation equipment, as well as accessories. The company sells its products under the Fjällräven, Tierra, Primus, Hanwag, Brunton, Royal Robbins brand names through 74 stores, including 33 in Sweden, 19 in Finland, 12 in Germany, and 10 in Denmark, as well as 44 brand retail shops and e-commerce stores. Fenix Outdoor International AG is based in Zug, Switzerland. 


      Company Analysis and Financial Data Status

      All financial data provided by Standard & Poor's Capital IQ.
      DataLast Updated (UTC time)
      Company Analysis2020/01/17 21:35
      End of Day Share Price2020/01/17 00:00
      Earnings2019/09/30
      Annual Earnings2018/12/31


      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.