Loading...

PICO Holdings

Nasdaq:PICO
Snowflake Description

Excellent balance sheet with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PICO
Nasdaq
$224M
Market Cap
  1. Home
  2. US
  3. Commercial Services
Company description

PICO Holdings, Inc., together with its subsidiaries, engages in the water resource and water storage activities in the southwestern United States. The last earnings update was 74 days ago. More info.


Add to Portfolio Compare Print
PICO Share Price and Events
7 Day Returns
-3.1%
NasdaqGS:PICO
1.3%
US Commercial Services
1.1%
US Market
1 Year Returns
-12%
NasdaqGS:PICO
10.4%
US Commercial Services
4.7%
US Market
PICO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
PICO Holdings (PICO) -3.1% -0.8% 1.9% -12% 10.8% -50.8%
US Commercial Services 1.3% 0.5% 5.2% 10.4% 52.9% 78.5%
US Market 1.1% 4.3% 2.9% 4.7% 37.7% 43.6%
1 Year Return vs Industry and Market
  • PICO underperformed the Commercial Services industry which returned 10.4% over the past year.
  • PICO underperformed the Market in United States of America which returned 4.7% over the past year.
Price Volatility
PICO
Industry
5yr Volatility vs Market

Value

 Is PICO Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of PICO Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for PICO Holdings.

NasdaqGS:PICO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

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 NasdaqGS:PICO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
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))
= 0.67 (1 + (1- 21%) (0.19%))
0.78
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)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NasdaqGS:PICO using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for PICO Holdings 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.

NasdaqGS:PICO DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2020 11.09 Est @ -21.94% 10.32
2021 9.48 Est @ -14.54% 8.20
2022 8.59 Est @ -9.36% 6.91
2023 8.10 Est @ -5.73% 6.06
2024 7.84 Est @ -3.19% 5.46
2025 7.73 Est @ -1.42% 5.01
2026 7.71 Est @ -0.17% 4.65
2027 7.77 Est @ 0.7% 4.36
2028 7.87 Est @ 1.31% 4.11
2029 8.01 Est @ 1.73% 3.89
Present value of next 10 years cash flows $58.96
NasdaqGS:PICO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $8.01 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$172.49
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $172.49 ÷ (1 + 7.5%)10
$83.71
NasdaqGS:PICO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $58.96 + $83.71
$142.67
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $142.67 / 20.25
$7.05
NasdaqGS:PICO Discount to Share Price
Calculation Result
Value per share (USD) From above. $7.05
Current discount Discount to share price of $11.05
= -1 x ($11.05 - $7.05) / $7.05
-56.8%

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

  • The current share price of PICO Holdings is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for PICO Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are PICO Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:PICO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.29
NasdaqGS:PICO Share Price ** NasdaqGS (2019-07-16) in USD $11.05
United States of America Commercial Services Industry PE Ratio Median Figure of 46 Publicly-Listed Commercial Services Companies 23.09x
United States of America Market PE Ratio Median Figure of 3,084 Publicly-Listed Companies 17.98x

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

** Primary Listing of PICO Holdings.

NasdaqGS:PICO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:PICO Share Price ÷ EPS (both in USD)

= 11.05 ÷ 0.29

38.35x

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

  • PICO Holdings is overvalued based on earnings compared to the US Commercial Services industry average.
  • PICO Holdings is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does PICO Holdings's expected growth come at a high price?
Raw Data
NasdaqGS:PICO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 38.35x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
United States of America Commercial Services Industry PEG Ratio Median Figure of 34 Publicly-Listed Commercial Services Companies 1.64x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.58x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for PICO Holdings, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on PICO Holdings's assets?
Raw Data
NasdaqGS:PICO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $8.81
NasdaqGS:PICO Share Price * NasdaqGS (2019-07-16) in USD $11.05
United States of America Commercial Services Industry PB Ratio Median Figure of 86 Publicly-Listed Commercial Services Companies 1.84x
United States of America Market PB Ratio Median Figure of 5,240 Publicly-Listed Companies 1.81x
NasdaqGS:PICO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:PICO Share Price ÷ Book Value per Share (both in USD)

= 11.05 ÷ 8.81

1.25x

* Primary Listing of PICO Holdings.

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

  • PICO Holdings is good value based on assets compared to the US Commercial Services industry average.
X
Value checks
We assess PICO Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the 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. PICO Holdings has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

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

Future Performance

 How is PICO Holdings expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as PICO Holdings has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

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
14.9%
Expected Commercial Services industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is PICO Holdings expected to grow at an attractive rate?
  • Unable to compare PICO Holdings's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare PICO Holdings's earnings growth to the United States of America market average as no estimate data is available.
  • Unable to compare PICO Holdings's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:PICO Future Growth Rates Data Sources
Data Point Source Value (per year)
United States of America Commercial Services Industry Earnings Growth Rate Market Cap Weighted Average 14.9%
United States of America Commercial Services Industry Revenue Growth Rate Market Cap Weighted Average 5.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.5%

*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
NasdaqGS:PICO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:PICO Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 27 14 6
2018-12-31 16 3 -3
2018-09-30 3 2 -5
2018-06-30 3 -2 -2
2018-03-31 2 -31 -5
2017-12-31 27 -10 6
2017-09-30 35 3 -11
2017-06-30 35 9 -15
2017-03-31 27 31 -21
2016-12-31 1 -6 -34
2016-09-30 108 8 -15
2016-06-30 184 -24 -12

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if PICO Holdings is high growth as no earnings estimate data is available.
  • Unable to determine if PICO Holdings is high growth as no revenue estimate data is available.
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
NasdaqGS:PICO 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 0 Analyst Estimates (S&P Global) See Below

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

NasdaqGS:PICO Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.29
2018-12-31 -0.15
2018-09-30 -0.22
2018-06-30 -0.08
2018-03-31 -0.20
2017-12-31 0.26
2017-09-30 -0.46
2017-06-30 -0.64
2017-03-31 -0.93
2016-12-31 -1.47
2016-09-30 -0.66
2016-06-30 -0.52

*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.
  • Unable to establish if PICO Holdings will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine PICO Holdings's financial health to determine how well-positioned it is against times of financial stress by looking at its level of debt over time and how much cash it has left.
  2. PICO Holdings's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Commercial Services companies here
  3. PICO Holdings's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess PICO Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America 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.
PICO Holdings has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

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

Past Performance

  How has PICO Holdings 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 PICO Holdings'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.
  • PICO Holdings has delivered over 20% year on year earnings growth in the past 5 years.
  • PICO Holdings has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • PICO Holdings has become profitable in the last year making it difficult to compare the US Commercial Services industry average.
Earnings and Revenue History
PICO Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

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

NasdaqGS:PICO Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 27.44 6.18 10.83
2018-12-31 15.67 -3.37 11.05
2018-09-30 2.93 -5.00 11.50
2018-06-30 2.52 -1.79 10.58
2018-03-31 1.54 -4.66 11.29
2017-12-31 27.39 6.11 12.41
2017-09-30 35.06 -10.72 16.24
2017-06-30 35.33 -14.86 18.95
2017-03-31 26.73 -21.34 21.44
2016-12-31 0.63 -33.99 22.43
2016-09-30 107.57 -15.11 33.62
2016-06-30 184.14 -12.02 42.96
2016-03-31 239.17 -31.00 53.19
2015-12-31 3.86 -38.82 20.03
2015-09-30 220.76 -54.88 64.61
2015-06-30 202.87 -57.08 66.49
2015-03-31 215.37 -35.64 68.05
2014-12-31 192.37 -38.35 65.12
2014-09-30 229.16 -24.16 63.35
2014-06-30 276.79 -11.28 67.67
2014-03-31 314.43 -16.38 73.23
2013-12-31 136.54 0.97 66.70
2013-09-30 333.28 -17.52 71.99
2013-06-30 293.86 -32.89 65.85
2013-03-31 201.20 -35.39 55.79
2012-12-31 150.08 -25.93 46.57
2012-09-30 119.88 -31.09 53.01

*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.
  • PICO Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • PICO Holdings used its assets less efficiently than the US Commercial Services industry average last year based on Return on Assets.
  • PICO Holdings has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess PICO Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the 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.
PICO Holdings has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

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

Health

 How is PICO Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up PICO Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • PICO Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • PICO Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of PICO Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are -3.0941530879886E+17x 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 PICO Holdings Company Filings, last reported 3 months ago.

NasdaqGS:PICO Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 178.99 0.00 17.18
2018-12-31 176.62 0.00 12.55
2018-09-30 184.50 0.00 20.83
2018-06-30 195.97 0.00 30.61
2018-03-31 199.46 0.00 29.85
2017-12-31 207.16 0.00 37.13
2017-09-30 323.96 0.00 25.00
2017-06-30 431.52 0.00 36.72
2017-03-31 433.32 0.00 52.83
2016-12-31 427.57 0.00 19.61
2016-09-30 425.34 157.79 37.95
2016-06-30 426.07 162.69 45.09
2016-03-31 427.67 158.58 39.95
2015-12-31 434.00 155.97 56.46
2015-09-30 431.36 170.15 40.15
2015-06-30 443.37 159.46 44.34
2015-03-31 492.79 223.33 47.97
2014-12-31 511.55 135.45 62.68
2014-09-30 544.74 147.90 56.15
2014-06-30 554.64 134.02 61.13
2014-03-31 550.63 135.54 92.41
2013-12-31 564.85 136.77 138.04
2013-09-30 572.75 153.32 157.68
2013-06-30 455.87 150.45 67.44
2013-03-31 463.90 158.81 62.37
2012-12-31 478.50 141.01 100.12
2012-09-30 483.09 139.96 85.21
  • PICO Holdings's level of debt (0%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (24.6% vs 0% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • PICO Holdings has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess PICO Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. PICO Holdings has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


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

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from PICO Holdings dividends.
If you bought $2,000 of PICO Holdings shares you are expected to receive $0 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?
  • Unable to evaluate PICO Holdings's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate PICO Holdings's dividend against the top 25% market benchmark as the company has not reported any payouts.
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
NasdaqGS:PICO 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 0 Analyst Estimates (S&P Global) See Below
United States of America Commercial Services Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 1.6%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2017 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

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

  • Unable to perform a dividend volatility check as PICO Holdings has not reported any payouts.
  • Unable to verify if PICO Holdings's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of PICO Holdings's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as PICO Holdings has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess PICO Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 PICO Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. PICO Holdings has a total score of 0/6, see the detailed checks below.


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

Management

 What is the CEO of PICO Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Dorothy Timian-Palmer
COMPENSATION $406,613
AGE 61
TENURE AS CEO 0.9 years
CEO Bio

Ms. Dorothy Ann Timian-Palmer, P.E. serves as President and Chief Executive Officer of Vidler Water Company, PICO Holdings, Inc. wholly-owned subsidiary which owns water resources and water storage operations in the southwestern United States, since October 2016. She is a Director of PICO Holdings, Inc. since March 8, 2018 and serves as its Chief Executive Officer since August 2, 2018. She serves as President and Chief Executive Officer of PICO Holdings, Inc and served as its President until August Ms. Timian-Palmer has 35 years of experience within the water resources field including both agricultural and municipal water management. During her engineering career she held the position of Utilities Director for Carson City, Nevada, one of the fastest growth areas in the west. Under her leadership, water management programs such as groundwater recharge, conjunctive use management, and wastewater reuse were implemented. Ms. Timian-Palmer has extensive experience in water rights acquisition, rate making theory, water production and storage, water treatment, and supply distribution. She holds State of Nevada licenses for both Professional Civil Engineering and Water Right Surveying. Ms.Timian-Palmer is a 1983 graduate from the University of Arizona with a Bachelor of Science degree in Engineering, specializing in water resources.

CEO Compensation
  • Insufficient data for Dorothy to compare compensation growth.
  • Dorothy's remuneration is lower than average for companies of similar size in United States of America.
Management Team

Dorothy Timian-Palmer

TITLE
President
COMPENSATION
$407K
AGE
61
TENURE
0.9 yrs

John Perri

TITLE
CFO & Secretary
COMPENSATION
$417K
AGE
49
TENURE
2.8 yrs
Board of Directors Tenure

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

1.3
Average Tenure
52
Average Age
  • The average tenure for the PICO Holdings board of directors is less than 3 years, this suggests a new board.
Board of Directors

Max Webb

TITLE
Executive Chairman of the Board
COMPENSATION
$386K
AGE
58
TENURE
2.7 yrs

Dorothy Timian-Palmer

TITLE
President
COMPENSATION
$407K
AGE
61
TENURE
1.3 yrs

Eric Speron

TITLE
Lead Independent Director
COMPENSATION
$35K
AGE
39
TENURE
1.2 yrs

Greg Bylinsky

TITLE
Independent Director
COMPENSATION
$44K
AGE
52
TENURE
2.2 yrs

Nicole Weymouth

TITLE
Independent Director
COMPENSATION
$36K
AGE
44
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
12. Oct 18 Buy Dorothy Timian-Palmer Individual 10. Oct 18 10. Oct 18 1,820 $12.19 $22,185
X
Management checks
We assess PICO Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. PICO Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

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

News

Simply Wall St News

What Kind Of Shareholders Own PICO Holdings, Inc. (NASDAQ:PICO)?

With a market capitalization of US$231m, PICO Holdings is a small cap stock, so it might not be well known by many institutional investors. … See our latest analysis for PICO Holdings NasdaqGS:PICO Ownership Summary, July 10th 2019 What Does The Institutional Ownership Tell Us About PICO Holdings? … Insider Ownership Of PICO Holdings The definition of company insiders can be subjective, and does vary between jurisdictions.

Simply Wall St -

Such Is Life: How PICO Holdings (NASDAQ:PICO) Shareholders Saw Their Shares Drop 52%

Investors should note that there's a difference between PICO Holdings's total shareholder return (TSR) and its share price change, which we've covered above. … We note that PICO Holdings's TSR, at -34% is higher than its share price return of -52%. … A Different Perspective Investors in PICO Holdings had a tough year, with a total loss of 0.9%, against a market gain of about 4.6%.

Simply Wall St -

Why You Should Care About PICO Holdings, Inc.’s (NASDAQ:PICO) Low Return On Capital

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for PICO Holdings: 0.049 = US$8.8m ÷ (US$183m - US$572k) (Based on the trailing twelve months to March 2019.) So, PICO Holdings has an ROCE of 4.9%. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE. … PICO Holdings has very few current liabilities, which have a minimal effect on its already low ROCE.

Simply Wall St -

Before You Buy PICO Holdings, Inc. (NASDAQ:PICO), Consider Its Volatility

Some stocks mimic the volatility of the market quite closely, while others demonstrate muted, exagerrated or uncorrelated price movements. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one.

Simply Wall St -

Are Insiders Buying PICO Holdings, Inc. (NASDAQ:PICO) Stock?

So we'll take a look at whether insiders have been buying or selling shares in PICO Holdings, Inc. … PICO Holdings Insider Transactions Over The Last Year. … That means that an insider was happy to buy shares at above the current price.

Simply Wall St -

Did Changing Sentiment Drive PICO Holdings's Share Price Down A Worrying 58%?

PICO Holdings isn't a profitable company, so it is unlikely we'll see a strong correlation between its share price and its earnings per share (EPS). … When a company doesn't yet make profits, we'd generally expect to see good revenue growth. … That's because it's hard to be confident a company will be sustainable if revenue growth is negligible, and it never makes a profit.

Simply Wall St -

What Investors Should Know About PICO Holdings, Inc.'s (NASDAQ:PICO) Financial Strength

However, it also faces higher cost of capital given interest cost is generally lower than equity. … Does PICO's growth rate justify its decision for financial flexibility over lower cost of capital … Debt funding can be cheaper than issuing new equity due to lower interest cost on debt.

Simply Wall St -

Need To Know: PICO Holdings, Inc. (NASDAQ:PICO) Insiders Have Been Buying Shares

(NASDAQ:PICO), you may well want to know whether insiders have been buying or selling. … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … That means that even when the share price was higher, an insider wanted to purchase shares.

Simply Wall St -

How Many PICO Holdings Inc (NASDAQ:PICO) Shares Do Institutions Own?

Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … We also tend to see lower insider ownership in companies that were previously publicly owned. … PICO Holdings is a smaller company with a market capitalization of US$213m, so it may still be flying under the radar of many institutional investors.

Simply Wall St -

How Does Investing In PICO Holdings Inc (NASDAQ:PICO) Impact Your Portfolio?

Some stocks mimic the volatility of the market quite closely, while others demonstrate muted, exagerrated or uncorrelated price movements. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Company Info

Description

PICO Holdings, Inc., together with its subsidiaries, engages in the water resource and water storage activities in the southwestern United States. It engages in selling its water rights and storage credits in Arizona, Colorado, Nevada, and New Mexico. The Company sells its water rights to real estate developers, power generating facilities, or other commercial and industrial users, as well as to water utilities, municipalities, and other government agencies; and sells its stored water to state agencies, commercial developers, or municipalities for their commercial projects or communities. It also leases and sells water assets and land. PICO Holdings, Inc. was founded in 1981 and is based in Carson City, Nevada.

Details
Name: PICO Holdings, Inc.
PICO
Exchange: NasdaqGS
Founded: 1981
$223,760,091
20,249,782
Website: http://www.picoholdings.com
Address: PICO Holdings, Inc.
3480 GS Richards Boulevard,
Suite 101,
Carson City,
Nevada, 89703,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS PICO Common Stock Nasdaq Global Select US USD 21. Nov 1996
DB PID Common Stock Deutsche Boerse AG DE EUR 21. Nov 1996
Number of employees
Current staff
Staff numbers
17
PICO Holdings employees.
Industry
Environmental and Facilities Services
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/16 23:46
End of day share price update: 2019/07/16 00:00
Last earnings filing: 2019/05/03
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.