OTCPK:ITRU.F

Stock Analysis Report

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Executive Summary

Intertrust N.V. provides corporate, fund, capital market, and private wealth services in Western Europe, the Americas, and internationally.


Snowflake Analysis

Good value with moderate growth potential.

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

0%

ITRU.F

-1.6%

US Professional Services

2.3%

US Market


1 Year Return

n/a

ITRU.F

7.7%

US Professional Services

6.7%

US Market

Return vs Industry: Insufficient data to determine how ITRU.F performed against the US Professional Services industry.

Return vs Market: Insufficient data to determine how ITRU.F performed against the US Market.


Shareholder returns

ITRU.FIndustryMarket
7 Day0%-1.6%2.3%
30 Day0%-0.2%1.5%
90 Day18.9%16.2%17.8%
1 Yearn/a8.5%7.7%9.0%6.7%
3 Year-22.5%-22.5%47.0%42.6%36.6%27.7%
5 Yearn/a74.0%65.2%64.2%46.2%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

47.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ITRU.F ($15.3) is trading below our estimate of fair value ($28.9)

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


Price To Earnings Ratio

PE vs Industry: ITRU.F is poor value based on its PE Ratio (20.5x) compared to the US Professional Services industry average (18.3x).

PE vs Market: ITRU.F is poor value based on its PE Ratio (20.5x) compared to the US market (15.8x).


Price to Earnings Growth Ratio

PEG Ratio: ITRU.F is good value based on its PEG Ratio (0.6x)


Price to Book Ratio

PB vs Industry: ITRU.F is good value based on its PB Ratio (1.8x) compared to the US Professional Services industry average (2.8x).


Next Steps

Future Growth

How is Intertrust forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

34.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ITRU.F's forecast earnings growth (34.8% per year) is above the savings rate (2.2%).

Earnings vs Market: ITRU.F's earnings (34.8% per year) are forecast to grow faster than the US market (22.8% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: ITRU.F's revenue (3% per year) is forecast to grow slower than the US market (9.4% per year).

High Growth Revenue: ITRU.F's revenue (3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ITRU.F's Return on Equity is forecast to be low in 3 years time (16.2%).


Next Steps

Past Performance

How has Intertrust performed over the past 5 years?

34.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ITRU.F has high quality earnings.

Growing Profit Margin: ITRU.F's current net profit margins (11.9%) are lower than last year (17.8%).


Past Earnings Growth Analysis

Earnings Trend: ITRU.F's earnings have grown significantly by 34.8% per year over the past 5 years.

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

Earnings vs Industry: ITRU.F had negative earnings growth (-25%) over the past year, making it difficult to compare to the Professional Services industry average (9.5%).


Return on Equity

High ROE: ITRU.F's Return on Equity (8.7%) is considered low.


Next Steps

Financial Health

How is Intertrust's financial position?


Financial Position Analysis

Short Term Liabilities: ITRU.F's short term assets (€342.8M) exceed its short term liabilities (€338.6M).

Long Term Liabilities: ITRU.F's short term assets (€342.8M) do not cover its long term liabilities (€1.1B).


Debt to Equity History and Analysis

Debt Level: ITRU.F's debt to equity ratio (133.5%) is considered high.

Reducing Debt: ITRU.F had negative shareholder equity 5 years ago, but is now positive and has therefore improved.

Debt Coverage: ITRU.F's debt is not well covered by operating cash flow (18.3%).

Interest Coverage: ITRU.F's interest payments on its debt are well covered by EBIT (3.6x coverage).


Balance Sheet


Next Steps

Dividend

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

4.36%

Forecast Dividend Yield


Dividend Yield vs Market

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

High Dividend: Unable to evaluate ITRU.F'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 ITRU.F's dividends per share have been stable in the past.

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


Current Payout to Shareholders

Dividend Coverage: ITRU.F is not paying a notable dividend for the US market.


Future Payout to Shareholders

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


Next Steps

Management

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

2.3yrs

Average management tenure


CEO

Stephanie Miller (52yo)

2.5yrs

Tenure

€1,774,000

Compensation

Ms. Stephanie D. Miller has been Chief Executive Officer at Intertrust N.V. since January 22, 2018 and has been its Member of the Management Board since February 7, 2018. Ms. Miller serves as a Senior Vice ...


CEO Compensation Analysis

Compensation vs Market: Stephanie's total compensation ($USD2.00M) is below average for companies of similar size in the US market ($USD4.76M).

Compensation vs Earnings: Stephanie's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Stephanie Miller
CEO & Member of the Management Board2.5yrs€1.77m0.17% 2.6m
Rogier Maurice van Wijk
CFO & Member of Management Board0.83yr€392.09k0.042% 651.6k
Theo Splinter
Chief Operating Officer2.08yrsno datano data
Marieke Palstra
Director of Investor Relationsno datano datano data
Roberto Canenti
Chief Human Resources Officer2.08yrsno datano data
Cliff Pearce
Global Head of Capital Markets3.08yrsno datano data
Jan Van Drimmelen
Global Head of Corporate Client Servicesno datano datano data
Paul Lawrence
Global Head of Fund Servicesno datano datano data
Ian Rumens
Global Head of Private Wealthno datano datano data
Daniel Marc Jaffe
Managing Director of Rest of the World2.5yrsno datano data

2.3yrs

Average Tenure

49yo

Average Age

Experienced Management: ITRU.F's management team is considered experienced (2.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Stewart Bennett
Independent Vice-Chairperson of Supervisory Boardno datano datano data
Anthony Ruys
Independent Member of Supervisory Board4.92yrsno datano data
Charlotte Lambkin
Independent Member of Supervisory Board2.75yrsno datano data
Paul Willing
Member of Supervisory Board2.75yrsno datano data
Hélène Vletter-van Dort
Independent Chairperson of Supervisory Board5.5yrsno datano data
A. H. A. Van Laack
Independent Member of Supervisory Board3.17yrsno datano data

3.2yrs

Average Tenure

55.5yo

Average Age

Experienced Board: ITRU.F's board of directors are considered experienced (3.2 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

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


Key Information

  • Name: Intertrust N.V.
  • Ticker: ITRU.F
  • Exchange: OTCPK
  • Founded: 1952
  • Industry: Research and Consulting Services
  • Sector: Commercial Services
  • Market Cap: €1.372b
  • Listing Market Cap: €1.551b
  • Shares outstanding: 90.06m
  • Website: https://www.intertrustgroup.com

Number of Employees


Location

  • Intertrust N.V.
  • Prins Bernhardplein 200
  • PO Box 990
  • Amsterdam
  • Noord-Holland
  • 1000 AZ
  • Netherlands

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
INTERENXTAM (Euronext Amsterdam)YesOrdinary SharesNLEUROct 2015
4ITDB (Deutsche Boerse AG)YesOrdinary SharesDEEUROct 2015
INTERABATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEUROct 2015
0RCLLSE (London Stock Exchange)YesOrdinary SharesGBEUROct 2015
ITRU.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDOct 2015

Biography

Intertrust N.V. provides corporate, fund, capital market, and private wealth services in Western Europe, the Americas, and internationally. The company offers formation and implementation; domiciliation, management, and trustee; legal and tax compliance; regulatory and compliance; accounting and reporting services; and liquidation services. It also provides corporate secretarial, escrow, performance and reward management, process agent, and treasury management services. In addition, the company offers depositary, ManCo, outsourced fiduciary, and fund administration services. Further, it provides agency, corporate administration, investor reporting, listing, portfolio administration, and process agency services; and business succession, family governance, philanthropy and charitable trust, real estate, and treasury and investment services. It serves multinational corporations, financial institutions, real estate and private equity funds, ultra-high net worth individuals, and family offices. The company was founded in 1952 and is headquartered in Amsterdam, the Netherlands. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/11 00:53
End of Day Share Price2020/05/04 00:00
Earnings2020/03/31
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.