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Valora Holding

OTCPK:MKRM.F
Snowflake Description

6 star dividend payer and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MKRM.F
OTCPK
CHF964M
Market Cap
  1. Home
  2. US
  3. Retail
Company description

Valora Holding AG operates as a retail company in Europe. The last earnings update was 56 days ago. More info.


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MKRM.F Share Price and Events
7 Day Returns
0%
OTCPK:MKRM.F
0.7%
US Specialty Retail
0.4%
US Market
1 Year Returns
-
OTCPK:MKRM.F
25.2%
US Specialty Retail
6.8%
US Market
MKRM.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Valora Holding (MKRM.F) 0% 0% 0% - - -7%
US Specialty Retail 0.7% 9.7% 15.8% 25.2% 30.8% 57.5%
US Market 0.4% 2.6% 11% 6.8% 38.1% 45.7%
1 Year Return vs Industry and Market
  • No trading data on MKRM.F.
  • No trading data on MKRM.F.
Price Volatility
MKRM.F
Industry
5yr Volatility vs Market

Value

 Is Valora Holding 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 Valora Holding 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 Valora Holding.

OTCPK:MKRM.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.5%
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 OTCPK:MKRM.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Specialty Retail Unlevered Beta Simply Wall St/ S&P Global 0.87
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.87 (1 + (1- 18%) (47.4%))
1.139
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.14
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.139 * 5.96%)
9.52%

Discounted Cash Flow Calculation for OTCPK:MKRM.F using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Valora Holding 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.

OTCPK:MKRM.F DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CHF, Millions) Source Present Value
Discounted (@ 9.52%)
2019 55.37 Analyst x3 50.55
2020 54.50 Analyst x3 45.44
2021 62.73 Analyst x3 47.75
2022 65.50 Analyst x1 45.53
2023 94.50 Analyst x1 59.97
2024 107.00 Est @ 13.23% 62.00
2025 117.78 Est @ 10.08% 62.32
2026 127.06 Est @ 7.87% 61.38
2027 135.10 Est @ 6.33% 59.59
2028 142.19 Est @ 5.25% 57.27
Present value of next 10 years cash flows CHF551.81
OTCPK:MKRM.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CHF142.19 × (1 + 2.73%) ÷ (9.52% – 2.73%)
CHF2,151.15
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CHF2,151.15 ÷ (1 + 9.52%)10
CHF866.40
OTCPK:MKRM.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CHF551.81 + CHF866.40
CHF1,418.21
Equity Value per Share
(CHF)
= Total value / Shares Outstanding
= CHF1,418.21 / 3.94
CHF360.28
OTCPK:MKRM.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:MKRM.F represents 1.02245x of SWX:VALN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.02245x
Value per Share
(Listing Adjusted, USD)
= Value per Share (CHF) x Listing Adjustment Factor
= CHF 360.28 x 1.02245
$368.37
Value per share (USD) From above. $368.37
Current discount Discount to share price of $250.50
= -1 x ($250.50 - $368.37) / $368.37
32%

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

Current Discount
Amount off the current price Valora Holding is available for.
Intrinsic value
32%
Share price is $250.5 vs Future cash flow value of $368.37
Current Discount Checks
For Valora Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Valora Holding's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Valora Holding's share price is below the future cash flow value, but not 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 Valora Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Valora Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:MKRM.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CHF CHF15.28
SWX:VALN Share Price ** SWX (2019-01-17) in CHF CHF245
United States of America Specialty Retail Industry PE Ratio Median Figure of 66 Publicly-Listed Specialty Retail Companies 16.63x
United States of America Market PE Ratio Median Figure of 3,072 Publicly-Listed Companies 18.08x

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

** Primary Listing of Valora Holding.

OTCPK:MKRM.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SWX:VALN Share Price ÷ EPS (both in CHF)

= 245 ÷ 15.28

16.03x

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

  • Valora Holding is good value based on earnings compared to the US Specialty Retail industry average.
  • Valora Holding is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Valora Holding's expected growth come at a high price?
Raw Data
OTCPK:MKRM.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.03x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
5%per year
United States of America Specialty Retail Industry PEG Ratio Median Figure of 57 Publicly-Listed Specialty Retail Companies 1.66x
United States of America Market PEG Ratio Median Figure of 2,107 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

OTCPK:MKRM.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.03x ÷ 5%

3.23x

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

  • Valora Holding is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Valora Holding's assets?
Raw Data
OTCPK:MKRM.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CHF CHF155.93
SWX:VALN Share Price * SWX (2019-01-17) in CHF CHF245
United States of America Specialty Retail Industry PB Ratio Median Figure of 99 Publicly-Listed Specialty Retail Companies 1.66x
United States of America Market PB Ratio Median Figure of 5,176 Publicly-Listed Companies 1.91x
OTCPK:MKRM.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SWX:VALN Share Price ÷ Book Value per Share (both in CHF)

= 245 ÷ 155.93

1.57x

* Primary Listing of Valora Holding.

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

  • Valora Holding is good value based on assets compared to the US Specialty Retail industry average.
X
Value checks
We assess Valora Holding'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 Specialty Retail 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 Specialty Retail industry average (and greater than 0)? (1 check)
  5. Valora Holding has a total score of 4/6, 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 Valora Holding expected to perform in the next 1 to 3 years based on estimates from 6 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
5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Valora Holding expected to grow at an attractive rate?
  • Valora Holding's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Valora Holding's earnings growth is positive but not above the United States of America market average.
  • Valora Holding's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:MKRM.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:MKRM.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 5%
OTCPK:MKRM.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 1.2%
United States of America Specialty Retail Industry Earnings Growth Rate Market Cap Weighted Average 10.4%
United States of America Specialty Retail Industry Revenue Growth Rate Market Cap Weighted Average 5.2%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 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
OTCPK:MKRM.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:MKRM.F Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 2,293 307 2
2022-12-31 2,216 301 77 3
2021-12-31 2,143 186 70 6
2020-12-31 2,144 182 72 6
2019-12-31 2,118 180 68 6
OTCPK:MKRM.F Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2018-12-31 2,122 116 60
2018-09-30 2,098 128 57
2018-06-30 2,148 139 53
2018-03-31 2,112 127 53
2017-12-31 2,002 115 52
2017-09-30 2,014 104 57
2017-06-30 2,027 93 62
2017-03-31 2,061 103 60
2016-12-31 2,095 113 58
2016-09-30 2,110 123 54
2016-06-30 2,125 134 50
2016-03-31 2,101 128 46

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Valora Holding's earnings are expected to grow by 5% yearly, however this is not considered high growth (20% yearly).
  • Valora Holding's revenue is expected to grow by 1.2% 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
OTCPK:MKRM.F 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 6 Analyst Estimates (S&P Global) See Below

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

OTCPK:MKRM.F Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 19.60 19.60 19.60 1.00
2021-12-31 17.99 19.65 16.17 5.00
2020-12-31 18.56 19.40 17.60 5.00
2019-12-31 17.51 18.02 17.10 5.00
OTCPK:MKRM.F Past Financials Data
Date (Data in CHF Millions) EPS *
2018-12-31 15.28
2018-09-30 14.81
2018-06-30 14.32
2018-03-31 14.77
2017-12-31 15.26
2017-09-30 17.46
2017-06-30 19.89
2017-03-31 18.53
2016-12-31 17.27
2016-09-30 15.21
2016-06-30 13.37
2016-03-31 12.85

*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.
  • Valora Holding is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Valora Holding'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.
Valora Holding has a total score of 1/6, 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 Valora Holding 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 Valora Holding's growth in the last year to its industry (Specialty Retail).
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.
  • Valora Holding has delivered over 20% year on year earnings growth in the past 5 years.
  • Valora Holding's 1-year earnings growth is less than its 5-year average (14.9% vs 25.2%)
  • Valora Holding's earnings growth has not exceeded the US Specialty Retail industry average in the past year (14.9% vs 17.1%).
Earnings and Revenue History
Valora Holding'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 Valora Holding Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:MKRM.F Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 2,122.09 60.10 500.47
2018-09-30 2,098.45 56.62 477.80
2018-06-30 2,148.45 53.14 455.13
2018-03-31 2,111.85 52.73 449.63
2017-12-31 2,001.61 52.32 444.12
2017-09-30 2,014.07 56.95 446.37
2017-06-30 2,026.54 61.59 448.61
2017-03-31 2,060.75 59.63 453.25
2016-12-31 2,094.96 57.68 457.89
2016-09-30 2,109.94 53.84 462.68
2016-06-30 2,124.92 50.00 467.46
2016-03-31 2,101.17 45.60 470.20
2015-12-31 2,077.43 41.20 472.93
2015-09-30 2,024.75 23.92 470.68
2015-06-30 1,972.07 6.64 468.44
2015-03-31 1,952.32 9.01 468.26
2014-12-31 1,932.57 11.38 468.08
2014-09-30 1,729.75 17.99 451.70
2014-06-30 1,526.92 24.60 435.33
2014-03-31 1,708.36 25.15 450.95
2013-12-31 1,889.79 25.71 466.56
2013-09-30 2,332.11 33.65 507.35
2013-06-30 2,774.43 41.59 548.15
2013-03-31 2,811.17 39.87 562.93
2012-12-31 2,847.91 38.15 577.72
2012-06-30 2,807.46 41.50 527.87

*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.
  • Valora Holding has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Valora Holding used its assets less efficiently than the US Specialty Retail industry average last year based on Return on Assets.
  • Valora Holding has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Valora Holding'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 Specialty Retail 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.
Valora Holding 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 Valora Holding'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 Valora Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Valora Holding's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Valora Holding's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Valora Holding'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 not covered by short term assets, assets are 0.8x 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 Valora Holding Company Filings, last reported 3 months ago.

OTCPK:MKRM.F Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 613.78 457.11 104.78
2018-09-30 613.78 457.11 104.78
2018-06-30 706.49 388.30 95.01
2018-03-31 706.49 388.30 95.01
2017-12-31 737.92 392.08 152.52
2017-09-30 737.92 392.08 152.52
2017-06-30 518.66 373.38 120.13
2017-03-31 518.66 373.38 120.13
2016-12-31 530.88 361.12 159.38
2016-09-30 530.88 361.12 159.38
2016-06-30 476.89 372.97 83.97
2016-03-31 476.89 372.97 83.97
2015-12-31 506.02 371.45 116.31
2015-09-30 506.02 371.45 116.31
2015-06-30 489.20 418.21 67.06
2015-03-31 489.20 418.21 67.06
2014-12-31 630.60 386.68 129.05
2014-09-30 630.60 386.68 129.05
2014-06-30 661.54 407.85 104.72
2014-03-31 661.54 407.85 104.72
2013-12-31 730.27 394.34 174.97
2013-09-30 730.27 394.34 174.97
2013-06-30 707.87 396.35 109.92
2013-03-31 707.87 396.35 109.92
2012-12-31 577.75 511.30 147.15
2012-06-30 423.09 345.25 122.31
  • Valora Holding's level of debt (74.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (54.1% vs 74.5% today).
  • Debt is well covered by operating cash flow (25.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 11.5x coverage).
X
Financial health checks
We assess Valora Holding'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. Valora Holding 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.

Dividends

 What is Valora Holding'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
5.1%
Current annual income from Valora Holding dividends. Estimated to be 5.23% next year.
If you bought $2,000 of Valora Holding shares you are expected to receive $102 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?
  • Valora Holding's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.41%).
  • Valora Holding's dividend is above the markets top 25% of dividend payers in United States of America (3.63%).
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
OTCPK:MKRM.F 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 6 Analyst Estimates (S&P Global) See Below
United States of America Specialty Retail Industry Average Dividend Yield Market Cap Weighted Average of 38 Stocks 1.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 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 3.6%

Industry and Market average data is calculated daily.

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

OTCPK:MKRM.F Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 12.92 6.00
2020-12-31 12.83 6.00
2019-12-31 12.67 6.00
OTCPK:MKRM.F Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2019-02-20 12.500 4.715
2018-04-13 12.500 4.567
2017-02-28 12.500 3.838
2016-03-08 12.500 4.575
2015-03-30 12.500 6.379
2014-03-31 12.500 5.742
2013-03-26 12.500 6.043
2012-04-23 11.500 6.440
2011-03-25 11.500 5.148
2011-03-21 11.500 3.553
2010-03-31 10.000 3.523
2009-04-29 9.000 3.839
2009-04-20 9.000 4.556

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Valora Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.4x coverage).
X
Income/ dividend checks
We assess Valora Holding'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 Valora Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Valora Holding has a total score of 6/6, 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 Valora Holding'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
Michael Mueller
COMPENSATION CHF2,752,600
AGE 46
TENURE AS CEO 5.1 years
CEO Bio

Mr. Michael Mueller has been the Chief Executive Officer of Valora Holding AG since March 1, 2014 and has been its Chief Executive Officer of Retail since July 1, 2015. Mr. Mueller served as the Chief Financial Officer of Valora Holding AG from November 1, 2012 to March 1, 2014. He managed his own company, Rubus Capital Management Ltd in Zurich since September 2010. He worked for Bain & Company until 2005, where he was engaged notably in advising on strategic transformation and restructuring programmes in a number of industrial sectors in Europe and the United States, including the retail and consumer goods industries. From 2006 to 2007, he served as a mergers and acquisitions Advisor for the investment bank Goldman Sachs in Frankfurt. He served as the Chief Executive Officer of GVO Asset Management Ltd., until 2009. In 2007, he also joined Jelmoli Holding AG, initially as a Member of its Board of Directors and Executive Committee and served as its Chief Executive Officer, Delegate and member of the Board of Directors since 2008. Mr. Mueller studied Commercial Law at St. Gallen and Lausanne.

CEO Compensation
  • Michael's compensation has been consistent with company performance over the past year.
  • Michael's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Valora Holding management team in years:

5.1
Average Tenure
46
Average Age
  • The average tenure for the Valora Holding management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Michael Mueller

TITLE
Chief Executive Officer
COMPENSATION
CHF3M
AGE
46
TENURE
5.1 yrs

Tobias Knechtle

TITLE
Chief Financial Officer
AGE
46
TENURE
5.1 yrs

Roberto Fedele

TITLE
Chief Information Officer
AGE
46
TENURE
4.4 yrs

Adriano Margiotta

TITLE
Head of Corporate Legal Services & General Counsel

Christina Wahlstrand

TITLE
Head of Corporate Communication & Strategic Branding

Thomas Eisele

TITLE
Chief Executive Officer of the Food Service Division
AGE
44
TENURE
6.5 yrs

Hilmar Scheel

TITLE
Head of Valora Lab/Bob Finance & MD of Bob Finance

Philipp Angehrn

TITLE
Head of Transformation & Project Management Office

Roger Vogt

TITLE
CEO of the Retail Division
AGE
41

Markus Nadig

TITLE
Head of Corporate Group Controlling
Board of Directors Tenure

Average tenure and age of the Valora Holding board of directors in years:

2.1
Average Tenure
51
Average Age
  • The average tenure for the Valora Holding board of directors is less than 3 years, this suggests a new board.
Board of Directors

Franz Julen

TITLE
Chairman
COMPENSATION
CHF613K
AGE
60
TENURE
2.1 yrs

Markus Fiechter

TITLE
Vice Chairman & Lead Director
COMPENSATION
CHF288K
AGE
62

Cornelia Bossicard

TITLE
Director
COMPENSATION
CHF204K
AGE
46
TENURE
4.9 yrs

Ernst Ditsch

TITLE
Director
AGE
62
TENURE
6.3 yrs

Michael Kliger

TITLE
Director
COMPENSATION
CHF186K
AGE
51
TENURE
2.1 yrs

Insa Klasing

TITLE
Director
AGE
39
TENURE
0.1 yrs

Sascha Zahnd

TITLE
Director
AGE
43
TENURE
0.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Valora Holding'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. Valora Holding 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

Company Info

Description

Valora Holding AG operates as a retail company in Europe. It operates through Valora Retail and Food Service segments. The Valora Retail segment operates small retail outlets in Switzerland, Germany, Luxembourg, and Austria. This segment operates marketing and distribution systems for press, tobacco, and consumer products for daily use and for the impulse buyer’s market under the k kiosk, k presse + buch, avec, P&B, ServiceStore DB and CIGO formats, and others. The Food Service segment produces and lyebread and other bakery products to its own outlets and to the wholesale market in Germany, France, Austria, and Switzerland. This segment also operates Caffè Spettacolo, a coffee-bar chain. The company was formerly known as Merkur Holding AG and changed its name to Valora Holding AG in July 1996. Valora Holding AG was founded in 1905 and is based in Muttenz, Switzerland.

Details
Name: Valora Holding AG
MKRM.F
Exchange: OTCPK
Founded: 1905
CHF957,843,518
3,936,385
Website: http://www.valora.com
Address: Valora Holding AG
Hofackerstrasse 40,
Muttenz,
Basel-Landschaft, 4132,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX VALN Registered Shares SIX Swiss Exchange CH CHF 04. Aug 1992
OTCPK MKRM.F Registered Shares Pink Sheets LLC US USD 04. Aug 1992
DB VLON Registered Shares Deutsche Boerse AG DE EUR 04. Aug 1992
LSE 0QLE Registered Shares London Stock Exchange GB CHF 04. Aug 1992
BATS-CHIXE VALNZ Registered Shares BATS 'Chi-X Europe' GB CHF 04. Aug 1992
Number of employees
Current staff
Staff numbers
4,230
Valora Holding employees.
Industry
Specialty Stores
Retail
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/17 00:20
End of day share price update: 2019/01/17 00:00
Last estimates confirmation: 2019/04/09
Last earnings filing: 2019/02/20
Last earnings reported: 2018/12/31
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.