OTCPK:MKRM.F

Stock Analysis Report

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Executive Summary

Valora Holding AG operates as a retail company in Europe.


Snowflake Analysis

Fair value with moderate growth potential.

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

0%

MKRM.F

4.9%

US Specialty Retail

1.2%

US Market


1 Year Return

-32.9%

MKRM.F

15.8%

US Specialty Retail

16.8%

US Market

Return vs Industry: MKRM.F underperformed the US Specialty Retail industry which returned -2.9% over the past year.

Return vs Market: MKRM.F underperformed the US Market which returned 7.7% over the past year.


Shareholder returns

MKRM.FIndustryMarket
7 Day0%4.9%1.2%
30 Day0%14.4%4.9%
90 Dayn/a31.8%20.0%
1 Year-32.9%-32.9%17.1%15.8%19.3%16.8%
3 Yearn/a68.8%61.5%43.7%34.4%
5 Year-11.4%-11.4%33.7%23.4%75.5%56.6%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

11.0%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: MKRM.F ($179.2) is trading below our estimate of fair value ($201.37)

Significantly Below Fair Value: MKRM.F is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: MKRM.F is poor value based on its PE Ratio (20.7x) compared to the US Specialty Retail industry average (18.4x).

PE vs Market: MKRM.F is poor value based on its PE Ratio (20.7x) compared to the US market (17.1x).


Price to Earnings Growth Ratio

PEG Ratio: MKRM.F is good value based on its PEG Ratio (0.5x)


Price to Book Ratio

PB vs Industry: MKRM.F is good value based on its PB Ratio (1x) compared to the US Specialty Retail industry average (1.4x).


Next Steps

Future Growth

How is Valora Holding forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

43.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MKRM.F's forecast earnings growth (43.2% per year) is above the savings rate (2.2%).

Earnings vs Market: MKRM.F's earnings (43.2% per year) are forecast to grow faster than the US market (22.7% per year).

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

Revenue vs Market: MKRM.F's revenue (5.3% per year) is forecast to grow slower than the US market (9.2% per year).

High Growth Revenue: MKRM.F's revenue (5.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MKRM.F's Return on Equity is forecast to be low in 3 years time (6%).


Next Steps

  • Explore growth companies in the Retail industry.

Past Performance

How has Valora Holding performed over the past 5 years?

9.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MKRM.F has a large one-off loss of CHF5.1M impacting its June 30 2020 financial results.

Growing Profit Margin: MKRM.F's current net profit margins (1.6%) are lower than last year (3.2%).


Past Earnings Growth Analysis

Earnings Trend: MKRM.F's earnings have grown by 9.9% per year over the past 5 years.

Accelerating Growth: MKRM.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: MKRM.F had negative earnings growth (-53.5%) over the past year, making it difficult to compare to the Specialty Retail industry average (-12.9%).


Return on Equity

High ROE: MKRM.F's Return on Equity (5%) is considered low.


Next Steps

Financial Health

How is Valora Holding's financial position?


Financial Position Analysis

Short Term Liabilities: MKRM.F's short term assets (CHF426.9M) do not cover its short term liabilities (CHF508.1M).

Long Term Liabilities: MKRM.F's short term assets (CHF426.9M) do not cover its long term liabilities (CHF1.2B).


Debt to Equity History and Analysis

Debt Level: MKRM.F's debt to equity ratio (72.5%) is considered high.

Reducing Debt: MKRM.F's debt to equity ratio has reduced from 85.3% to 72.5% over the past 5 years.

Debt Coverage: MKRM.F's debt is well covered by operating cash flow (64.9%).

Interest Coverage: MKRM.F's interest payments on its debt are not well covered by EBIT (1.8x coverage).


Balance Sheet


Next Steps

Dividend

What is Valora Holding current dividend yield, its reliability and sustainability?

3.93%

Forecast Dividend Yield


Dividend Yield vs Market

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

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


Current Payout to Shareholders

Dividend Coverage: MKRM.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 MKRM.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?

6.3yrs

Average management tenure


CEO

Michael Mueller (48 yo)

6.33yrs

Tenure

CHF2,530,800

Compensation

Mr. Michael Mueller has been the Chief Executive Officer of Valora Holding AG since March 1, 2014 and was its Interim Chief Financial Officer from November, 2019 until July 1, 2020. He has been its Chief E ...


CEO Compensation Analysis

Compensation vs Market: Michael's total compensation ($USD2.76M) is about average for companies of similar size in the US market ($USD3.09M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Michael Mueller
Chief Executive Officer6.33yrsCHF2.53m0.30%
CHF 2.0m
Beat Fellmann
CFO & Member of Executive Boardno datano datano data
Christian Tümmler
Director of Corporate Group Accounting & Taxno datano datano data
Roberto Fedele
Chief Information Officer5.67yrsno datano data
Annette Martin
Investor Relationsno datano datano data
Adriano Margiotta
Head of Corporate Legal Services & General Counselno datano datano data
Christina Wahlstrand
Head of Corporate Communication & Strategic Brandingno datano datano data
Thomas Eisele
Chief Executive Officer of the Food Service Division7.75yrsno data0.040%
CHF 271.9k
Hilmar Scheel
Head of Valora Lab/Bob Finance & MD of Bob Financeno datano datano data
Philipp Angehrn
Head of Transformation & Project Management Officeno datano datano data
Roger Vogt
CEO of the Retail Divisionno datano data0.017%
CHF 118.6k
Markus Nadig
Head of Corporate Group Controllingno datano datano data

6.3yrs

Average Tenure

48yo

Average Age

Experienced Management: MKRM.F's management team is seasoned and experienced (6.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Markus Bernhard
Director0.25yrno datano data
Franz Julen
Independent Chairman3.33yrsCHF579.30k0.088%
CHF 599.5k
Suzanne Thoma
Director0.25yrno datano data
Michael Kliger
Independent Director3.33yrsCHF179.40k0.0096%
CHF 65.8k
Insa Klasing
Director1.33yrsCHF125.30k0.0031%
CHF 21.3k
Sascha Zahnd
Director1.33yrsCHF125.30k0.0031%
CHF 21.3k
Karin Schwab
Director0.17yrno datano data

1.3yrs

Average Tenure

53yo

Average Age

Experienced Board: MKRM.F's board of directors are not considered experienced ( 1.3 years average tenure), which suggests a new board.


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

Valora Holding AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Valora Holding AG
  • Ticker: MKRM.F
  • Exchange: OTCPK
  • Founded: 1905
  • Industry: Specialty Stores
  • Sector: Retail
  • Market Cap: CHF626.864m
  • Listing Market Cap: CHF682.746m
  • Shares outstanding: 3.94m
  • Website: https://www.valora.com

Number of Employees


Location

  • Valora Holding AG
  • Hofackerstrasse 40
  • Muttenz
  • Basel-Landschaft
  • 4132
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VLONDB (Deutsche Boerse AG)YesRegistered SharesDEEURAug 1992
VALNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFAug 1992
MKRM.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDAug 1992
0QLELSE (London Stock Exchange)YesRegistered SharesGBCHFAug 1992

Biography

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, Luxem ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/28 23:51
End of Day Share Price2020/05/01 00:00
Earnings2020/06/30
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.