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Open Text

Nasdaq:OTEX
Snowflake Description

Adequate balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
OTEX
Nasdaq
$11B
Market Cap
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Last updated 2019/05/24 23:43
Company description

Open Text Corporation provides a suite of software products and services. The last earnings update was 23 days ago. More info.

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OTEX Share Price and Events
7 Day Returns
-0.8%
NasdaqGS:OTEX
-2.6%
US Software
-2.1%
US Market
1 Year Returns
16.5%
NasdaqGS:OTEX
23.9%
US Software
1.3%
US Market
OTEX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Open Text (OTEX) -0.8% 6.1% 6.8% 16.5% 39% 73.7%
US Software -2.6% -1% 6.6% 23.9% 115.7% 152.8%
US Market -2.1% -4.2% 0% 1.3% 33.5% 38%
1 Year Return vs Industry and Market
  • OTEX underperformed the Software industry which returned 23.9% over the past year.
  • OTEX outperformed the Market in United States of America which returned 1.3% over the past year.
Price Volatility
OTEX
Industry
5yr Volatility vs Market
Related Companies

OTEX Value

 Is Open Text 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 Open Text 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 Open Text.

NasdaqGS:OTEX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.1%
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:OTEX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Software Unlevered Beta Simply Wall St/ S&P Global 1.15
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.153 (1 + (1- 26.5%) (24.06%)) 		1.239
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 1.24
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.239 * 5.96%) 		10.12%

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

The calculations below outline how an intrinsic value for Open Text 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:OTEX DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 10.12%)
2019 751.10 Analyst x3 682.10
2020 860.80 Analyst x3 709.91
2021 937.07 Est @ 8.86% 701.82
2022 1,002.87 Est @ 7.02% 682.10
2023 1,060.38 Est @ 5.73% 654.96
2024 1,111.62 Est @ 4.83% 623.53
2025 1,158.33 Est @ 4.2% 590.05
2026 1,201.89 Est @ 3.76% 555.99
2027 1,243.37 Est @ 3.45% 522.34
2028 1,283.59 Est @ 3.23% 489.70
Present value of next 10 years cash flows $6,212.50
NasdaqGS:OTEX DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $1,283.59 × (1 + 2.73%) ÷ (10.12% – 2.73%) 		$17,853.68
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $17,853.68 ÷ (1 + 10.12%)10 		$6,811.32
NasdaqGS:OTEX Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $6,212.50 + $6,811.32 		$13,023.82
Equity Value per Share
(USD)		 = Total value / Shares Outstanding
= $13,023.82 / 268.68 		$48.47
NasdaqGS:OTEX Discount to Share Price
Calculation Result
Value per share (USD) From above. $48.47
Current discount Discount to share price of $40.47
= -1 x ($40.47 - $48.47) / $48.47 		16.5%

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

Current Discount
Amount off the current price Open Text is available for.
Intrinsic value
17%
Share price is $40.47 vs Future cash flow value of $48.47
Current Discount Checks
For Open Text to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Open Text's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Open Text'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 Open Text's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Open Text's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:OTEX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.03
NasdaqGS:OTEX Share Price ** NasdaqGS (2019-05-24) in USD $40.47
United States of America Software Industry PE Ratio Median Figure of 81 Publicly-Listed Software Companies 54.58x
United States of America Market PE Ratio Median Figure of 3,082 Publicly-Listed Companies 17.36x

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

** Primary Listing of Open Text.

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

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

= 40.47 ÷ 1.03

 39.44x

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

  • Open Text is good value based on earnings compared to the US Software industry average.
  • Open Text is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Open Text's expected growth come at a high price?
Raw Data
NasdaqGS:OTEX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 39.44x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts		 30.7%per year
United States of America Software Industry PEG Ratio Median Figure of 66 Publicly-Listed Software Companies 2.93x
United States of America Market PEG Ratio Median Figure of 2,120 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

NasdaqGS:OTEX PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 39.44x ÷ 30.7%

 1.28x

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

  • Open Text is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Open Text's assets?
Raw Data
NasdaqGS:OTEX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $14.29
NasdaqGS:OTEX Share Price * NasdaqGS (2019-05-24) in USD $40.47
United States of America Software Industry PB Ratio Median Figure of 221 Publicly-Listed Software Companies 5.63x
United States of America Market PB Ratio Median Figure of 5,207 Publicly-Listed Companies 1.8x
NasdaqGS:OTEX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 40.47 ÷ 14.29

 2.83x

* Primary Listing of Open Text.

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

  • Open Text is good value based on assets compared to the US Software industry average.
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Value checks
We assess Open Text'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 Software 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 Software industry average (and greater than 0)? (1 check)
    5. Open Text has a total score of 2/6, 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.

OTEX Future Performance

 How is Open Text expected to perform in the next 1 to 3 years based on estimates from 11 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
30.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Open Text expected to grow at an attractive rate?
  • Open Text's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Open Text's earnings growth is expected to exceed the United States of America market average.
  • Open Text's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:OTEX Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:OTEX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 30.7%
NasdaqGS:OTEX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 3.4%
United States of America Software Industry Earnings Growth Rate Market Cap Weighted Average 16.5%
United States of America Software Industry Revenue Growth Rate Market Cap Weighted Average 11.5%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*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:OTEX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:OTEX Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-06-30 3,048 542 3
2020-06-30 3,035 957 446 11
2019-06-30 2,885 821 311 10
NasdaqGS:OTEX Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 2,876 852 275
2018-12-31 2,843 837 261
2018-09-30 2,842 814 242
2018-06-30 2,815 710 242
2018-03-31 2,725 607 227
2017-12-31 2,632 492 189
2017-09-30 2,440 433 149
2017-06-30 2,291 439 1,026
2017-03-31 2,111 456 1,066
2016-12-31 1,959 490 1,113
2016-09-30 1,881 506 1,156
2016-06-30 1,824 526 284

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Open Text's earnings are expected to grow significantly at over 20% yearly.
  • Open Text's revenue is expected to grow by 3.4% 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
NasdaqGS:OTEX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Open Text Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:OTEX Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-06-30 1.96 1.96 1.96 1.00
2020-06-30 1.60 1.70 1.50 3.00
2019-06-30 1.17 1.19 1.15 3.00
NasdaqGS:OTEX Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.03
2018-12-31 0.98
2018-09-30 0.91
2018-06-30 0.91
2018-03-31 0.85
2017-12-31 0.72
2017-09-30 0.58
2017-06-30 4.04
2017-03-31 4.29
2016-12-31 4.58
2016-09-30 4.77
2016-06-30 1.17

*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 Open Text will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
Show me more growth companies in the Software industry
X
Future performance checks
We assess Open Text'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.
Open Text has a total score of 3/6, 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.

OTEX Past Performance

  How has Open Text 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 Open Text's growth in the last year to its industry (Software).
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.
  • Open Text's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Open Text's 1-year earnings growth exceeds its 5-year average (21.4% vs 7%)
  • Open Text's earnings growth has not exceeded the US Software industry average in the past year (21.4% vs 21.4%).
Earnings and Revenue History
Open Text'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 Open Text Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:OTEX 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 2,875.80 275.24 733.96 320.50
2018-12-31 2,842.54 261.27 734.57 318.99
2018-09-30 2,841.71 241.95 734.28 323.36
2018-06-30 2,815.24 242.22 734.69 323.46
2018-03-31 2,724.53 226.64 712.62 322.39
2017-12-31 2,631.78 189.46 688.99 316.08
2017-09-30 2,440.08 149.37 653.45 300.68
2017-06-30 2,291.06 1,025.66 615.28 281.68
2017-03-31 2,111.31 1,065.91 567.38 254.13
2016-12-31 1,958.72 1,113.41 527.39 225.20
2016-09-30 1,881.36 1,156.08 504.46 206.19
2016-06-30 1,824.23 284.48 484.63 194.06
2016-03-31 1,823.13 266.89 501.70 192.67
2015-12-31 1,830.17 224.39 522.06 197.73
2015-09-30 1,832.67 210.99 533.07 198.19
2015-06-30 1,851.92 234.33 536.34 196.49
2015-03-31 1,863.19 253.63 532.78 191.64
2014-12-31 1,858.36 272.91 523.12 185.61
2014-09-30 1,754.03 252.12 506.58 181.36
2014-06-30 1,624.70 218.13 489.02 176.83
2014-03-31 1,477.99 172.19 452.64 171.72
2013-12-31 1,372.93 152.11 422.69 167.52
2013-09-30 1,361.60 159.72 405.30 164.32
2013-06-30 1,363.34 148.52 398.48 164.01
2013-03-31 1,321.69 114.32 387.11 162.82
2012-12-31 1,276.35 123.28 375.60 161.56
2012-09-30 1,245.62 109.62 372.45 165.49
2012-06-30 1,207.47 125.17 371.62 169.04

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

OTEX Health

 How is Open Text'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 Open Text's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Open Text is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Open Text's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Open Text'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 0.5x 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 Open Text Company Filings, last reported 1 month ago.

NasdaqGS:OTEX Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 3,838.37 2,616.28 765.22
2018-12-31 3,786.01 2,617.71 595.07
2018-09-30 3,727.03 2,619.13 787.92
2018-06-30 3,717.26 2,620.52 682.94
2018-03-31 3,696.98 2,668.08 605.50
2017-12-31 3,628.85 2,768.47 476.01
2017-09-30 3,564.94 2,769.18 376.39
2017-06-30 3,533.32 2,569.82 443.36
2017-03-31 3,503.60 2,621.57 451.70
2016-12-31 3,490.18 2,397.83 1,725.73
2016-09-30 2,879.23 2,145.28 837.67
2016-06-30 1,979.20 2,145.99 1,295.60
2016-03-31 1,910.48 1,582.00 890.41
2015-12-31 1,853.85 1,584.00 742.23
2015-09-30 1,810.10 1,586.00 708.81
2015-06-30 1,829.81 1,557.37 711.17
2015-03-31 1,779.04 1,597.80 632.21
2014-12-31 1,759.38 1,291.79 542.81
2014-09-30 1,694.97 1,305.61 492.49
2014-06-30 1,642.17 1,319.33 427.89
2014-03-31 1,566.17 1,332.38 336.07
2013-12-31 1,406.29 546.24 515.35
2013-09-30 1,359.55 557.97 491.15
2013-06-30 1,337.21 565.49 470.45
2013-03-31 1,297.50 573.48 446.91
2012-12-31 1,270.34 581.39 367.26
2012-09-30 1,208.03 589.18 302.24
2012-06-30 1,179.39 596.37 559.75
  • Open Text's level of debt (68.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (85% vs 68.2% today).
  • Debt is well covered by operating cash flow (32.6%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.6x coverage).
Show me more healthy companies in the Software industry
X
Financial health checks
We assess Open Text'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. Open Text has a total score of 4/6, 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.

OTEX Dividends

 What is Open Text'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
1.73%
Current annual income from Open Text dividends. Estimated to be 1.8% next year.
If you bought $2,000 of Open Text shares you are expected to receive $35 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?
  • Open Text's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • Open Text's dividend is below the markets top 25% of dividend payers in United States of America (3.76%).
Upcoming dividend payment

Purchase Open Text before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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:OTEX 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 11 Analyst Estimates (S&P Global) See Below
United States of America Software Industry Average Dividend Yield Market Cap Weighted Average of 22 Stocks 1.5%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

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

NasdaqGS:OTEX Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-06-30 0.83 1.00
2020-06-30 0.72 1.00
2019-06-30 0.63 1.00
NasdaqGS:OTEX Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-01 0.698 1.741
2019-01-31 0.607 1.601
2018-10-31 0.607 1.809
2018-08-02 0.607 1.634
2018-05-09 0.607 1.691
2018-01-31 0.528 1.498
2017-11-02 0.528 1.579
2017-08-03 0.528 1.613
2017-05-08 0.528 1.626
2017-02-02 0.460 1.361
2016-11-03 0.460 1.467
2016-04-27 0.460 1.512
2016-02-09 0.400 1.575
2015-10-28 0.400 1.703
2015-07-31 0.400 1.752
2015-07-29 0.400 1.878
2015-04-28 0.400 1.876
2015-01-27 0.345 1.217
2014-07-31 0.345 1.220
2014-07-30 0.345 1.332
2014-04-24 0.345 1.443
2014-01-23 0.300 1.237
2013-10-30 0.300 1.378
2013-07-31 0.300 1.670
2013-04-24 0.300 1.740

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

  • Whilst dividend payments have been stable, Open Text has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Open Text only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of Open Text's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.8x coverage).
X
Income/ dividend checks
We assess Open Text'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 Open Text afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. Open Text has a total score of 3/6, see the detailed checks below.


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

OTEX Management

 What is the CEO of Open Text'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
Mark Barrenechea
COMPENSATION $7,144,930
AGE 53
TENURE AS CEO 7.3 years
CEO Bio

Mr. Mark J. Barrenechea has been the Chief Executive Officer and President of OpenText Public Sector Solutions, Inc. since January 2, 2012 and has been its Chief Technology Officer since January 4, 2016. Mr. Barrenechea has been the Chief Executive Officer of Open Text Corporation since joining it on January 2, 2012 and served as its President from January 2, 2012 to January 4, 2016 and serves as its Vice Chairman since September 2017 and has been its Chief Technology Officer since January 2016. He is Director of Avery Dennison Corporation since September 10, 2018. He has executive management and leadership experience in the high-tech industry. He served as Chief Executive Officer of SGI at ESI-OpenCFD (formerly, OpenCFD, Ltd. and SGI OpenFOAM). Mr. Barrenechea served as President and Chief Executive Officer of Xpedite Systems, LLC. During Mr. Barrenechea’s tenure at SGI, he led strategy and execution, which included transformative acquisition of assets, as well as penetrating diverse new markets and geographic regions. He served as the President and Chief Executive Officer of Silicon Graphics International Corp. from April 30, 2007 to January 1, 2012. He served as an Executive Vice President and Chief Technology Officer of CA Technologies from January 25, 2006 to June 2006 and CA, Inc. from 2003 to 2006. He was a member of the executive management team at CA, Inc. (CA). He served as an Executive Vice President, Technology Strategy of CA Technologies from January 25, 2005 to January 2006 and served as its Chief Technology Architect from May 2005 to January 2006; Executive Vice President of Product development & Research from June 21, 2004 to January 2005 and Senior Vice President of Product Development since June 12, 2003. He was responsible for the majority of CA's worldwide R&D activities, including all technology, worldwide support and product marketing. Mr. Barrenechea served as a Senior Vice President - applications development of Oracle Corporation from 1997 to 2003, managed a multi-thousand person global team while served as a member of the executive management team. He served as Senior Executive at Oracle Corporation. He served as Vice President of Applications and Technology of Scopus Technology Inc., from September 1995 to 1997. From 1994 to 1997, Mr. Barrenechea served as Vice President of Development at Scopus. He served as Vice President of Development at Tesseract Corporation, where he was responsible for reshaping its line of human capital management software. He served as a Vice President of Application Development of Ceridian & Tesseract Corporation and served as its Vice President - Tools & Technology from October 1993 to December 1994. He served as Chief Technical Officer of New View Inc. from December 1994 to September 1995, which he founded. From October 1991 to October 1993, he held various positions at Microway Inc., serving as President and Managing Director of Microway (Europe) Ltd. He has been Vice Chairman of OpenText Public Sector Solutions, Inc. since December 2017. He has been a Director of Dick's Sporting Goods Inc., since February 27, 2014. He was a Director of Hamilton Insurance Group, Ltd. from November 17, 2016 to September 5, 2018. He has been a Non Independent Director of Open Text Corporation since January 2, 2012. He served as a Director of Xpedite Systems, LLC. Mr. Barrenechea served as a Director of Silicon Graphics International Corp. from November 17, 2006 to February 26, 2012. He served as a Director of Avaki Corporation. He served as a Director of Actian Corporation since November 2005 and Garnett & Helfrich Capital since June 2006. He served as a Director of Overland Storage Inc. from December 23, 2005 to June 9, 2007 and Ingres Corporation since November 7, 2005. In 2015, he was named Top New CEO of the Year by Canadian Business magazine. His other awards include being named Best Large Company CEO by the San FranciscoBusiness Times in 2011 and Results-Oriented CEO of the Year (2015) by the CEO World Awards. He is the author of eBusiness or Out of Business (McGraw-Hill 2001), Software Rules (McGraw-Hill, 2002) and On Digital. Mr. Barrenechea has authored several books including The Golden Age of Innovation, On Digital, Digital: Disrupt or Die, eGovernment or Out of Government, Enterprise Information Management: The Next Generation of Enterprise Software and Software Rules. Mr. Barrenechea holds a Bachelor of Science Degree in Computer Science from Saint Michael's College, Colchester, Vermont and an M.S. Degree in Engineering from Boston University.

CEO Compensation
  • Mark's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Mark's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Open Text management team in years:

3.3
Average Tenure
53
Average Age
  • The tenure for the Open Text management team is about average.
Management Team

Mark Barrenechea

TITLE
Vice Chairman
COMPENSATION
$7M
AGE
53
TENURE
7.3 yrs

Madhu Ranganathan

TITLE
Executive VP & CFO
COMPENSATION
$3M
AGE
53
TENURE
1.1 yrs

Gordon Davies

TITLE
Executive VP
COMPENSATION
$2M
AGE
56
TENURE
9.7 yrs

Ted Harrison

TITLE
Executive Vice President of Worldwide Sales
COMPENSATION
$2M
AGE
48
TENURE
1.6 yrs

Muhi Majzoub

TITLE
Executive Vice President of Engineering
COMPENSATION
$2M
AGE
58
TENURE
6.9 yrs

Aditya Maheshwari

TITLE
Senior VP & Chief Accounting Officer
AGE
43
TENURE
3.3 yrs

David Jamieson

TITLE
Senior VP & Chief Information Officer
COMPENSATION
$2M
AGE
53
TENURE
4.5 yrs

Greg Secord

TITLE
Vice-President of Investor Relations

Patricia Nagle

TITLE
Senior VP & Chief Marketing Officer
AGE
53
TENURE
1.3 yrs

Brian Sweeney

TITLE
Chief Human Resources Officer
TENURE
0.6 yrs
Board of Directors Tenure

Average tenure and age of the Open Text board of directors in years:

10.4
Average Tenure
58
Average Age
  • The average tenure for the Open Text board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Tom Jenkins

TITLE
Chairman of the Board
COMPENSATION
$547K
AGE
59
TENURE
21.3 yrs

Mark Barrenechea

TITLE
Vice Chairman
COMPENSATION
$7M
AGE
53
TENURE
1.4 yrs

Michael Slaunwhite

TITLE
Independent Director
COMPENSATION
$370K
AGE
57
TENURE
21.2 yrs

Deborah Weinstein

TITLE
Independent Director
COMPENSATION
$364K
AGE
58
TENURE
9.4 yrs

Randy Fowlie

TITLE
Lead Director
COMPENSATION
$374K
AGE
58

Stephen Sadler

TITLE
Not Independent Director
COMPENSATION
$1M
AGE
67
TENURE
21.7 yrs

Gail Hamilton

TITLE
Independent Director
COMPENSATION
$343K
AGE
68
TENURE
12.4 yrs

Kate Stevenson

TITLE
Independent Director
COMPENSATION
$352K
AGE
56
TENURE
10.4 yrs

Carl Tinggren

TITLE
Independent Director
COMPENSATION
$356K
AGE
60
TENURE
2.3 yrs

Harmit Singh

TITLE
Independent Director
AGE
54
TENURE
0.7 yrs
Who owns this company?
Recent Insider Trading
  • Open Text insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
22. May 19 Sell Paul Duggan Individual 21. May 19 21. May 19 -1,903 $41.02 $-78,061
21. May 19 Buy Michael Slaunwhite Individual 13. May 19 13. May 19 6,362 $39.70 $252,571
14. May 19 Sell Paul Duggan Individual 10. May 19 10. May 19 -1,430 $40.10 $-57,342
13. May 19 Sell Aditya Maheshwari Individual 08. May 19 08. May 19 -447 $40.29 $-18,010
13. May 19 Buy Michael Slaunwhite Individual 10. May 19 10. May 19 8,638 $40.23 $347,303
10. May 19 Sell Christopher McGourlay Individual 09. May 19 09. May 19 -2,640 $39.90 $-105,328
08. Mar 19 Sell Paul Jenkins Individual 05. Mar 19 07. Mar 19 -199,300 $38.07 $-7,566,032
07. Mar 19 Sell Randy Fowlie Individual 07. Mar 19 07. Mar 19 -10,000 $37.97 $-379,688
28. Feb 19 Sell Christopher McGourlay Individual 04. Feb 19 04. Feb 19 -5,622 $36.99 $-207,967
14. Feb 19 Sell David Jamieson Individual 12. Feb 19 12. Feb 19 -5,353 $36.87 $-197,362
07. Feb 19 Sell David Jamieson Individual 04. Feb 19 04. Feb 19 -8,205 $37.05 $-303,995
23. Nov 18 Sell David Jamieson Individual 20. Nov 18 20. Nov 18 -5,012 $32.86 $-164,692
23. Nov 18 Sell Simon Harrison Individual 20. Nov 18 20. Nov 18 -3,952 $32.86 $-129,861
23. Nov 18 Sell Muhi Majzoub Individual 20. Nov 18 20. Nov 18 -14,777 $32.86 $-485,565
23. Nov 18 Sell Christopher McGourlay Individual 20. Nov 18 20. Nov 18 -6,478 $32.86 $-212,864
23. Nov 18 Sell Gordon Davies Individual 20. Nov 18 20. Nov 18 -20,610 $32.86 $-677,234
23. Nov 18 Sell Mark Barrenechea Individual 20. Nov 18 20. Nov 18 -101,693 $32.86 $-3,341,581
09. Nov 18 Buy Michael Slaunwhite Individual 06. Nov 18 09. Nov 18 20,000 $32.97 $657,580
14. Sep 18 Sell Paul Jenkins Individual 10. Sep 18 11. Sep 18 -199,868 $38.46 $-7,532,520
12. Sep 18 Sell Paul Jenkins Individual 07. Sep 18 07. Sep 18 -24,050 $38.46 $-925,042
05. Sep 18 Sell Randy Fowlie Individual 04. Sep 18 04. Sep 18 -5,000 $39.35 $-196,730
04. Sep 18 Sell Paul Jenkins Individual 30. Aug 18 30. Aug 18 -80,000 $38.83 $-3,106,204
31. Aug 18 Sell Paul Jenkins Individual 27. Aug 18 29. Aug 18 -437,381 $39.47 $-17,081,477
29. Aug 18 Sell Paul Jenkins Individual 24. Aug 18 24. Aug 18 -107,394 $38.97 $-4,185,111
27. Aug 18 Sell Paul Duggan Individual 22. Aug 18 22. Aug 18 -2,353 $38.50 $-90,583
20. Aug 18 Sell Paul Jenkins Individual 09. Aug 18 09. Aug 18 -8,352 $39.50 $-329,904
17. Aug 18 Sell Paul Jenkins Individual 14. Aug 18 14. Aug 18 -1,000 $39.39 $-39,390
14. Aug 18 Sell Mistera Foundation, Endowment Arm Company 09. Aug 18 09. Aug 18 -25,000 $39.47 $-986,750
14. Aug 18 Sell Paul Jenkins Individual 09. Aug 18 09. Aug 18 -9,620 $39.50 $-379,990
05. Jun 18 Sell Aditya Maheshwari Individual 05. Jun 18 05. Jun 18 -436 $35.39 $-15,428
01. Jun 18 Sell Mark Barrenechea Individual 31. May 18 31. May 18 -98,000 $34.68 $-3,398,179
29. May 18 Sell George Schulze Individual 25. May 18 25. May 18 -5,173 $35.00 $-181,055
X
Management checks
We assess Open Text'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. Open Text 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.

OTEX News

Simply Wall St News

A Look At The Intrinsic Value Of Open Text Corporation (NASDAQ:OTEX)

Generally we assume that a dollar today is more valuable than a dollar in the future, so we discount the value of these future cash flows to their estimated value in today's dollars: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF ($, Millions) $751.10 $860.80 $937.07 $1.00k $1.06k $1.11k $1.16k $1.20k $1.24k $1.28k Growth Rate Estimate Source Analyst x3 Analyst x3 Est @ 8.86% Est @ 7.02% Est @ 5.73% Est @ 4.83% Est @ 4.2% Est @ 3.76% Est @ 3.45% Est @ 3.23% Present Value ($, Millions) Discounted @ 10.12% $682.07 $709.84 $701.72 $681.97 $654.80 $623.36 $589.86 $555.79 $522.12 $489.47 Present Value of 10-year Cash Flow (PVCF)= $6.21b "Est" = FCF growth rate estimated by Simply Wall St We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. … In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 10.1%. … NasdaqGS:OTEX Intrinsic value, May 24th 2019 Important assumptions We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows.

Simply Wall St - –

Is Open Text Corporation's (NASDAQ:OTEX) P/E Ratio Really That Good?

We'll apply a basic P/E ratio analysis to Open Text Corporation's (NASDAQ:OTEX), to help you decide if the stock is worth further research. … View our latest analysis for Open Text How Do You Calculate Open Text's P/E Ratio? … The formula for P/E is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Open Text: P/E of 38.59 = $39.59 ÷ $1.03 (Based on the year to March 2019.) Is A High P/E Ratio Good?

Simply Wall St - –

How Does Open Text Corporation's (NASDAQ:OTEX) Earnings Growth Stack Up Against Industry Performance?

Analyzing Open Text Corporation's (NASDAQ:OTEX) track record of past performance is a valuable exercise for investors. … It enables us to reflect on whether or not the company has met expectations, which is a powerful signal for future performance. … Today I will assess OTEX's recent performance announced on 31 December 2018 and compare these figures to its long-term trend and industry movements.

Simply Wall St - –

Here's What You Should Know About Open Text Corporation's (NASDAQ:OTEX) 1.6% Dividend Yield

Unfortunately, one common occurrence with dividend companies is for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments. … Investors might not know much about Open Text's dividend prospects, even though it has been paying dividends for the last six years and offers a 1.6% yield. … Some simple analysis can offer a lot of insight when buying a company for its dividend, and we'll go through these below.

Simply Wall St - –

Who Has Been Selling Open Text Corporation (NASDAQ:OTEX) Shares?

So before you buy or sell Open Text Corporation (NASDAQ:OTEX), you may well want to know whether insiders have been buying or selling. … Open Text Insider Transactions Over The Last Year. … Over the last year we saw more insider selling of Open Text shares, than buying

Simply Wall St - –

Why Open Text Corporation (NASDAQ:OTEX) Is A Buy When Markets Go Down

High quality companies, such as Open Text Corporation, are impacted by general market panic and sell-off, but the fundamentals of these companies stay the same. … View our latest analysis for Open Text. … Open Text Corporation provides a suite of software products and services

Simply Wall St - –

Is There More To Open Text Corporation (NASDAQ:OTEX) Than Its 8.3% Returns On Capital?

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … What is Return On Capital Employed (ROCE)? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St - –

Is Open Text Corporation's (NASDAQ:OTEX) CEO Paid At A Competitive Rate?

This analysis aims first to contrast CEO compensation with other large companies. … According to our data, Open Text Corporation has a market capitalization of US$10b, and pays its CEO total annual compensation worth US$7.1m. … We looked at a group of companies with market capitalizations over US$8.0b and the median CEO total compensation was US$11m

Simply Wall St - –

The Open Text Share Price Is Up 54% And Shareholders Are Holding On

Just take a look at Open Text Corporation (NASDAQ:OTEX), which is up 54%, over three years, soundly beating the market return of 41% (not including dividends). … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … Open Text was able to grow its EPS at 2.0% per year over three years, sending the share price higher.

Simply Wall St - –

A Look At The Intrinsic Value Of Open Text Corporation (NASDAQ:OTEX)

Today, I will calculate the stock's intrinsic value. … by taking the expected future cash flows and discounting them to their present value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model.

Simply Wall St - –

OTEX Company Info

Description

Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk. It also provides business network solutions comprising business-to-business integration services, such as secure mail, large file transfer, fax, and electronic data interchange within a single platform; analytics solutions; and forensic security and automated cyber risk management software service. In addition, the company provides customer support programs that include access to software upgrades, a knowledge base, discussions, product information, and an online mechanism to post and review trouble tickets. Further, it offers professional services, such as consulting and learning services relating for the implementation, training, and integration of its licensed product offerings into the customers’ systems; and cloud services that allow its customers to make use of its OpenText software, services, and content over Internet enabled networks. The company serves organizations, mid-market companies, and government agencies worldwide. It has strategic partnerships with SAP SE, Microsoft Corporation, Oracle Corporation, Salesforce.com Corporation, Accenture plc, Deloitte Consulting LLP, and others. Open Text Corporation was founded in 1991 and is headquartered in Waterloo, Canada.

Details
Name: Open Text Corporation
OTEX
Exchange: NasdaqGS
Founded: 1991
$10,873,437,754
268,678,966
Website: http://www.opentext.com
Address: Open Text Corporation
275 Frank Tompa Drive,
Waterloo,
Ontario, N2L 0A1,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS OTEX Common Shares Nasdaq Global Select US USD 24. Jan 1996
DB OTX Common Shares Deutsche Boerse AG DE EUR 24. Jan 1996
TSX OTEX Common Shares The Toronto Stock Exchange CA CAD 24. Jan 1996
Number of employees
Current staff
Staff numbers
13,000
Open Text employees.
Industry
Application Software
Software
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/24 23:43
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/16
Last earnings filing: 2019/05/01
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/06/30


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.

Related Companies

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