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Kardex

SWX:KARN
Snowflake Description

Flawless balance sheet with outstanding track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
KARN
SWX
CHF1B
Market Cap
  1. Home
  2. CH
  3. Capital Goods
Company description

Kardex AG develops, produces, maintains, and sells automated storage solutions and materials handling systems worldwide. The last earnings update was 111 days ago. More info.


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KARN Share Price and Events
7 Day Returns
5%
SWX:KARN
-0.3%
CH Machinery
-0%
CH Market
1 Year Returns
31.8%
SWX:KARN
14.4%
CH Machinery
13.3%
CH Market
KARN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Kardex (KARN) 5% 17.6% 22.1% 31.8% 86.9% 243%
CH Machinery -0.3% 7.6% 15.7% 14.4% 26.5% 41.5%
CH Market -0% 3.2% 4.8% 13.3% 21.9% 13%
1 Year Return vs Industry and Market
  • KARN outperformed the Machinery industry which returned 14.4% over the past year.
  • KARN outperformed the Market in Switzerland which returned 13.3% over the past year.
Price Volatility
KARN
Industry
5yr Volatility vs Market

Value

 Is Kardex 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 Kardex 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 Kardex.

SWX:KARN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.5%
Perpetual Growth Rate 10-Year CH Government Bond Rate 3.3%

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 SWX:KARN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate 3.3%
Equity Risk Premium S&P Global 6%
Machinery Unlevered Beta Simply Wall St/ S&P Global 1.08
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.078 (1 + (1- 18%) (0%))
1.052
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.05
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 3.28% + (1.052 * 5.96%)
9.55%

Discounted Cash Flow Calculation for SWX:KARN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Kardex 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.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

SWX:KARN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 9.55%)
2020 32.25 Analyst x1 29.44
2021 45.77 Analyst x1 38.14
2022 46.85 Est @ 2.36% 35.64
2023 48.09 Est @ 2.64% 33.39
2024 49.45 Est @ 2.83% 31.34
2025 50.91 Est @ 2.96% 29.46
2026 52.47 Est @ 3.06% 27.71
2027 54.11 Est @ 3.12% 26.09
2028 55.82 Est @ 3.17% 24.57
2029 57.61 Est @ 3.2% 23.14
Present value of next 10 years cash flows €298.00
SWX:KARN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €57.61 × (1 + 3.28%) ÷ (9.55% – 3.28%)
€948.44
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €948.44 ÷ (1 + 9.55%)10
€381.04
SWX:KARN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €298.00 + €381.04
€679.04
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €679.04 / 7.72
€87.99
SWX:KARN Discount to Share Price
Calculation Result
Exchange Rate EUR/CHF
(Reporting currency to currency of SWX:KARN)
1.095
Value per Share
(CHF)
= Value per Share in EUR x Exchange Rate (EUR/CHF)
= €87.99 x 1.095
CHF96.36
Value per share (CHF) From above. CHF96.36
Current discount Discount to share price of CHF160.00
= -1 x (CHF160.00 - CHF96.36) / CHF96.36
-66.1%

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

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

The amount the stock market is willing to pay for Kardex's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Kardex's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:KARN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in EUR €5.33
SWX:KARN Share Price ** SWX (2019-11-15) in CHF CHF160
SWX:KARN Share Price converted to EUR reporting currency Exchange rate (CHF/ EUR) 0.913 €146.11
Switzerland Machinery Industry PE Ratio Median Figure of 25 Publicly-Listed Machinery Companies 23.34x
Switzerland Market PE Ratio Median Figure of 171 Publicly-Listed Companies 19.23x

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

** Primary Listing of Kardex.

SWX:KARN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SWX:KARN Share Price ÷ EPS (both in EUR)

= 146.11 ÷ 5.33

27.43x

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

  • Kardex is overvalued based on earnings compared to the CH Machinery industry average.
  • Kardex is overvalued based on earnings compared to the Switzerland market.
Price based on expected Growth
Does Kardex's expected growth come at a high price?
Raw Data
SWX:KARN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 27.43x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
9%per year
Switzerland Machinery Industry PEG Ratio Median Figure of 23 Publicly-Listed Machinery Companies 1.18x
Switzerland Market PEG Ratio Median Figure of 124 Publicly-Listed Companies 2.17x

*Line of best fit is calculated by linear regression .

SWX:KARN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 27.43x ÷ 9%

3.04x

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

  • Kardex is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Kardex's assets?
Raw Data
SWX:KARN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in EUR €18.97
SWX:KARN Share Price * SWX (2019-11-15) in CHF CHF160
SWX:KARN Share Price converted to EUR reporting currency Exchange rate (CHF/ EUR) 0.913 €146.11
Switzerland Machinery Industry PB Ratio Median Figure of 25 Publicly-Listed Machinery Companies 2.3x
Switzerland Market PB Ratio Median Figure of 214 Publicly-Listed Companies 1.66x
SWX:KARN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SWX:KARN Share Price ÷ Book Value per Share (both in EUR)

= 146.11 ÷ 18.97

7.7x

* Primary Listing of Kardex.

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

  • Kardex is overvalued based on assets compared to the CH Machinery industry average.
X
Value checks
We assess Kardex'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 Machinery 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 Machinery industry average (and greater than 0)? (1 check)
  5. Kardex has a total score of 0/6, 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 Kardex expected to perform in the next 1 to 3 years based on estimates from 4 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
9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Kardex expected to grow at an attractive rate?
  • Kardex's earnings growth is expected to exceed the low risk savings rate of 3.3%.
Growth vs Market Checks
  • Kardex's earnings growth is positive but not above the Switzerland market average.
  • Kardex's revenue growth is expected to exceed the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:KARN Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:KARN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 9%
SWX:KARN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 7.5%
Switzerland Machinery Industry Earnings Growth Rate Market Cap Weighted Average 14.5%
Switzerland Machinery Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 9.9%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 3.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

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

Analysts growth expectations
Raw Data
SWX:KARN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:KARN Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 643 1
2022-12-31 595 1
2021-12-31 536 59 52 4
2020-12-31 502 52 47 4
2019-12-31 470 47 44 4
2019-11-18
SWX:KARN Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-06-30 458 53 41
2019-03-31 441 50 40
2018-12-31 423 48 38
2018-09-30 408 45 37
2018-06-30 393 42 35
2018-03-31 384 44 33
2017-12-31 376 46 32
2017-09-30 371 40 32
2017-06-30 367 34 32
2017-03-31 363 29 31
2016-12-31 359 24 31
2016-09-30 351 30

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Kardex's earnings are expected to grow by 9% yearly, however this is not considered high growth (20% yearly).
  • Kardex's revenue is expected to grow by 7.5% 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
SWX:KARN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Kardex Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:KARN Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 6.79 7.12 6.36 3.00
2020-12-31 6.18 6.47 6.01 3.00
2019-12-31 5.72 5.88 5.61 3.00
2019-11-18
SWX:KARN Past Financials Data
Date (Data in EUR Millions) EPS *
2019-06-30 5.33
2019-03-31 5.14
2018-12-31 4.96
2018-09-30 4.74
2018-06-30 4.51
2018-03-31 4.32
2017-12-31 4.12
2017-09-30 4.12
2017-06-30 4.12
2017-03-31 4.05
2016-12-31 3.99
2016-09-30 3.88

*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.
  • Kardex is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Kardex'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 Switzerland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Switzerland 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.
Kardex 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.

Past Performance

  How has Kardex 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 Kardex's growth in the last year to its industry (Machinery).
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.
  • Kardex's year on year earnings growth rate has been positive over the past 5 years.
  • Kardex's 1-year earnings growth exceeds its 5-year average (18.1% vs 8.7%)
  • Kardex's earnings growth has exceeded the CH Machinery industry average in the past year (18.1% vs 2.7%).
Earnings and Revenue History
Kardex'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 Kardex Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:KARN Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 457.90 41.10 93.20 11.60
2019-03-31 440.65 39.70 90.20 11.50
2018-12-31 423.40 38.30 87.20 11.40
2018-09-30 408.00 36.55 84.10 10.85
2018-06-30 392.60 34.80 81.00 10.30
2018-03-31 384.35 33.30 80.20 10.30
2017-12-31 376.10 31.80 79.40 10.30
2017-09-30 371.35 31.80 79.20 10.20
2017-06-30 366.60 31.80 79.00 10.10
2017-03-31 362.55 31.30 77.95 10.00
2016-12-31 358.50 30.80 76.90 9.90
2016-09-30 351.00 30.00 76.05 10.10
2016-06-30 343.50 29.20 75.20 10.30
2016-03-31 340.70 28.85 74.70 9.80
2015-12-31 337.90 28.50 74.20 9.30
2015-09-30 331.80 27.55 72.00 8.35
2015-06-30 325.70 26.60 69.80 7.40
2015-03-31 316.85 25.20 68.10 7.20
2014-12-31 308.00 23.80 66.40 7.00
2014-09-30 313.60 27.00 67.55 6.80
2014-06-30 319.20 30.20 68.70 6.60
2014-03-31 359.25 30.85 74.05 6.25
2013-12-31 399.30 31.50 79.40 5.90
2013-09-30 435.60 27.30 82.30 5.40
2013-06-30 471.90 23.10 85.20 4.90
2013-03-31 478.15 22.25 85.80 4.80
2012-12-31 484.40 21.40 86.40 4.70

*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.
  • Kardex has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Kardex used its assets more efficiently than the CH Machinery industry average last year based on Return on Assets.
  • Kardex has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Kardex'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 Machinery 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.
Kardex has a total score of 6/6, 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 Kardex'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 Kardex's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Kardex is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Kardex's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Kardex'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.
  • Kardex has no debt, it does not need to be covered by short term assets.
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 Kardex Company Filings, last reported 4 months ago.

SWX:KARN Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 146.80 0.00 119.90
2019-03-31 146.80 0.00 119.90
2018-12-31 153.30 0.00 129.20
2018-09-30 153.30 0.00 129.20
2018-06-30 155.70 0.00 130.70
2018-03-31 155.70 0.00 130.70
2017-12-31 139.00 0.00 114.90
2017-09-30 139.00 0.00 114.90
2017-06-30 147.40 0.00 123.50
2017-03-31 147.40 0.00 123.50
2016-12-31 138.20 0.00 105.70
2016-09-30 138.20 0.00 105.70
2016-06-30 141.70 0.00 122.40
2016-03-31 141.70 0.00 122.40
2015-12-31 129.40 0.00 112.50
2015-09-30 129.40 0.00 112.50
2015-06-30 117.80 0.00 97.10
2015-03-31 117.80 0.00 97.10
2014-12-31 115.80 0.00 85.10
2014-09-30 115.80 0.00 85.10
2014-06-30 99.60 0.00 69.90
2014-03-31 99.60 0.00 69.90
2013-12-31 106.90 2.10 79.10
2013-09-30 106.90 2.10 79.10
2013-06-30 89.20 20.60 37.80
2013-03-31 89.20 20.60 37.80
2012-12-31 85.40 20.70 34.10
  • Kardex has no debt.
  • Kardex currently has no debt however we can't compare to 5 years ago as we have no data for that period.
  • Kardex has no debt, it does not need to be covered by operating cash flow.
  • Kardex has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Kardex'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. Kardex has a total score of 6/6, 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 Kardex'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
2.39%
Current annual income from Kardex dividends. Estimated to be 3.01% next year.
If you bought CHF2,000 of Kardex shares you are expected to receive CHF48 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?
  • Kardex's pays a higher dividend yield than the bottom 25% of dividend payers in Switzerland (1.85%).
  • Kardex's dividend is below the markets top 25% of dividend payers in Switzerland (3.6%).
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
SWX:KARN 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 4 Analyst Estimates (S&P Global) See Below
Switzerland Machinery Industry Average Dividend Yield Market Cap Weighted Average of 21 Stocks 2.2%
Switzerland Market Average Dividend Yield Market Cap Weighted Average of 163 Stocks 2.9%
Switzerland Minimum Threshold Dividend Yield 10th Percentile 1.2%
Switzerland Bottom 25% Dividend Yield 25th Percentile 1.8%
Switzerland 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.

SWX:KARN Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 4.83 4.00
2020-12-31 4.41 4.00
2019-12-31 3.97 4.00
2019-11-18
SWX:KARN Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-04-11 3.492 2.687
2018-03-01 3.001 2.587
2017-04-20 2.793 2.935
2016-03-09 2.699 3.373
2015-03-12 2.064 3.587
2014-04-24 1.022 2.830
2013-03-14 0.952 3.155

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

  • Whilst dividend payments have been stable, Kardex has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Kardex only paid a dividend in the past 7 years.
Current Payout to shareholders
What portion of Kardex's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x 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 Kardex's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - 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 Kardex afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Kardex 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.

Management

 What is the CEO of Kardex'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
Jens Fankhänel
COMPENSATION €1,485,200
AGE 54
TENURE AS CEO 3.5 years
CEO Bio

Mr. Jens Fankhänel has been the Chief Executive Officer and Member of Management Board at Kardex AG since May 1, 2016. Mr. Fankhänel served as Head of Kardex Remstar Division at Kardex AG since January 2011 until January 1, 2019. Mr. Fankhänel served as Managing Director of WDS Region Europe 1 Swisslog AG Buchs from 2008 to 2010. Mr. Fankhänel served as Vice President and Chief Executive Officer of Hub Central Europe Dematic GmbH & Co. KG Offenbach from 2005 to 2008. He served as Managing Director of Swisslog Australia from 2002 to 2005. He served as Senior Consultant/Director of I+O GmbH Heidelberg from 1994 to 2002. Mr. Fankhänel is Graduated in Electrical Engineering/Automation Engineering from University of Chemnitz.

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

Average tenure and age of the Kardex management team in years:

3.5
Average Tenure
55.5
Average Age
  • The tenure for the Kardex management team is about average.
Management Team

Jens Fankhänel

TITLE
Group CEO & Member of Management Board
COMPENSATION
€1M
AGE
54
TENURE
3.5 yrs

Thomas Reist

TITLE
CFO & Member of Management Board
AGE
48
TENURE
3.5 yrs

Hans-Jürgen Heitzer

TITLE
Head of Kardex Mlog Division & Member of Management Board
AGE
57

Urs Siegenthaler

TITLE
Division Head of Kardex Remstar & Member of Management Board
AGE
60
TENURE
0.8 yrs

Edwin Van der Geest

TITLE
Head of Investor Relations

Alexandre Müller

TITLE
Investor Relation Professional
Board of Directors Tenure

Average tenure and age of the Kardex board of directors in years:

7.6
Average Tenure
62
Average Age
  • The tenure for the Kardex board of directors is about average.
Board of Directors

Philipp Buhofer

TITLE
Chairman
COMPENSATION
€216K
AGE
60
TENURE
8.6 yrs

Felix Thöni

TITLE
Vice Chairman
COMPENSATION
€407K
AGE
60
TENURE
3.6 yrs

Jakob Bleiker

TITLE
Non-Executive Director
COMPENSATION
€106K
AGE
62
TENURE
7.6 yrs

Ulrich Looser

TITLE
Non-Executive Director
COMPENSATION
€117K
AGE
62
TENURE
7.6 yrs

Walter Vogel

TITLE
Independent Director
COMPENSATION
€98K
AGE
62
TENURE
13.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CHF) Value (CHF)
X
Management checks
We assess Kardex'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. Kardex 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

Is Kardex AG (VTX:KARN) Expensive For A Reason? A Look At Its Intrinsic Value

Today, we will estimate the stock's intrinsic value by taking the expected future cash flows and discounting them to their present value. … Generally we assume that a dollar today is more valuable than a dollar in the future, and so the sum of these future cash flows is then discounted to today's value: 10-year free cash flow (FCF) estimate 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Levered FCF (€, Millions) €32.2m €45.8m €48.8m €51.5m €54.0m €56.3m €58.6m €60.9m €63.1m €65.3m Growth Rate Estimate Source Analyst x1 Analyst x1 Est @ 6.53% Est @ 5.55% Est @ 4.87% Est @ 4.39% Est @ 4.06% Est @ 3.82% Est @ 3.66% Est @ 3.54% Present Value (€, Millions) Discounted @ 9.42% €29.5 €38.2 €37.2 €35.9 €34.4 €32.8 €31.2 €29.6 €28.1 €26.6 ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF)= €323.6m After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = €65m × (1 + 3.3%) ÷ (9.4% – 3.3%) = €1.1b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = €€1.1b ÷ ( 1 + 9.4%)10 = €446.70m The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is €770.28m.

Simply Wall St -

Is Kardex's (VTX:KARN) Share Price Gain Of 200% Well Earned?

Kardex AG (VTX:KARN) shareholders might be concerned after seeing the share price drop 14% in the last quarter. … So while it's never fun to see a share price fall, it's important to look at a longer time horizon. … During five years of share price growth, Kardex achieved compound earnings per share (EPS) growth of 6.4% per year.

Simply Wall St -

Here's What Kardex AG's (VTX:KARN) P/E Is Telling Us

We'll look at Kardex AG's (VTX:KARN) P/E ratio and reflect on what it tells us about the company's share price. … The formula for P/E is: Price to Earnings Ratio = Share Price (in reporting currency) ÷ Earnings per Share (EPS) Or for Kardex: P/E of 24.49 = €130.44 (Note: this is the share price in the reporting currency, namely, EUR ) ÷ €5.33 (Based on the trailing twelve months to June 2019.) Is A High Price-to-Earnings Ratio Good? … SWX:KARN Price Estimation Relative to Market, August 2nd 2019 Its relatively high P/E ratio indicates that Kardex shareholders think it will perform better than other companies in its industry classification.

Simply Wall St -

What You Must Know About Kardex AG's (VTX:KARN) Beta Value

Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … This is fairly close to 1, so the stock has historically shown a somewhat similar level of volatility as the market. … Small companies often have a high beta value because the stock price can move on relatively low capital flows.

Simply Wall St -

What Do Analysts Think About Kardex AG's (VTX:KARN) Future?

Below is a brief commentary around Kardex's earnings outlook going forward, which may give you a sense of market sentiment for the company. … Check out our latest analysis for Kardex How is Kardex going to perform in the near future? … SWX:KARN Past and Future Earnings, July 18th 2019 This results in an annual growth rate of 11% based on the most recent earnings level of €38m to the final forecast of €54m by 2022.

Simply Wall St -

Is Kardex AG's (VTX:KARN) CEO Pay Justified?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … View our latest analysis for Kardex How Does Jens Fankhänel's Compensation Compare With Similar Sized Companies? … According to our data, Kardex AG has a market capitalization of CHF1.3b, and pays its CEO total annual compensation worth €1.5m.

Simply Wall St -

Want To Invest In Kardex AG (VTX:KARN) Today? Read This First

Kardex AG (VTX:KARN) is considered a high growth stock. … This illustrates that Kardex is overvalued compared to the CH market average ratio of 18.19x , and overvalued based on current earnings compared to the Machinery industry average of 19.23x. … But, seeing as Kardex is perceived as a high-growth stock, we must also account for its earnings growth, which is captured in the PEG ratio.

Simply Wall St -

How Does Kardex AG (VTX:KARN) Fare As A Dividend Stock?

Dividend Volatility Before buying a stock for its income, we want to see if the dividends have been stable in the past, and if the company has a track record of maintaining its dividend. … Dividend Growth Potential Examining whether the dividend is affordable and stable is important. … However, it's also important to assess if earnings per share (EPS) are growing. Over the long term, dividends need to grow at or above the rate of inflation, in order to maintain the recipient's purchasing power. Earnings have grown at around 4.0% a year for the past five years, which is better than seeing them shrink! 4.0% per annum is not a particularly high rate of growth, which we find curious. When a business is not growing, it often makes more sense to pay higher dividends to shareholders rather than retain the cash with no way to utilise it. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.

Simply Wall St -

At CHF168, Is It Time To Put Kardex AG (VTX:KARN) On Your Watch List?

Kardex AG (VTX:KARN), which is in the machinery business, and is based in Switzerland, led the SWX gainers with a relatively large price hike in the past couple of weeks. … Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at the company's future expectations. … If you believe KARN should trade below its current price, selling high and buying it back up again when its price falls towards its real value can be profitable.

Simply Wall St -

Why Kardex AG (VTX:KARN) Could Have A Place In Your Portfolio

In the case of KARN, it is a financially-healthy company with an impressive track record and an optimistic growth outlook. … SWX:KARN Past and Future Earnings, June 3rd 2019 KARN is financially robust, with ample cash on hand and short-term investments to meet upcoming liabilities. … Dividend Income vs Capital Gains: Does KARN return gains to shareholders through reinvesting in itself and growing earnings, or redistribute a decent portion of earnings as dividends?

Simply Wall St -

Company Info

Description

Kardex AG develops, produces, maintains, and sells automated storage solutions and materials handling systems worldwide. The company operates through Kardex Remstar and Kardex Mlog divisions. It offers a range of storing solutions, including dynamic storage systems, and turnkey systems and high-bay warehouses; material flow management solutions; handling and automation solutions, such as automated storage and retrieval machines, conveyor systems, vertical and horizontal systems, and warehouse management solutions; and a range of office technology solutions and products that assist companies in managing various quantities of documents. Kardex AG is headquartered in Zurich, Switzerland.

Details
Name: Kardex AG
KARN
Exchange: SWX
Founded:
CHF1,227,020,967
7,717,113
Website: http://www.kardex.com
Address: Kardex AG
Airgate,
Thurgauerstrasse 40,
Zurich,
Zurich, 8050,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX KARN Ordinary Shares SIX Swiss Exchange CH CHF 01. Jan 1990
OTCPK KRDX.F Ordinary Shares Pink Sheets LLC US USD 01. Jan 1990
DB KAX2 Ordinary Shares Deutsche Boerse AG DE EUR 01. Jan 1990
LSE 0QOL Ordinary Shares London Stock Exchange GB CHF 01. Jan 1990
Number of employees
Current staff
Staff numbers
1,807
Kardex employees.
Industry
Industrial Machinery
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/18 20:31
End of day share price update: 2019/11/15 00:00
Last estimates confirmation: 2019/08/06
Last earnings filing: 2019/07/30
Last earnings reported: 2019/06/30
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.