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Rheinmetall

SWX:RHM
Snowflake Description

Flawless balance sheet, good value and pays a dividend.

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

Rheinmetall AG manufactures and supplies automotive components and defense equipment in Germany and internationally. The last earnings update was 16 days ago. More info.


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RHM Share Price and Events
7 Day Returns
0%
SWX:RHM
2.9%
Europe Industrials
1.4%
CH Market
1 Year Returns
3.8%
SWX:RHM
-25%
Europe Industrials
-5.2%
CH Market
RHM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Rheinmetall (RHM) 0% 0% 0% 3.8% 37.6% 145.6%
Europe Industrials 2.9% -18.2% -33.5% -25% -35.8% -17.1%
CH Market 1.4% -9% -13.7% -5.2% 3.7% -2.6%
1 Year Return vs Industry and Market
  • RHM outperformed the Industrials industry which returned -25% over the past year.
  • RHM outperformed the Market in Switzerland which returned -5.2% over the past year.
Price Volatility
RHM
Industry
5yr Volatility vs Market

Value

 Is Rheinmetall 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 Rheinmetall 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 Rheinmetall.

SWX:RHM Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 17 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.2%
Perpetual Growth Rate 10-Year CH Government Bond Rate -0.6%

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:RHM
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate -0.6%
Equity Risk Premium S&P Global 5.4%
Industrials Unlevered Beta Simply Wall St/ S&P Global 0.84
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.844 (1 + (1- 30%) (38.49%))
1.048
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)
= -0.55% + (1.048 * 5.44%)
5.15%

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

The calculations below outline how an intrinsic value for Rheinmetall 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:RHM DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 5.15%)
2020 199.36 Analyst x9 189.59
2021 250.80 Analyst x10 226.83
2022 286.42 Analyst x7 246.35
2023 283.24 Est @ -1.11% 231.67
2024 280.56 Est @ -0.94% 218.24
2025 278.25 Est @ -0.83% 205.84
2026 276.18 Est @ -0.74% 194.30
2027 274.29 Est @ -0.69% 183.51
2028 272.52 Est @ -0.64% 173.39
2029 270.84 Est @ -0.62% 163.88
Present value of next 10 years cash flows €2,033.00
SWX:RHM DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €270.84 × (1 + -0.55%) ÷ (5.15% – -0.55%)
€4,723.75
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €4,723.75 ÷ (1 + 5.15%)10
€2,858.33
SWX:RHM Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €2,033.00 + €2,858.33
€4,891.33
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €4,891.33 / 43.08
€113.53
SWX:RHM Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in SWX:RHM represents 1.94333x of XTRA:RHM
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.94333x
Value per Share
(Listing Adjusted, CHF)
= Value per Share (EUR) x Listing Adjustment Factor
= € 113.53 x 1.94333
CHF220.63
Value per share (CHF) From above. CHF220.63
Current discount Discount to share price of CHF116.25
= -1 x (CHF116.25 - CHF220.63) / CHF220.63
47.3%

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

Current Discount
Amount off the current price Rheinmetall is available for.
Intrinsic value
47%
Share price is CHF116.25 vs Future cash flow value of CHF220.63
Current Discount Checks
For Rheinmetall to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Rheinmetall's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Rheinmetall's share price is below the future cash flow value, and 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 Rheinmetall's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Rheinmetall's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:RHM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €7.78
XTRA:RHM Share Price ** XTRA (2020-04-03) in EUR €59.82
Europe Industrials Industry PE Ratio Median Figure of 21 Publicly-Listed Industrials Companies 11.8x
Switzerland Market PE Ratio Median Figure of 175 Publicly-Listed Companies 16.43x

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

** Primary Listing of Rheinmetall.

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

= XTRA:RHM Share Price ÷ EPS (both in EUR)

= 59.82 ÷ 7.78

7.69x

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

  • Rheinmetall is good value based on earnings compared to the Europe Industrials industry average.
  • Rheinmetall is good value based on earnings compared to the Switzerland market.
Price based on expected Growth
Does Rheinmetall's expected growth come at a high price?
Raw Data
SWX:RHM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.69x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 17 Analysts
3.1%per year
Europe Industrials Industry PEG Ratio Median Figure of 10 Publicly-Listed Industrials Companies 1.7x
Switzerland Market PEG Ratio Median Figure of 125 Publicly-Listed Companies 1.81x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.69x ÷ 3.1%

2.49x

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

  • Rheinmetall is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Rheinmetall's assets?
Raw Data
SWX:RHM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €49.35
XTRA:RHM Share Price * XTRA (2020-04-03) in EUR €59.82
Europe Industrials Industry PB Ratio Median Figure of 28 Publicly-Listed Industrials Companies 0.74x
Switzerland Market PB Ratio Median Figure of 216 Publicly-Listed Companies 1.33x
SWX:RHM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= XTRA:RHM Share Price ÷ Book Value per Share (both in EUR)

= 59.82 ÷ 49.35

1.21x

* Primary Listing of Rheinmetall.

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

  • Rheinmetall is overvalued based on assets compared to the Europe Industrials industry average.
X
Value checks
We assess Rheinmetall'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 Industrials 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 Industrials industry average (and greater than 0)? (1 check)
  5. Rheinmetall has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

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

Future Performance

 How is Rheinmetall expected to perform in the next 1 to 3 years based on estimates from 17 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
3.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Rheinmetall expected to grow at an attractive rate?
  • Rheinmetall's earnings growth is expected to exceed the low risk savings rate of -0.6%.
Growth vs Market Checks
  • Rheinmetall's earnings growth is positive but not above the Switzerland market average.
  • Rheinmetall's revenue growth is expected to exceed the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:RHM Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:RHM Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 17 Analysts 3.1%
SWX:RHM Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 17 Analysts 3.9%
Europe Industrials Industry Earnings Growth Rate Market Cap Weighted Average 15.3%
Europe Industrials Industry Revenue Growth Rate Market Cap Weighted Average 3.5%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 8.3%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 2.2%

*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:RHM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 17 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:RHM Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 7,416 2
2023-12-31 7,139 385 2
2022-12-31 6,953 653 341 12
2021-12-31 6,575 594 295 17
2020-12-31 6,155 544 219 16
2020-04-03
SWX:RHM Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 6,336 602 335
2019-09-30 6,278 451 313
2019-06-30 6,209 466 333
2019-03-31 6,231 398 313
2018-12-31 6,220 242 305
2018-09-30 5,886 190 275
2018-06-30 5,841 306 234
2018-03-31 5,807 462 224
2018-01-01 5,896 546 224
2017-09-30 5,872 552 208
2017-06-30 5,811 583 214
2017-03-31 5,771 499 211

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Rheinmetall's earnings are expected to grow by 3.1% yearly, however this is not considered high growth (20% yearly).
  • Rheinmetall's revenue is expected to grow by 3.9% 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:RHM Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 17 Analyst Estimates (S&P Global) See Below

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

SWX:RHM Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 7.88 8.54 6.84 10.00
2021-12-31 6.74 7.39 5.55 13.00
2020-12-31 4.61 5.72 3.33 11.00
2020-04-03
SWX:RHM Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 7.78
2019-09-30 7.28
2019-06-30 7.75
2019-03-31 7.30
2018-12-31 7.10
2018-09-30 6.43
2018-06-30 5.45
2018-03-31 5.21
2018-01-01 5.23
2017-09-30 4.87
2017-06-30 4.99
2017-03-31 4.89

*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.
  • Rheinmetall is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Rheinmetall'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 Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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.
Rheinmetall has a total score of 2/6, 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 Rheinmetall 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 Rheinmetall's growth in the last year to its industry (Industrials).
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.
  • Rheinmetall has delivered over 20% year on year earnings growth in the past 5 years.
  • Rheinmetall's 1-year earnings growth is less than its 5-year average (9.8% vs 29.7%)
  • Rheinmetall's earnings growth has not exceeded the Europe Industrials industry average in the past year (9.8% vs 9.8%).
Earnings and Revenue History
Rheinmetall'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 Rheinmetall Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:RHM Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 6,336.00 335.00 1,678.00
2019-09-30 6,278.00 313.00 1,647.00
2019-06-30 6,209.00 333.00 1,612.00
2019-03-31 6,231.00 313.00 1,600.00
2018-12-31 6,220.00 305.00 1,574.00
2018-09-30 5,886.00 275.00 1,554.00
2018-06-30 5,841.00 234.00 1,565.00
2018-03-31 5,807.00 224.00 1,545.00
2018-01-01 5,896.00 224.00 1,548.00
2017-09-30 5,872.00 208.00 1,603.00
2017-06-30 5,811.00 214.00 1,565.00
2017-03-31 5,771.00 211.00 1,556.00
2016-12-31 5,602.00 200.00 1,522.00
2016-09-30 5,505.00 173.00 1,506.00
2016-06-30 5,388.00 164.00 1,487.00
2016-03-31 5,190.00 156.00 1,468.00
2015-12-31 5,183.00 151.00 1,451.00
2015-09-30 5,055.00 101.00 1,433.00
2015-06-30 4,951.00 52.00 1,419.00
2015-03-31 4,830.00 29.00 1,385.00
2014-12-31 4,688.00 13.00 1,369.00
2014-09-30 4,676.00 49.00 1,364.00
2014-06-30 4,573.00 65.00 1,357.00
2014-03-31 4,527.00 53.00 1,348.00
2013-12-31 4,417.00 39.00 1,349.00
2013-09-30 4,385.00 46.00 1,393.00
2013-06-30 4,426.00 74.00 1,408.00

*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.
  • Rheinmetall has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Rheinmetall used its assets more efficiently than the Europe Industrials industry average last year based on Return on Assets.
  • Rheinmetall has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Rheinmetall'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 Industrials 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.
Rheinmetall has a total score of 3/6, 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 Rheinmetall'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 Rheinmetall's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Rheinmetall is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Rheinmetall's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Rheinmetall's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 5.4x 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 Rheinmetall Company Filings, last reported 3 months ago.

SWX:RHM Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 2,272.00 784.00 959.00
2019-09-30 1,990.00 1,055.00 395.00
2019-06-30 1,982.00 1,003.00 616.00
2019-03-31 2,194.00 853.00 682.00
2018-12-31 2,173.00 684.00 841.00
2018-09-30 2,089.00 863.00 349.00
2018-06-30 1,975.00 851.00 422.00
2018-03-31 1,968.00 828.00 832.00
2018-01-01 1,860.00 810.00 891.00
2017-09-30 1,811.00 652.00 451.00
2017-06-30 1,781.00 941.00 735.00
2017-03-31 1,814.00 798.00 670.00
2016-12-31 1,781.00 776.00 822.00
2016-09-30 1,527.00 839.00 436.00
2016-06-30 1,469.00 833.00 384.00
2016-03-31 1,498.00 824.00 501.00
2015-12-31 1,562.00 810.00 762.00
2015-09-30 1,256.00 817.00 254.00
2015-06-30 1,294.00 817.00 252.00
2015-03-31 1,165.00 809.00 322.00
2014-12-31 1,197.00 804.00 501.00
2014-09-30 1,253.00 845.00 219.00
2014-06-30 1,257.00 927.00 246.00
2014-03-31 1,289.00 715.00 129.00
2013-12-31 1,339.00 580.00 467.00
2013-09-30 1,300.00 633.00 141.00
2013-06-30 1,314.00 575.00 262.00
  • Rheinmetall's level of debt (34.5%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (67.2% vs 34.5% today).
  • Debt is well covered by operating cash flow (76.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 14.1x coverage).
X
Financial health checks
We assess Rheinmetall'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. Rheinmetall 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 Rheinmetall'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
4.01%
Current annual income from Rheinmetall dividends. Estimated to be 3.76% next year.
If you bought CHF2,000 of Rheinmetall shares you are expected to receive CHF80 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?
  • Rheinmetall's pays a higher dividend yield than the bottom 25% of dividend payers in Switzerland (2.08%).
  • Rheinmetall's dividend is below the markets top 25% of dividend payers in Switzerland (4.36%).
Upcoming dividend payment

Purchase Rheinmetall before the 'Ex-dividend' 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
SWX:RHM 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 17 Analyst Estimates (S&P Global) See Below
Europe Industrials Industry Average Dividend Yield Market Cap Weighted Average of 16 Stocks 4.7%
Switzerland Market Average Dividend Yield Market Cap Weighted Average of 159 Stocks 3.3%
Switzerland Minimum Threshold Dividend Yield 10th Percentile 1.3%
Switzerland Bottom 25% Dividend Yield 25th Percentile 2.1%
Switzerland Top 25% Dividend Yield 75th Percentile 4.4%

Industry and Market average data is calculated daily.

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

SWX:RHM Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31 3.31 1.00
2022-12-31 2.66 12.00
2021-12-31 2.29 17.00
2020-12-31 1.85 17.00
2020-04-03
SWX:RHM Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-03-18 2.400 4.195
2019-03-13 2.100 2.097
2018-03-15 1.700 1.830
2017-03-23 1.450 1.543
2016-03-17 1.100 1.709
2015-03-20 0.300 0.559
2015-03-19 0.300 0.641
2014-03-19 0.400 0.959
2013-03-19 1.800 4.362
2012-03-21 1.800 4.700
2011-03-22 1.500 3.350
2010-03-25 0.300 0.586

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Rheinmetall's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3x coverage).
X
Income/ dividend checks
We assess Rheinmetall's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - 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 Rheinmetall afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Rheinmetall has a total score of 4/6, 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 Rheinmetall'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
Armin Papperger
COMPENSATION €5,495,000
AGE 56
TENURE AS CEO 7.3 years
CEO Bio

Mr. Armin Papperger serves as the Chief Executive Officer of Rheinmetall Ag of KSPG AG. Mr. Papperger has been the Chairman of the Executive Board and Chief Executive Officer at Rheinmetall AG since January 2013 and has been its Director of Industrial Relations since January 1, 2013. He has been the Head of Land Systems & Weapon Munition Propellants - Defense and Member of the Management Board Defense of Rheinmetall AG since January 2010. He serves as a Member of Management Board at Rheinmetall Defense Electronics GmbH. He served as a Member of the Executive Board at Rheinmetall Defense of American Rheinmetall Munition Inc. Mr. Papperger serves as the Chairman of Supervisory Board at Rheinmetall Landsysteme GmbH and KSPG AG. He is a Member of Advisory Council at Allianz Global Corporate & Specialty SE.

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

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

5.8
Average Tenure
59
Average Age
  • The average tenure for the Rheinmetall management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Armin Papperger

TITLE
Chairman of the Executive Board
COMPENSATION
€5M
AGE
56
TENURE
7.3 yrs

Helmut Merch

TITLE
CFO and Member of Executive Board & Member of the Management Board Defense
COMPENSATION
€3M
AGE
63
TENURE
7.3 yrs

Peter Krause

TITLE
Labor Director of Human Resources & Member of Executive Board
COMPENSATION
€2M
AGE
59
TENURE
3.3 yrs

Franz-Bernd Reich

TITLE
Head of Investor Relations

Michael Salzmann

TITLE
Chief Compliance Officer
TENURE
5.8 yrs

Rolf Giebeler

TITLE
Senior Executive Officer Law & General Counsel
TENURE
3.3 yrs

Peter Rücker

TITLE
Head of Corporate Communications
Board of Directors Tenure

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

7.9
Average Tenure
58
Average Age
  • The tenure for the Rheinmetall board of directors is about average.
Board of Directors

Ulrich Grillo

TITLE
Chairman of Supervisory Board
COMPENSATION
€280K
AGE
60

Rudolf Luz

TITLE
Vice Chairman of Supervisory Board
COMPENSATION
€180K
AGE
63
TENURE
7.9 yrs

Andreas Georgi

TITLE
Member of Supervisory Board
COMPENSATION
€135K
AGE
62
TENURE
17.8 yrs

Detlef Moog

TITLE
Member of Supervisory Board
COMPENSATION
€95K
AGE
71
TENURE
9.8 yrs

Mike Mielke

TITLE
Member of Supervisory Board
COMPENSATION
€80K
AGE
55
TENURE
9.6 yrs

Roswitha Armbruster

TITLE
Member of Supervisory Board
COMPENSATION
€100K
AGE
65
TENURE
7.9 yrs

Susanne Hannemann

TITLE
Member of Supervisory Board
COMPENSATION
€100K
AGE
55
TENURE
7.9 yrs

Daniel Hay

TITLE
Member of Supervisory Board
COMPENSATION
€95K
AGE
40
TENURE
5.9 yrs

Markus Schaubel

TITLE
Member of Supervisory Board
COMPENSATION
€95K
AGE
56
TENURE
5.8 yrs

Sven Schmidt

TITLE
Member of Supervisory Board
COMPENSATION
€100K
AGE
44
TENURE
5.8 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 Rheinmetall'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. Rheinmetall has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

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

News

Simply Wall St News

Company Info

Description

Rheinmetall AG manufactures and supplies automotive components and defense equipment in Germany and internationally. The company’s automotive products include mechatronics, such as cutting emissions, actuators, and solenoid valves, as well as water, oil, and vacuum pumps; hardparts, including pistons, engine blocks, structural components and cylinder heads, plain bearings, and bushes; and replacement parts. Its defense equipment comprise armored tracked vehicles, CBRN protection systems, turret systems, and wheeled logistics and tactical vehicles; weapons and ammunitions, such as weapon stations, large and medium-caliber weapons and ammunition, protection systems, and propellants and powders; and electronic solutions, including air defense systems, soldier systems, command systems, control and reconnaissance systems, fire control systems, and sensors, as well as simulations for the army, air force, navy, and civil applications. The company was formerly known as Rheinmetall Berlin AG and changed its name to Rheinmetall AG in 1996. Rheinmetall AG was founded in 1889 and is headquartered in Düsseldorf, Germany.

Details
Name: Rheinmetall AG
RHM
Exchange: SWX
Founded: 1889
€2,719,795,444
43,083,242
Website: http://www.rheinmetall.com/en/rheinmetall_ag/home.php
Address: Rheinmetall AG
Rheinmetall Platz 1,
Düsseldorf,
40476,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA RHM Common Stock XETRA Trading Platform DE EUR 02. Jan 1992
OTCPK RNMB.F Common Stock Pink Sheets LLC US USD 02. Jan 1992
DB RHM Common Stock Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0NI1 Common Stock London Stock Exchange GB EUR 02. Jan 1992
SWX RHM Common Stock SIX Swiss Exchange CH CHF 02. Jan 1992
WBAG RHM Common Stock Wiener Boerse AG AT EUR 02. Jan 1992
ETLX RHM Common Stock Eurotlx IT EUR 02. Jan 1992
BATS-CHIXE RHMD Common Stock BATS 'Chi-X Europe' GB EUR 02. Jan 1992
OTCPK RNMB.Y UNSP ADR EACH REPR 0.2 ORD Pink Sheets LLC US USD 03. Dec 2008
BST RHMB UNSP ADR EACH REPR 0.2 ORD Boerse-Stuttgart DE EUR 03. Dec 2008
Number of employees
Current staff
Staff numbers
25,767
Rheinmetall employees.
Industry
Industrial Conglomerates
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 23:19
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/03
Last earnings filing: 2020/03/18
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


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.