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Forbo Holding

SWX:FORN
Snowflake Description

Flawless balance sheet with solid track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FORN
SWX
CHF3B
Market Cap
  1. Home
  2. CH
  3. Consumer Durables
Company description

Forbo Holding AG produces and sells floor coverings, building and construction adhesives, and power transmission and conveyor belt solutions in Switzerland and internationally. The last earnings update was 115 days ago. More info.


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FORN Share Price and Events
7 Day Returns
-1.4%
SWX:FORN
1.8%
Europe Consumer Durables
-0%
CH Market
1 Year Returns
4.9%
SWX:FORN
11%
Europe Consumer Durables
13.3%
CH Market
FORN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Forbo Holding (FORN) -1.4% 5.9% 10.9% 4.9% 19.7% 54.5%
Europe Consumer Durables 1.8% 0.4% 9.1% 11% 16.6% 46.3%
CH Market -0% 3.2% 4.8% 13.3% 21.9% 13%
1 Year Return vs Industry and Market
  • FORN underperformed the Consumer Durables industry which returned 11% over the past year.
  • FORN underperformed the Market in Switzerland which returned 13.3% over the past year.
Price Volatility
FORN
Industry
5yr Volatility vs Market

Value

 Is Forbo Holding undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Forbo Holding to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Forbo Holding.

SWX:FORN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.5%
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:FORN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate 3.3%
Equity Risk Premium S&P Global 6%
Consumer Durables Unlevered Beta Simply Wall St/ S&P Global 0.81
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.811 (1 + (1- 18%) (1.65%))
0.881
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.88
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 3.28% + (0.881 * 5.96%)
8.52%

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

The calculations below outline how an intrinsic value for Forbo Holding is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

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

SWX:FORN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CHF, Millions) Source Present Value
Discounted (@ 8.52%)
2020 138.84 Analyst x5 127.94
2021 143.48 Analyst x5 121.83
2022 141.00 Analyst x1 110.32
2023 143.00 Analyst x1 103.10
2024 145.11 Est @ 1.48% 96.40
2025 148.04 Est @ 2.02% 90.62
2026 151.58 Est @ 2.39% 85.51
2027 155.61 Est @ 2.66% 80.89
2028 160.04 Est @ 2.84% 76.65
2029 164.79 Est @ 2.97% 72.73
Present value of next 10 years cash flows CHF965.00
SWX:FORN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CHF164.79 × (1 + 3.28%) ÷ (8.52% – 3.28%)
CHF3,242.94
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CHF3,242.94 ÷ (1 + 8.52%)10
CHF1,431.26
SWX:FORN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CHF965.00 + CHF1,431.26
CHF2,396.26
Equity Value per Share
(CHF)
= Total value / Shares Outstanding
= CHF2,396.26 / 1.60
CHF1496.06
SWX:FORN Discount to Share Price
Calculation Result
Value per share (CHF) From above. CHF1,496.06
Current discount Discount to share price of CHF1,573.00
= -1 x (CHF1,573.00 - CHF1,496.06) / CHF1,496.06
-5.1%

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

  • The current share price of Forbo Holding 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 Forbo Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Forbo Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:FORN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in CHF CHF86.44
SWX:FORN Share Price ** SWX (2019-11-18) in CHF CHF1573
Europe Consumer Durables Industry PE Ratio Median Figure of 91 Publicly-Listed Consumer Durables Companies 12x
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 Forbo Holding.

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

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

= 1573 ÷ 86.44

18.2x

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

  • Forbo Holding is overvalued based on earnings compared to the Europe Consumer Durables industry average.
  • Forbo Holding is good value based on earnings compared to the Switzerland market.
Price based on expected Growth
Does Forbo Holding's expected growth come at a high price?
Raw Data
SWX:FORN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.2x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
2%per year
Europe Consumer Durables Industry PEG Ratio Median Figure of 58 Publicly-Listed Consumer Durables Companies 1.11x
Switzerland Market PEG Ratio Median Figure of 124 Publicly-Listed Companies 2.17x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 18.2x ÷ 2%

9.21x

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

  • Forbo Holding is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Forbo Holding's assets?
Raw Data
SWX:FORN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in CHF CHF380.65
SWX:FORN Share Price * SWX (2019-11-18) in CHF CHF1573
Europe Consumer Durables Industry PB Ratio Median Figure of 116 Publicly-Listed Consumer Durables Companies 1.43x
Switzerland Market PB Ratio Median Figure of 214 Publicly-Listed Companies 1.66x
SWX:FORN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 1573 ÷ 380.65

4.13x

* Primary Listing of Forbo Holding.

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

  • Forbo Holding is overvalued based on assets compared to the Europe Consumer Durables industry average.
X
Value checks
We assess Forbo Holding's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Consumer Durables 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 Consumer Durables industry average (and greater than 0)? (1 check)
  5. Forbo Holding has a total score of 1/6, 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 Forbo Holding expected to perform in the next 1 to 3 years based on estimates from 8 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
2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Forbo Holding expected to grow at an attractive rate?
  • Forbo Holding's earnings growth is positive but not above the low risk savings rate of 3.3%.
Growth vs Market Checks
  • Forbo Holding's earnings growth is positive but not above the Switzerland market average.
  • Forbo Holding's revenue growth is positive but not above the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:FORN Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:FORN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 2%
SWX:FORN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 1.4%
Europe Consumer Durables Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
Europe Consumer Durables Industry Revenue Growth Rate Market Cap Weighted Average 2.9%
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:FORN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:FORN Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,328 186 2
2022-12-31 1,329 186 2
2021-12-31 1,329 185 144 8
2020-12-31 1,292 181 138 8
2019-12-31 1,269 188 137 8
2019-11-18
SWX:FORN Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2019-06-30 1,308 195 140
2019-03-31 1,317 183 139
2018-12-31 1,327 171 138
2018-09-30 1,318 132
2018-06-30 1,309 79 126
2018-03-31 1,278 79 81
2017-12-31 1,246 79 37
2017-09-30 1,224 41
2017-06-30 1,201 151 45
2017-03-31 1,193 159 86
2016-12-31 1,186 167 128
2016-09-30 1,180 170 125

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Forbo Holding's earnings are expected to grow by 2% yearly, however this is not considered high growth (20% yearly).
  • Forbo Holding's revenue is expected to grow by 1.4% 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
SWX:FORN 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 8 Analyst Estimates (S&P Global) See Below

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

SWX:FORN Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 96.83 102.61 88.90 7.00
2020-12-31 90.19 94.43 86.10 7.00
2019-12-31 86.73 88.21 84.90 7.00
2019-11-18
SWX:FORN Past Financials Data
Date (Data in CHF Millions) EPS *
2019-06-30 86.44
2019-03-31 84.38
2018-12-31 82.37
2018-09-30 77.76
2018-06-30 73.23
2018-03-31 47.15
2017-12-31 21.12
2017-09-30 23.63
2017-06-30 26.20
2017-03-31 50.42
2016-12-31 74.65
2016-09-30 71.62

*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.
  • Forbo Holding is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Forbo Holding's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the 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.
Forbo Holding has a total score of 0/6, 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 Forbo Holding performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Forbo Holding's growth in the last year to its industry (Consumer Durables).
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.
  • Forbo Holding's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Forbo Holding's 1-year earnings growth exceeds its 5-year average (10.9% vs -0.5%)
  • Forbo Holding's earnings growth has exceeded the Europe Consumer Durables industry average in the past year (10.9% vs 1.6%).
Earnings and Revenue History
Forbo Holding's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

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

SWX:FORN Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 1,307.60 140.10 289.70 16.60
2019-03-31 1,317.30 138.85 291.95 16.60
2018-12-31 1,327.00 137.60 294.20 16.60
2018-09-30 1,317.95 131.95 298.80 16.05
2018-06-30 1,308.90 126.30 303.40 15.50
2018-03-31 1,277.65 81.40 296.95 15.50
2017-12-31 1,246.40 36.50 290.50 15.50
2017-09-30 1,223.65 40.65 288.15 15.30
2017-06-30 1,200.90 44.80 285.80 15.10
2017-03-31 1,193.20 86.20 285.75 15.10
2016-12-31 1,185.50 127.60 285.70 15.10
2016-09-30 1,180.35 124.60 283.35 15.10
2016-06-30 1,175.20 121.60 281.00 15.10
2016-03-31 1,157.15 118.65 275.95 15.10
2015-12-31 1,139.10 115.70 270.90 15.10
2015-06-30 1,178.60 115.60 284.60 16.50
2015-03-31 1,202.70 119.50 287.70 16.50
2014-12-31 1,226.80 123.40 290.80 16.50
2014-06-30 1,210.20 116.00 286.10 16.40
2014-03-31 1,204.95 113.10 286.95 16.40
2013-12-31 1,199.70 110.20 287.80 16.40
2013-06-30 1,190.50 135.20 290.90 16.30
2013-03-31 1,195.80 132.65 290.75 16.30
2012-12-31 1,201.10 130.10 290.60 16.30

*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.
  • Forbo Holding has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Forbo Holding used its assets more efficiently than the Europe Consumer Durables industry average last year based on Return on Assets.
  • Forbo Holding has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Forbo Holding's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Consumer Durables 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.
Forbo Holding has a total score of 5/6, 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 Forbo Holding's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Forbo Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Forbo Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Forbo Holding's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Forbo Holding's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Forbo Holding 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 Forbo Holding Company Filings, last reported 4 months ago.

SWX:FORN Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 610.00 0.00 96.00
2019-03-31 610.00 0.00 96.00
2018-12-31 591.60 0.00 127.40
2018-09-30 591.60 0.00 127.40
2018-06-30 648.10 0.00 125.70
2018-03-31 648.10 0.00 125.70
2017-12-31 661.20 0.00 195.40
2017-09-30 661.20 0.00 195.40
2017-06-30 564.70 0.00 163.50
2017-03-31 564.70 0.00 163.50
2016-12-31 621.40 0.00 209.70
2016-09-30 621.40 0.00 209.70
2016-06-30 542.90 0.00 93.10
2016-03-31 542.90 0.00 93.10
2015-12-31 559.20 0.00 116.30
2015-06-30 688.30 0.30 178.10
2015-03-31 688.30 0.30 178.10
2014-12-31 738.80 0.50 254.60
2014-06-30 798.20 1.00 257.60
2014-03-31 798.20 1.00 257.60
2013-12-31 786.80 0.60 309.10
2013-06-30 854.90 132.70 360.40
2013-03-31 854.90 132.70 360.40
2012-12-31 729.20 132.50 393.40
  • Forbo Holding has no debt.
  • Forbo Holding has no debt compared to 5 years ago when it was 0.1%.
  • Forbo Holding has no debt, it does not need to be covered by operating cash flow.
  • Forbo Holding has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Forbo Holding's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Forbo Holding 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 Forbo Holding's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.34%
Current annual income from Forbo Holding dividends. Estimated to be 1.49% next year.
If you bought CHF2,000 of Forbo Holding shares you are expected to receive CHF27 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?
  • Forbo Holding's pays a lower dividend yield than the bottom 25% of dividend payers in Switzerland (1.85%).
  • Forbo Holding'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:FORN 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 8 Analyst Estimates (S&P Global) See Below
Europe Consumer Durables Industry Average Dividend Yield Market Cap Weighted Average of 71 Stocks 5%
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:FORN Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 24.59 8.00
2020-12-31 23.50 8.00
2019-12-31 22.14 8.00
2019-11-18
SWX:FORN Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2019-03-05 21.000 1.339
2018-04-06 19.000 1.302
2017-04-06 19.000 1.251
2016-03-09 17.000 1.329
2016-01-15 17.000 1.637
2015-03-18 16.000 1.417
2015-03-11 16.000 1.526
2014-03-18 14.000 1.482
2014-01-15 14.000 1.831
2013-03-19 12.000 1.826
2013-01-15 12.000 1.930
2012-03-20 12.000 2.040
2012-01-16 12.000 2.061
2011-03-15 12.000 2.429
2011-03-09 12.000 1.928
2010-03-15 6.000 1.163
2010-01-04 6.000 1.654
2009-03-17 3.900 1.664

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Forbo Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.1x 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 Forbo Holding'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 Forbo Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Forbo Holding 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 Forbo Holding's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Stephan Bauer
COMPENSATION CHF1,148,034
AGE 58
TENURE AS CEO 5.8 years
CEO Bio

Mr. Stephan Bauer has been the Chief Executive Officer of Forbo International SA since January 2014 and serves as its Member of Executive Board. Mr. Bauer has been Chairman of the Executive Board and Chief Executive Officer of Forbo Holding AG since January 1, 2014 and serves as its Member of Executive Board. Mr. Bauer joined Forbo Holding AG in September 2013. From 2008 to 2013, Mr. Bauer served as the Chief Executive Officer and President of Control Products & Systems at the Siemens Building Technologies Division, where he was responsible for the entire product spectrum. Mr. Bauer began his professional career at BMW in Munich in 1987 as a Project Manager for the launch of new vehicle models. From 1991 to 2008, he worked for Siemens VDO Automotive AG (which became Continental Automotive in 2007) in various regional and global management positions in the field of sales, marketing and general management. He was appointed as Chief Executive Officer of Diesel Systems from 2004 to 2008. He served as Chief Operating Officer and Executive Vice President of Gasoline Systems from 2002 to 2004; General Manager and Vice President of Gasoline Systems from 1998 to 2002; Director Sales & Marketing of Engine Systems from 1995 to 1998; Director of Sales & Marketing of Powertrain Systems North America from 1992 to 1995 and Director Sales & Marketing Chassis Control Systems from 1991 to 1992. He took a degree in Engineering and Management at the University of Applied Sciences in Munich (FH).

CEO Compensation
  • Insufficient data for Stephan to compare compensation growth.
  • Stephan's remuneration is about average for companies of similar size in Switzerland.
Management Team Tenure

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

4.3
Average Tenure
55.5
Average Age
  • The tenure for the Forbo Holding management team is about average.
Management Team

This Schneider

TITLE
Executive Chairman
COMPENSATION
CHF3M
AGE
67

Stephan Bauer

TITLE
Chairman of the Executive Board & CEO
COMPENSATION
CHF1M
AGE
58
TENURE
5.8 yrs

Urs Uehlinger

TITLE
CFO & Member of Executive Board
AGE
53
TENURE
2.8 yrs

Jean-Michel Wins

TITLE
Executive VP of Flooring Systems & Member of Executive Board
AGE
52
TENURE
6.8 yrs

Marc Deimling

TITLE
Executive VP of Movement Systems & Member of Executive Board
TENURE
1.8 yrs

Urs Christen

TITLE
Head of Corporate Development & Investor Relations

Karin Marti

TITLE
Head of Corporate Communications

Nicole Häfeli

TITLE
Secretary of the Board
Board of Directors Tenure

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

8.6
Average Tenure
66.5
Average Age
  • The tenure for the Forbo Holding board of directors is about average.
Board of Directors

This Schneider

TITLE
Executive Chairman
COMPENSATION
CHF3M
AGE
67
TENURE
5.6 yrs

Michael Pieper

TITLE
Vice Chairman
COMPENSATION
CHF158K
AGE
73
TENURE
14.7 yrs

Peter Altorfer

TITLE
Vice Chairman
COMPENSATION
CHF205K
AGE
66

Vincent Studer

TITLE
Non-Executive Director
COMPENSATION
CHF165K
AGE
57
TENURE
10.6 yrs

Reto Müller

TITLE
Non-Executive Director
COMPENSATION
CHF140K
AGE
68
TENURE
8.6 yrs

Claudia Coninx-Kaczynski

TITLE
Non-Executive Director
COMPENSATION
CHF143K
AGE
46
TENURE
5.6 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 Forbo Holding's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Forbo Holding has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


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

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

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

News

Simply Wall St News

Don't Sell Forbo Holding AG (VTX:FORN) Before You Read This

The formula for P/E is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Forbo Holding: P/E of 16.68 = CHF1442 ÷ CHF86.44 (Based on the trailing twelve months to June 2019.) Is A High Price-to-Earnings Ratio Good? … Earnings growth means that in the future the 'E' will be higher. … The Bottom Line On Forbo Holding's P/E Ratio Forbo Holding has a P/E of 16.7.

Simply Wall St -

Here's Why We Think Forbo Holding (VTX:FORN) Is Well Worth Watching

If, on the other hand, you like companies that have revenue, and even earn profits, then you may well be interested in Forbo Holding (VTX:FORN). … For companies with market capitalizations between CHF984m and CHF3.1b, like Forbo Holding, the median CEO pay is around CHF1.3m. … The fact that EPS is growing is a genuine positive for Forbo Holding, but the pretty picture gets better than that.

Simply Wall St -

Is There Now An Opportunity In Forbo Holding AG (VTX:FORN)?

Forbo Holding AG (VTX:FORN), which is in the consumer durables business, and is based in Switzerland, saw significant share price movement during recent months on the SWX, rising to highs of CHF1792 and falling to the lows of CHF1461. … It’s trading around 18.02% above my intrinsic value, which means if you buy Forbo Holding today, you’d be paying a relatively fair price for it. … FORN’s future growth appears to have been factored into the current share price, with shares trading around its fair value.

Simply Wall St -

Why We Think Forbo Holding AG (VTX:FORN) Could Be Worth Looking At

SWX:FORN Income Statement, July 30th 2019 FORN is also a dividend company, with ample net income to cover its dividend payout, which has been consistently growing over the past decade, keeping income investors happy. … SWX:FORN Historical Dividend Yield, July 30th 2019 Next Steps: For Forbo Holding, there are three key factors you should further research: Future Outlook: What are well-informed industry analysts predicting for FORN’s future growth? … The intrinsic value infographic in our free research report helps visualize whether FORN is currently mispriced by the market.

Simply Wall St -

Forbo Holding AG (VTX:FORN) Delivered A Better ROE Than Its Industry

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Forbo Holding: 23% = CHF138m ÷ CHF592m (Based on the trailing twelve months to December 2018.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … Does Forbo Holding Have A Good Return On Equity? … Forbo Holding's Debt And Its 23% ROE One positive for shareholders is that Forbo Holding does not have any net debt!

Simply Wall St -

Is Forbo Holding AG's (VTX:FORN) CEO Pay Justified?

View our latest analysis for Forbo Holding How Does Stephan Bauer's Compensation Compare With Similar Sized Companies? … At the time of writing our data says that Forbo Holding AG has a market cap of CHF2.8b, and is paying total annual CEO compensation of CHF1.1m. … It looks like Forbo Holding AG pays its CEO less than similar sized companies.

Simply Wall St -

What Do Analysts Think About Forbo Holding AG's (VTX:FORN) Growth?

After Forbo Holding AG's (VTX:FORN) earnings announcement in December 2018, analyst consensus outlook appear cautiously optimistic, with profits predicted to increase by 3.3% next year relative to the past 5-year average growth rate of -4.7%. … To understand the overall trajectory of FORN's earnings growth over these next fews years, I've fitted a line through these analyst earnings forecast to determine an annual growth rate from the slope. … SWX:FORN Past and Future Earnings, July 3rd 2019 This results in an annual growth rate of 3.8% based on the most recent earnings level of CHF138m to the final forecast of CHF154m by 2022.

Simply Wall St -

Here's What Forbo Holding AG's (VTX:FORN) ROCE Can Tell Us

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Forbo Holding: 0.24 = CHF175m ÷ (CHF980m - CHF262m) (Based on the trailing twelve months to December 2018.) So, Forbo Holding has an ROCE of 24%. … Do Forbo Holding's Current Liabilities Skew Its ROCE? … What We Can Learn From Forbo Holding's ROCE Low current liabilities and high ROCE is a good combination, making Forbo Holding look quite interesting.

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Does Market Volatility Impact Forbo Holding AG's (VTX:FORN) Share Price?

A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. … See our latest analysis for Forbo Holding What FORN's beta value tells investors Given that it has a beta of 0.83, we can surmise that the Forbo Holding share price has not been strongly impacted by broader market volatility (over the last 5 years). … What this means for you: One potential advantage of owning low beta stocks like Forbo Holding is that your overall portfolio won't be too sensitive to overall market movements.

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Do Directors Own Forbo Holding AG (VTX:FORN) Shares?

Check out our latest analysis for Forbo Holding SWX:FORN Ownership Summary, May 28th 2019 What Does The Institutional Ownership Tell Us About Forbo Holding? … We can see that Forbo Holding does have institutional investors; and they hold 36% of the stock. … Insider Ownership Of Forbo Holding The definition of company insiders can be subjective, and does vary between jurisdictions.

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Company Info

Description

Forbo Holding AG produces and sells floor coverings, building and construction adhesives, and power transmission and conveyor belt solutions in Switzerland and internationally. The company operates through two divisions, Flooring Systems and Movement Systems. The Flooring Systems division develops, produces, and sells linoleum, vinyl floorings, entrance flooring systems, carpet tiles, needle felt floor coverings, washable textile floorings, and building and construction adhesives, as well as various accessory products for laying, processing, cleaning, and care of flooring. This division also provides ready-made adhesives for floor covering installations, parquet flooring, and ceramic tiles, as well as leveling compounds for the construction industry under the trade name of Eurocol. Its products are used in public buildings, department stores, hospitals and other healthcare facilities, schools, libraries, commercial and office spaces, leisure centers, shops, hotels, restaurants, and cafeterias; and for applications in the residential market. The Movement Systems division offers conveyor and processing belts, synthetic modular belts, and power transmission belts, as well as timing and flat belts under the Siegling brand name. Its products are used in various applications in industry, trade, and the service sector, including conveyor and processing belts in the food industry; treadmill belts in fitness studios; and flat belts in mail distribution centers. The company was founded in 1928 and is headquartered in Baar, Switzerland.

Details
Name: Forbo Holding AG
FORN
Exchange: SWX
Founded: 1928
CHF2,519,502,414
1,601,718
Website: http://www.forbo.com
Address: Forbo Holding AG
Lindenstrasse 8,
Baar,
Zug, 6340,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX FORN Registered Shares SIX Swiss Exchange CH CHF 21. Aug 1986
OTCPK FBOH.F Registered Shares Pink Sheets LLC US USD 21. Aug 1986
DB FOZN Registered Shares Deutsche Boerse AG DE EUR 21. Aug 1986
LSE 0QKD Registered Shares London Stock Exchange GB CHF 21. Aug 1986
OTCPK FBOH.Y ADR Pink Sheets LLC US USD 17. Oct 2013
SWX FORNE CHF0.10 NO.2 LINE SIX Swiss Exchange CH CHF 18. Apr 2012
Number of employees
Current staff
Staff numbers
5,724
Forbo Holding employees.
Industry
Home Furnishings
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/18 21:19
End of day share price update: 2019/11/18 00:00
Last estimates confirmation: 2019/10/02
Last earnings filing: 2019/07/26
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.