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IVF Hartmann Holding

SWX:VBSN
Snowflake Description

Flawless balance sheet second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VBSN
SWX
CHF356M
Market Cap
  1. Home
  2. CH
  3. Healthcare
Company description

IVF Hartmann Holding AG provides medical consumer goods in Switzerland and internationally. The last earnings update was 76 days ago. More info.


Add to Portfolio Compare Print
VBSN Share Price and Events
7 Day Returns
-4.5%
SWX:VBSN
0.7%
CH Medical Equipment
-0.4%
CH Market
1 Year Returns
-13%
SWX:VBSN
33.3%
CH Medical Equipment
12.3%
CH Market
VBSN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
IVF Hartmann Holding (VBSN) -4.5% -4.5% -0.7% -13% -25.2% 8.7%
CH Medical Equipment 0.7% 2.5% 4.3% 33.3% 85.6% 109.4%
CH Market -0.4% 2.6% 6.7% 12.3% 21.5% 13.4%
1 Year Return vs Industry and Market
  • VBSN underperformed the Medical Equipment industry which returned 33.3% over the past year.
  • VBSN underperformed the Market in Switzerland which returned 12.3% over the past year.
Price Volatility
VBSN
Industry
5yr Volatility vs Market

Value

 Is IVF Hartmann 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 IVF Hartmann 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 IVF Hartmann Holding.

SWX:VBSN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 8.6%
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:VBSN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate 3.3%
Equity Risk Premium S&P Global 6%
Medical Equipment Unlevered Beta Simply Wall St/ S&P Global 0.84
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.84 (1 + (1- 18%) (0%))
0.893
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.89
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 3.28% + (0.893 * 5.96%)
8.6%

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

The calculations below outline how an intrinsic value for IVF Hartmann 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:VBSN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CHF, Millions) Source Present Value
Discounted (@ 8.6%)
2020 8.14 Est @ -6.35% 7.49
2021 7.86 Est @ -3.46% 6.66
2022 7.74 Est @ -1.44% 6.05
2023 7.74 Est @ -0.03% 5.57
2024 7.82 Est @ 0.96% 5.17
2025 7.94 Est @ 1.66% 4.84
2026 8.11 Est @ 2.14% 4.56
2027 8.32 Est @ 2.48% 4.30
2028 8.54 Est @ 2.72% 4.07
2029 8.79 Est @ 2.89% 3.85
Present value of next 10 years cash flows CHF52.00
SWX:VBSN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CHF8.79 × (1 + 3.28%) ÷ (8.6% – 3.28%)
CHF170.59
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CHF170.59 ÷ (1 + 8.6%)10
CHF74.79
SWX:VBSN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CHF52.00 + CHF74.79
CHF126.79
Equity Value per Share
(CHF)
= Total value / Shares Outstanding
= CHF126.79 / 2.38
CHF53.35
SWX:VBSN Discount to Share Price
Calculation Result
Value per share (CHF) From above. CHF53.35
Current discount Discount to share price of CHF150.00
= -1 x (CHF150.00 - CHF53.35) / CHF53.35
-181.1%

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

  • The current share price of IVF Hartmann 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 IVF Hartmann Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are IVF Hartmann Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:VBSN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in CHF CHF5.74
SWX:VBSN Share Price ** SWX (2019-11-14) in CHF CHF150
Switzerland Medical Equipment Industry PE Ratio Median Figure of 7 Publicly-Listed Medical Equipment Companies 33.29x
Switzerland Market PE Ratio Median Figure of 171 Publicly-Listed Companies 19.37x

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

** Primary Listing of IVF Hartmann Holding.

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

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

= 150 ÷ 5.74

26.12x

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

  • IVF Hartmann Holding is good value based on earnings compared to the CH Medical Equipment industry average.
  • IVF Hartmann Holding is overvalued based on earnings compared to the Switzerland market.
Price based on expected Growth
Does IVF Hartmann Holding's expected growth come at a high price?
Raw Data
SWX:VBSN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 26.12x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
17.1%per year
Switzerland Medical Equipment Industry PEG Ratio Median Figure of 6 Publicly-Listed Medical Equipment Companies 2.34x
Switzerland Market PEG Ratio Median Figure of 124 Publicly-Listed Companies 2.14x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for IVF Hartmann Holding, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on IVF Hartmann Holding's assets?
Raw Data
SWX:VBSN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in CHF CHF50.38
SWX:VBSN Share Price * SWX (2019-11-14) in CHF CHF150
Switzerland Medical Equipment Industry PB Ratio Median Figure of 9 Publicly-Listed Medical Equipment Companies 6.21x
Switzerland Market PB Ratio Median Figure of 214 Publicly-Listed Companies 1.65x
SWX:VBSN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 150 ÷ 50.38

2.98x

* Primary Listing of IVF Hartmann Holding.

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

  • IVF Hartmann Holding is good value based on assets compared to the CH Medical Equipment industry average.
X
Value checks
We assess IVF Hartmann 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 Medical Equipment 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 Medical Equipment industry average (and greater than 0)? (1 check)
  5. IVF Hartmann Holding has a total score of 2/6, see the detailed checks below.

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

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

Future Performance

 How is IVF Hartmann Holding expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover IVF Hartmann Holding, future earnings growth has been estimated based on fundamentals.
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
17.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is IVF Hartmann Holding expected to grow at an attractive rate?
  • IVF Hartmann Holding's earnings growth is expected to exceed the low risk savings rate of 3.3%.
Growth vs Market Checks
  • IVF Hartmann Holding's earnings growth is expected to exceed the Switzerland market average.
  • Unable to compare IVF Hartmann Holding's revenue growth to the Switzerland market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SWX:VBSN Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:VBSN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 17.1%
Switzerland Medical Equipment Industry Earnings Growth Rate Market Cap Weighted Average 38.7%
Switzerland Medical Equipment Industry Revenue Growth Rate Market Cap Weighted Average 7.3%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 9.9%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 3.6%

*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:VBSN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:VBSN Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2019-06-30 136 15 14
2019-03-31 135 14 14
2018-12-31 134 13 14
2018-09-30 134 14 14
2018-06-30 133 14 15
2018-03-31 133 15 15
2017-12-31 133 17 16
2017-09-30 134 17 16
2017-06-30 134 17 16
2017-03-31 134 18 16
2016-12-31 135 18 16
2016-09-30 133 18 16

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • IVF Hartmann Holding's earnings are expected to grow by 17.1% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if IVF Hartmann Holding is high growth as no revenue estimate data is available.
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:VBSN 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 0 Analyst Estimates (S&P Global) See Below

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

SWX:VBSN Past Financials Data
Date (Data in CHF Millions) EPS *
2019-06-30 5.74
2019-03-31 5.80
2018-12-31 5.92
2018-09-30 6.05
2018-06-30 6.13
2018-03-31 6.41
2017-12-31 6.73
2017-09-30 6.64
2017-06-30 6.49
2017-03-31 6.68
2016-12-31 6.91
2016-09-30 6.81

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if IVF Hartmann Holding will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess IVF Hartmann 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 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.
IVF Hartmann Holding 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 IVF Hartmann 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 IVF Hartmann Holding's growth in the last year to its industry (Medical Equipment).
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.
  • IVF Hartmann Holding's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • IVF Hartmann Holding's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • IVF Hartmann Holding's 1-year earnings growth is negative, it can't be compared to the CH Medical Equipment industry average.
Earnings and Revenue History
IVF Hartmann 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 IVF Hartmann Holding Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:VBSN Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 136.17 13.80 33.04
2019-03-31 135.11 13.94 33.45
2018-12-31 134.05 14.07 33.87
2018-09-30 133.56 14.38 34.09
2018-06-30 133.08 14.69 34.31
2018-03-31 133.26 15.35 34.39
2017-12-31 133.45 16.01 34.47
2017-09-30 133.82 15.79 35.34
2017-06-30 134.19 15.57 36.22
2017-03-31 134.44 16.01 36.23
2016-12-31 134.69 16.45 36.24
2016-09-30 133.43 16.20 36.39
2016-06-30 132.16 15.95 36.55
2016-03-31 132.23 16.02 36.38
2015-12-31 132.29 16.09 36.21
2015-09-30 133.01 15.96 35.50
2015-06-30 133.74 15.83 34.79
2015-03-31 133.34 15.80 34.60
2014-12-31 132.94 15.78 34.41
2014-09-30 131.14 15.90 34.01
2014-06-30 129.33 16.02 33.61
2014-03-31 127.38 15.69 33.92
2013-12-31 125.43 15.35 34.24
2013-09-30 125.50 15.23 34.50
2013-06-30 125.57 15.12 34.76
2013-03-31 125.78 14.97 34.62
2012-12-31 126.00 14.82 34.49

*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.
  • IVF Hartmann Holding has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • IVF Hartmann Holding used its assets more efficiently than the CH Medical Equipment industry average last year based on Return on Assets.
  • IVF Hartmann Holding's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess IVF Hartmann 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 Medical Equipment 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.
IVF Hartmann Holding has a total score of 1/6, 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 IVF Hartmann 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 IVF Hartmann Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • IVF Hartmann Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • IVF Hartmann Holding's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of IVF Hartmann 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.
  • IVF Hartmann 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 IVF Hartmann Holding Company Filings, last reported 4 months ago.

SWX:VBSN Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 121.07 0.00 24.54
2019-03-31 121.07 0.00 24.54
2018-12-31 121.21 0.00 35.60
2018-09-30 121.21 0.00 35.60
2018-06-30 113.27 0.00 20.94
2018-03-31 113.27 0.00 20.94
2017-12-31 113.14 0.00 43.16
2017-09-30 113.14 0.00 43.16
2017-06-30 104.58 0.00 32.35
2017-03-31 104.58 0.00 32.35
2016-12-31 102.89 0.00 70.72
2016-09-30 102.89 0.00 70.72
2016-06-30 94.77 0.00 59.29
2016-03-31 94.77 0.00 59.29
2015-12-31 91.96 0.00 46.53
2015-09-30 91.96 0.00 46.53
2015-06-30 84.34 0.00 32.59
2015-03-31 84.34 0.00 32.59
2014-12-31 81.15 0.00 27.75
2014-09-30 81.15 0.00 27.75
2014-06-30 73.79 0.00 18.67
2014-03-31 73.79 0.00 18.67
2013-12-31 70.29 0.00 25.47
2013-09-30 70.29 0.00 25.47
2013-06-30 62.69 0.00 19.72
2013-03-31 62.69 0.00 19.72
2012-12-31 59.50 0.00 17.01
  • IVF Hartmann Holding has no debt.
  • IVF Hartmann Holding has not taken on any debt in the past 5 years.
  • IVF Hartmann Holding has no debt, it does not need to be covered by operating cash flow.
  • IVF Hartmann Holding has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess IVF Hartmann 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. IVF Hartmann 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 IVF Hartmann 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
1.67%
Current annual income from IVF Hartmann Holding dividends.
If you bought CHF2,000 of IVF Hartmann Holding shares you are expected to receive CHF33 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?
  • IVF Hartmann Holding's pays a lower dividend yield than the bottom 25% of dividend payers in Switzerland (1.85%).
  • IVF Hartmann Holding's dividend is below the markets top 25% of dividend payers in Switzerland (3.63%).
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:VBSN 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 0 Analyst Estimates (S&P Global) See Below
Switzerland Medical Equipment Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 1%
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:VBSN Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2019-03-08 2.500 1.622
2018-03-12 2.500 1.437
2017-03-10 2.400 1.222
2016-02-19 2.300 1.189
2015-02-20 2.200 1.428
2014-03-05 2.050 1.649
2013-03-21 1.900 1.830
2012-02-20 1.750 1.872
2011-02-28 1.550 1.782
2010-03-01 1.370 1.763
2009-01-05 1.155 2.133

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 IVF Hartmann Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.3x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess IVF Hartmann 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 IVF Hartmann Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. IVF Hartmann Holding 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 IVF Hartmann 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
Claus Martini's
COMPENSATION CHF618,864
AGE 54
CEO Bio

Dr. Claus Martini's serves as Chief Executive Officer at IVF HARTMANN AG and IVF Hartmann Holding AG. Dr. Martini's serves as Member of the Management Board at Industrie- und Wirtschafts-Vereinigung Region Schaffhausen (IVS) and Managing Director at PAUL HARTMANN GmbH. He served as the Chief Executive Officer of Vascular Intervention at BIOTRONIK SE & Co. KG. From 2003 to 2008, he served as Chief Executive Officer at Biotronik AG, Bülach and Member of the Management Board at Biotronik Gruppe, Deutschland. Dr. Martini's served as Head of Infection Control Business Unit at Metall Zug AG from January 1, 2013 to October 1, 2014 and served as its Member of Executive Board until October 1, 2014. He served as the Chief Executive Officer of Belimed AG (also known as Belimed Gruppe) from 2012 to October 1, 2014. He served as Member of the Management Board at Metall Zug AG from 2012 to 2014. He served as Chief Executive Officer at Adaptive Neuromodulation GmbH from 2009 to 2011. He holds a Ph.D. (Dr. oec. HSG) from University of St. Gallen and degree in mechanical engineering from RWTH Aachen University (Germany).

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

Michel Kuehn

TITLE
Executive Director
AGE
65

Andreas Joehle

TITLE
Executive Director
COMPENSATION
CHF593K
AGE
58

Claus Martini's

TITLE
Chief Executive Officer
COMPENSATION
CHF619K
AGE
54

Hannes Leu

TITLE
Chief Financial Officer

Bernd Deny

TITLE
Chief Operations Officer
Board of Directors Tenure

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

13.6
Average Tenure
66
Average Age
  • The average tenure for the IVF Hartmann Holding board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Rinaldo Riguzzi

TITLE
Chairman
COMPENSATION
CHF121K
AGE
73
TENURE
13.8 yrs

Walter Schweizer

TITLE
Vice Chairman
COMPENSATION
CHF60K
AGE
67
TENURE
13.8 yrs

Walter Swiss

TITLE
Vice Chairman

Michel Kuehn

TITLE
Executive Director
AGE
65
TENURE
13.6 yrs

Andreas Joehle

TITLE
Executive Director
COMPENSATION
CHF593K
AGE
58
TENURE
6.6 yrs

Rita Ziegler

TITLE
Non Executive Director
COMPENSATION
CHF47K
AGE
66
TENURE
13.6 yrs

Fritz Hirsbrunner

TITLE
Non Executive Director
COMPENSATION
CHF47K
AGE
70
TENURE
14.6 yrs

Andrea Rytz

TITLE
Non-Executive Director
AGE
47
TENURE
2.8 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 IVF Hartmann 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. IVF Hartmann 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

Is IVF Hartmann Holding AG's (VTX:VBSN) ROE Of 12% Concerning?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for IVF Hartmann Holding: 12% = CHF14m ÷ CHF121m (Based on the trailing twelve months to December 2018.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … Does IVF Hartmann Holding Have A Good Return On Equity? … IVF Hartmann Holding's Debt And Its 12% ROE But It's Just One Metric Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders.

Simply Wall St -

Do You Know What IVF Hartmann Holding AG's (VTX:VBSN) P/E Ratio Means?

The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for IVF Hartmann Holding: P/E of 26.35 = CHF156 ÷ CHF5.92 (Based on the trailing twelve months to December 2018.) Is A High Price-to-Earnings Ratio Good? … All else being equal, it's better to pay a low price -- but as Warren Buffett said, 'It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.' Does IVF Hartmann Holding Have A Relatively High Or Low P/E For Its Industry? … How Does IVF Hartmann Holding's Debt Impact Its P/E Ratio?

Simply Wall St -

Can We See Significant Institutional Ownership On The IVF Hartmann Holding AG (VTX:VBSN) Share Register?

Check out our latest analysis for IVF Hartmann Holding SWX:VBSN Ownership Summary, July 19th 2019 What Does The Institutional Ownership Tell Us About IVF Hartmann Holding? … Insider Ownership Of IVF Hartmann Holding The definition of company insiders can be subjective, and does vary between jurisdictions. … Public Company Ownership It appears to us that public companies own 67% of VBSN.

Simply Wall St -

What Does IVF Hartmann Holding AG’s (VTX:VBSN) 13% ROCE Say About The Business?

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 IVF Hartmann Holding: 0.13 = CHF16m ÷ (CHF149m - CHF25m) (Based on the trailing twelve months to December 2018.) Therefore, IVF Hartmann Holding has an ROCE of 13%. … How IVF Hartmann Holding's Current Liabilities Impact Its ROCE Liabilities, such as supplier bills and bank overdrafts, are referred to as current liabilities if they need to be paid within 12 months. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE.

Simply Wall St -

Should IVF Hartmann Holding (VTX:VBSN) Be Disappointed With Their 29% Profit?

For example, long term IVF Hartmann Holding AG (VTX:VBSN) shareholders have enjoyed a 29% share price rise over the last half decade, well in excess of the market return of around 11% (not including dividends). … During five years of share price growth, IVF Hartmann Holding actually saw its EPS drop 1.5% per year. … We note that for IVF Hartmann Holding the TSR over the last 5 years was 38%, which is better than the share price return mentioned above.

Simply Wall St -

Here's How We Evaluate IVF Hartmann Holding AG's (VTX:VBSN) Dividend

Investors might not know much about IVF Hartmann Holding's dividend prospects, even though it has been paying dividends for the last nine years and offers a 1.6% yield. … Looking at the last decade of data, we can see that IVF Hartmann Holding paid its first dividend at least nine years ago. … IVF Hartmann Holding's earnings per share have been essentially flat over the past five years.

Simply Wall St -

IVF Hartmann Holding AG (VTX:VBSN) Delivered A Weaker ROE Than Its Industry

Our data shows IVF Hartmann Holding has a return on equity of 12% for the last year. … One way to conceptualize this, is that for each CHF1 of shareholders' equity it has, the company made CHF0.12 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

IVF Hartmann Holding AG (VTX:VBSN): 3 Days To Buy Before The Ex-Dividend Date

Investors who want to cash in on IVF Hartmann Holding AG's (VTX:VBSN) upcoming dividend of CHF2.50 per share have only 3 days left to buy the shares before its ex-dividend date, 18 April 2019, in time for dividends payable on the 24 April 2019. … Is this future income stream a compelling catalyst for dividend investors to think about the stock as an investment today? … When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas:?

Simply Wall St -

What Did IVF Hartmann Holding AG's (VTX:VBSN) CEO Take Home Last Year?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Claus Martini's Compensation Compare With Similar Sized Companies. … Our data indicates that IVF Hartmann Holding AG is worth CHF366m, and total annual CEO compensation is CHF619k.

Simply Wall St -

What Kind Of Investor Owns Most Of IVF Hartmann Holding AG (VTX:VBSN)?

The big shareholder groups in IVF Hartmann Holding AG (VTX:VBSN) have power over the company. … Generally speaking, as a company grows, institutions will increase their ownership. … We also tend to see lower insider ownership in companies that were previously publicly owned.

Simply Wall St -

Company Info

Description

IVF Hartmann Holding AG provides medical consumer goods in Switzerland and internationally. The company offers surgical instruments, clothing and gloves, disinfection and hygiene products, wound care products, incontinence products, and first aid products. It also provides pads, bandages, plaster and accessories. In addition, the company provides wound management and hydrotherapy services, as well as various courses. It serves private doctors, hospitals, nursing homes, and medical and food retailers. The company was formerly known as IVF and changed its name to IVF Hartmann Holding AG in 1993. The company was founded in 1874 and is headquartered in Neuhausen am Rheinfall, Switzerland. IVF Hartmann Holding AG is a subsidiary of Paul Hartmann AG.

Details
Name: IVF Hartmann Holding AG
VBSN
Exchange: SWX
Founded: 1874
CHF356,459,400
2,376,396
Website: http://www.ivf.hartmann.info
Address: IVF Hartmann Holding AG
Victor-von-Bruns-Strasse 28,
PO Box 634,
Neuhausen am Rheinfall,
Schaffhausen, 8212,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX VBSN Nominal Shares SIX Swiss Exchange CH CHF 22. May 1992
BST 283 Nominal Shares Boerse-Stuttgart DE EUR 22. May 1992
LSE 0QQM Nominal Shares London Stock Exchange GB CHF 22. May 1992
Number of employees
Current staff
Staff numbers
354
IVF Hartmann Holding employees.
Industry
Health Care Supplies
Healthcare
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/14 21:24
End of day share price update: 2019/11/14 00:00
Last earnings filing: 2019/08/30
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.