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CPH Chemie + Papier Holding

SWX:CPHN
Snowflake Description

Flawless balance sheet and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CPHN
SWX
CHF476M
Market Cap
  1. Home
  2. CH
  3. Materials
Company description

CPH Chemie + Papier Holding AG, together with its subsidiaries, develops, manufactures and distributes chemical products, paper, and pharmaceutical packaging films in Switzerland, rest of Europe, the Americas, Asia, and internationally. The last earnings update was 114 days ago. More info.


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CPHN Share Price and Events
7 Day Returns
-0.8%
SWX:CPHN
1.3%
Europe Forestry
0.2%
CH Market
1 Year Returns
-9.8%
SWX:CPHN
7.2%
Europe Forestry
11.5%
CH Market
CPHN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CPH Chemie + Papier Holding (CPHN) -0.8% -1.5% -4.3% -9.8% 97% 31.2%
Europe Forestry 1.3% 9.9% 27.3% 7.2% 8.3% 51.8%
CH Market 0.2% 2.3% 6.6% 11.5% 21.7% 13.6%
1 Year Return vs Industry and Market
  • CPHN underperformed the Forestry industry which returned 7.2% over the past year.
  • CPHN underperformed the Market in Switzerland which returned 11.5% over the past year.
Price Volatility
CPHN
Industry
5yr Volatility vs Market

Value

 Is CPH Chemie + Papier 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 CPH Chemie + Papier 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 CPH Chemie + Papier Holding.

SWX:CPHN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.2%
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:CPHN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate 3.3%
Equity Risk Premium S&P Global 6%
Forestry Unlevered Beta Simply Wall St/ S&P Global 1.24
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.235 (1 + (1- 18%) (0%))
1.158
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.16
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 3.28% + (1.158 * 5.96%)
10.17%

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

The calculations below outline how an intrinsic value for CPH Chemie + Papier 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:CPHN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CHF, Millions) Source Present Value
Discounted (@ 10.17%)
2020 37.04 Analyst x2 33.62
2021 52.57 Analyst x2 43.31
2022 43.00 Analyst x1 32.15
2023 45.00 Analyst x1 30.54
2024 46.46 Est @ 3.24% 28.62
2025 47.97 Est @ 3.25% 26.82
2026 49.53 Est @ 3.26% 25.14
2027 51.15 Est @ 3.26% 23.56
2028 52.82 Est @ 3.27% 22.08
2029 54.55 Est @ 3.27% 20.70
Present value of next 10 years cash flows CHF286.00
SWX:CPHN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CHF54.55 × (1 + 3.28%) ÷ (10.17% – 3.28%)
CHF816.48
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CHF816.48 ÷ (1 + 10.17%)10
CHF309.83
SWX:CPHN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CHF286.00 + CHF309.83
CHF595.83
Equity Value per Share
(CHF)
= Total value / Shares Outstanding
= CHF595.83 / 6.00
CHF99.32
SWX:CPHN Discount to Share Price
Calculation Result
Value per share (CHF) From above. CHF99.32
Current discount Discount to share price of CHF79.40
= -1 x (CHF79.40 - CHF99.32) / CHF99.32
20.1%

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

Current Discount
Amount off the current price CPH Chemie + Papier Holding is available for.
Intrinsic value
20%
Share price is CHF79.4 vs Future cash flow value of CHF99.32
Current Discount Checks
For CPH Chemie + Papier Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CPH Chemie + Papier Holding's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • CPH Chemie + Papier Holding's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for CPH Chemie + Papier Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CPH Chemie + Papier Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:CPHN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in CHF CHF7.77
SWX:CPHN Share Price ** SWX (2019-11-12) in CHF CHF79.4
Europe Forestry Industry PE Ratio Median Figure of 32 Publicly-Listed Forestry Companies 11.71x
Switzerland Market PE Ratio Median Figure of 170 Publicly-Listed Companies 19.22x

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

** Primary Listing of CPH Chemie + Papier Holding.

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

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

= 79.4 ÷ 7.77

10.22x

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

  • CPH Chemie + Papier Holding is good value based on earnings compared to the Europe Forestry industry average.
  • CPH Chemie + Papier Holding is good value based on earnings compared to the Switzerland market.
Price based on expected Growth
Does CPH Chemie + Papier Holding's expected growth come at a high price?
Raw Data
SWX:CPHN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.22x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
-2.4%per year
Europe Forestry Industry PEG Ratio Median Figure of 19 Publicly-Listed Forestry Companies 0.76x
Switzerland Market PEG Ratio Median Figure of 123 Publicly-Listed Companies 2.09x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.22x ÷ -2.4%

-4.28x

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

  • CPH Chemie + Papier Holding earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on CPH Chemie + Papier Holding's assets?
Raw Data
SWX:CPHN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in CHF CHF70.16
SWX:CPHN Share Price * SWX (2019-11-12) in CHF CHF79.4
Europe Forestry Industry PB Ratio Median Figure of 38 Publicly-Listed Forestry Companies 1.3x
Switzerland Market PB Ratio Median Figure of 213 Publicly-Listed Companies 1.63x
SWX:CPHN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 79.4 ÷ 70.16

1.13x

* Primary Listing of CPH Chemie + Papier Holding.

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

  • CPH Chemie + Papier Holding is good value based on assets compared to the Europe Forestry industry average.
X
Value checks
We assess CPH Chemie + Papier 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 Forestry 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 Forestry industry average (and greater than 0)? (1 check)
  5. CPH Chemie + Papier Holding 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 CPH Chemie + Papier Holding expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-2.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CPH Chemie + Papier Holding expected to grow at an attractive rate?
  • CPH Chemie + Papier Holding's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 3.3%.
Growth vs Market Checks
  • CPH Chemie + Papier Holding's earnings are expected to decrease over the next 1-3 years, this is below the Switzerland market average.
  • CPH Chemie + Papier Holding's revenue growth is positive but not above the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:CPHN Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:CPHN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts -2.4%
SWX:CPHN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 2.7%
Europe Forestry Industry Earnings Growth Rate Market Cap Weighted Average 4.9%
Europe Forestry Industry Revenue Growth Rate Market Cap Weighted Average 0.8%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 10.1%
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:CPHN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:CPHN Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 606 1
2022-12-31 591 1
2021-12-31 571 70 42 3
2020-12-31 556 67 40 4
2019-12-31 542 69 42 4
2019-11-13
SWX:CPHN Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2019-06-30 541 65 47
2019-03-31 539 65 44
2018-12-31 537 64 42
2018-09-30 522 51 42
2018-06-30 506 38 41
2018-03-31 489 35 29
2017-12-31 473 32 16
2017-09-30 461 31 4
2017-06-30 450 30 -8
2017-03-31 444 26 -8
2016-12-31 438 22 -8
2016-09-30 439 27 -7

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CPH Chemie + Papier Holding's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • CPH Chemie + Papier Holding's revenue is expected to grow by 2.7% 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:CPHN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

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

SWX:CPHN 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 6.97 7.38 6.32 3.00
2020-12-31 6.72 7.03 6.14 4.00
2019-12-31 7.03 7.20 6.96 4.00
2019-11-13
SWX:CPHN Past Financials Data
Date (Data in CHF Millions) EPS *
2019-06-30 7.77
2019-03-31 7.41
2018-12-31 7.05
2018-09-30 6.94
2018-06-30 6.83
2018-03-31 4.75
2017-12-31 2.66
2017-09-30 0.70
2017-06-30 -1.28
2017-03-31 -1.30
2016-12-31 -1.32
2016-09-30 -1.24

*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.
  • CPH Chemie + Papier Holding is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess CPH Chemie + Papier 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.
CPH Chemie + Papier 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 CPH Chemie + Papier 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 CPH Chemie + Papier Holding's growth in the last year to its industry (Forestry).
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.
  • CPH Chemie + Papier Holding has delivered over 20% year on year earnings growth in the past 5 years.
  • CPH Chemie + Papier Holding's 1-year earnings growth is less than its 5-year average (13.4% vs 81.8%)
  • CPH Chemie + Papier Holding's earnings growth has exceeded the Europe Forestry industry average in the past year (13.4% vs -8.6%).
Earnings and Revenue History
CPH Chemie + Papier 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 CPH Chemie + Papier Holding Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:CPHN Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 540.87 46.61 120.32
2019-03-31 539.17 44.45 120.32
2018-12-31 537.48 42.29 120.32
2018-09-30 521.51 41.69 115.58
2018-06-30 505.53 41.08 84.47
2018-03-31 489.33 28.53 84.47
2017-12-31 473.12 15.98 110.84
2017-09-30 461.42 4.18 99.91
2017-06-30 449.71 -7.63 88.97
2017-03-31 443.63 -7.77 88.97
2016-12-31 437.55 -7.91 88.97
2016-09-30 439.01 -7.47 87.65
2016-06-30 440.47 -7.03 86.33
2016-03-31 430.37 -20.08 86.33
2015-12-31 420.28 -33.12 86.33
2015-09-30 434.74 -29.54 87.00
2015-06-30 449.20 -25.96 87.68
2015-03-31 471.01 -7.73 87.68
2014-12-31 492.82 10.50 87.68
2014-09-30 486.28 -118.37 86.65
2014-06-30 479.74 -247.24 85.62
2014-03-31 480.79 -259.36 85.62
2013-12-31 481.85 -271.48 85.62
2013-09-30 485.27 -145.47 85.26
2013-06-30 488.68 -19.45 84.89
2013-03-31 488.79 -5.70 84.89
2012-12-31 488.89 8.06 84.89

*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.
  • CPH Chemie + Papier Holding has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CPH Chemie + Papier Holding used its assets more efficiently than the Europe Forestry industry average last year based on Return on Assets.
  • CPH Chemie + Papier Holding has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CPH Chemie + Papier 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 Forestry 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.
CPH Chemie + Papier Holding has a total score of 4/6, 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 CPH Chemie + Papier 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 CPH Chemie + Papier Holding's finances.

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

SWX:CPHN Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 422.29 0.00 95.53
2019-03-31 422.29 0.00 95.53
2018-12-31 407.14 246.26 89.05
2018-09-30 407.14 246.26 89.05
2018-06-30 394.17 0.00 74.56
2018-03-31 394.17 0.00 74.56
2017-12-31 396.25 153.28 80.18
2017-09-30 396.25 153.28 80.18
2017-06-30 372.62 0.00 77.04
2017-03-31 372.62 0.00 77.04
2016-12-31 380.78 152.58 70.39
2016-09-30 380.78 152.58 70.39
2016-06-30 385.58 208.56
2016-03-31 385.58 208.56
2015-12-31 402.71 133.37 53.19
2015-09-30 402.71 133.37 53.19
2015-06-30 404.30 149.70
2015-03-31 404.30 149.70
2014-12-31 442.00 150.61 75.14
2014-09-30 442.00 150.61 75.14
2014-06-30 437.74 141.47
2014-03-31 437.74 141.47
2013-12-31 434.26 140.88 74.21
2013-09-30 434.26 140.88 74.21
2013-06-30 690.43 168.57
2013-03-31 690.43 168.57
2012-12-31 709.76 153.75 73.30
  • CPH Chemie + Papier Holding has no debt.
  • CPH Chemie + Papier Holding has no debt compared to 5 years ago when it was 32.3%.
  • CPH Chemie + Papier Holding has no debt, it does not need to be covered by operating cash flow.
  • CPH Chemie + Papier Holding has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess CPH Chemie + Papier 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. CPH Chemie + Papier 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 CPH Chemie + Papier 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
1.64%
Current annual income from CPH Chemie + Papier Holding dividends. Estimated to be 2.25% next year.
If you bought CHF2,000 of CPH Chemie + Papier 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?
  • CPH Chemie + Papier Holding's pays a lower dividend yield than the bottom 25% of dividend payers in Switzerland (1.85%).
  • CPH Chemie + Papier 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:CPHN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
Europe Forestry Industry Average Dividend Yield Market Cap Weighted Average of 24 Stocks 4%
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 1.9%
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:CPHN Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.87 3.00
2020-12-31 1.77 4.00
2019-12-31 1.74 4.00
2019-11-13
SWX:CPHN Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2019-02-27 1.300 1.568
2018-02-09 0.650 0.808
2017-02-24 0.650 1.226
2016-02-26 0.600 1.636
2015-02-27 0.650 1.737
2014-02-17 0.650 1.103
2013-03-08 0.650 1.046
2012-04-02 0.650 1.005
2011-08-31 0.000 0.000
2011-03-17 0.000 0.000
2010-03-01 1.500 2.013
2009-03-02 1.750 2.166

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 fallen over the past 10 years.
Current Payout to shareholders
What portion of CPH Chemie + Papier Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.7x coverage).
X
Income/ dividend checks
We assess CPH Chemie + Papier 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 CPH Chemie + Papier Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CPH Chemie + Papier Holding has a total score of 2/6, 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 CPH Chemie + Papier 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
Peter Schildknecht
COMPENSATION CHF1,089,000
AGE 57
TENURE AS CEO 10.8 years
CEO Bio

Dr. Peter Schildknecht has been Group Chief Executive Officer of CPH Chemie + Papier Holding AG since January 1, 2009. Mr. Schildknecht's professional career in industry began in 1995 at Von Roll, where he started as assistant to the Chairman and Chief Executive Officer, moved on to General Manager of Von Roll Betec AG and then became Manager of machining technology within Von Roll Infratec. In 2001, Mr. Schildknecht switched to the Sarna Group. Until his departure from the Sarna Group after it was sold to Sika AG, he held various responsibilities: first, he managed and restructured the Sarnatech Division, then temporarily headed the Sarnamotive Division Europe and finally, was responsible for management of the Sarnafil Division. He taught at the Swiss Federal Institute of Technology before entering industry. Mr. Schildknecht studied mechanical engineering at the Swiss Federal Institute of Technology (ETH) and then received his doctorate from the ETH Center for Enterprise Science. Later, he earned various management programs in continued education in the United States followed.

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

Average tenure and age of the CPH Chemie + Papier Holding management team in years:

9.8
Average Tenure
57
Average Age
  • The average tenure for the CPH Chemie + Papier Holding management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Peter Schildknecht

TITLE
Group Chief Executive Officer
COMPENSATION
CHF1M
AGE
57
TENURE
10.8 yrs

Richard Unterhuber

TITLE
Chief Financial Officer
AGE
52
TENURE
3.8 yrs

Wolfgang Grimm

TITLE
Head of Packaging Division
AGE
62
TENURE
16.8 yrs

Alois Waldburg-Zeil

TITLE
Head of the Chemistry Division
AGE
56
TENURE
9.8 yrs

Klemens Gottstein

TITLE
Head of Paper Division
AGE
58
TENURE
7.8 yrs
Board of Directors Tenure

Average tenure and age of the CPH Chemie + Papier Holding board of directors in years:

7.1
Average Tenure
59
Average Age
  • The tenure for the CPH Chemie + Papier Holding board of directors is about average.
Board of Directors

Peter Schaub

TITLE
Chairman
COMPENSATION
CHF339K
AGE
59
TENURE
9.3 yrs

Tim Talaat

TITLE
Deputy Chairman
COMPENSATION
CHF105K
AGE
59
TENURE
4 yrs

Mauro Gabella

TITLE
Director
COMPENSATION
CHF122K
AGE
67
TENURE
14.5 yrs

Kaspar Kelterborn

TITLE
Director
COMPENSATION
CHF122K
AGE
55
TENURE
4.8 yrs

Christian Wipf

TITLE
Director
COMPENSATION
CHF105K
AGE
62
TENURE
11.6 yrs

Manuel Werder

TITLE
Director
COMPENSATION
CHF105K
AGE
45
TENURE
4.8 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 CPH Chemie + Papier 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. CPH Chemie + Papier 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 CPH Chemie + Papier Holding AG's (VTX:CPHN) P/E Ratio Really That Good?

See our latest analysis for CPH Chemie + Papier Holding How Do I Calculate A Price To Earnings Ratio? … The formula for price to earnings is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for CPH Chemie + Papier Holding: P/E of 10.48 = CHF81.4 ÷ CHF7.77 (Based on the year to June 2019.) Is A High P/E Ratio Good? … Does CPH Chemie + Papier Holding Have A Relatively High Or Low P/E For Its Industry?

Simply Wall St -

How Much Of CPH Chemie + Papier Holding AG (VTX:CPHN) Do Insiders Own?

View our latest analysis for CPH Chemie + Papier Holding SWX:CPHN Ownership Summary, August 18th 2019 What Does The Institutional Ownership Tell Us About CPH Chemie + Papier Holding? … We can see that CPH Chemie + Papier Holding does have institutional investors; and they hold 12% of the stock. … Insider Ownership Of CPH Chemie + Papier Holding While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders.

Simply Wall St -

Calculating The Intrinsic Value Of CPH Chemie + Papier Holding AG (VTX:CPHN)

A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we discount the value of these future cash flows to their estimated value in today's dollars: 10-year free cash flow (FCF) estimate 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Levered FCF (CHF, Millions) CHF37.0m CHF52.6m CHF43.0m CHF45.0m CHF46.5m CHF48.0m CHF49.5m CHF51.1m CHF52.8m CHF54.5m Growth Rate Estimate Source Analyst x2 Analyst x2 Analyst x1 Analyst x1 Est @ 3.24% Est @ 3.25% Est @ 3.26% Est @ 3.26% Est @ 3.27% Est @ 3.27% Present Value (CHF, Millions) Discounted @ 10.63% CHF33.5 CHF43.0 CHF31.8 CHF30.0 CHF28.0 CHF26.2 CHF24.4 CHF22.8 CHF21.3 CHF19.9 ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF)= CHF280.8m We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. … In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 10.6%. … SWX:CPHN Intrinsic value, August 1st 2019 The assumptions Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows.

Simply Wall St -

Is It Too Late To Consider Buying CPH Chemie + Papier Holding AG (VTX:CPHN)?

CPH Chemie + Papier Holding AG (VTX:CPHN), which is in the forestry business, and is based in Switzerland, maintained its current share price over the past couple of month on the SWX, with a relatively tight range of CHF82.2 to CHF85.8. … Let’s take a look at CPH Chemie + Papier Holding’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … Another thing to keep in mind is that CPH Chemie + Papier Holding’s share price is quite stable relative to the market, as indicated by its low beta.

Simply Wall St -

CPH Chemie + Papier Holding AG (VTX:CPHN): Set To Experience A Decrease In Earnings?

Looking at CPH Chemie + Papier Holding AG's (VTX:CPHN) earnings update in December 2018, it seems that analyst forecasts are fairly bearish, as a 4.7% fall in profits is expected in the upcoming year compared with the past 5-year average growth rate of 84%. … In this article, I've outline a few earnings growth rates to give you a sense of the market sentiment for CPH Chemie + Papier Holding in the longer term. … To reduce the year-on-year volatility of analyst earnings forecast, I've inserted a line of best fit through the expected earnings figures to determine the annual growth rate from the slope of the line.

Simply Wall St -

Here's Why We Think CPH Chemie + Papier Holding (VTX:CPHN) Is Well Worth Watching

But as Peter Lynch said in One Up On Wall Street, 'Long shots almost never pay off.' So if you're like me, you might be more interested in profitable, growing companies, like CPH Chemie + Papier Holding (VTX:CPHN). … See our latest analysis for CPH Chemie + Papier Holding CPH Chemie + Papier Holding's Improving Profits In the last three years CPH Chemie + Papier Holding's earnings per share took off like a rocket; fast, and from a low base. … CPH Chemie + Papier Holding's earnings per share have taken off like a rocket aimed right at the moon.

Simply Wall St -

Does CPH Chemie + Papier Holding (VTX:CPHN) Have A Healthy Balance Sheet?

Importantly, CPH Chemie + Papier Holding AG (VTX:CPHN) does carry debt. … Since CPH Chemie + Papier Holding does have net debt, we think it is worthwhile for shareholders to keep an eye on the balance sheet, over time. … Looking at the bigger picture, we think CPH Chemie + Papier Holding's use of debt seems quite reasonable and we're not concerned about it.

Simply Wall St -

What Kind Of Share Price Volatility Should You Expect For CPH Chemie + Papier Holding AG (VTX:CPHN)?

If you're interested in CPH Chemie + Papier Holding AG (VTX:CPHN), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … See our latest analysis for CPH Chemie + Papier Holding What CPHN's beta value tells investors With a beta of 0.97, (which is quite close to 1) the share price of CPH Chemie + Papier Holding has historically been about as voltile as the broader market. … What this means for you: It is probable that there is a link between the share price of CPH Chemie + Papier Holding and the broader market, since it has a beta value quite close to one.

Simply Wall St -

Has CPH Chemie + Papier Holding AG (VTX:CPHN) Been Employing Capital Shrewdly?

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 CPH Chemie + Papier Holding: 0.089 = CHF52m ÷ (CHF800m - CHF221m) (Based on the trailing twelve months to December 2018.) Therefore, CPH Chemie + Papier Holding has an ROCE of 8.9%. … What Are Current Liabilities, And How Do They Affect CPH Chemie + Papier Holding's ROCE? … The ROCE equation subtracts current liabilities from capital employed, so a company with a lot of current liabilities appears to have less capital employed, and a higher ROCE than otherwise.

Simply Wall St -

How Financially Strong Is CPH Chemie + Papier Holding AG (VTX:CPHN)?

On top of this, CPHN has generated CHF64m in operating cash flow in the last twelve months, leading to an operating cash to total debt ratio of 26%, indicating that CPHN’s current level of operating cash is high enough to cover debt. … Looking at CPHN’s CHF221m in current liabilities, it appears that the company has been able to meet these obligations given the level of current assets of CHF353m, with a current ratio of 1.6x. … Next Steps: CPHN’s high cash coverage means that, although its debt levels are high, the company is able to utilise its borrowings efficiently in order to generate cash flow.

Simply Wall St -

Company Info

Description

CPH Chemie + Papier Holding AG, together with its subsidiaries, develops, manufactures and distributes chemical products, paper, and pharmaceutical packaging films in Switzerland, rest of Europe, the Americas, Asia, and internationally. It operates through three divisions: Chemistry, Paper, and Packaging. The Chemistry division provides molecular sieves for industrial applications; chromatography gels for the pharmaceuticals industry; and deuterated solvents for laboratory analysis use. This division offers its products under the Zeochem brand name. The Paper division produces newsprint and magazine paper products under the Perlen Papier brand. The Packaging division provides a range of PVC monofilms and coated PVdC barrier films under the Perlen Packaging brand name for use in the pharmaceuticals industry. The company was founded in 1818 and is based in Root, Switzerland.

Details
Name: CPH Chemie + Papier Holding AG
CPHN
Exchange: SWX
Founded: 1818
CHF476,315,597
5,998,937
Website: http://www.cph.ch
Address: CPH Chemie + Papier Holding AG
Perlenring 1,
Perlen,
Root,
Lucerne, 6035,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX CPHN Registered Shares SIX Swiss Exchange CH CHF 11. Jun 2001
LSE 0QNZ Registered Shares London Stock Exchange GB CHF 11. Jun 2001
Number of employees
Current staff
Staff numbers
1,092
CPH Chemie + Papier Holding employees.
Industry
Paper Products
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/13 20:46
End of day share price update: 2019/11/12 00:00
Last estimates confirmation: 2019/07/24
Last earnings filing: 2019/07/22
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.