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APG|SGA

SWX:APGN
Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
APGN
SWX
CHF860M
Market Cap
  1. Home
  2. CH
  3. Media
Company description

APG|SGA SA, a media company, provides out of home advertising services primarily in Switzerland and Serbia. The last earnings update was 112 days ago. More info.


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APGN Share Price and Events
7 Day Returns
0%
SWX:APGN
-1.4%
Europe Media
-0.3%
CH Market
1 Year Returns
-16.4%
SWX:APGN
-2.8%
Europe Media
13.4%
CH Market
APGN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
APG|SGA (APGN) 0% 7.1% 9.5% -16.4% -30.8% -2.7%
Europe Media -1.4% 0.9% 2.2% -2.8% -12.5% -15.2%
CH Market -0.3% 2% 5.7% 13.4% 21% 14%
1 Year Return vs Industry and Market
  • APGN underperformed the Media industry which returned -2.8% over the past year.
  • APGN underperformed the Market in Switzerland which returned 13.4% over the past year.
Price Volatility
APGN
Industry
5yr Volatility vs Market

Value

 Is APG|SGA 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 APG|SGA 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 APG|SGA.

SWX:APGN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.3%
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:APGN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate 3.3%
Equity Risk Premium S&P Global 6%
Media Unlevered Beta Simply Wall St/ S&P Global 0.77
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.77 (1 + (1- 18%) (0%))
0.846
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 3.28% + (0.846 * 5.96%)
8.32%

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

The calculations below outline how an intrinsic value for APG|SGA 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:APGN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CHF, Millions) Source Present Value
Discounted (@ 8.32%)
2020 37.31 Analyst x1 34.45
2021 43.37 Analyst x1 36.96
2022 43.37 Est @ 0.01% 34.13
2023 43.80 Est @ 0.99% 31.82
2024 44.53 Est @ 1.67% 29.87
2025 45.49 Est @ 2.15% 28.17
2026 46.63 Est @ 2.49% 26.65
2027 47.90 Est @ 2.73% 25.28
2028 49.28 Est @ 2.89% 24.01
2029 50.76 Est @ 3.01% 22.83
Present value of next 10 years cash flows CHF294.00
SWX:APGN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CHF50.76 × (1 + 3.28%) ÷ (8.32% – 3.28%)
CHF1,039.60
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CHF1,039.60 ÷ (1 + 8.32%)10
CHF467.59
SWX:APGN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CHF294.00 + CHF467.59
CHF761.59
Equity Value per Share
(CHF)
= Total value / Shares Outstanding
= CHF761.59 / 3.00
CHF254.04
SWX:APGN Discount to Share Price
Calculation Result
Value per share (CHF) From above. CHF254.04
Current discount Discount to share price of CHF287.00
= -1 x (CHF287.00 - CHF254.04) / CHF254.04
-13%

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

  • The current share price of APG|SGA 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 APG|SGA's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are APG|SGA's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:APGN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in CHF CHF14.61
SWX:APGN Share Price ** SWX (2019-11-15) in CHF CHF287
Europe Media Industry PE Ratio Median Figure of 112 Publicly-Listed Media Companies 17.64x
Switzerland Market PE Ratio Median Figure of 171 Publicly-Listed Companies 19.24x

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

** Primary Listing of APG|SGA.

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

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

= 287 ÷ 14.61

19.64x

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

  • APG|SGA is overvalued based on earnings compared to the Europe Media industry average.
  • APG|SGA is overvalued based on earnings compared to the Switzerland market.
Price based on expected Growth
Does APG|SGA's expected growth come at a high price?
Raw Data
SWX:APGN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 19.64x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-30.9%per year
Europe Media Industry PEG Ratio Median Figure of 64 Publicly-Listed Media Companies 1.8x
Switzerland Market PEG Ratio Median Figure of 124 Publicly-Listed Companies 2.19x

*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 APG|SGA, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on APG|SGA's assets?
Raw Data
SWX:APGN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in CHF CHF18.57
SWX:APGN Share Price * SWX (2019-11-15) in CHF CHF287
Europe Media Industry PB Ratio Median Figure of 166 Publicly-Listed Media Companies 1.34x
Switzerland Market PB Ratio Median Figure of 214 Publicly-Listed Companies 1.65x
SWX:APGN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 287 ÷ 18.57

15.45x

* Primary Listing of APG|SGA.

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

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

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

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

Future Performance

 How is APG|SGA expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

  • No analysts cover APG|SGA, 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
-30.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is APG|SGA expected to grow at an attractive rate?
  • APG|SGA'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
  • APG|SGA's earnings are expected to decrease over the next 1-3 years, this is below the Switzerland market average.
  • APG|SGA's revenue growth is expected to exceed the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:APGN Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:APGN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -30.9%
SWX:APGN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 3.7%
Europe Media Industry Earnings Growth Rate Market Cap Weighted Average 10.9%
Europe Media 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:APGN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:APGN Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 345 53 2
2020-12-31 338 52 2
2019-12-31 324 50 2
2019-11-15
SWX:APGN Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2019-06-30 311 57 44
2019-03-31 307 53 45
2018-12-31 304 49 47
2018-09-30 303 56 48
2018-06-30 301 63 48
2018-03-31 302 55 49
2017-12-31 302 48 51
2017-09-30 307 48 52
2017-06-30 313 48 53
2017-03-31 315 55 62
2016-12-31 317 62 71
2016-09-30 315 60 71

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • APG|SGA's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • APG|SGA's revenue is expected to grow by 3.7% 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:APGN 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 2 Analyst Estimates (S&P Global) See Below

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

SWX:APGN Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31
2019-11-15
SWX:APGN Past Financials Data
Date (Data in CHF Millions) EPS *
2019-06-30 14.61
2019-03-31 15.18
2018-12-31 15.74
2018-09-30 15.93
2018-06-30 16.11
2018-03-31 16.51
2017-12-31 16.92
2017-09-30 17.29
2017-06-30 17.66
2017-03-31 20.59
2016-12-31 23.51
2016-09-30 23.52

*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.
  • APG|SGA is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
X
Future performance checks
We assess APG|SGA'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.
APG|SGA 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 APG|SGA 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 APG|SGA's growth in the last year to its industry (Media).
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.
  • APG|SGA's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • APG|SGA's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • APG|SGA's 1-year earnings growth is negative, it can't be compared to the Europe Media industry average.
Earnings and Revenue History
APG|SGA'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 APG|SGA Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:APGN Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 310.95 43.82 32.37
2019-03-31 307.35 45.50 31.78
2018-12-31 303.76 47.18 31.18
2018-09-30 302.58 47.73 32.24
2018-06-30 301.39 48.28 33.31
2018-03-31 301.87 49.50 33.14
2017-12-31 302.34 50.72 32.97
2017-09-30 307.48 51.84 31.84
2017-06-30 312.62 52.96 30.71
2017-03-31 314.90 61.74 30.98
2016-12-31 317.19 70.52 31.25
2016-09-30 314.76 70.54 31.25
2016-06-30 312.33 70.56 31.26
2016-03-31 313.74 61.92 31.06
2015-12-31 315.14 53.29 30.87
2015-09-30 316.04 52.58 31.58
2015-06-30 316.93 51.87 32.30
2015-03-31 315.10 51.79 32.50
2014-12-31 313.27 51.72 32.71
2014-09-30 307.93 51.85 31.82
2014-06-30 302.59 51.98 30.94
2014-03-31 304.51 49.84 32.82
2013-12-31 306.44 47.71 34.70
2013-09-30 313.48 48.82 35.34
2013-06-30 320.51 49.94 35.97
2013-03-31 320.31 35.62 36.63
2012-12-31 320.10 21.31 37.29

*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.
  • APG|SGA made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%).
  • APG|SGA used its assets more efficiently than the Europe Media industry average last year based on Return on Assets.
  • APG|SGA has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess APG|SGA'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 Media 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.
APG|SGA has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

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

Health

 How is APG|SGA'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 APG|SGA's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • APG|SGA's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • APG|SGA's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of APG|SGA'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.
  • APG|SGA 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 APG|SGA Company Filings, last reported 4 months ago.

SWX:APGN Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 55.74 0.00 10.33
2019-03-31 55.74 0.00 10.33
2018-12-31 96.21 0.00 60.13
2018-09-30 96.21 0.00 60.13
2018-06-30 71.56 0.00 20.51
2018-03-31 71.56 0.00 20.51
2017-12-31 120.32 0.00 90.49
2017-09-30 120.32 0.00 90.49
2017-06-30 95.62 0.00 39.71
2017-03-31 95.62 0.00 39.71
2016-12-31 141.77 0.00 126.82
2016-09-30 141.77 0.00 126.82
2016-06-30 114.42 0.00 91.00
2016-03-31 114.42 0.00 91.00
2015-12-31 140.45 0.00 138.99
2015-09-30 140.45 0.00 138.99
2015-06-30 112.57 0.00 88.85
2015-03-31 112.57 0.00 88.85
2014-12-31 152.09 0.00 147.88
2014-09-30 152.09 0.00 147.88
2014-06-30 124.11 0.00 86.70
2014-03-31 124.11 0.00 86.70
2013-12-31 126.48 0.00 118.96
2013-09-30 126.48 0.00 118.96
2013-06-30 99.84 0.00 55.94
2013-03-31 99.84 0.00 55.94
2012-12-31 109.19 0.00 86.48
  • APG|SGA has no debt.
  • APG|SGA has not taken on any debt in the past 5 years.
  • APG|SGA has no debt, it does not need to be covered by operating cash flow.
  • APG|SGA has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess APG|SGA'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. APG|SGA has a total score of 5/6, 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 APG|SGA'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
6.97%
Current annual income from APG|SGA dividends. Estimated to be 3.83% next year.
If you bought CHF2,000 of APG|SGA shares you are expected to receive CHF139 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?
  • APG|SGA's pays a higher dividend yield than the bottom 25% of dividend payers in Switzerland (1.84%).
  • APG|SGA's dividend is above the markets top 25% of dividend payers in Switzerland (3.65%).
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:APGN 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 2 Analyst Estimates (S&P Global) See Below
Europe Media Industry Average Dividend Yield Market Cap Weighted Average of 88 Stocks 4.5%
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:APGN Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 11.00 2.00
2020-12-31 11.00 2.00
2019-12-31 10.98 2.00
2019-11-15
SWX:APGN Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2019-04-16 20.000 7.408
2019-02-27 20.000 6.830
2018-04-20 24.000 6.779
2018-02-28 24.000 5.928
2017-04-21 24.000 5.470
2017-02-28 24.000 5.150
2016-04-22 23.000 5.521
2016-02-25 23.000 5.728
2015-05-20 22.000 5.743
2014-05-21 12.000 3.925
2013-04-24 10.000 3.995
2013-04-10 10.000 4.362
2012-02-27 5.000 2.796
2010-07-29 0.000 0.000
2010-07-15 0.000 0.000
2010-03-01 0.000 0.000
2010-02-26 0.000 0.000
2009-03-02 4.400 3.830

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of APG|SGA's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess APG|SGA'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 APG|SGA afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. APG|SGA has a total score of 5/6, 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 APG|SGA'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
Markus Ehrle
COMPENSATION CHF1,020,000
AGE 54
TENURE AS CEO 5.4 years
CEO Bio

Mr. Markus Ehrle has been the Chief Executive Officer and Member of Executive Board at APG|SGA SA (formerly know as Affichage Holding SA) since June 1, 2014 and April 01, 2011 respectively. Mr. Ehrle served as the Head of Marketing & Business Development at APG|SGA SA since April 1, 2011 until May 31, 2014. Mr. Ehrle has had a long career at Publigroupe SA, including positions as account director, marketing director and deputy Chief Executive Officer of Publimedia AG; he was also member of the board of various subsidiaries (including web-based companies). Mr. Ehrle worked for the NZZ Media Group, where he was in charge of the Advertising Market & Business Development department. Mr. Ehrle has Degrees in Communication Management and Marketing Management and is Member of the board of the AWS Outdoor Advertising Switzerland association.

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

Average tenure and age of the APG|SGA management team in years:

7.6
Average Tenure
50
Average Age
  • The average tenure for the APG|SGA management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Markus Ehrle

TITLE
CEO & Member of Executive Board
COMPENSATION
CHF1M
AGE
54
TENURE
5.4 yrs

Beat Hermann

TITLE
CFO, Head of International Markets & Member of Executive Board
AGE
50
TENURE
7.6 yrs

Beat Holenstein

TITLE
Head of Marketing & Innovation
AGE
51
TENURE
12.8 yrs

Christian Gotter

TITLE
Head of Partners & Operations and Member of Executive Board
AGE
49
TENURE
7.8 yrs

Andy Bürki

TITLE
Member of Executive Board
AGE
45
TENURE
0.6 yrs

Ernst Fuhrer

TITLE
Head of Mega Poster & Promotion

Markus Bien

TITLE
Head of Mountain

Chris Mühlemann

TITLE
Head of Rail

Daniel Flück

TITLE
Head of Traffic

Raphael Bratschi

TITLE
Head of Interaction
Board of Directors Tenure

Average tenure and age of the APG|SGA board of directors in years:

5
Average Tenure
56
Average Age
  • The tenure for the APG|SGA board of directors is about average.
Board of Directors

Daniel Hofer

TITLE
Chairman of the Board
COMPENSATION
CHF323K
AGE
56
TENURE
5.5 yrs

Robert Schmidli

TITLE
Vice-Chairman
COMPENSATION
CHF114K
AGE
69

Stéphane Prigent

TITLE
Non-Executive Director
COMPENSATION
CHF106K
AGE
58
TENURE
4.5 yrs

Markus Scheidegger

TITLE
Non-Executive Director
COMPENSATION
CHF95K
AGE
54
TENURE
19.8 yrs

Xavier Le Clef

TITLE
Non-Executive Director
COMPENSATION
CHF84K
AGE
43
TENURE
4.5 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 APG|SGA'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. APG|SGA 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

A Holistic Look At APG|SGA SA (VTX:APGN)

Excellent balance sheet established dividend payer Looking at APGN's capital structure, the company has no debt on its balance sheet. … SWX:APGN Historical Debt, August 22nd 2019 Income investors would also be happy to know that APGN is one of the highest dividend payers in the market, with current dividend yield standing at 7.6%. … SWX:APGN Historical Dividend Yield, August 22nd 2019 Next Steps: For APG|SGA, I've put together three key factors you should further research: Future Outlook: What are well-informed industry analysts predicting for APGN’s future growth?

Simply Wall St -

If You Had Bought APG|SGA (VTX:APGN) Stock Three Years Ago, You'd Be Sitting On A 38% Loss, Today

Unfortunately, that's been the case for longer term APG|SGA SA (VTX:APGN) shareholders, since the share price is down 38% in the last three years, falling well short of the market return of around 32%. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During the three years that the share price fell, APG|SGA's earnings per share (EPS) dropped by 4.0% each year.

Simply Wall St -

Estimating The Intrinsic Value Of APG|SGA SA (VTX:APGN)

Today, we will estimate the stock's intrinsic value by taking the foreast future cash flows of the company and discounting them back to today's value. … Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) estimate 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Levered FCF (CHF, Millions) CHF48.5m CHF50.4m CHF52.3m CHF54.1m CHF56.0m CHF57.9m CHF59.9m CHF61.9m CHF64.0m CHF66.1m Growth Rate Estimate Source Analyst x1 Analyst x1 Est @ 3.71% Est @ 3.58% Est @ 3.49% Est @ 3.42% Est @ 3.38% Est @ 3.35% Est @ 3.33% Est @ 3.31% Present Value (CHF, Millions) Discounted @ 8.28% CHF44.8 CHF43.0 CHF41.2 CHF39.4 CHF37.6 CHF36.0 CHF34.3 CHF32.8 CHF31.3 CHF29.8 ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF)= CHF370.1m The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = CHF66m × (1 + 3.3%) ÷ (8.3% – 3.3%) = CHF1.4b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = CHFCHF1.4b ÷ ( 1 + 8.3%)10 = CHF616.21m The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is CHF986.28m.

Simply Wall St -

Consider This Before Buying APG|SGA SA (VTX:APGN) For The 8.1% Dividend

Dividend Growth Potential Given that the dividend has been cut in the past, we need to check if earnings are growing and if that might lead to stronger dividends in the future. … Conclusion To summarise, shareholders should always check that APG|SGA's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend. … Earnings per share are down, and APG|SGA's dividend has been cut at least once in the past, which is disappointing.

Simply Wall St -

Should You Buy APG|SGA SA (VTX:APGN) For Its 8.1% Dividend?

It's positive to see that APG|SGA's dividend is covered by both profits and cash flow, since this is generally a sign that the dividend is sustainable, and a lower payout ratio usually suggests a greater margin of safety before the dividend gets cut. … Dividends have grown at a reasonable rate, but with at least one substantial cut in the payments, we're not certain this dividend stock would be ideal for someone intending to live on the income. … APG|SGA's is paying out more than half its income as dividends, but at least the dividend is covered by both reported earnings and cashflow.

Simply Wall St -

Should You Be Concerned With APG|SGA SA's (VTX:APGN) -7.0% Earnings Drop?

In this commentary, I will examine APG|SGA SA's (VTX:APGN) latest earnings update (31 December 2018) and compare these figures against its performance over the past couple of years, as well as how the rest of the media industry performed. … Check out our latest analysis for APG|SGA Was APGN's recent earnings decline worse than the long-term trend and the industry? … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of -0.009%, indicating the rate at which APGN is growing has slowed down.

Simply Wall St -

Here's What APG|SGA SA's (VTX:APGN) P/E Is Telling Us

Check out our latest analysis for APG|SGA How Do I Calculate A Price To Earnings Ratio? … The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for APG|SGA: P/E of 17.24 = CHF271.5 ÷ CHF15.74 (Based on the trailing twelve months to December 2018.) Is A High Price-to-Earnings Ratio Good? … APG|SGA shrunk earnings per share by 6.9% last year.

Simply Wall St -

Does APG|SGA SA's (VTX:APGN) CEO Salary Compare Well With Others?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … See our latest analysis for APG|SGA How Does Markus Ehrle's Compensation Compare With Similar Sized Companies? … Given the total loss of 17% over three years, many shareholders in APG|SGA SA are probably rather dissatisfied, to say the least.

Simply Wall St -

APG|SGA SA (VTX:APGN): Commentary On Fundamentals

Help shape the future of investing tools and you could win a $250 gift card! … Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on APG|SGA SA (VTX:APGN) due to its excellent fundamentals in more than one area.

Simply Wall St -

Some APG|SGA (VTX:APGN) Shareholders Are Down 30%

Unfortunately, that's been the case for longer term APG|SGA SA (VTX:APGN) shareholders, since the share price is down 30% in the last three years, falling well short of the market return of around 28%. … The more recent news is of little comfort, with the share price down 30% in a year. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.

Simply Wall St -

Company Info

Description

APG|SGA SA, a media company, provides out of home advertising services primarily in Switzerland and Serbia. The company transports advertising messages into the public and private areas, including streets, city centers, pedestrian zones, railway stations, shopping centers, airports, and tourist resorts, as well as on the outside and inside of public transport vehicles through posters, screens, and related media. It serves customers, and advertising and media agencies. The company was formerly known as Affichage Holding SA and changed its name to APG|SGA SA in July 2012. APG|SGA SA was founded in 1900 and is headquartered in Geneva, Switzerland.

Details
Name: APG|SGA SA
APGN
Exchange: SWX
Founded: 1900
CHF860,405,623
2,997,929
Website: http://www.apgsga.ch
Address: APG|SGA SA
Carrefour de Rive 1,
Geneva,
Geneva, 1207,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX APGN Registered Shares SIX Swiss Exchange CH CHF 16. Aug 1999
DB 279 Registered Shares Deutsche Boerse AG DE EUR 16. Aug 1999
LSE 0QN0 Registered Shares London Stock Exchange GB CHF 16. Aug 1999
Number of employees
Current staff
Staff numbers
500
APG|SGA employees.
Industry
Advertising
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/15 20:32
End of day share price update: 2019/11/15 00:00
Last estimates confirmation: 2019/08/09
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.