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ALSO Holding

SWX:ALSN
Snowflake Description

Adequate balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ALSN
SWX
CHF2B
Market Cap
  1. Home
  2. CH
  3. Tech
Company description

ALSO Holding AG operates as a service provider for the ICT industry. The last earnings update was 35 days ago. More info.


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ALSN Share Price and Events
7 Day Returns
6.6%
SWX:ALSN
2.9%
CH Electronic
1.4%
CH Market
1 Year Returns
25.1%
SWX:ALSN
-5.2%
CH Electronic
-5.2%
CH Market
ALSN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
ALSO Holding (ALSN) 6.6% -11.1% -2.1% 25.1% 30.6% 181.8%
CH Electronic 2.9% -15.9% -23.6% -5.2% -5.5% 36.8%
CH Market 1.4% -9% -13.7% -5.2% 3.7% -2.6%
1 Year Return vs Industry and Market
  • ALSN outperformed the Electronic industry which returned -5.2% over the past year.
  • ALSN outperformed the Market in Switzerland which returned -5.2% over the past year.
Price Volatility
ALSN
Industry
5yr Volatility vs Market

Value

 Is ALSO 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 ALSO 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 ALSO Holding.

SWX:ALSN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.2%
Perpetual Growth Rate 10-Year CH Government Bond Rate -0.6%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SWX:ALSN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate -0.6%
Equity Risk Premium S&P Global 5.4%
Electronic Unlevered Beta Simply Wall St/ S&P Global 1.09
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.089 (1 + (1- 18%) (28.88%))
1.232
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.23
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.55% + (1.232 * 5.44%)
6.15%

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

The calculations below outline how an intrinsic value for ALSO 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:ALSN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 6.15%)
2020 66.76 Analyst x2 62.89
2021 121.35 Analyst x3 107.69
2022 141.10 Analyst x3 117.96
2023 114.76 Est @ -18.67% 90.38
2024 99.57 Est @ -13.23% 73.87
2025 90.19 Est @ -9.43% 63.03
2026 84.09 Est @ -6.76% 55.36
2027 79.97 Est @ -4.9% 49.60
2028 77.09 Est @ -3.59% 45.04
2029 75.02 Est @ -2.68% 41.29
Present value of next 10 years cash flows €707.00
SWX:ALSN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €75.02 × (1 + -0.55%) ÷ (6.15% – -0.55%)
€1,113.17
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €1,113.17 ÷ (1 + 6.15%)10
€612.71
SWX:ALSN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €707.00 + €612.71
€1,319.71
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,319.71 / 12.82
€102.93
SWX:ALSN Discount to Share Price
Calculation Result
Exchange Rate EUR/CHF
(Reporting currency to currency of SWX:ALSN)
1.055
Value per Share
(CHF)
= Value per Share in EUR x Exchange Rate (EUR/CHF)
= €102.93 x 1.055
CHF108.63
Value per share (CHF) From above. CHF108.63
Current discount Discount to share price of CHF160.60
= -1 x (CHF160.60 - CHF108.63) / CHF108.63
-47.8%

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

  • The current share price of ALSO 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 ALSO Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are ALSO Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:ALSN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €7.80
SWX:ALSN Share Price ** SWX (2020-04-03) in CHF CHF160.6
SWX:ALSN Share Price converted to EUR reporting currency Exchange rate (CHF/ EUR) 0.948 €152.18
Switzerland Electronic Industry PE Ratio Median Figure of 10 Publicly-Listed Electronic Companies 18.74x
Switzerland Market PE Ratio Median Figure of 175 Publicly-Listed Companies 16.43x

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

** Primary Listing of ALSO Holding.

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

= SWX:ALSN Share Price ÷ EPS (both in EUR)

= 152.18 ÷ 7.80

19.51x

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

  • ALSO Holding is overvalued based on earnings compared to the CH Electronic industry average.
  • ALSO Holding is overvalued based on earnings compared to the Switzerland market.
Price based on expected Growth
Does ALSO Holding's expected growth come at a high price?
Raw Data
SWX:ALSN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 19.51x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
10.6%per year
Switzerland Electronic Industry PEG Ratio Median Figure of 9 Publicly-Listed Electronic Companies 1.1x
Switzerland Market PEG Ratio Median Figure of 125 Publicly-Listed Companies 1.81x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 19.51x ÷ 10.6%

1.85x

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

  • ALSO Holding is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on ALSO Holding's assets?
Raw Data
SWX:ALSN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €57.09
SWX:ALSN Share Price * SWX (2020-04-03) in CHF CHF160.6
SWX:ALSN Share Price converted to EUR reporting currency Exchange rate (CHF/ EUR) 0.948 €152.18
Switzerland Electronic Industry PB Ratio Median Figure of 12 Publicly-Listed Electronic Companies 2.29x
Switzerland Market PB Ratio Median Figure of 216 Publicly-Listed Companies 1.33x
SWX:ALSN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SWX:ALSN Share Price ÷ Book Value per Share (both in EUR)

= 152.18 ÷ 57.09

2.67x

* Primary Listing of ALSO Holding.

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

  • ALSO Holding is overvalued based on assets compared to the CH Electronic industry average.
X
Value checks
We assess ALSO 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 Electronic 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 Electronic industry average (and greater than 0)? (1 check)
  5. ALSO Holding 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 ALSO Holding expected to perform in the next 1 to 3 years based on estimates from 3 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
10.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is ALSO Holding expected to grow at an attractive rate?
  • ALSO Holding's earnings growth is expected to exceed the low risk savings rate of -0.6%.
Growth vs Market Checks
  • ALSO Holding's earnings growth is expected to exceed the Switzerland market average.
  • ALSO Holding's revenue growth is expected to exceed the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:ALSN Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:ALSN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 10.6%
SWX:ALSN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 3.6%
Switzerland Electronic Industry Earnings Growth Rate Market Cap Weighted Average 18%
Switzerland Electronic Industry Revenue Growth Rate Market Cap Weighted Average 5.7%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 8.3%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 2.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

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

Analysts growth expectations
Raw Data
SWX:ALSN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:ALSN Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 12,577 1
2023-12-31 12,271 1
2022-12-31 12,445 169 137 3
2021-12-31 11,952 148 124 3
2020-12-31 11,512 94 109 3
2020-04-03
SWX:ALSN Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 10,693 312 100
2019-09-30 10,229 193 94
2019-06-30 9,766 73 88
2019-03-31 9,471 81 85
2018-12-31 9,176 88 81
2018-09-30 9,059 108 82
2018-06-30 8,942 128 83
2018-03-31 8,916 112 88
2017-12-31 8,891 95 93
2017-09-30 8,908 104
2017-06-30 8,343 81 92
2017-03-31 8,132 88

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • ALSO Holding's earnings are expected to grow by 10.6% yearly, however this is not considered high growth (20% yearly).
  • ALSO Holding's revenue is expected to grow by 3.6% 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:ALSN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

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

SWX:ALSN Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 10.64 12.90 9.15 3.00
2021-12-31 9.67 11.20 8.41 3.00
2020-12-31 8.52 9.15 7.89 3.00
2020-04-03
SWX:ALSN Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 7.80
2019-09-30 7.33
2019-06-30 6.86
2019-03-31 6.59
2018-12-31 6.33
2018-09-30 6.39
2018-06-30 6.44
2018-03-31 6.83
2017-12-31 7.22
2017-09-30 8.09
2017-06-30 7.20
2017-03-31 6.85

*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.
  • ALSO Holding is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess ALSO 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.
ALSO Holding has a total score of 3/6, 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 ALSO 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 ALSO Holding's growth in the last year to its industry (Electronic).
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.
  • ALSO Holding's year on year earnings growth rate has been positive over the past 5 years.
  • ALSO Holding's 1-year earnings growth exceeds its 5-year average (23.2% vs 8.8%)
  • ALSO Holding's earnings growth has exceeded the CH Electronic industry average in the past year (23.2% vs -5.8%).
Earnings and Revenue History
ALSO 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 ALSO Holding Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:ALSN Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 10,692.67 99.99 228.48
2019-09-30 10,229.10 93.98 225.98
2019-06-30 9,765.53 87.96 223.48
2019-03-31 9,470.62 84.55 227.96
2018-12-31 9,175.71 81.13 232.43
2018-09-30 9,058.65 81.90 239.76
2018-06-30 8,941.59 82.66 247.09
2018-03-31 8,916.14 87.65 243.77
2017-12-31 8,890.69 92.63 240.44
2017-09-30 8,907.75 103.71 176.21
2017-06-30 8,343.23 92.38 241.35
2017-03-31 8,132.41 87.79 235.29
2016-12-31 7,984.15 83.38 229.88
2016-09-30 7,895.18 79.24 225.69
2016-06-30 7,892.84 66.49 227.08
2016-03-31 7,839.78 65.34 231.69
2015-12-31 7,792.08 63.14 232.09
2015-09-30 7,699.88 59.02 248.78
2015-06-30 7,628.61 64.76 240.04
2015-03-31 7,483.58 61.42 227.78
2014-12-31 7,237.78 61.42 217.18
2014-09-30 6,984.78 55.53 210.83
2014-06-30 6,771.77 55.26 204.62
2014-03-31 6,557.78 51.63 202.03
2013-12-31 6,532.58 50.43 198.13
2013-09-30 6,509.87 47.93 193.04
2013-06-30 6,468.68 42.30 194.47

*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.
  • ALSO Holding has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • ALSO Holding used its assets less efficiently than the CH Electronic industry average last year based on Return on Assets.
  • ALSO Holding's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess ALSO 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 Electronic 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.
ALSO Holding 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 ALSO 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 ALSO Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • ALSO Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • ALSO Holding's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of ALSO 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.
  • Debt is covered by short term assets, assets are 5.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from ALSO Holding Company Filings, last reported 3 months ago.

SWX:ALSN Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 732.26 443.49 349.46
2019-09-30 732.26 443.49 349.46
2019-06-30 663.09 521.68 185.53
2019-03-31 663.09 521.68 185.53
2018-12-31 675.73 465.48 240.41
2018-09-30 675.73 465.48 240.41
2018-06-30 619.17 356.94 181.13
2018-03-31 619.17 356.94 181.13
2017-12-31 623.30 477.16 235.56
2017-09-30 623.30 477.16 235.56
2017-06-30 571.54 246.82 46.17
2017-03-31 571.54 246.82 46.17
2016-12-31 565.18 272.42 55.48
2016-09-30 511.40 247.30 16.90
2016-06-30 493.44 249.79 16.82
2016-03-31 484.60 239.80 9.50
2015-12-31 492.81 314.15 40.00
2015-09-30 459.70 238.40 7.40
2015-06-30 459.21 254.50 10.63
2015-03-31 451.30 242.70 9.20
2014-12-31 453.95 237.51 24.16
2014-09-30 432.70 222.80 5.90
2014-06-30 422.85 228.62 6.74
2014-03-31 418.10 140.60 7.60
2013-12-31 421.28 130.55 41.63
2013-09-30 398.20 0.00 25.80
2013-06-30 389.29 123.61 17.26
  • ALSO Holding's level of debt (60.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (52.3% vs 60.6% today).
  • Debt is well covered by operating cash flow (70.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 8.4x coverage).
X
Financial health checks
We assess ALSO 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. ALSO Holding has a total score of 4/6, 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 ALSO 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
2.01%
Current annual income from ALSO Holding dividends. Estimated to be 2.28% next year.
If you bought CHF2,000 of ALSO Holding shares you are expected to receive CHF40 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?
  • ALSO Holding's pays a lower dividend yield than the bottom 25% of dividend payers in Switzerland (2.08%).
  • ALSO Holding's dividend is below the markets top 25% of dividend payers in Switzerland (4.36%).
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:ALSN 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 3 Analyst Estimates (S&P Global) See Below
Switzerland Electronic Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 3.2%
Switzerland Market Average Dividend Yield Market Cap Weighted Average of 159 Stocks 3.3%
Switzerland Minimum Threshold Dividend Yield 10th Percentile 1.3%
Switzerland Bottom 25% Dividend Yield 25th Percentile 2.1%
Switzerland Top 25% Dividend Yield 75th Percentile 4.4%

Industry and Market average data is calculated daily.

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

SWX:ALSN Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 3.79 3.00
2021-12-31 3.41 3.00
2020-12-31 3.20 3.00
2020-04-03
SWX:ALSN Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-03-24 3.057 2.101
2019-03-29 2.619 2.068
2018-03-27 2.293 2.303
2017-03-21 1.904 1.738
2016-02-23 1.709 2.374
2015-02-17 1.436 2.683
2014-02-17 1.145 2.675
2013-02-11 0.952 2.541
2013-01-15 0.962 2.529
2012-07-26 0.700 1.912
2012-02-13 0.700 2.111
2011-07-29 0.000 0.000
2011-07-28 0.000 0.000

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

  • Whilst dividend payments have been stable, ALSO Holding has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but ALSO Holding only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of ALSO Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.8x coverage).
X
Income/ dividend checks
We assess ALSO Holding's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can ALSO Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. ALSO 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 ALSO 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
Gustavo Möller-Hergt
COMPENSATION €2,989,000
AGE 57
TENURE AS CEO 7.8 years
CEO Bio

Prof. Gustavo Möller-Hergt has been the Chief Executive Officer of ALSO Holding AG (also known as, ALSO-Actebis Holding AG) since July 1, 2012 and also has been its Chairman since March 13, 2014. Prof. Möller-Hergt served as the Managing Director of Droege Capital GmbH. Prof. Möller-Hergt served as the Chief Executive Officer of Warsteiner Gruppe (BRD). Prof. Möller-Hergt served as the Chief Operating Officer and Managing Director of Germany/Austria at ALSO Holding AG since February 9, 2011. Prof. Möller-Hergt served as the Managing Director of Warsteiner Brauerei Haus Cramer KG. Prof. Möller-Hergt is Board of Trustees of the Bamberg Symphony Orchestra, Bamberg, Germany. Prof. Möller-Hergt served as the Chief Financial Officer of Warsteiner Group and Chief Operating Officer of Warsteiner Group (Germany). Prof. Möller-Hergt served as the Chief Operating Officer of CCU Group (Chile). Prof. Möller-Hergt served as the Chairman of CASA Isenbeck (Argentinien). Prof. Möller-Hergt served as a Director of SIAC (Cameroon). Prof. Möller-Hergt graduated with an engineering degree from Munich`s Technical University, graduate of the Harvard Business School, USA and obtained a doctorate at the Berlin Technical University in Germany.

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

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

7.5
Average Tenure
49
Average Age
  • The average tenure for the ALSO Holding management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Gustavo Möller-Hergt

TITLE
Chairman & CEO
COMPENSATION
€3M
AGE
57
TENURE
7.8 yrs

Ralf Retzko

TITLE
Chief Financial Officer
AGE
52
TENURE
9.2 yrs

Joachim Streitberg

TITLE
Chief Information Officer
AGE
49

Thomas Meyerhans

TITLE
General Counsel
AGE
38

Jan Bogdanovich

TITLE
Chief Transformation Officer
AGE
33
TENURE
5.9 yrs

Jörg Römer

TITLE
Head of E-Business Unit

Volkan Weissenberg

TITLE
Senior Vice President of Vendor Management
AGE
40
TENURE
7.3 yrs

Harald Wojnowski

TITLE
Managing Director of ALSO Switzerland
AGE
55

Laurent Mitais

TITLE
Senior Vice President of Mergers & Acquisitions
AGE
56

Hanna Osetek-Pasquet

TITLE
Managing Director of ALSO Poland
AGE
34
Board of Directors Tenure

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

7.6
Average Tenure
65
Average Age
  • The tenure for the ALSO Holding board of directors is about average.
Board of Directors

Gustavo Möller-Hergt

TITLE
Chairman & CEO
COMPENSATION
€3M
AGE
57
TENURE
6.1 yrs

Walter P. Droege

TITLE
Vice Chairman & Lead Director
COMPENSATION
€140K
AGE
67
TENURE
9.2 yrs

Rudolf Marty

TITLE
Non-Executive Director
COMPENSATION
€94K
AGE
70
TENURE
26.8 yrs

Peter Athanas

TITLE
Non-Executive Director
COMPENSATION
€105K
AGE
65
TENURE
6.1 yrs

Frank Tanski

TITLE
Non-Executive Director
COMPENSATION
€95K
AGE
55
TENURE
9.2 yrs

Ernest-W. Droege

TITLE
Director
COMPENSATION
€80K
TENURE
4.1 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 ALSO 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. ALSO 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

A Look At The Fair Value Of ALSO Holding AG (VTX:ALSN)

Today we will run through one way of estimating the intrinsic value of ALSO Holding AG (VTX:ALSN) 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 discount the value of these future cash flows to their estimated value in today's dollars: 10-year free cash flow (FCF) forecast 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Levered FCF (€, Millions) €108.4m €140.4m €147.0m €140.0m €136.6m €135.6m €136.3m €138.0m €140.7m €143.9m Growth Rate Estimate Source Analyst x2 Analyst x3 Analyst x1 Analyst x1 Est @ -2.43% Est @ -0.72% Est @ 0.48% Est @ 1.32% Est @ 1.9% Est @ 2.32% Present Value (€, Millions) Discounted @ 10.86% €97.8 €114.2 €107.9 €92.7 €81.6 €73.1 €66.2 €60.5 €55.6 €51.3 ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF)= €800.9m We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = €144m × (1 + 3.3%) ÷ (10.9% – 3.3%) = €2.0b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = €€2.0b ÷ ( 1 + 10.9%)10 = €699.05m The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is €1.50b.

Simply Wall St -

Is ALSO Holding AG's (VTX:ALSN) P/E Ratio Really That Good?

The formula for P/E is: Price to Earnings Ratio = Share Price (in reporting currency) ÷ Earnings per Share (EPS) Or for ALSO Holding: P/E of 18.75 = €128.58 (Note: this is the share price in the reporting currency, namely, EUR ) ÷ €6.86 (Based on the trailing twelve months to June 2019.) Is A High P/E Ratio Good? … A higher P/E ratio means that buyers have to pay a higher price for each CHF1 the company has earned over the last year. … Earnings growth means that in the future the 'E' will be higher.

Simply Wall St -

Is ALSO Holding AG's (VTX:ALSN) Capital Allocation Ability Worth Your Time?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for ALSO Holding: 0.14 = €154m ÷ (€2.2b - €1.0b) (Based on the trailing twelve months to June 2019.) Therefore, ALSO Holding has an ROCE of 14%. … 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. … What We Can Learn From ALSO Holding's ROCE With a decent ROCE, the company could be interesting, but remember that the level of current liabilities make the ROCE look better.

Simply Wall St -

Did ALSO Holding AG (VTX:ALSN) Use Debt To Deliver Its ROE Of 13%?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for ALSO Holding: 13% = €88m ÷ €663m (Based on the trailing twelve months to June 2019.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … Does ALSO Holding Have A Good Return On Equity? … How Does Debt Impact Return On Equity?

Simply Wall St -

Is ALSO Holding (VTX:ALSN) A Risky Investment?

Because it carries more debt than cash, we think it's worth watching ALSO Holding's balance sheet over time. … Over the most recent three years, ALSO Holding recorded free cash flow worth 56% of its EBIT, which is around normal, given free cash flow excludes interest and tax. … If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.

Simply Wall St -

Will ALSO Holding AG's (VTX:ALSN) Earnings Grow Over The Next Year?

Since ALSO Holding AG (VTX:ALSN) released its earnings in December 2018, analyst consensus outlook appear cautiously optimistic, as a 20% increase in profits is expected in the upcoming year, relative to the past 5-year average growth rate of 12%. … 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. … SWX:ALSN Past and Future Earnings, July 12th 2019 From the current net income level of €81m and the final forecast of €120m by 2022, the annual rate of growth for ALSN’s earnings is 13%.

Simply Wall St -

What To Know Before Buying ALSO Holding AG (VTX:ALSN) For Its Dividend

Investors might not know much about ALSO Holding's dividend prospects, even though it has been paying dividends for the last seven years and offers a 2.0% yield. … Click the interactive chart for our full dividend analysis SWX:ALSN Historical Dividend Yield, July 4th 2019 Payout ratios Dividends are usually paid out of company earnings. … Conclusion When we look at a dividend stock, we need to form a judgement on whether the dividend will grow, if the company is able to maintain it in a wide range of economic circumstances, and if the dividend payout is sustainable.

Simply Wall St -

ALSO Holding AG (VTX:ALSN): Does The -12% Earnings Drop Reflect A Longer Term Trend?

Check out our latest analysis for ALSO Holding Commentary On ALSN's Past Performance ALSN's trailing twelve-month earnings (from 31 December 2018) of €81m has declined by -12% compared to the previous year. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 12%, indicating the rate at which ALSN is growing has slowed down. … You should continue to research ALSO Holding to get a better picture of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for ALSN’s future growth?

Simply Wall St -

ALSO Holding AG (VTX:ALSN): Is Growth Priced In?

ALSN is trading at price-to-earnings (PE) ratio of 18.41x, which suggests that ALSO Holding is undervalued based on its latest annual earnings update compared to the Electronic average of 22.2x , and overvalued compared to the CH market average ratio of 18.35x. … However, since ALSO Holding is a high-growth stock, we must also account for its earnings growth by using calculation called the PEG ratio. … A PE ratio of 18.41x and expected year-on-year earnings growth of 14% give ALSO Holding a higher PEG ratio of 1.36x.

Simply Wall St -

What Kind Of Shareholders Own ALSO Holding AG (VTX:ALSN)?

View our latest analysis for ALSO Holding SWX:ALSN Ownership Summary, June 6th 2019 What Does The Institutional Ownership Tell Us About ALSO Holding? … We can see that ALSO Holding does have institutional investors; and they hold 25% of the stock. … Sometimes insiders or other related parties have an interest in shares in a public company through a separate private company.

Simply Wall St -

Company Info

Description

ALSO Holding AG operates as a service provider for the ICT industry. The company offers various ICT product categories of hardware, software, and information technology (IT) services. It also provides customized services in the logistics, finance, IT, and digital services sectors, as well as traditional distribution services. The company serves retailers, e-tailers, corporate customers, value-added resellers, small and medium-sized business resellers, VARs, and integrators. It has operations in Austria, France, Germany, Switzerland, Belarus, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, Hungary, Latvia, Lithuania, the Netherlands, Norway, Poland, Romania, Slovakia, Slovenia, Sweden, and Ukraine. The company was formerly known as ALSO-Actebis Holding AG and changed its name to ALSO Holding AG in March 2013. The company was founded in 1984 and is headquartered in Emmen, Switzerland. ALSO Holding AG is a subsidiary of Special Distribution Holding GmbH.

Details
Name: ALSO Holding AG
ALSN
Exchange: SWX
Founded: 1984
CHF2,059,032,203
12,820,873
Website: http://www.also.com
Address: ALSO Holding AG
Meierhofstrasse 5,
Emmen,
Lucerne, 6032,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX ALSN Registered Shares SIX Swiss Exchange CH CHF 09. Feb 2011
DB 9AS Registered Shares Deutsche Boerse AG DE EUR 09. Feb 2011
LSE 0QLW Registered Shares London Stock Exchange GB CHF 09. Feb 2011
Number of employees
Current staff
Staff numbers
4,220
ALSO Holding employees.
Industry
Technology Distributors
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 22:08
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/03
Last earnings filing: 2020/02/28
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.