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Kudelski

SWX:KUD
Snowflake Description

Fair value with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
KUD
SWX
CHF161M
Market Cap
  1. Home
  2. CH
  3. Tech
Company description

Kudelski SA develops and delivers a range of secure content protection solutions to address the needs of the digital television ecosystem in Internet, satellite, cable, terrestrial, and hybrid end-to-end transmission systems worldwide. The last earnings update was 33 days ago. More info.


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  • Kudelski has significant price volatility in the past 3 months.
KUD Share Price and Events
7 Day Returns
17.9%
SWX:KUD
15.2%
CH Electronic
10.7%
CH Market
1 Year Returns
-48%
SWX:KUD
-4.6%
CH Electronic
-5.9%
CH Market
KUD Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Kudelski (KUD) 17.9% -30.9% -46.1% -48% -81.2% -73.6%
CH Electronic 15.2% -12.8% -24.5% -4.6% -6.1% 37.7%
CH Market 10.7% -7.3% -13.9% -5.9% 2.6% -1.1%
1 Year Return vs Industry and Market
  • KUD underperformed the Electronic industry which returned -4.6% over the past year.
  • KUD underperformed the Market in Switzerland which returned -5.9% over the past year.
Price Volatility
KUD
Industry
5yr Volatility vs Market

KUD Value

 Is Kudelski 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 Kudelski 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 Kudelski.

SWX:KUD 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 10.3%
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:KUD
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 1.1
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.097 (1 + (1- 18%) (308%))
2.922
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.55% + (2 * 5.44%)
10.33%

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

The calculations below outline how an intrinsic value for Kudelski 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:KUD DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 10.33%)
2020 62.94 Analyst x1 57.04
2021 44.14 Analyst x1 36.26
2022 44.97 Analyst x1 33.48
2023 45.43 Est @ 1.02% 30.66
2024 45.68 Est @ 0.55% 27.94
2025 45.78 Est @ 0.22% 25.38
2026 45.77 Est @ -0.01% 23.00
2027 45.70 Est @ -0.17% 20.81
2028 45.56 Est @ -0.29% 18.81
2029 45.40 Est @ -0.36% 16.99
Present value of next 10 years cash flows $290.00
SWX:KUD DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $45.40 × (1 + -0.55%) ÷ (10.33% – -0.55%)
$414.97
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $414.97 ÷ (1 + 10.33%)10
$155.27
SWX:KUD Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $290.00 + $155.27
$445.27
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $445.27 / 54.95
$8.1
SWX:KUD Discount to Share Price
Calculation Result
Exchange Rate USD/CHF
(Reporting currency to currency of SWX:KUD)
0.959
Value per Share
(CHF)
= Value per Share in USD x Exchange Rate (USD/CHF)
= $8.1 x 0.959
CHF7.77
Value per share (CHF) From above. CHF7.77
Current discount Discount to share price of CHF3.10
= -1 x (CHF3.10 - CHF7.77) / CHF7.77
60.1%

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

Current Discount
Amount off the current price Kudelski is available for.
Intrinsic value
>50%
Share price is CHF3.1 vs Future cash flow value of CHF7.77
Current Discount Checks
For Kudelski to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Kudelski's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Kudelski's share price is below the future cash flow value, and 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 Kudelski's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Kudelski's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:KUD PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $-0.81
SWX:KUD Share Price ** SWX (2020-03-31) in CHF CHF3.1
SWX:KUD Share Price converted to USD reporting currency Exchange rate (CHF/ USD) 1.042 $3.23
Switzerland Electronic Industry PE Ratio Median Figure of 10 Publicly-Listed Electronic Companies 17.78x
Switzerland Market PE Ratio Median Figure of 175 Publicly-Listed Companies 16.61x

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

** Primary Listing of Kudelski.

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

= SWX:KUD Share Price ÷ EPS (both in USD)

= 3.23 ÷ -0.81

-3.97x

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

  • Kudelski is loss making, we can't compare its value to the CH Electronic industry average.
  • Kudelski is loss making, we can't compare the value of its earnings to the Switzerland market.
Price based on expected Growth
Does Kudelski's expected growth come at a high price?
Raw Data
SWX:KUD PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -3.97x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
90.6%per year
Switzerland Electronic Industry PEG Ratio Median Figure of 9 Publicly-Listed Electronic Companies 1.11x
Switzerland Market PEG Ratio Median Figure of 125 Publicly-Listed Companies 1.69x

*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 Kudelski, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Kudelski's assets?
Raw Data
SWX:KUD PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $6.69
SWX:KUD Share Price * SWX (2020-03-31) in CHF CHF3.1
SWX:KUD Share Price converted to USD reporting currency Exchange rate (CHF/ USD) 1.042 $3.23
Switzerland Electronic Industry PB Ratio Median Figure of 12 Publicly-Listed Electronic Companies 2.26x
Switzerland Market PB Ratio Median Figure of 216 Publicly-Listed Companies 1.33x
SWX:KUD PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SWX:KUD Share Price ÷ Book Value per Share (both in USD)

= 3.23 ÷ 6.69

0.48x

* Primary Listing of Kudelski.

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

  • Kudelski is good value based on assets compared to the CH Electronic industry average.
X
Value checks
We assess Kudelski'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. Kudelski has a total score of 3/6, 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.

KUD Future Performance

 How is Kudelski 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
90.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Kudelski expected to grow at an attractive rate?
  • Kudelski's earnings growth is expected to exceed the low risk savings rate of -0.6%.
Growth vs Market Checks
  • Kudelski's earnings growth is expected to exceed the Switzerland market average.
  • Kudelski's revenue growth is positive but not above the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:KUD Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:KUD Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 90.6%
SWX:KUD Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 1.8%
Switzerland Electronic Industry Earnings Growth Rate Market Cap Weighted Average 18.5%
Switzerland Electronic Industry Revenue Growth Rate Market Cap Weighted Average 6.5%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 8.7%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 2.3%

*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:KUD Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:KUD Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 856 84 20 4
2021-12-31 836 78 15 4
2020-12-31 820 94 9 4
2020-03-31
SWX:KUD Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 810 34 -44
2019-09-30 839 35 -31
2019-06-30 868 36 -17
2019-03-31 888 16 -25
2018-12-31 908 -5 -33
2018-09-30 922 -26 -34
2018-06-30 935 -48 -36
2018-03-31 964 -51 -21
2017-12-31 993 -54 -5
2017-06-30 992 55 58
2017-03-31 988 89 71

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Kudelski's earnings are expected to grow significantly at over 20% yearly.
  • Kudelski's revenue is expected to grow by 1.8% 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:KUD 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 4 Analyst Estimates (S&P Global) See Below

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

SWX:KUD Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 0.56 1.03 0.08 4.00
2021-12-31 0.39 0.68 0.13 4.00
2020-12-31 0.28 0.48 0.04 3.00
2020-03-31
SWX:KUD Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 -0.81
2019-09-30 -0.56
2019-06-30
2019-03-31
2018-12-31 -0.60
2018-09-30 -0.63
2018-06-30
2018-03-31
2017-12-31 -0.10
2017-06-30
2017-03-31

*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.
  • Kudelski is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Kudelski'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.
Kudelski 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.

KUD Past Performance

  How has Kudelski 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 Kudelski'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.
  • Kudelski does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Kudelski's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Kudelski's 1-year growth to the CH Electronic industry average as it is not currently profitable.
Earnings and Revenue History
Kudelski'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 Kudelski Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:KUD Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 810.20 -44.50 408.44
2019-09-30 839.15 -30.76 412.16
2019-06-30 868.09 -17.03 415.89
2019-03-31 888.15 -24.88 432.29
2018-12-31 908.21 -32.73 448.70
2018-09-30 921.70 -34.38 462.64
2018-06-30 935.19 -36.03 476.59
2018-03-31 964.11 -20.70 469.96
2017-12-31 993.04 -5.36 463.34
2017-06-30 992.41 58.37 417.19
2017-03-31 988.39 71.06 411.11
2016-12-31 984.38 83.75 405.02
2016-06-30 1,014.26 55.71 424.16
2016-03-31 1,001.92 51.36 419.40
2015-12-31 938.46 44.37 393.46
2015-09-30 941.45 39.71 399.76
2015-06-30 960.04 35.37 413.04
2015-03-31 912.11 39.43 395.87
2014-12-31 877.19 43.69 384.14
2014-09-30 901.00 45.89 388.48
2014-06-30 950.83 50.18 406.95
2014-03-31 941.45 46.80 401.97
2013-12-31 921.86 42.92 392.64
2013-09-30 916.31 41.02 389.87
2013-06-30 883.84 38.03 375.67

*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.
  • It is difficult to establish if Kudelski has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Kudelski has efficiently used its assets last year compared to the CH Electronic industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Kudelski improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Kudelski'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.
Kudelski has a total score of 0/6, 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.

KUD Health

 How is Kudelski'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 Kudelski's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Kudelski is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Kudelski's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Kudelski'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.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.1x 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 Kudelski Company Filings, last reported 3 months ago.

SWX:KUD Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 403.42 471.98 74.60
2019-09-30 403.42 471.98 74.60
2019-06-30 417.81 472.68 116.39
2019-03-31 417.81 472.68 116.39
2018-12-31 443.16 469.67 85.98
2018-09-30 443.16 469.67 85.98
2018-06-30 447.41 493.32 120.69
2018-03-31 447.41 493.32 120.69
2017-12-31 491.63 424.66 71.91
2017-06-30 485.93 419.64 97.58
2017-03-31 485.93 419.64 97.58
2016-12-31 491.62 381.78 174.44
2016-06-30 463.74 334.99 89.69
2016-03-31 471.85 340.86 91.26
2015-12-31 446.47 333.73 136.67
2015-09-30 457.79 342.19 140.14
2015-06-30 448.09 384.51 138.32
2015-03-31 432.35 371.00 133.46
2014-12-31 456.47 333.23 93.00
2014-09-30 457.36 346.15 96.60
2014-06-30 475.21 417.08 123.11
2014-03-31 476.88 418.55 123.54
2013-12-31 501.40 206.01 112.60
2013-09-30 493.70 202.85 110.87
2013-06-30 452.04 222.80 86.18
  • Kudelski's level of debt (117%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (73.1% vs 117% today).
  • Debt is not well covered by operating cash flow (7.2%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Kudelski's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Kudelski'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. Kudelski has a total score of 2/6, 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.

KUD Dividends

 What is Kudelski'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
3.14%
Current annual income from Kudelski dividends. Estimated to be 3.3% next year.
If you bought CHF2,000 of Kudelski shares you are expected to receive CHF63 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?
  • Kudelski's pays a higher dividend yield than the bottom 25% of dividend payers in Switzerland (2.11%).
  • Kudelski's dividend is below the markets top 25% of dividend payers in Switzerland (4.26%).
Upcoming dividend payment

Purchase Kudelski before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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:KUD 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
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 4.3%

Industry and Market average data is calculated daily.

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

SWX:KUD Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.11 4.00
2021-12-31 0.10 4.00
2020-12-31 0.10 4.00
2020-03-31
SWX:KUD Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-02-27 0.101 2.908
2019-02-27 0.098 1.676
2018-03-15 0.099 1.265
2017-02-16 0.345 2.559
2016-02-18 0.339 1.969
2015-02-19 0.291 2.244
2014-02-20 0.295 2.294
2014-01-15 0.329 2.201
2013-02-28 0.204 1.620
2012-02-23 0.101 1.197
2011-03-01 0.314 2.943
2011-02-24 0.322 1.671
2010-03-01 0.258 1.141
2010-01-04 0.277 1.113

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 Kudelski's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.7x coverage).
X
Income/ dividend checks
We assess Kudelski'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 Kudelski afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Kudelski has a total score of 1/6, see the detailed checks below.


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

KUD Management

 What is the CEO of Kudelski'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
André Kudelski
COMPENSATION $3,823,464
AGE 59
TENURE AS CEO 29.2 years
CEO Bio

Mr. André Kudelski serves as Member of Supervisory Board at Publicis Groupe S.A. since May 25, 2016. Mr. Kudelski began his career in 1984 within the Kudelski SA company as an R&D engineer. In 1989, he became Director of Nagravision SA, in 1991 as Chair and Chief Executive Officer of the Kudelski Group. He is a Director of HSBC Private Banking Holdings (Switzerland) SA and first Vice- Chairman/Premier Vice-President of the Board of Directors at Geneva International Airport. He is Chairman of the Board of Directors of lnnosuisse. He was a Director of Nestlé, Dassault Systèmes and Edipresse SA. He has received numerous distinctions, including the title of “Global Leader for Tomorrow” from the World Economic Forum in 1995 and an Emmy® Award in 1996 from the National Academy of Arts and Sciences, recognizing his work in controlling access to television. He is Chair and Deputy Director of Kudelski SA and Nagra Plus SA (Switzerland). He is Chair of the Board of Directors of Conax AS (Norway), SmarDTV SA (Switzerland), Innosuisse (public law) (Switzerland) and Restaurant de l’Hôtel de Ville Benoît Violier SA (Switzerland). He is Co-Chair of NagraStar LLC (United States). He is Chair and Chief Executive Officer of Nagra USA, Inc. (United States), Kudelski Corporate, Inc. (United States), Kudelski Security Holdings, Inc. (United States) and Open TV, Inc. (United States). He Executive Chair of Kudelski Security, Inc. (United State). He is Vice-Chair of Geneva International Airport (public law) (Switzerland) and Swiss-American Chamber of Commerce (association) (Switzerland). He is Member of the Supervisory Board of Skidata AG (Austria). He is Director of RSH Quality Food Concept SA (Switzerland), Automotive Trade Finance SA (Switzerland), Sunset Music SA (Switzerland) and Greater Phoenix Economic Council (GPEC). He is Member of the Strategy Advisory Board of Foundation of the École Polytechnique Fédérale de Lausanne (Switzerland). He was Director of HSBC Private Banking Holdings SA (Switzerland) until December 31, 2017. He was Director of Nestlé SA until April 2013. He was Director of Dassault Systèmes SA until May 2013. He was Director at Edipresse SA until September 2013.

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

Average tenure and age of the Kudelski management team in years:

8.8
Average Tenure
55
Average Age
  • The average tenure for the Kudelski management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

André Kudelski

TITLE
Chairman
COMPENSATION
$4M
AGE
59
TENURE
29.2 yrs

Mauro Saladini

TITLE
CFO, Executive VP & Member of Executive Board
AGE
53
TENURE
17 yrs

Morten Solbakken

TITLE
COO of Digital TV
AGE
49
TENURE
2.2 yrs

Nancy Goldberg

TITLE
Chief Marketing & Sales Officer
AGE
55
TENURE
1.2 yrs

Christophe Nicolas

TITLE
Chief Information Officer
TENURE
4.4 yrs

Santino Rumasuglia

TITLE
VP & Head of Investor Relations

Mark Beariault

TITLE
General Counsel & Corporate Secretary
AGE
48
TENURE
8.8 yrs

Cédric Alber

TITLE
Senior Manager of Media relations

John Burke

TITLE
Head of Group Human Resources & Senior VP
AGE
66

Charles Egli

TITLE
Executive VP & CEO of Nagra Public Access
AGE
72
TENURE
17.2 yrs
Board of Directors Tenure

Average tenure and age of the Kudelski board of directors in years:

17.8
Average Tenure
66
Average Age
  • The average tenure for the Kudelski board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Claude Smadja

TITLE
Vice-Chairman & Lead Director
COMPENSATION
$136K
AGE
74
TENURE
17.8 yrs

André Kudelski

TITLE
Chairman
COMPENSATION
$4M
AGE
59
TENURE
29.2 yrs

Patrick Foetisch

TITLE
Non Executive Director
COMPENSATION
$175K
AGE
86
TENURE
28.2 yrs

Laurent Dassault

TITLE
Non-Executive Director
COMPENSATION
$42K
AGE
66
TENURE
25.2 yrs

Pierre Lescure

TITLE
Non Executive Director
COMPENSATION
$126K
AGE
74
TENURE
15.8 yrs

Marguerite Kudelski

TITLE
Non-Executive Director
COMPENSATION
$53K
AGE
54
TENURE
13.8 yrs

Alec Ross

TITLE
Non-Executive Director
COMPENSATION
$53K
AGE
48
TENURE
5.8 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 Kudelski'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. Kudelski 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.

KUD News

Simply Wall St News

Know This Before Buying Kudelski SA (VTX:KUD) For Its Dividend

Yet sometimes, investors buy a stock for its dividend and lose money because the share price falls by more than they earned in dividend payments. … Kudelski's earnings per share have shrunk at 47% a year over the past five years. … Earnings per share are down, and Kudelski's dividend has been cut at least once in the past, which is disappointing.

Simply Wall St -

Some Kudelski (VTX:KUD) Shareholders Have Taken A Painful 71% Share Price Drop

Check out our latest analysis for Kudelski Kudelski isn't a profitable company, so it is unlikely we'll see a strong correlation between its share price and its earnings per share (EPS). … The share price fall of 34% (per year, over three years) is a stern reminder that money-losing companies are expected to grow revenue. … Dividends have been really beneficial for Kudelski shareholders, and that cash payout explains why its total shareholder loss of 70%, over the last 3 years, isn't as bad as the share price return.

Simply Wall St -

Should You Think About Buying Kudelski SA (VTX:KUD) Now?

Kudelski SA (VTX:KUD), which is in the electronic business, and is based in Switzerland, saw a decent share price growth in the teens level on the SWX over the last few months. … According to my valuation model, Kudelski seems to be fairly priced at around 0.66% above my intrinsic value, which means if you buy Kudelski today, you’d be paying a relatively fair price for it. … Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price.

Simply Wall St -

What Percentage Of Kudelski SA (VTX:KUD) Shares Do Insiders Own?

As Charlie Munger said 'Show me the incentive and I will show you the outcome.' Kudelski is a smaller company with a market capitalization of CHF357m, so it may still be flying under the radar of many institutional investors. … Check out our latest analysis for Kudelski SWX:KUD Ownership Summary, July 22nd 2019 What Does The Institutional Ownership Tell Us About Kudelski? … General Public Ownership The general public, who are mostly retail investors, collectively hold 51% of Kudelski shares.

Simply Wall St -

Does Kudelski (VTX:KUD) Have A Healthy Balance Sheet?

SWX:KUD Historical Debt, July 8th 2019 A Look At Kudelski's Liabilities According to the last reported balance sheet, Kudelski had liabilities of US$310.5m due within 12 months, and liabilities of US$484.4m due beyond 12 months. … Given this deficit is actually higher than the company's market capitalization of US$351.8m, we think shareholders really should watch Kudelski's debt levels, like a parent watching their child ride a bike for the first time. … Because it carries more debt than cash, we think it's worth watching Kudelski's balance sheet over time.

Simply Wall St -

Should You Worry About Kudelski SA's (VTX:KUD) CEO Pay Cheque?

According to our data, Kudelski SA has a market capitalization of CHF340m, and pays its CEO total annual compensation worth US$4.9m. … It would therefore appear that Kudelski SA pays André Kudelski more than the median CEO remuneration at companies of a similar size, in the same market. … We compared total CEO remuneration at Kudelski SA with the amount paid at companies with a similar market capitalization.

Simply Wall St -

Is Kudelski SA (VTX:KUD) A Volatile Stock?

If you're interested in Kudelski SA (VTX:KUD), 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. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Are Dividend Investors Getting More Than They Bargained For With Kudelski SA's (VTX:KUD) Dividend?

Today we'll take a closer look at Kudelski SA (VTX:KUD) from a dividend investor's perspective. Owning a strong business and reinvesting the dividends is widely seen as an attractive way of growing your wealth. If you are hoping to live on the income from dividends, it's important to be a lot more stringent with your investments than the average punter. Investors might not know much about Kudelski's dividend prospects, even though it has been paying dividends for the last nine years and offers a 1.5% yield. While the yield may not look too great, the relatively long payment history is interesting. Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. … Looking at the last decade of data, we can see that Kudelski paid its first dividend at least nine years ago. … We're a bit uncomfortable with Kudelski paying a dividend while loss-making, especially since the dividend was also not well covered by free cash flow.

Simply Wall St -

Calculating The Fair Value Of Kudelski SA (VTX:KUD)

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) forecast 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF ($, Millions) $22.12 $45.85 $45.35 $45.45 $45.97 $46.78 $47.82 $49.04 $50.39 $51.86 Growth Rate Estimate Source Analyst x1 Analyst x1 Analyst x1 Est @ 0.22% Est @ 1.13% Est @ 1.78% Est @ 2.23% Est @ 2.54% Est @ 2.76% Est @ 2.92% Present Value ($, Millions) Discounted @ 14.16% $19.38 $35.18 $30.48 $26.76 $23.71 $21.14 $18.93 $17.00 $15.31 $13.80 Present Value of 10-year Cash Flow (PVCF)= $221.69m "Est" = FCF growth rate estimated by Simply Wall St After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. … We discount the terminal cash flows to today's value at a cost of equity of 14.2%. … SWX:KUD Intrinsic value, May 13th 2019 The assumptions We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows.

Simply Wall St -

Is Kudelski SA's (VTX:KUD) Balance Sheet A Threat To Its Future?

While small-cap stocks, such as Kudelski SA (VTX:KUD) with its market cap of CHF356m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn.

Simply Wall St -

KUD Company Info

Description

Kudelski SA develops and delivers a range of secure content protection solutions to address the needs of the digital television ecosystem in Internet, satellite, cable, terrestrial, and hybrid end-to-end transmission systems worldwide. It operates through four segments: Digital TV, Cybersecurity, Internet of Things (IoT), and Public Access. The Digital TV segment offers integrated solutions, including open conditional access solutions, which allow TV operators and content providers to operate various value-added pay TV services on a secure platform, and middleware software solutions for set-top boxes and other consumer devices; and intellectual property consulting services. The Cybersecurity segment provides cybersecurity solutions to various sectors, such as advisory, technology and resale, managed security, and proprietary research and development services. The IoT segment offers device security through identity authentication and firmware protection; data security to ensure the confidentiality, integrity, and authenticity of sensitive data; and access management and active security protections to enable secure processing, local decision making, and threat detection and response. The Public Access segment provides access control systems and ticketing services for ski lifts, car parks, stadiums, concert halls, and other events. The company also offers watermarking solutions, as well as operates a travel agency; and finance services. In addition, it offers smartcards and digital TV sales and support services. Kudelski SA was founded in 1951 and is headquartered in Cheseaux-sur-Lausanne, Switzerland.

Details
Name: Kudelski SA
KUD
Exchange: SWX
Founded: 1951
CHF160,742,169
54,954,588
Website: http://www.nagra.com
Address: Kudelski SA
22-24, Route de Genève,
PO Box 134,
Cheseaux-sur-Lausanne,
Vaud, 1033,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX KUD Bearer Shares SIX Swiss Exchange CH CHF 29. Jul 1998
OTCPK KDCX.F Bearer Shares Pink Sheets LLC US USD 29. Jul 1998
DB KUD Bearer Shares Deutsche Boerse AG DE EUR 29. Jul 1998
LSE 0QNQ Bearer Shares London Stock Exchange GB CHF 29. Jul 1998
Number of employees
Current staff
Staff numbers
3,560
Kudelski employees.
Industry
Electronic Equipment and Instruments
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 20:55
End of day share price update: 2020/03/31 00:00
Last estimates confirmation: 2020/03/31
Last earnings filing: 2020/02/27
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.