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Bulten

DB:3FB
Snowflake Description

Undervalued with excellent balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
3FB
DB
SEK815M
Market Cap
  1. Home
  2. DE
  3. Automobiles
Company description

Bulten AB (publ), together with its subsidiaries, designs, develops, manufactures, and distributes automotive components for light vehicles, heavy commercial vehicles, and tier 1 suppliers in Sweden, Poland, the United States, Germany, Russia, the United Kingdom, China, and internationally. The last earnings update was 60 days ago. More info.


Add to Portfolio Compare Print
  • Bulten has significant price volatility in the past 3 months.
3FB Share Price and Events
7 Day Returns
12.2%
DB:3FB
-3.6%
DE Auto Components
-0.6%
DE Market
1 Year Returns
-51.9%
DB:3FB
-52.5%
DE Auto Components
-20.9%
DE Market
3FB Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bulten (3FB) 12.2% -38.8% -48.1% -51.9% -67.7% -63.5%
DE Auto Components -3.6% -26.6% -44.8% -52.5% -66.5% -71.2%
DE Market -0.6% -16.6% -26% -20.9% -25.8% -31.8%
1 Year Return vs Industry and Market
  • 3FB matched the Auto Components industry (-52.5%) over the past year.
  • 3FB underperformed the Market in Germany which returned -20.9% over the past year.
Price Volatility
3FB
Industry
5yr Volatility vs Market

Value

 Is Bulten 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 Bulten 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 Bulten.

DB:3FB Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.7%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

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 DB:3FB
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Auto Components Unlevered Beta Simply Wall St/ S&P Global 1.08
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.077 (1 + (1- 22%) (75.87%))
1.479
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.48
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.479 * 5.44%)
7.65%

Discounted Cash Flow Calculation for DB:3FB using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Bulten 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.

DB:3FB DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SEK, Millions) Source Present Value
Discounted (@ 7.65%)
2020 198.00 Analyst x1 183.92
2021 -40.00 Analyst x1 -34.51
2022 135.00 Analyst x1 108.21
2023 140.51 Est @ 4.08% 104.61
2024 144.35 Est @ 2.74% 99.84
2025 146.95 Est @ 1.8% 94.41
2026 148.63 Est @ 1.14% 88.70
2027 149.64 Est @ 0.68% 82.95
2028 150.18 Est @ 0.36% 77.33
2029 150.39 Est @ 0.14% 71.93
Present value of next 10 years cash flows SEK877.00
DB:3FB DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= SEK150.39 × (1 + -0.39%) ÷ (7.65% – -0.39%)
SEK1,862.41
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SEK1,862.41 ÷ (1 + 7.65%)10
SEK890.84
DB:3FB Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SEK877.00 + SEK890.84
SEK1,767.84
Equity Value per Share
(SEK)
= Total value / Shares Outstanding
= SEK1,767.84 / 19.99
SEK88.44
DB:3FB Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:3FB represents 0.09227x of OM:BULTEN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.09227x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (SEK) x Listing Adjustment Factor
= SEK 88.44 x 0.09227
€8.16
Value per share (EUR) From above. €8.16
Current discount Discount to share price of €3.76
= -1 x (€3.76 - €8.16) / €8.16
53.9%

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

Current Discount
Amount off the current price Bulten is available for.
Intrinsic value
>50%
Share price is €3.76 vs Future cash flow value of €8.16
Current Discount Checks
For Bulten to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Bulten's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Bulten'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 Bulten's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bulten's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:3FB PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in SEK SEK2.65
OM:BULTEN Share Price ** OM (2020-04-06) in SEK SEK40.75
Germany Auto Components Industry PE Ratio Median Figure of 9 Publicly-Listed Auto Components Companies 11.43x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 16.45x

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

** Primary Listing of Bulten.

DB:3FB PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OM:BULTEN Share Price ÷ EPS (both in SEK)

= 40.75 ÷ 2.65

15.4x

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

  • Bulten is overvalued based on earnings compared to the DE Auto Components industry average.
  • Bulten is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Bulten's expected growth come at a high price?
Raw Data
DB:3FB PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.4x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
61.7%per year
Germany Auto Components Industry PEG Ratio Median Figure of 7 Publicly-Listed Auto Components Companies 0.49x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.16x

*Line of best fit is calculated by linear regression .

DB:3FB PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.4x ÷ 61.7%

0.25x

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

  • Bulten is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Bulten's assets?
Raw Data
DB:3FB PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in SEK SEK74.09
OM:BULTEN Share Price * OM (2020-04-06) in SEK SEK40.75
Germany Auto Components Industry PB Ratio Median Figure of 13 Publicly-Listed Auto Components Companies 0.69x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.44x
DB:3FB PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OM:BULTEN Share Price ÷ Book Value per Share (both in SEK)

= 40.75 ÷ 74.09

0.55x

* Primary Listing of Bulten.

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

  • Bulten is good value based on assets compared to the DE Auto Components industry average.
X
Value checks
We assess Bulten'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 Auto Components 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 Auto Components industry average (and greater than 0)? (1 check)
  5. Bulten has a total score of 5/6, 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 Bulten expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

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
61.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bulten expected to grow at an attractive rate?
  • Bulten's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Bulten's earnings growth is expected to exceed the Germany market average.
  • Bulten's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:3FB Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:3FB Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 61.7%
DB:3FB Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 13.1%
Germany Auto Components Industry Earnings Growth Rate Market Cap Weighted Average 48.7%
Germany Auto Components Industry Revenue Growth Rate Market Cap Weighted Average 2.4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4%

*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
DB:3FB Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in SEK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:3FB Future Estimates Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 4,138 310 216 1
2021-12-31 3,310 134 120 1
2020-12-31 2,241 411 -15 1
2020-04-06
DB:3FB Past Financials Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income *
2019-12-31 3,093 207 53
2019-09-30 3,056 169 72
2019-06-30 3,060 40 113
2019-03-31 3,089 42 140
2018-12-31 3,132 125 146
2018-09-30 3,125 67 162
2018-06-30 3,033 103 159
2018-03-31 2,931 86 159
2017-12-31 2,856 58 162
2017-09-30 2,790 179 153
2017-06-30 2,760 213 161
2017-03-31 2,739 271 159

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bulten's earnings are expected to grow significantly at over 20% yearly.
  • Bulten's revenue is expected to grow by 13.1% 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
DB:3FB 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 1 Analyst Estimates (S&P Global) See Below

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

DB:3FB Future Estimates Data
Date (Data in SEK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 10.26 10.26 10.26 1.00
2021-12-31 5.67 5.67 5.67 1.00
2020-12-31 -0.74 -0.74 -0.74 1.00
2020-04-06
DB:3FB Past Financials Data
Date (Data in SEK Millions) EPS *
2019-12-31 2.65
2019-09-30 3.58
2019-06-30 5.60
2019-03-31 6.91
2018-12-31 7.18
2018-09-30 7.96
2018-06-30 7.81
2018-03-31 7.81
2017-12-31 7.96
2017-09-30 7.51
2017-06-30 7.91
2017-03-31 7.81

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Bulten is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Bulten'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 Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany 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.
Bulten has a total score of 4/6, 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 Bulten 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 Bulten's growth in the last year to its industry (Auto Components).
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.
  • Bulten's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Bulten's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Bulten's 1-year earnings growth is negative, it can't be compared to the DE Auto Components industry average.
Earnings and Revenue History
Bulten'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 Bulten Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:3FB Past Revenue, Cash Flow and Net Income Data
Date (Data in SEK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 3,093.00 53.00 455.00
2019-09-30 3,056.00 72.00 422.00
2019-06-30 3,060.00 113.00 406.00
2019-03-31 3,089.00 140.00 404.00
2018-12-31 3,132.00 146.00 402.00
2018-09-30 3,125.00 162.00 416.00
2018-06-30 3,033.00 159.00 402.00
2018-03-31 2,931.00 159.00 387.00
2017-12-31 2,856.00 162.00 373.00
2017-09-30 2,790.00 153.00 366.00
2017-06-30 2,760.00 161.00 364.00
2017-03-31 2,739.00 159.00 358.00
2016-12-31 2,676.00 148.00 353.00
2016-09-30 2,668.70 138.20 351.10
2016-06-30 2,686.20 131.00 351.90
2016-03-31 2,695.00 127.40 358.20
2015-12-31 2,693.50 116.80 358.10
2015-09-30 2,647.90 111.50 360.00
2015-06-30 2,623.70 106.50 365.50
2015-03-31 2,546.30 98.50 363.60
2014-12-31 2,414.30 91.00 362.60
2014-09-30 2,265.10 91.60 345.70
2014-06-30 2,107.40 85.50 312.70
2014-03-31 1,968.50 111.20 294.40
2013-12-31 1,805.90 100.50 279.30
2013-09-30 2,010.70 63.30 292.90
2013-06-30 2,224.40 53.70 318.10

*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.
  • Bulten has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Bulten used its assets less efficiently than the DE Auto Components industry average last year based on Return on Assets.
  • Bulten's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Bulten'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 Auto Components 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.
Bulten has a total score of 1/6, see the detailed checks below.

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

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

Health

 How is Bulten'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 Bulten's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bulten is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Bulten's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Bulten'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 4.1x 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 Bulten Company Filings, last reported 3 months ago.

DB:3FB Past Debt and Equity Data
Date (Data in SEK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,497.00 351.00 64.00
2019-09-30 1,507.00 357.00 39.00
2019-06-30 1,511.00 403.00 66.00
2019-03-31 1,572.00 270.00 29.00
2018-12-31 1,514.00 153.00 18.00
2018-09-30 1,515.00 181.00 25.00
2018-06-30 1,498.00 136.00 27.00
2018-03-31 1,533.00 95.00 44.00
2017-12-31 1,454.00 52.00 48.00
2017-09-30 1,381.00 88.00 86.00
2017-06-30 1,367.00 66.00 81.00
2017-03-31 1,420.00 56.00 122.00
2016-12-31 1,357.00 27.00 109.00
2016-09-30 1,319.20 134.10 86.10
2016-06-30 1,267.10 123.20 48.60
2016-03-31 1,283.50 192.90 94.00
2015-12-31 1,245.20 162.90 40.50
2015-09-30 1,263.30 133.90 78.00
2015-06-30 1,276.60 94.80 124.40
2015-03-31 1,312.60 97.00 209.50
2014-12-31 1,272.70 98.50 255.50
2014-09-30 1,256.70 121.20 216.50
2014-06-30 1,231.60 162.50 315.80
2014-03-31 1,150.90 363.20 131.70
2013-12-31 1,103.50 227.60 100.60
2013-09-30 1,043.00 316.00 84.30
2013-06-30 1,026.90 292.40 67.30
  • Bulten's level of debt (23.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (7.7% vs 23.4% today).
  • Debt is well covered by operating cash flow (59%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 8.7x coverage).
X
Financial health checks
We assess Bulten'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. Bulten 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 Bulten'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
9.82%
Current annual income from Bulten dividends. Estimated to be 4.91% next year.
If you bought €2,000 of Bulten shares you are expected to receive €196 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?
  • Bulten's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.69%).
  • Bulten's dividend is above the markets top 25% of dividend payers in Germany (4.85%).
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
DB:3FB 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 1 Analyst Estimates (S&P Global) See Below
Germany Auto Components Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 6.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 315 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

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

DB:3FB Future Dividends Estimate Data
Date (Data in SEK) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 4.00 1.00
2021-12-31 2.00 1.00
2020-12-31 0.00 1.00
2020-04-06
DB:3FB Past Annualized Dividends Data
Date (Data in SEK) Dividend per share (annual) Avg. Yield (%)
2020-02-06 4.000 7.287
2019-03-20 4.000 5.770
2018-03-20 3.750 3.756
2017-04-10 3.500 2.908
2017-02-09 3.500 3.180
2016-04-26 3.250 3.732
2015-03-31 3.000 3.768
2015-02-05 3.000 3.385
2014-04-29 2.000 2.861
2013-04-24 2.000 4.615
2012-04-03 2.000 5.856
2012-02-07 2.000 4.395

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

  • Whilst dividend payments have been stable, Bulten has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Bulten only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Bulten's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.6x coverage).
X
Income/ dividend checks
We assess Bulten's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - 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 Bulten afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bulten has a total score of 3/6, see the detailed checks below.


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

Management

 What is the CEO of Bulten'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
Anders Nyström
AGE 54
TENURE AS CEO 1.2 years
CEO Bio

Mr. Anders Nyström serves as the Chief Executive Officer and President at Bulten AB (publ) since February 08, 2019. Mr. Nyström has been Vice President of Commercial at IAC Group since 2018. He served as President of Interior at Kongsberg Automotive ASA until April 30, 2018. Mr. Nyström served as an Executive Vice President of Interior Systems at Kongsberg Automotive ASA (also know as Driver Control systems) since January 1, 2015 until 2018. Mr. Nyström joins KA from Volvo Car Corporation, where he has been Vice President of Direct Material Purchasing since 2008. Prior to his latest position he has also held several leading positions within purchasing in Ford Motor Company and Volvo Car Corporation. Mr. Nyström served as an Executive Vice President of Purchasing at Kongsberg Automotive Holding ASA from November 1, 2011 to January 1, 2015. He is a mechanical engineer with supplementary education in leadership and economics.

CEO Compensation
  • Insufficient data for Anders to compare compensation growth.
  • Insufficient data for Anders to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

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

4.3
Average Tenure
54
Average Age
  • The tenure for the Bulten management team is about average.
Management Team

Anders Nyström

TITLE
President & CEO
AGE
54
TENURE
1.2 yrs

Helena Wennerström

TITLE
Executive VP & CFO
AGE
54
TENURE
14.3 yrs

Philip Lejon

TITLE
Director of Technology Development

Kamilla Oresvärd

TITLE
Senior Vice President of Corporate Communications
AGE
52
TENURE
5.8 yrs

Marlene Dybeck

TITLE
Senior Vice President of HR & Sustainability
AGE
53
TENURE
4.3 yrs

Magnus Carlunger

TITLE
Senior Vice President of Marketing & Sales Region East
AGE
52
TENURE
17.3 yrs

Neal Thomas

TITLE
Senior Vice President Marketing & Sales Region West
AGE
58
TENURE
18.3 yrs

Claes Lindroth

TITLE
Senior Vice President of Supply Chain
AGE
57
TENURE
2.6 yrs

Fredrik Bäckström

TITLE
Senior Vice President of Production
AGE
54
TENURE
0.3 yrs

Marco Suzuki

TITLE
Senior Vice President
AGE
51
TENURE
0.3 yrs
Board of Directors Tenure

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

4.5
Average Tenure
53.5
Average Age
  • The tenure for the Bulten board of directors is about average.
Board of Directors

Ulf Liljedahl

TITLE
Chairman of the Board
COMPENSATION
SEK500K
AGE
54
TENURE
5 yrs

Hans Gustavsson

TITLE
Board Member
COMPENSATION
SEK400K
AGE
73
TENURE
15.3 yrs

Hans Havdal

TITLE
Board Member
COMPENSATION
SEK300K
AGE
55
TENURE
7 yrs

Leif Karlsten

TITLE
Board Member
COMPENSATION
SEK300K
AGE
62
TENURE
5 yrs

Anne-Lie Lind

TITLE
Board Member
COMPENSATION
SEK300K
AGE
48
TENURE
4 yrs

Mikael Jansson

TITLE
Employee Representative Director
AGE
37
TENURE
2.2 yrs

Nicklas Paulson

TITLE
Independent Director
COMPENSATION
SEK300K
AGE
49
TENURE
2 yrs

Lars Jonsson

TITLE
Employee Representative Director
AGE
53
TENURE
2.3 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 (€) Value (€)
X
Management checks
We assess Bulten'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. Bulten 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

Company Info

Description

Bulten AB (publ), together with its subsidiaries, designs, develops, manufactures, and distributes automotive components for light vehicles, heavy commercial vehicles, and tier 1 suppliers in Sweden, Poland, the United States, Germany, Russia, the United Kingdom, China, and internationally. The company offers customer-specific standard, specialist, and customized fasteners. It also provides technical development, line-feeding, logistics, material, and production expertise services. In addition, the company offers friction, tensile, corrosion, and other testing services. The company was formerly known as FinnvedenBulten AB (publ) and changed its name to Bulten AB (publ) in September 2014. Bulten AB (publ) was founded in 1873 and is headquartered in Gothenburg, Sweden.

Details
Name: Bulten AB (publ)
3FB
Exchange: DB
Founded: 1873
SEK74,171,214
19,988,000
Website: http://www.bulten.com
Address: Bulten AB (publ)
August Barks gata 6A,
Gothenburg,
Västra Götaland County, Sweden
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OM BULTEN Ordinary Shares OMX Nordic Exchange Stockholm SE SEK 20. May 2011
DB 3FB Ordinary Shares Deutsche Boerse AG DE EUR 20. May 2011
LSE 0P49 Ordinary Shares London Stock Exchange GB SEK 20. May 2011
BATS-CHIXE BULTES Ordinary Shares BATS 'Chi-X Europe' GB SEK 20. May 2011
Number of employees
Current staff
Staff numbers
1,400
Bulten employees.
Industry
Auto Parts and Equipment
Automobiles
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/06 23:22
End of day share price update: 2020/04/06 00:00
Last estimates confirmation: 2020/04/03
Last earnings filing: 2020/02/06
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.