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Brenntag

XTRA:BNR
Snowflake Description

Excellent balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BNR
XTRA
€7B
Market Cap
  1. Home
  2. DE
  3. Capital Goods
Company description

Brenntag AG, a chemical distribution company, purchases and supplies industrial and specialty chemicals in Europe, the Middle East, Africa, North America, Latin America, the Asia Pacific, and internationally. The last earnings update was 29 days ago. More info.


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BNR Share Price and Events
7 Day Returns
-1.3%
XTRA:BNR
-1.5%
DE Trade Distributors
-0.9%
DE Market
1 Year Returns
25.3%
XTRA:BNR
15.6%
DE Trade Distributors
11.1%
DE Market
BNR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Brenntag (BNR) -1.3% 6.4% 5.9% 25.3% -5.1% 7.7%
DE Trade Distributors -1.5% 5.5% 5.9% 15.6% -6.8% 3.2%
DE Market -0.9% 0.4% 7.7% 11.1% 11.1% 16.9%
1 Year Return vs Industry and Market
  • BNR outperformed the Trade Distributors industry which returned 15.6% over the past year.
  • BNR outperformed the Market in Germany which returned 11.1% over the past year.
Price Volatility
BNR
Industry
5yr Volatility vs Market
Related Companies

BNR Value

 Is Brenntag 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 Brenntag 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 Brenntag.

XTRA:BNR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 18 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.7%
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 XTRA:BNR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Trade Distributors Unlevered Beta Simply Wall St/ S&P Global 0.94
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.936 (1 + (1- 30%) (35.15%))
1.112
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.11
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.112 * 5.44%)
5.66%

Discounted Cash Flow Calculation for XTRA:BNR using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Brenntag 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.

XTRA:BNR DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 5.66%)
2020 464.89 Analyst x9 440.00
2021 477.66 Analyst x9 427.87
2022 542.00 Analyst x1 459.51
2023 519.00 Analyst x1 416.45
2024 503.89 Est @ -2.91% 382.68
2025 493.04 Est @ -2.15% 354.39
2026 485.02 Est @ -1.63% 329.96
2027 478.94 Est @ -1.25% 308.37
2028 474.17 Est @ -1% 288.96
2029 470.31 Est @ -0.81% 271.26
Present value of next 10 years cash flows €3,679.00
XTRA:BNR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €470.31 × (1 + -0.39%) ÷ (5.66% – -0.39%)
€7,746.71
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €7,746.71 ÷ (1 + 5.66%)10
€4,468.02
XTRA:BNR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €3,679.00 + €4,468.02
€8,147.02
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €8,147.02 / 154.50
€52.73
XTRA:BNR Discount to Share Price
Calculation Result
Value per share (EUR) From above. €52.73
Current discount Discount to share price of €48.14
= -1 x (€48.14 - €52.73) / €52.73
8.7%

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

Current Discount
Amount off the current price Brenntag is available for.
Intrinsic value
9%
Share price is €48.14 vs Future cash flow value of €52.73
Current Discount Checks
For Brenntag to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Brenntag's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Brenntag's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Brenntag's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Brenntag's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
XTRA:BNR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in EUR €3.12
XTRA:BNR Share Price ** XTRA (2019-12-05) in EUR €48.14
Germany Trade Distributors Industry PE Ratio Median Figure of 7 Publicly-Listed Trade Distributors Companies 15.42x
Germany Market PE Ratio Median Figure of 404 Publicly-Listed Companies 20.32x

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

** Primary Listing of Brenntag.

XTRA:BNR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= XTRA:BNR Share Price ÷ EPS (both in EUR)

= 48.14 ÷ 3.12

15.42x

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

  • Brenntag is good value based on earnings compared to the DE Trade Distributors industry average.
  • Brenntag is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Brenntag's expected growth come at a high price?
Raw Data
XTRA:BNR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.42x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts
5.8%per year
Europe Trade Distributors Industry PEG Ratio Median Figure of 32 Publicly-Listed Trade Distributors Companies 1.58x
Germany Market PEG Ratio Median Figure of 261 Publicly-Listed Companies 1.42x

*Line of best fit is calculated by linear regression .

XTRA:BNR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.42x ÷ 5.8%

2.66x

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

  • Brenntag is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Brenntag's assets?
Raw Data
XTRA:BNR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in EUR €22.26
XTRA:BNR Share Price * XTRA (2019-12-05) in EUR €48.14
Germany Trade Distributors Industry PB Ratio Median Figure of 10 Publicly-Listed Trade Distributors Companies 1.35x
Germany Market PB Ratio Median Figure of 578 Publicly-Listed Companies 1.84x
XTRA:BNR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= XTRA:BNR Share Price ÷ Book Value per Share (both in EUR)

= 48.14 ÷ 22.26

2.16x

* Primary Listing of Brenntag.

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

  • Brenntag is overvalued based on assets compared to the DE Trade Distributors industry average.
X
Value checks
We assess Brenntag'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 Trade Distributors 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 Trade Distributors industry average (and greater than 0)? (1 check)
  5. Brenntag has a total score of 2/6, 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.

BNR Future Performance

 How is Brenntag expected to perform in the next 1 to 3 years based on estimates from 18 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
5.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Brenntag expected to grow at an attractive rate?
  • Brenntag's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Brenntag's earnings growth is positive but not above the Germany market average.
  • Brenntag's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
XTRA:BNR Future Growth Rates Data Sources
Data Point Source Value (per year)
XTRA:BNR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts 5.8%
XTRA:BNR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 18 Analysts 3.6%
Europe Trade Distributors Industry Earnings Growth Rate Market Cap Weighted Average 9.2%
Europe Trade Distributors Industry Revenue Growth Rate Market Cap Weighted Average 3.7%
Germany Market Earnings Growth Rate Market Cap Weighted Average 13%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*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
XTRA:BNR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
XTRA:BNR Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 14,516 715 1
2022-12-31 14,828 732 577 3
2021-12-31 13,771 731 516 17
2020-12-31 13,336 704 486 18
2019-12-31 12,883 763 463 16
2019-12-05
XTRA:BNR Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-09-30 12,829 787 483
2019-06-30 12,796 621 467
2019-03-31 12,757 549 460
2018-12-31 12,550 375 461
2018-09-30 12,288 340 394
2018-06-30 11,959 341 383
2018-03-31 11,745 317 372
2017-12-31 11,743 405 361
2017-09-30 11,502 394 401
2017-06-30 11,229 450 394
2017-03-31 10,892 517 389
2016-12-31 10,498 540 360

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Brenntag's earnings are expected to grow by 5.8% yearly, however this is not considered high growth (20% yearly).
  • Brenntag'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
XTRA:BNR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below

All data from Brenntag Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

XTRA:BNR Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 3.55 3.55 3.55 1.00
2021-12-31 3.32 3.93 2.98 15.00
2020-12-31 3.14 3.60 2.93 16.00
2019-12-31 3.00 3.12 2.90 14.00
2019-12-05
XTRA:BNR Past Financials Data
Date (Data in EUR Millions) EPS *
2019-09-30 3.12
2019-06-30 3.01
2019-03-31 2.98
2018-12-31 2.98
2018-09-30 2.55
2018-06-30 2.48
2018-03-31 2.41
2017-12-31 2.34
2017-09-30 2.59
2017-06-30 2.55
2017-03-31 2.51
2016-12-31 2.33

*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.
  • Brenntag is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Brenntag's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Brenntag has a total score of 1/6, 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.

BNR Past Performance

  How has Brenntag 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 Brenntag's growth in the last year to its industry (Trade Distributors).
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.
  • Brenntag's year on year earnings growth rate has been positive over the past 5 years.
  • Brenntag's 1-year earnings growth exceeds its 5-year average (22.8% vs 5.6%)
  • Brenntag's earnings growth has exceeded the DE Trade Distributors industry average in the past year (22.8% vs 8.4%).
Earnings and Revenue History
Brenntag'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 Brenntag Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

XTRA:BNR Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 12,828.90 483.40 2,039.60
2019-06-30 12,796.40 466.80 2,010.50
2019-03-31 12,757.10 460.10 1,970.60
2018-12-31 12,550.00 460.90 1,925.80
2018-09-30 12,288.10 393.60 1,895.40
2018-06-30 11,958.80 383.00 1,868.50
2018-03-31 11,745.20 371.90 1,860.80
2017-12-31 11,743.30 360.80 1,873.10
2017-09-30 11,502.30 401.20 1,839.30
2017-06-30 11,229.00 394.10 1,818.00
2017-03-31 10,891.60 388.90 1,779.60
2016-12-31 10,498.40 360.30 1,743.10
2016-09-30 10,336.60 334.10 1,711.10
2016-06-30 10,324.90 334.60 1,686.20
2016-03-31 10,352.30 340.30 1,664.00
2015-12-31 10,346.10 365.00 1,627.70
2015-09-30 10,383.80 393.40 1,600.70
2015-06-30 10,363.50 386.20 1,561.40
2015-03-31 10,173.40 360.70 1,511.50
2014-12-31 10,015.60 339.30 1,466.80
2014-09-30 9,820.50 357.50 1,423.30
2014-06-30 9,723.10 351.70 1,407.40
2014-03-31 9,766.50 338.70 1,420.00
2013-12-31 9,769.50 339.20 1,412.00
2013-09-30 9,793.70 316.70 1,417.20
2013-06-30 9,778.00 314.30 1,427.10
2013-03-31 9,724.20 326.50 1,393.60
2012-12-31 9,689.90 335.80 1,383.40

*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.
  • Brenntag has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Brenntag used its assets more efficiently than the DE Trade Distributors industry average last year based on Return on Assets.
  • Brenntag's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Brenntag'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 Trade Distributors 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.
Brenntag has a total score of 4/6, see the detailed checks below.

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

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

BNR Health

 How is Brenntag'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 Brenntag's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Brenntag is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Brenntag's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Brenntag'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 1.8x 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 Brenntag Company Filings, last reported 2 months ago.

XTRA:BNR Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 3,507.90 2,223.20 459.10
2019-06-30 3,313.10 2,268.60 356.70
2019-03-31 3,435.10 2,165.00 446.90
2018-12-31 3,301.20 2,148.80 401.70
2018-09-30 3,164.90 2,283.70 356.00
2018-06-30 3,047.80 2,249.30 347.30
2018-03-31 3,058.40 2,087.00 502.50
2017-12-31 2,985.70 2,081.70 523.20
2017-09-30 2,945.50 2,637.60 1,067.00
2017-06-30 2,900.80 2,099.80 396.90
2017-03-31 3,054.60 2,164.10 520.40
2016-12-31 2,959.20 2,272.30 602.00
2016-09-30 2,752.80 2,211.10 616.40
2016-06-30 2,668.00 2,230.50 485.10
2016-03-31 2,698.40 2,211.10 591.90
2015-12-31 2,690.50 2,240.80 582.90
2015-09-30 2,547.90 1,761.00 397.80
2015-06-30 2,511.90 1,859.20 328.70
2015-03-31 2,565.70 2,032.00 533.80
2014-12-31 2,356.90 1,889.30 493.00
2014-09-30 2,250.70 1,845.60 388.00
2014-06-30 2,101.80 1,828.40 321.60
2014-03-31 2,147.30 1,771.50 451.40
2013-12-31 2,093.70 1,754.90 432.50
2013-09-30 2,006.90 1,789.70 335.20
2013-06-30 1,952.70 1,851.10 291.60
2013-03-31 2,044.30 1,848.70 367.40
2012-12-31 1,944.20 1,809.20 350.90
  • Brenntag's level of debt (63.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (81.4% vs 63.4% today).
  • Debt is well covered by operating cash flow (35.4%, 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 Brenntag'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. Brenntag 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.

BNR Dividends

 What is Brenntag'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
2.49%
Current annual income from Brenntag dividends. Estimated to be 2.83% next year.
If you bought €2,000 of Brenntag shares you are expected to receive €50 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?
  • Brenntag's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.42%).
  • Brenntag's dividend is below the markets top 25% of dividend payers in Germany (3.66%).
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
XTRA:BNR 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 18 Analyst Estimates (S&P Global) See Below
Germany Trade Distributors Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 2.7%
Germany Market Average Dividend Yield Market Cap Weighted Average of 334 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

XTRA:BNR Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.85 1.00
2022-12-31 1.70 1.00
2021-12-31 1.43 16.00
2020-12-31 1.34 17.00
2019-12-31 1.26 17.00
2019-12-05
XTRA:BNR Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-06 1.200 2.669
2018-03-14 1.100 2.366
2017-03-07 1.050 2.074
2016-03-16 1.000 2.040
2015-06-09 0.900 1.844
2014-06-17 0.867 1.910
2013-03-20 0.800 1.902
2012-08-08 0.667 1.988
2012-03-21 0.667 2.221
2011-06-22 0.467 1.888

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

  • Whilst dividend payments have been stable, Brenntag has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Brenntag only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Brenntag'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 (2.1x coverage).
X
Income/ dividend checks
We assess Brenntag's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Brenntag afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Brenntag 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.

BNR Management

 What is the CEO of Brenntag'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
Steve Holland
COMPENSATION €3,420,000
AGE 62
TENURE AS CEO 8.5 years
CEO Bio

Mr. Steven E. Holland, also known as Steve, serves as the Chief Executive Officer of Brenntag AG at Brenntag Latin America, Inc. He serves as the Managing Director of Brenntag Quimica S.A.U. Mr. Holland serves as the Chief Executive Officer of Brenntag AG at Brenntag Nordic A/S. He has been the Chief Executive Officer of Brenntag AG since June 22, 2011 and serves as its Member of Management Board. He serves as the Chief Executive Officer at Brenntag Canada, Inc. He serves as the Chief Executive Officer of Brenntag North America, Inc. He has been the Chief Executive Officer of Brenntag Mid-South, Inc., since October 2012. He has been the Chief Operating Officer of Brenntag N.V. since October 1, 2009. He has been the Chief Executive Officer of Brenntag SA since June 2011 and served as its Chief Operating Officer from October 1, 2009 to June 2011. He joined Brenntag in 2006 and was responsible for the global operations of Brenntag Group since 1 October 2009. He served as a Managing Director of Brenntag AG since July 2007 and its Chief Operating Officer from October 1, 2009 from June 22, 2011; Chief Executive Officer of European operations and Member of Management Board. He served as a Chief Operating Officer of Brenntag Mid-South, Inc., since October 1, 2009. He served as the Chief Executive Officer of Brenntag Europe since July 2007. He serves as the Chairman of the Supervisory Board at Brenntag SA and BRENNTAG Polska sp. z.o.o. He served as the Chairman of the Supervisory Board at BRENNTAG GmbH until January 31, 2014. He serves as a Member of the Supervisory Board at Brenntag Nederland B.V.; BRENNTAG SA. He serves as a Member of the Administrative Board at BRENNTAG Quimica, S.A.U. He serves as a Member of the Supervisory Board at HCI Central Europe Holding B.V. until August 2, 2013. He served as a Member of the Supervisory Board at BRENNTAG (Holding) B.V. until August 2, 2013; BRENNTAG HoldCo B.V. until August 2, 2013.

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

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

4.5
Average Tenure
57.5
Average Age
  • The tenure for the Brenntag management team is about average.
Management Team

Steve Holland

TITLE
Chairman of Board of Management & CEO
COMPENSATION
€3M
AGE
62
TENURE
8.5 yrs

Georg Müller

TITLE
CFO & Member of Board of Management
COMPENSATION
€2M
TENURE
7.4 yrs

Karsten Beckmann

TITLE
Member of Board of Management and CEO of Europe
COMPENSATION
€2M
AGE
57
TENURE
4.4 yrs

Markus Klähn

TITLE
Member of Board of Management
COMPENSATION
€2M
AGE
51
TENURE
4.4 yrs

Henri Nejade

TITLE
Member of Board of Management & CEO of Asia Pacific Region
COMPENSATION
€2M
TENURE
4.4 yrs

Thomas Langer

TITLE
Vice President of Corporate Finance & Investor Relations

Marion J. Mestrom

TITLE
Global Human Resources Director
AGE
58
TENURE
4.7 yrs
Board of Directors Tenure

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

3.5
Average Tenure
57
Average Age
  • The tenure for the Brenntag board of directors is about average.
Board of Directors

Stefan Zuschke

TITLE
Chairman of Supervisory Board
COMPENSATION
€225K
AGE
57
TENURE
9.8 yrs

Andreas Rittstieg

TITLE
Deputy Chairman of Supervisory Board
COMPENSATION
€160K
AGE
63
TENURE
2.5 yrs

Ulrich Harnacke

TITLE
Member of Supervisory Board
COMPENSATION
€205K
AGE
62
TENURE
2.5 yrs

Doreen Nowotne

TITLE
Member of Supervisory Board
COMPENSATION
€145K
AGE
47
TENURE
9.8 yrs

Stefanie Berlinger

TITLE
Member of Supervisory Board
COMPENSATION
€145K
AGE
46
TENURE
4.5 yrs

Wijnand Donkers

TITLE
Member of Supervisory Board
COMPENSATION
€130K
AGE
57
TENURE
2.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Brenntag'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. Brenntag 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.

BNR News

Simply Wall St News

Brenntag AG (ETR:BNR): Has Recent Earnings Growth Beaten Long-Term Trend?

After reading Brenntag AG's (ETR:BNR) most recent earnings announcement (30 June 2019), I found it useful to look back at how the company has performed in the past and compare this against the latest numbers. … Check out our latest analysis for Brenntag Were BNR's earnings stronger than its past performances and the industry? … Well, let’s take a look at whether it is only a result of industry tailwinds, or if Brenntag has experienced some company-specific growth.

Simply Wall St -

Here's Why Brenntag (ETR:BNR) Can Manage Its Debt Responsibly

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. … We note that Brenntag AG (ETR:BNR) does have debt on its balance sheet. … In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover).

Simply Wall St -

Should We Be Delighted With Brenntag AG's (ETR:BNR) ROE Of 13%?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Brenntag: 13% = €460m ÷ €3.4b (Based on the trailing twelve months to March 2019.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … Does Brenntag Have A Good Return On Equity? … Combining Brenntag's Debt And Its 13% Return On Equity While Brenntag does have some debt, with debt to equity of just 0.63, we wouldn't say debt is excessive.

Simply Wall St -

Calculating The Intrinsic Value Of Brenntag AG (ETR:BNR)

In this article we are going to estimate the intrinsic value of Brenntag AG (ETR:BNR) by taking the foreast future cash flows of the company and discounting them back to today's value. … A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) estimate 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Levered FCF (€, Millions) €448.7m €462.7m €473.1m €480.8m €486.6m €491.1m €494.5m €497.3m €499.6m €501.6m Growth Rate Estimate Source Analyst x9 Analyst x8 Est @ 2.23% Est @ 1.63% Est @ 1.21% Est @ 0.92% Est @ 0.71% Est @ 0.56% Est @ 0.46% Est @ 0.39% Present Value (€, Millions) Discounted @ 6.71% €420.4 €406.3 €389.3 €370.7 €351.6 €332.5 €313.8 €295.7 €278.4 €261.9 ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF)= €3.4b 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. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = €502m × (1 + 0.2%) ÷ (6.7% – 0.2%) = €7.8b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = €€7.8b ÷ ( 1 + 6.7%)10 = €4.05b The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is €7.47b.

Simply Wall St -

Are Brenntag AG’s (ETR:BNR) High Returns Really That Great?

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 Brenntag: 0.11 = €683m ÷ (€8.4b - €2.2b) (Based on the trailing twelve months to March 2019.) So, Brenntag has an ROCE of 11%. … Brenntag's Current Liabilities And Their Impact On Its ROCE Current liabilities include invoices, such as supplier payments, short-term debt, or a tax bill, that need to be paid within 12 months. … The ROCE equation subtracts current liabilities from capital employed, so a company with a lot of current liabilities appears to have less capital employed, and a higher ROCE than otherwise.

Simply Wall St -

Should You Think About Buying Brenntag AG (ETR:BNR) Now?

According to my valuation model, Brenntag seems to be fairly priced at around 19% below my intrinsic value, which means if you buy Brenntag today, you’d be paying a fair price for it. … And if you believe the company’s true value is €53.37, then there isn’t much room for the share price grow beyond what it’s currently trading. … 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 -

Did You Manage To Avoid Brenntag's (ETR:BNR) 14% Share Price Drop?

That downside risk was realized by Brenntag AG (ETR:BNR) shareholders over the last year, as the share price declined 14%. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During the unfortunate twelve months during which the Brenntag share price fell, it actually saw its earnings per share (EPS) improve by 24%.

Simply Wall St -

Why Brenntag AG's (ETR:BNR) High P/E Ratio Isn't Necessarily A Bad Thing

Check out our latest analysis for Brenntag How Do I Calculate A Price To Earnings Ratio? … The formula for price to earnings is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Brenntag: P/E of 14.54 = €43.36 ÷ €2.98 (Based on the trailing twelve months to March 2019.) Is A High Price-to-Earnings Ratio Good? … All else being equal, it's better to pay a low price -- but as Warren Buffett said, 'It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.' How Growth Rates Impact P/E Ratios Earnings growth rates have a big influence on P/E ratios.

Simply Wall St -

Is Brenntag AG (ETR:BNR) Excessively Paying Its CEO?

See our latest analysis for Brenntag How Does Steve Holland's Compensation Compare With Similar Sized Companies? … At the time of writing our data says that Brenntag AG has a market cap of €7.0b, and is paying total annual CEO compensation of €3.4m. … When we examined a selection of companies with market caps ranging from €3.6b to €11b, we found the median CEO total compensation was €3.0m.

Simply Wall St -

Brenntag AG's (ETR:BNR) Earnings Grew 28%, Did It Beat Long-Term Trend?

After reading Brenntag AG's (ETR:BNR) latest earnings update (31 December 2018), I found it beneficial to look back at how the company has performed in the past and compare this against the most recent numbers. … As a long-term investor I tend to pay attention to earnings trend, rather than a single number at one point in time. … How BNR fared against its long-term earnings performance and its industry.

Simply Wall St -

BNR Company Info

Description

Brenntag AG, a chemical distribution company, purchases and supplies industrial and specialty chemicals in Europe, the Middle East, Africa, North America, Latin America, the Asia Pacific, and internationally. It also provides surfactants, emulsifiers, emollients, waxes, preservatives, silicones, complexing agents, and actives for skin and hair care, sun care, personal hygiene and body cleansing, color cosmetics, and dental and oral care applications; and value-added services. The company serves customers in various end-market industries, including adhesives, paints, oil and gas, food, water treatment, personal care, and pharmaceuticals. Brenntag AG was founded in 1874 and is headquartered in Essen, Germany.

Details
Name: Brenntag AG
BNR
Exchange: XTRA
Founded: 1874
€7,440,720,000
154,500,000
Website: http://www.brenntag.com
Address: Brenntag AG
Messeallee 11,
Essen,
North Rhine-Westphalia, 45131,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA BNR Ordinary Registered Shares XETRA Trading Platform DE EUR 29. Mar 2010
OTCPK BNTG.F Ordinary Registered Shares Pink Sheets LLC US USD 29. Mar 2010
DB BNR Ordinary Registered Shares Deutsche Boerse AG DE EUR 29. Mar 2010
LSE 0MPT Ordinary Registered Shares London Stock Exchange GB EUR 29. Mar 2010
SWX BNR Ordinary Registered Shares SIX Swiss Exchange CH CHF 29. Mar 2010
WBAG BNR Ordinary Registered Shares Wiener Boerse AG AT EUR 29. Mar 2010
BMV BNR N Ordinary Registered Shares Bolsa Mexicana de Valores MX MXN 29. Mar 2010
ETLX BNR Ordinary Registered Shares Eurotlx IT EUR 29. Mar 2010
BATS-CHIXE BNRD Ordinary Registered Shares BATS 'Chi-X Europe' GB EUR 29. Mar 2010
OTCPK BNTG.Y UNSP ADR EA REPR 1/10 ORD SHS Pink Sheets LLC US USD 15. Nov 2011
BST BNRA UNSP ADR EA REPR 1/10 ORD SHS Boerse-Stuttgart DE EUR 15. Nov 2011
Number of employees
Current staff
Staff numbers
17,030
Brenntag employees.
Industry
Trading Companies and Distributors
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/12/05 21:20
End of day share price update: 2019/12/05 00:00
Last estimates confirmation: 2019/12/03
Last earnings filing: 2019/11/06
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


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

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