Brenntag
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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 Year Returns
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.
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Brenntag.
| 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.
| 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.
| 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 | ||
| 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 |
| 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 |
| 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
Current Discount Checks
- 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?
| 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.
| 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?
| 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 .
| 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?
| 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 |
| 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.
Value checks
We assess Brenntag's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Trade Distributors industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Trade Distributors industry average (and greater than 0)? (1 check) 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!
Earnings growth vs Low Risk Savings
- 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
| 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
| 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 |
| 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 |
| 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.
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.
| 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 |
| 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.
Future performance checks
We assess Brenntag's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
All data from Brenntag Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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).
Past performance checks
We assess Brenntag's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Trade Distributors industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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
Assets
Liabilities and shares
- 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.
All data from Brenntag Company Filings, last reported 2 months ago.
| 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).
Financial health checks
We assess Brenntag's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Brenntag has a total score of 5/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
If you bought
€2,000 of
Brenntag
shares you are expected to receive
€50
in your first year as a dividend.
Dividend Amount
- 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.
| 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.
| 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 |
| 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.
Income/ dividend checks
We assess Brenntag's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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:
- The tenure for the Brenntag management team is about average.
Management Team
Steve Holland
Chairman of Board of Management & CEO
€3M
62
8.5 yrs
Georg Müller
CFO & Member of Board of Management
€2M
7.4 yrs
Karsten Beckmann
Member of Board of Management and CEO of Europe
€2M
57
4.4 yrs
Markus Klähn
Member of Board of Management
€2M
51
4.4 yrs
Henri Nejade
Member of Board of Management & CEO of Asia Pacific Region
€2M
4.4 yrs
Thomas Langer
Vice President of Corporate Finance & Investor Relations
Marion J. Mestrom
Global Human Resources Director
58
4.7 yrs
Board of Directors Tenure
Average tenure and age of the Brenntag board of directors in years:
- The tenure for the Brenntag board of directors is about average.
Board of Directors
Stefan Zuschke
Chairman of Supervisory Board
€225K
57
9.8 yrs
Andreas Rittstieg
Deputy Chairman of Supervisory Board
€160K
63
2.5 yrs
Ulrich Harnacke
Member of Supervisory Board
€205K
62
2.5 yrs
Doreen Nowotne
Member of Supervisory Board
€145K
47
9.8 yrs
Stefanie Berlinger
Member of Supervisory Board
€145K
46
4.5 yrs
Wijnand Donkers
Member of Supervisory Board
€130K
57
2.5 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (€) | Value (€) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Brenntag's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 - – Full articleHere'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 - – Full articleShould 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 - – Full articleCalculating 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 - – Full articleAre 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 - – Full articleShould 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 - – Full articleDid 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 - – Full articleWhy 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 - – Full articleIs 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 - – Full articleBrenntag 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 - – Full articleBNR 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
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.
