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Krones

XTRA:KRN
Snowflake Description

Excellent balance sheet with moderate growth potential.

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

Krones AG, together with its subsidiaries, engages in planning, developing, and manufacturing machinery and systems for the fields of process technology, filling and packaging technology, and intralogistics in Germany and internationally. The last earnings update was 26 days ago. More info.


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  • Krones has significant price volatility in the past 3 months.
KRN Share Price and Events
7 Day Returns
7.4%
XTRA:KRN
1.8%
DE Machinery
2.1%
DE Market
1 Year Returns
-36.4%
XTRA:KRN
-29.9%
DE Machinery
-16.6%
DE Market
KRN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Krones (KRN) 7.4% -3.5% -22.2% -36.4% -50.1% -48.6%
DE Machinery 1.8% -13.2% -27.4% -29.9% -44.6% -36.6%
DE Market 2.1% -12.6% -22.9% -16.6% -21.9% -27.8%
1 Year Return vs Industry and Market
  • KRN underperformed the Machinery industry which returned -29.9% over the past year.
  • KRN underperformed the Market in Germany which returned -16.6% over the past year.
Price Volatility
KRN
Industry
5yr Volatility vs Market

KRN Value

 Is Krones 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 Krones 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 Krones.

XTRA:KRN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 10 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.2%
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:KRN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Machinery Unlevered Beta Simply Wall St/ S&P Global 0.97
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.969 (1 + (1- 30%) (10.34%))
1.026
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.03
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.026 * 5.44%)
5.19%

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

The calculations below outline how an intrinsic value for Krones 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:KRN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 5.19%)
2020 58.26 Analyst x5 55.38
2021 106.75 Analyst x5 96.48
2022 129.18 Analyst x5 110.98
2023 144.85 Est @ 12.13% 118.30
2024 156.99 Est @ 8.38% 121.88
2025 166.01 Est @ 5.75% 122.52
2026 172.49 Est @ 3.91% 121.02
2027 177.00 Est @ 2.62% 118.06
2028 180.04 Est @ 1.71% 114.16
2029 181.99 Est @ 1.08% 109.70
Present value of next 10 years cash flows €1,088.00
XTRA:KRN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €181.99 × (1 + -0.39%) ÷ (5.19% – -0.39%)
€3,247.33
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €3,247.33 ÷ (1 + 5.19%)10
€1,957.41
XTRA:KRN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €1,088.00 + €1,957.41
€3,045.41
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €3,045.41 / 31.59
€96.39
XTRA:KRN Discount to Share Price
Calculation Result
Value per share (EUR) From above. €96.39
Current discount Discount to share price of €52.40
= -1 x (€52.40 - €96.39) / €96.39
45.6%

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

Current Discount
Amount off the current price Krones is available for.
Intrinsic value
46%
Share price is €52.4 vs Future cash flow value of €96.39
Current Discount Checks
For Krones to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Krones's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Krones'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 Krones's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Krones's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
XTRA:KRN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €0.30
XTRA:KRN Share Price ** XTRA (2020-04-07) in EUR €52.4
Germany Machinery Industry PE Ratio Median Figure of 34 Publicly-Listed Machinery Companies 10.64x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 16.83x

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

** Primary Listing of Krones.

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

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

= 52.4 ÷ 0.30

174.43x

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

  • Krones is overvalued based on earnings compared to the DE Machinery industry average.
  • Krones is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Krones's expected growth come at a high price?
Raw Data
XTRA:KRN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 174.43x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
58.4%per year
Germany Machinery Industry PEG Ratio Median Figure of 26 Publicly-Listed Machinery Companies 0.82x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.22x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 174.43x ÷ 58.4%

2.98x

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

  • Krones is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Krones's assets?
Raw Data
XTRA:KRN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €43.38
XTRA:KRN Share Price * XTRA (2020-04-07) in EUR €52.4
Germany Machinery Industry PB Ratio Median Figure of 46 Publicly-Listed Machinery Companies 1.11x
Germany Market PB Ratio Median Figure of 573 Publicly-Listed Companies 1.45x
XTRA:KRN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 52.4 ÷ 43.38

1.21x

* Primary Listing of Krones.

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

  • Krones is overvalued based on assets compared to the DE Machinery industry average.
X
Value checks
We assess Krones'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 Machinery 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 Machinery industry average (and greater than 0)? (1 check)
  5. Krones 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.

KRN Future Performance

 How is Krones expected to perform in the next 1 to 3 years based on estimates from 10 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
58.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Krones expected to grow at an attractive rate?
  • Krones's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Krones's earnings growth is expected to exceed the Germany market average.
  • Krones's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
XTRA:KRN Future Growth Rates Data Sources
Data Point Source Value (per year)
XTRA:KRN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts 58.4%
XTRA:KRN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 2.9%
Germany Machinery Industry Earnings Growth Rate Market Cap Weighted Average 16.2%
Germany Machinery Industry Revenue Growth Rate Market Cap Weighted Average 3.2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*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:KRN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
XTRA:KRN Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 4,535 3
2023-12-31 4,381 3
2022-12-31 4,179 269 148 8
2021-12-31 4,009 239 127 10
2020-12-31 3,647 181 53 8
2020-04-07
XTRA:KRN Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 4,022 94 9
2019-09-30 4,114 243 92
2019-06-30 4,007 171 107
2019-03-31 3,998 209 148
2018-12-31 3,904 315 151
2018-09-30 3,920 84 172
2018-06-30 3,753 85 183
2018-03-31 3,731 72 184
2017-12-31 3,740 -6 189
2017-09-30 3,597 164 172
2017-06-30 3,670 232 179
2017-03-31 3,572 234 176

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Krones's earnings are expected to grow significantly at over 20% yearly.
  • Krones's revenue is expected to grow by 2.9% 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:KRN 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 10 Analyst Estimates (S&P Global) See Below

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

XTRA:KRN Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 4.67 5.82 3.48 7.00
2021-12-31 4.23 6.00 2.92 9.00
2020-12-31 1.66 2.51 0.62 7.00
2020-04-07
XTRA:KRN Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 0.30
2019-09-30 2.90
2019-06-30 3.39
2019-03-31 4.73
2018-12-31 4.78
2018-09-30 5.46
2018-06-30 5.78
2018-03-31 5.80
2017-12-31 5.97
2017-09-30 5.43
2017-06-30 5.68
2017-03-31 5.57

*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.
  • Krones is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Krones'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.
Krones has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

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

KRN Past Performance

  How has Krones 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 Krones's growth in the last year to its industry (Machinery).
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.
  • Krones's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Krones's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Krones's 1-year earnings growth is negative, it can't be compared to the DE Machinery industry average.
Earnings and Revenue History
Krones'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 Krones Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

XTRA:KRN Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 4,021.89 9.49 1,254.09
2019-09-30 4,114.40 91.88 1,260.11
2019-06-30 4,007.40 107.18 1,230.61
2019-03-31 3,998.00 148.48 1,196.81
2018-12-31 3,903.60 151.08 1,137.27
2018-09-30 3,919.51 172.26 1,147.88
2018-06-30 3,753.01 182.86 1,120.38
2018-03-31 3,730.81 183.66 1,104.38
2017-12-31 3,739.51 188.76 1,086.08
2017-09-30 3,596.51 171.75 1,058.01
2017-06-30 3,670.11 179.05 1,042.81
2017-03-31 3,571.71 176.05 1,027.51
2016-12-31 3,433.41 170.75 998.71
2016-09-30 3,321.24 163.53 973.67
2016-06-30 3,268.44 159.23 968.77
2016-03-31 3,245.04 161.03 952.17
2015-12-31 3,211.84 157.43 941.67
2015-09-30 3,095.62 149.88 924.52
2015-06-30 3,057.52 146.68 911.22
2015-03-31 3,025.22 141.18 888.52
2014-12-31 2,989.32 135.88 876.32
2014-09-30 2,988.13 132.84 870.62
2014-06-30 2,914.63 126.24 852.42
2014-03-31 2,876.23 122.44 841.92
2013-12-31 2,856.63 119.44 832.52
2013-09-30 2,841.30 113.75 824.12
2013-06-30 2,793.80 79.65 805.12

*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.
  • Krones has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Krones used its assets less efficiently than the DE Machinery industry average last year based on Return on Assets.
  • Krones's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Krones'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 Machinery 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.
Krones has a total score of 0/6, see the detailed checks below.

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

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

KRN Health

 How is Krones'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 Krones's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Krones is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Krones's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Krones'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 30x 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 Krones Company Filings, last reported 3 months ago.

XTRA:KRN Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,370.03 72.24 110.38
2019-09-30 1,429.40 330.10 177.00
2019-06-30 1,422.70 253.10 144.40
2019-03-31 1,478.30 86.50 157.40
2018-12-31 1,433.21 3.72 218.80
2018-09-30 1,373.20 247.00 212.90
2018-06-30 1,355.50 135.00 184.70
2018-03-31 1,370.80 75.00 218.80
2017-12-31 1,330.11 24.62 182.00
2017-09-30 1,266.60 122.70 200.60
2017-06-30 1,240.80 30.00 190.40
2017-03-31 1,273.10 0.00 256.10
2016-12-31 1,225.53 0.00 368.89
2016-09-30 1,173.20 94.30 216.10
2016-06-30 1,131.60 65.00 214.60
2016-03-31 1,142.70 0.00 249.50
2015-12-31 1,110.72 0.00 364.59
2015-09-30 1,042.30 0.00 253.70
2015-06-30 1,029.00 0.00 274.90
2015-03-31 1,036.60 0.00 280.20
2014-12-31 988.50 0.00 336.44
2014-09-30 959.80 0.00 207.10
2014-06-30 945.20 0.00 157.20
2014-03-31 977.90 0.00 199.80
2013-12-31 954.18 0.00 239.88
2013-09-30 897.60 1.40 121.80
2013-06-30 882.90 0.00 128.60
  • Krones's level of debt (5.3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0% vs 5.3% today).
  • Debt is well covered by operating cash flow (129.5%, greater than 20% of total debt).
  • Krones earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Krones'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. Krones 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.

KRN Dividends

 What is Krones'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
1.43%
Current annual income from Krones dividends. Estimated to be 1.98% next year.
If you bought €2,000 of Krones shares you are expected to receive €29 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?
  • Krones's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.67%).
  • Krones's dividend is below the markets top 25% of dividend payers in Germany (4.71%).
Upcoming dividend payment

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

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
XTRA:KRN 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 10 Analyst Estimates (S&P Global) See Below
Germany Machinery Industry Average Dividend Yield Market Cap Weighted Average of 29 Stocks 3.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 314 Stocks 3.7%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.7%

Industry and Market average data is calculated daily.

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

XTRA:KRN Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 1.40 7.00
2021-12-31 1.18 10.00
2020-12-31 0.54 8.00
2020-04-07
XTRA:KRN Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-03-12 0.750 1.587
2019-03-21 1.700 2.704
2018-03-15 1.700 1.893
2017-03-23 1.550 1.428
2016-04-28 1.450 1.576
2016-03-17 1.450 1.396
2015-06-17 1.250 1.245
2014-04-30 1.000 1.269
2013-03-28 0.750 1.226
2013-01-15 0.750 1.521
2012-03-30 0.600 1.460
2012-01-16 0.600 1.438
2011-03-29 0.400 0.899
2010-10-27 0.000 0.000
2010-07-28 0.000 0.000
2010-07-15 0.000 0.000
2010-03-31 0.000 0.000
2010-01-04 0.000 0.000
2009-04-28 0.600 1.912

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Krones's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.4x coverage).
X
Income/ dividend checks
We assess Krones'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 Krones afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Krones has a total score of 2/6, see the detailed checks below.


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

KRN Management

 What is the CEO of Krones'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
Christoph Klenk
COMPENSATION €829,000
AGE 56
TENURE AS CEO 4.3 years
CEO Bio

Mr. Christoph Klenk has been Chief Executive Officer and Chairman of the Executive Board at Krones Ag since January 1, 2016. Mr. Klenk served as an Interim Chief Financial Officer of Krones AG since July 24, 2019 until January 1, 2020. He served as Chief Financial Officer at Krones Ag since 2012 until January 1, 2016. Mr. Klenk served as Head of Research and Development, Engineering & Product Divisions. He served as Deputy Board Member of Krones AG since January 1, 2003. Mr. Klenk is a mechanical engineer who joined Krones in 1994. Mr. Klenk is a Graduate Engineer in Mechanical Engineering (FH).

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

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

5.6
Average Tenure
51
Average Age
  • The average tenure for the Krones management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Christoph Klenk

TITLE
Chairman of Executive Board & CEO
COMPENSATION
€829K
AGE
56
TENURE
4.3 yrs

Thomas Ricker

TITLE
Chief Sales Officer & Member of Executive Board
COMPENSATION
€562K
AGE
51
TENURE
8.3 yrs

Markus Tischer

TITLE
Member of Executive Board
COMPENSATION
€497K
AGE
51
TENURE
6.3 yrs

Ralf Goldbrunner

TITLE
Member of Executive Board
COMPENSATION
€511K
AGE
49
TENURE
5.6 yrs

Klaus Gerlach

TITLE
Head of Central Intrl Ops & Services and Emp. Rep. Member of Supervisory Board
COMPENSATION
€41K

Norbert Broger

TITLE
CFO & Member of Executive Board
AGE
57
TENURE
0.3 yrs

Olaf Scholz

TITLE
Head of Investor Relations

Roland Pokorny

TITLE
Head of Corporate Communications

Ulrich Noll

TITLE
Head of Finance & Administration - Africa/Middle East

Ingrid Reuschl

TITLE
Head of Public Relations
Board of Directors Tenure

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

7.3
Average Tenure
58
Average Age
  • The tenure for the Krones board of directors is about average.
Board of Directors

Volker Kronseder

TITLE
Chairman of Supervisory Board
COMPENSATION
€110K
AGE
66
TENURE
3.8 yrs

Werner Schrödl

TITLE
Employee Representative Deputy Chairman of the Supervisory Board
COMPENSATION
€75K
TENURE
12.8 yrs

Klaus Gerlach

TITLE
Head of Central Intrl Ops & Services and Emp. Rep. Member of Supervisory Board
COMPENSATION
€41K

Hans-Jürgen Thaus

TITLE
Member of Supervisory Board
COMPENSATION
€54K
AGE
70
TENURE
5.8 yrs

Norman Kronseder

TITLE
Member of Supervisory Board
COMPENSATION
€57K
AGE
57

Josef Weitzer

TITLE
Employee Representative Member of Supervisory Board
COMPENSATION
€57K
TENURE
12.8 yrs

Jürgen Scholz

TITLE
Employee Representative Member of the Supervisory Board
COMPENSATION
€51K
AGE
58
TENURE
12.8 yrs

Petra Schadeberg-Herrmann

TITLE
Member of Supervisory Board
COMPENSATION
€41K
AGE
52
TENURE
8.8 yrs

Verena Di Pasquale

TITLE
Employee Representative Member of Supervisory Board
COMPENSATION
€41K
TENURE
5.8 yrs

Susanne Nonnast

TITLE
Member of Supervisory Board
COMPENSATION
€41K
TENURE
3.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Krones'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. Krones 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.

KRN News

Simply Wall St News

Is Krones AG's (ETR:KRN) Capital Allocation Ability Worth Your Time?

Krones's Current Liabilities And Their Impact On Its ROCE Current liabilities are short term bills and invoices that need to be paid in 12 months or less. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE. … What We Can Learn From Krones's ROCE With this level of liabilities and a mediocre ROCE, there are potentially better investments out there.

Simply Wall St -

Is Krones AG's (ETR:KRN) CEO Paid Enough Relative To Peers?

First, this article will compare CEO compensation with compensation at similar sized companies. … See our latest analysis for Krones How Does Christoph Klenk's Compensation Compare With Similar Sized Companies? … We examined the amount Krones AG pays its CEO, and compared it to the amount paid by similar sized companies.

Simply Wall St -

Is Krones AG (ETR:KRN) Undervalued After Accounting For Its Future Growth?

In isolation, this metric can be a bit too simplistic but in comparison to benchmarks, it tells us that KRN is undervalued relative to the current DE market average of 19.47x , and overvalued based on current earnings compared to the Machinery industry average of 14.47x. … XTRA:KRN Price Estimation Relative to Market, August 13th 2019 We understand KRN seems to be overvalued based on its current earnings, compared to its industry peers. … A PE ratio of 14.54x and expected year-on-year earnings growth of 28% give Krones a very low PEG ratio of 0.51x.

Simply Wall St -

Here's Why Krones (ETR:KRN) Has A Meaningful Debt Burden

While it does have liabilities worth noting, Krones also has more cash than debt, so we're pretty confident it can manage its debt safely. … Krones may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. … If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.

Simply Wall St -

Is It Time To Consider Buying Krones AG (ETR:KRN)?

A question to answer is whether Krones's current trading price of €53.7 reflective of the actual value of the small-cap? … This means that if you believe the current share price should move towards its intrinsic value over time, a low beta could suggest it is not likely to reach that level anytime soon, and once it’s there, it may be hard to fall back down into an attractive buying range again. … Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price.

Simply Wall St -

What Krones AG's (ETR:KRN) ROE Can Tell Us

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Krones: 10% = €148m ÷ €1.5b (Based on the trailing twelve months to March 2019.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … Does Krones Have A Good Return On Equity? … How Does Debt Impact Return On Equity?

Simply Wall St -

Does Krones AG (ETR:KRN) Create Value For Shareholders?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Krones: 10% = €148m ÷ €1.5b (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 Krones Have A Good Return On Equity? … A company that can achieve a high return on equity without debt could be considered a high quality business.

Simply Wall St -

What You Must Know About Krones AG's (ETR:KRN) Financial Health

View our latest analysis for Krones KRN’s Debt (And Cash Flows) KRN has built up its total debt levels in the last twelve months, from €75m to €289m , which includes long-term debt. … On top of this, KRN has produced cash from operations of €209m over the same time period, leading to an operating cash to total debt ratio of 72%, signalling that KRN’s debt is appropriately covered by operating cash. … Next Steps: KRN’s high cash coverage and low debt levels indicate its ability to utilise its borrowings efficiently in order to generate ample cash flow.

Simply Wall St -

Are Investors Undervaluing Krones AG (ETR:KRN) By 31%?

Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. … Generally we assume that a dollar today is more valuable than a dollar in the future, 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) forecast 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (€, Millions) €99.28 €144.59 €168.40 €186.47 €200.60 €211.37 €219.47 €225.50 €229.99 €233.36 Growth Rate Estimate Source Analyst x6 Analyst x7 Analyst x5 Est @ 10.73% Est @ 7.58% Est @ 5.37% Est @ 3.83% Est @ 2.75% Est @ 1.99% Est @ 1.46% Present Value (€, Millions) Discounted @ 6.72% €93.03 €126.95 €138.54 €143.75 €144.90 €143.07 €139.19 €134.01 €128.07 €121.76 Present Value of 10-year Cash Flow (PVCF)= €1.31b "Est" = FCF growth rate estimated by Simply Wall St The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … XTRA:KRN Intrinsic value, June 3rd 2019 The assumptions We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows.

Simply Wall St -

What Percentage Of Krones AG (ETR:KRN) Shares Do Insiders Own?

View our latest analysis for Krones XTRA:KRN Ownership Summary, May 25th 2019 What Does The Institutional Ownership Tell Us About Krones? … Insider Ownership Of Krones The definition of company insiders can be subjective, and does vary between jurisdictions. … Private Company Ownership We can see that Private Companies own 15%, of the shares on issue.

Simply Wall St -

KRN Company Info

Description

Krones AG, together with its subsidiaries, engages in planning, developing, and manufacturing machinery and systems for the fields of process technology, filling and packaging technology, and intralogistics in Germany and internationally. It operates in two segments, Machines and Lines for Product Filling and Decoration, and Machines and Lines for Beverage Production/Process Technology. The company provides plant engineering solutions, such as planning new plants, plant expansion, plant structural planning, and energy and media optimization; and process technology systems for use in beer, soft drink, water, milk, wine, spirit, juice, and dairy products. It also provides filling technology products for bottle design, stretch blow moulder, PET recycling, bottle washing machine, filling technology, inspection technology, labeling, conveyor, product treatment, and block technology applications; and packaging, palletizing, block, and robot technology products. In addition, the company offers intralogistics solutions, such as warehouse management systems, in-house solutions, and order picking systems for the food and beverage industries; and IT solutions, including manufacturing execution system, process control system, and warehouse management systems for the beverage and food industry. It serves breweries; water, soft drink, and juice manufacturers; dairies; producers of wine, sparkling wine, and spirits or companies from the liquid-food field; and companies from the food, chemical, pharmaceutical, and cosmetic industries. Krones AG was founded in 1951 and is headquartered in Neutraubling, Germany.

Details
Name: Krones AG
KRN
Exchange: XTRA
Founded: 1951
€1,560,065,895
31,593,072
Website: http://www.krones.com
Address: Krones AG
Böhmerwaldstrasse 5,
Neutraubling,
Bavaria, 93073,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA KRN Ordinary Shares XETRA Trading Platform DE EUR 09. Sep 1998
OTCPK KRNN.F Ordinary Shares Pink Sheets LLC US USD 09. Sep 1998
DB KRN Ordinary Shares Deutsche Boerse AG DE EUR 09. Sep 1998
LSE 0LQ4 Ordinary Shares London Stock Exchange GB EUR 09. Sep 1998
SWX KRN Ordinary Shares SIX Swiss Exchange CH CHF 09. Sep 1998
WBAG KRN Ordinary Shares Wiener Boerse AG AT EUR 09. Sep 1998
ETLX KRN Ordinary Shares Eurotlx IT EUR 09. Sep 1998
BATS-CHIXE KRND Ordinary Shares BATS 'Chi-X Europe' GB EUR 09. Sep 1998
OTCPK KRNT.Y UNSPONSORED ADR Pink Sheets LLC US USD 20. Aug 2008
Number of employees
Current staff
Staff numbers
17,353
Krones employees.
Industry
Industrial Machinery
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/07 21:57
End of day share price update: 2020/04/07 00:00
Last estimates confirmation: 2020/04/06
Last earnings filing: 2020/03/12
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.