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CEWE Stiftung KGaA

DB:CWC
Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CWC
DB
€598M
Market Cap
  1. Home
  2. DE
  3. Commercial Services
Company description

CEWE Stiftung & Co. KGaA engages in photofinishing and commercial online printing businesses in germany. The last earnings update was 11 days ago. More info.


Add to Portfolio Compare Print
  • CEWE Stiftung KGaA has significant price volatility in the past 3 months.
CWC Share Price and Events
7 Day Returns
6%
DB:CWC
-1.9%
DE Commercial Services
-0.6%
DE Market
1 Year Returns
8.5%
DB:CWC
-32.9%
DE Commercial Services
-20.9%
DE Market
CWC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CEWE Stiftung KGaA (CWC) 6% -12.1% -19.3% 8.5% 0.1% 40.8%
DE Commercial Services -1.9% -21.9% -35.2% -32.9% -36.8% -47.8%
DE Market -0.6% -16.6% -26% -20.9% -25.8% -31.8%
1 Year Return vs Industry and Market
  • CWC outperformed the Commercial Services industry which returned -32.9% over the past year.
  • CWC outperformed the Market in Germany which returned -20.9% over the past year.
Price Volatility
CWC
Industry
5yr Volatility vs Market
Related Companies

Value

 Is CEWE Stiftung KGaA 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 CEWE Stiftung KGaA 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 CEWE Stiftung KGaA.

DB:CWC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 4%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:CWC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Commercial Services Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.588 (1 + (1- 30%) (10.87%))
0.754
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.8 * 5.44%)
3.96%

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

The calculations below outline how an intrinsic value for CEWE Stiftung KGaA is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:CWC DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 3.96%)
2020 42.50 Analyst x3 40.88
2021 46.90 Analyst x3 43.39
2022 47.00 Analyst x1 41.83
2023 47.01 Est @ 0.02% 40.24
2024 46.96 Est @ -0.1% 38.67
2025 46.87 Est @ -0.19% 37.13
2026 46.76 Est @ -0.25% 35.62
2027 46.62 Est @ -0.29% 34.16
2028 46.47 Est @ -0.32% 32.76
2029 46.31 Est @ -0.34% 31.40
Present value of next 10 years cash flows €376.00
DB:CWC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €46.31 × (1 + -0.39%) ÷ (3.96% – -0.39%)
€1,059.98
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €1,059.98 ÷ (1 + 3.96%)10
€718.70
DB:CWC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €376.00 + €718.70
€1,094.70
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,094.70 / 7.19
€152.24
DB:CWC Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:CWC represents 1.02527x of XTRA:CWC
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.02527x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 152.24 x 1.02527
€156.09
Value per share (EUR) From above. €156.09
Current discount Discount to share price of €85.20
= -1 x (€85.20 - €156.09) / €156.09
45.4%

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

Current Discount
Amount off the current price CEWE Stiftung KGaA is available for.
Intrinsic value
45%
Share price is €85.2 vs Future cash flow value of €156.09
Current Discount Checks
For CEWE Stiftung KGaA to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CEWE Stiftung KGaA's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • CEWE Stiftung KGaA'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 CEWE Stiftung KGaA's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CEWE Stiftung KGaA's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:CWC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €4.54
XTRA:CWC Share Price ** XTRA (2020-04-06) in EUR €83.1
Germany Commercial Services Industry PE Ratio Median Figure of 6 Publicly-Listed Commercial Services Companies 94.45x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 16.45x

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

** Primary Listing of CEWE Stiftung KGaA.

DB:CWC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 83.1 ÷ 4.54

18.32x

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

  • CEWE Stiftung KGaA is good value based on earnings compared to the DE Commercial Services industry average.
  • CEWE Stiftung KGaA is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does CEWE Stiftung KGaA's expected growth come at a high price?
Raw Data
DB:CWC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.32x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
13.3%per year
Europe Commercial Services Industry PEG Ratio Median Figure of 48 Publicly-Listed Commercial Services Companies 1.09x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.16x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 18.32x ÷ 13.3%

1.38x

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

  • CEWE Stiftung KGaA is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on CEWE Stiftung KGaA's assets?
Raw Data
DB:CWC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €37.39
XTRA:CWC Share Price * XTRA (2020-04-06) in EUR €83.1
Germany Commercial Services Industry PB Ratio Median Figure of 9 Publicly-Listed Commercial Services Companies 2.23x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.44x
DB:CWC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 83.1 ÷ 37.39

2.22x

* Primary Listing of CEWE Stiftung KGaA.

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

  • CEWE Stiftung KGaA is good value based on assets compared to the DE Commercial Services industry average.
X
Value checks
We assess CEWE Stiftung KGaA'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 Commercial Services 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 Commercial Services industry average (and greater than 0)? (1 check)
  5. CEWE Stiftung KGaA has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

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

Future Performance

 How is CEWE Stiftung KGaA expected to perform in the next 1 to 3 years based on estimates from 3 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
13.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CEWE Stiftung KGaA expected to grow at an attractive rate?
  • CEWE Stiftung KGaA's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • CEWE Stiftung KGaA's earnings growth is positive but not above the Germany market average.
  • CEWE Stiftung KGaA's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:CWC Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:CWC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 13.3%
DB:CWC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 3%
Germany Commercial Services Industry Earnings Growth Rate Market Cap Weighted Average 21%
Germany Commercial Services Industry Revenue Growth Rate Market Cap Weighted Average 2.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

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

Analysts growth expectations
Raw Data
DB:CWC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:CWC Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 834 1
2023-12-31 805 1
2022-12-31 776 92 45 1
2021-12-31 769 99 45 3
2020-12-31 706 80 35 1
2020-04-06
DB:CWC Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 720 102 33
2019-09-30 694 86 38
2019-06-30 679 82 38
2019-03-31 668 79 38
2018-12-31 656 79 38
2018-09-30 631 69 30
2018-06-30 622 64 31
2018-03-31 616 63 33
2017-12-31 604 72 33
2017-09-30 600 64 28
2017-06-30 598 69 30
2017-03-31 599 75 30

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CEWE Stiftung KGaA's earnings are expected to grow by 13.3% yearly, however this is not considered high growth (20% yearly).
  • CEWE Stiftung KGaA's revenue is expected to grow by 3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:CWC 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 3 Analyst Estimates (S&P Global) See Below

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

DB:CWC 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 6.28 6.28 6.28 1.00
2021-12-31 6.27 6.62 5.82 3.00
2020-12-31 4.92 4.92 4.92 1.00
2020-04-06
DB:CWC Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 4.54
2019-09-30
2019-06-30 5.27
2019-03-31 5.25
2018-12-31 5.34
2018-09-30 4.10
2018-06-30 4.37
2018-03-31 4.65
2017-12-31 4.59
2017-09-30 3.87
2017-06-30 4.26
2017-03-31 4.26

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

Past Performance

  How has CEWE Stiftung KGaA 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 CEWE Stiftung KGaA's growth in the last year to its industry (Commercial Services).
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.
  • CEWE Stiftung KGaA's year on year earnings growth rate has been positive over the past 5 years.
  • CEWE Stiftung KGaA's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • CEWE Stiftung KGaA's 1-year earnings growth is negative, it can't be compared to the Europe Commercial Services industry average.
Earnings and Revenue History
CEWE Stiftung KGaA'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 CEWE Stiftung KGaA Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CWC Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 720.22 32.70 176.07
2019-09-30 694.14 37.95 209.06
2019-06-30 678.98 37.81 204.31
2019-03-31 668.19 37.68 200.57
2018-12-31 655.72 38.25 167.43
2018-09-30 631.09 29.90 168.34
2018-06-30 622.40 31.27 188.43
2018-03-31 616.37 33.21 159.73
2017-12-31 604.42 32.81 181.03
2017-09-30 599.72 27.67 178.64
2017-06-30 598.07 30.42 153.15
2017-03-31 598.84 30.45 151.99
2016-12-31 599.28 30.36 150.45
2016-09-30 584.17 30.65 169.55
2016-06-30 581.10 28.16 167.77
2016-03-31 570.49 26.51 165.08
2015-12-31 558.13 22.47 162.85
2015-09-30 538.72 22.52 160.72
2015-06-30 534.91 22.50 158.06
2015-03-31 533.06 22.01 157.18
2014-12-31 529.21 21.42 155.15
2014-09-30 528.89 23.28 148.53
2014-06-30 531.13 25.29 147.09
2014-03-31 541.29 24.83 145.57
2013-12-31 545.01 22.29 146.18
2013-09-30 534.63 16.60 145.70
2013-06-30 534.71 16.41 145.96

*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.
  • CEWE Stiftung KGaA has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CEWE Stiftung KGaA used its assets more efficiently than the DE Commercial Services industry average last year based on Return on Assets.
  • CEWE Stiftung KGaA's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CEWE Stiftung KGaA'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 Commercial Services 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.
CEWE Stiftung KGaA has a total score of 2/6, see the detailed checks below.

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

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

Health

 How is CEWE Stiftung KGaA'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 CEWE Stiftung KGaA's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CEWE Stiftung KGaA's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • CEWE Stiftung KGaA's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of CEWE Stiftung KGaA'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 97.7x 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 CEWE Stiftung KGaA Company Filings, last reported 3 months ago.

DB:CWC Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 269.76 1.95 32.36
2019-09-30 237.50 59.27 16.91
2019-06-30 235.93 60.54 15.58
2019-03-31 254.86 6.90 15.88
2018-12-31 254.20 3.81 28.06
2018-09-30 217.62 56.17 15.92
2018-06-30 214.96 61.80 14.32
2018-03-31 231.80 42.32 17.92
2017-12-31 225.01 1.58 38.77
2017-09-30 195.44 30.63 16.39
2017-06-30 192.71 2.43 25.29
2017-03-31 205.83 2.82 46.58
2016-12-31 204.89 0.21 48.56
2016-09-30 177.06 10.88 18.55
2016-06-30 171.02 8.70 18.19
2016-03-31 187.71 2.83 30.46
2015-12-31 186.96 6.67 21.68
2015-09-30 161.08 33.18 12.40
2015-06-30 158.11 19.37 14.74
2015-03-31 171.78 3.85 17.60
2014-12-31 173.65 4.22 27.67
2014-09-30 147.49 21.00 14.72
2014-06-30 144.84 17.78 15.77
2014-03-31 135.51 25.39 16.69
2013-12-31 142.82 30.32 14.03
2013-09-30 112.45 53.51 11.65
2013-06-30 107.11 54.96 14.86
  • CEWE Stiftung KGaA's level of debt (0.7%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (2.4% vs 0.7% today).
  • Debt is well covered by operating cash flow (5244.6%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 17.1x coverage).
X
Financial health checks
We assess CEWE Stiftung KGaA'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. CEWE Stiftung KGaA has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


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

Dividends

 What is CEWE Stiftung KGaA'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
2.41%
Current annual income from CEWE Stiftung KGaA dividends. Estimated to be 2.53% next year.
If you bought €2,000 of CEWE Stiftung KGaA shares you are expected to receive €48 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?
  • CEWE Stiftung KGaA's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.69%).
  • CEWE Stiftung KGaA's dividend is below the markets top 25% of dividend payers in Germany (4.85%).
Upcoming dividend payment

Purchase CEWE Stiftung KGaA 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
DB:CWC 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 3 Analyst Estimates (S&P Global) See Below
Germany Commercial Services Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 5.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 315 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

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

DB:CWC Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 2.20 1.00
2021-12-31 2.10 3.00
2020-12-31 2.00 1.00
2020-04-06
DB:CWC Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-03-16 2.000 2.412
2019-06-05 1.950 2.168
2018-06-06 1.850 2.469
2017-03-15 1.800 2.233
2016-03-23 1.600 2.236
2015-03-19 1.550 2.954
2015-02-25 1.550 2.701
2014-06-04 1.500 2.897
2013-03-26 1.450 3.584
2012-06-06 1.400 4.510
2011-03-30 1.250 4.063
2011-03-23 1.250 4.022
2010-03-01 1.050 3.651
2010-02-22 1.050 4.130

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of CEWE Stiftung KGaA's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.9x coverage).
X
Income/ dividend checks
We assess CEWE Stiftung KGaA's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can CEWE Stiftung KGaA afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CEWE Stiftung KGaA has a total score of 5/6, see the detailed checks below.


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

Management

 What is the CEO of CEWE Stiftung KGaA'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
Christian Friege
COMPENSATION €861,340
AGE 53
CEO Bio

Dr. Christian Friege has been Chairman of Management Board of CEWE Stiftung & Co. KGaA since July 1, 2017 and serves as its CEO. Dr. Friege has been a Member of the Board of Management of CEWE Stiftung & Co. KGaA since January 14, 2016. He served as Chairman and Chief Executive Officer of LichtBlick AG. Dr. Friege served as Chief Customer Officer of mobilcom-debitel AG (also known as Debitel AG) since January 2005 and served as its Member of Management Board. Dr. Friege was responsible for marketing, customer service and product management of Debitel. He worked at Bertelsmann AG, Germany's largest media company, since 1995. He served as chief of Bertelsmann's BCA Book Club Associates in London.

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

Average tenure of the CEWE Stiftung KGaA management team in years:

10
Average Tenure
  • The average tenure for the CEWE Stiftung KGaA management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Christian Friege

TITLE
Chairman of Management Board & CEO
COMPENSATION
€861K
AGE
53

Olaf Holzkamper

TITLE
CFO & Member of the Board of Management
COMPENSATION
€680K
TENURE
10 yrs

Reiner Fageth

TITLE
Member of the Board of Management
COMPENSATION
€657K
TENURE
13.3 yrs

Frank Zweigle

TITLE
Member of the Board of Management
COMPENSATION
€124K

Thomas Mehls

TITLE
Member of the Board of Management
COMPENSATION
€684K

Carsten Heitkamp

TITLE
Member of the Board of Management
COMPENSATION
€660K

Patrick Berkhouwer

TITLE
Member of the Board of Management
COMPENSATION
€656K
TENURE
4.3 yrs
Board of Directors Tenure

Average tenure of the CEWE Stiftung KGaA board of directors in years:

1.8
Average Tenure
  • The average tenure for the CEWE Stiftung KGaA board of directors is less than 3 years, this suggests a new board.
Board of Directors

Otto Korte

TITLE
Chairman of Supervisory Board
COMPENSATION
€96K
TENURE
7.8 yrs

Markus Schwarz

TITLE
Deputy Chairman of Supervisory Board
COMPENSATION
€52K

Christiane Hipp

TITLE
Member of Supervisory Board
COMPENSATION
€49K
TENURE
7.8 yrs

Hans-Henning Wiegmann

TITLE
Member of Supervisory Board
COMPENSATION
€49K
TENURE
7 yrs

Thorsten Sommer

TITLE
Member of Supervisory Board
COMPENSATION
€64K

Paolo Dell’Antonio

TITLE
Member of Supervisory Board
COMPENSATION
€45K

Patricia Geibel-Conrad

TITLE
Member of Supervisory Board
COMPENSATION
€8K
AGE
57
TENURE
1.8 yrs

Birgit Vemmer

TITLE
Member of Supervisory Board
COMPENSATION
€7K
TENURE
1.8 yrs

Alexander Oyen

TITLE
Member of Supervisory Board
COMPENSATION
€7K
TENURE
1.8 yrs

Elwira Wall

TITLE
Member of Supervisory Board
COMPENSATION
€6K
TENURE
1.8 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 CEWE Stiftung KGaA'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. CEWE Stiftung KGaA has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

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

News

Simply Wall St News

Should You Worry About CEWE Stiftung & Co. KGaA's (FRA:CWC) CEO Salary Level?

View our latest analysis for CEWE Stiftung KGaA How Does Christian Friege's Compensation Compare With Similar Sized Companies? … You can see a visual representation of the CEO compensation at CEWE Stiftung KGaA, below. … With a total shareholder return of 21% over three years, CEWE Stiftung & Co.

Simply Wall St -

Should You Be Excited About CEWE Stiftung & Co. KGaA's (FRA:CWC) 15% Return On Equity?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for CEWE Stiftung KGaA: 15% = €38m ÷ €255m (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Does CEWE Stiftung KGaA Have A Good Return On Equity? … Combining CEWE Stiftung KGaA's Debt And Its 15% Return On Equity Although CEWE Stiftung KGaA does use a little debt, its debt to equity ratio of just 0.027 is very low.

Simply Wall St -

Estimating The Fair Value Of CEWE Stiftung & Co. KGaA (FRA:CWC)

KGaA (FRA:CWC) by taking the foreast future cash flows of the company and discounting them back to today's value. … Generally we assume that a dollar today is more valuable than a dollar in the future, so we discount the value of these future cash flows to their estimated value in today's dollars: 10-year free cash flow (FCF) estimate 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Levered FCF (€, Millions) €31.9m €33.2m €34.2m €35.0m €35.5m €35.9m €36.3m €36.5m €36.7m €36.9m Growth Rate Estimate Source Analyst x6 Analyst x5 Est @ 3.02% Est @ 2.18% Est @ 1.6% Est @ 1.18% Est @ 0.9% Est @ 0.7% Est @ 0.56% Est @ 0.46% Present Value (€, Millions) Discounted @ 5.09% €30.3 €30.1 €29.5 €28.7 €27.7 €26.7 €25.6 €24.5 €23.5 €22.4 ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF)= €269.0m We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = €37m × (1 + 0.2%) ÷ (5.1% – 0.2%) = €760m Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = €€760m ÷ ( 1 + 5.1%)10 = €462.25m The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is €731.26m.

Simply Wall St -

At €87.10, Is It Time To Put CEWE Stiftung & Co. KGaA (FRA:CWC) On Your Watch List?

According to my valuation model, CEWE Stiftung KGaA seems to be fairly priced at around 15% below my intrinsic value, which means if you buy CEWE Stiftung KGaA today, you’d be paying a fair price for it. … What's more, CEWE Stiftung KGaA’s share price may be more stable over time (relative to the market), as indicated by its low beta. … However, with a relatively muted profit growth of 9.1% expected over the next couple of years, growth doesn’t seem like a key driver for a buy decision for CEWE Stiftung KGaA, at least in the short term.

Simply Wall St -

CEWE Stiftung KGaA (FRA:CWC) Seems To Use Debt Quite Sensibly

DB:CWC Historical Debt, July 10th 2019 A Look At CEWE Stiftung KGaA's Liabilities We can see from the most recent balance sheet that CEWE Stiftung KGaA had liabilities of €119.5m falling due within a year, and liabilities of €89.9m due beyond that. … CEWE Stiftung KGaA 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. … Looking at the most recent three years, CEWE Stiftung KGaA recorded free cash flow of 33% of its EBIT, which is weaker than we'd expect.

Simply Wall St -

Here's What CEWE Stiftung & Co. KGaA's (FRA:CWC) P/E Ratio Is Telling Us

Check out our latest analysis for CEWE Stiftung KGaA How Do I Calculate A Price To Earnings Ratio? … The formula for P/E is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for CEWE Stiftung KGaA: P/E of 14.52 = €86.7 ÷ €5.97 (Based on the trailing twelve months to March 2019.) Is A High P/E Ratio Good? … DB:CWC Price Estimation Relative to Market, July 2nd 2019 Its relatively low P/E ratio indicates that CEWE Stiftung KGaA shareholders think it will struggle to do as well as other companies in its industry classification.

Simply Wall St -

Why CEWE Stiftung & Co. KGaA (FRA:CWC) Could Be Your Next Investment

By this I mean, I look at stocks holistically, from their financial health to their future outlook. … DB:CWC Income Statement, June 20th 2019 Next Steps: For CEWE Stiftung KGaA, I've compiled three important factors you should further research: Future Outlook: What are well-informed industry analysts predicting for CWC’s future growth? … Take a look at our free research report of analyst consensus for CWC’s outlook.

Simply Wall St -

CEWE Stiftung & Co. KGaA (FRA:CWC) Earns A Nice Return On Capital Employed

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 CEWE Stiftung KGaA: 0.17 = €57m ÷ (€464m - €120m) (Based on the trailing twelve months to March 2019.) Therefore, CEWE Stiftung KGaA has an ROCE of 17%. … What Are Current Liabilities, And How Do They Affect CEWE Stiftung KGaA's ROCE? … CEWE Stiftung KGaA has total assets of €464m and current liabilities of €120m.

Simply Wall St -

Could CEWE Stiftung & Co. KGaA's (FRA:CWC) Investor Composition Influence The Stock Price?

CEWE Stiftung KGaA is a smaller company with a market capitalization of €601m, so it may still be flying under the radar of many institutional investors. … Our analysis of the ownership of the company, below, shows that institutional investors have bought into the company. … View our latest analysis for CEWE Stiftung KGaA DB:CWC Ownership Summary, June 4th 2019 What Does The Institutional Ownership Tell Us About CEWE Stiftung KGaA?

Simply Wall St -

If You Like EPS Growth Then Check Out CEWE Stiftung KGaA (FRA:CWC) Before It's Too Late

So if you're like me, you might be more interested in profitable, growing companies, like CEWE Stiftung KGaA (FRA:CWC). … I discovered that the median total compensation for the CEOs of companies like CEWE Stiftung KGaA with market caps between €357m and €1.4b is about €1.1m. … Although CEWE Stiftung KGaA certainly looks good to me, I would like it more if insiders were buying up shares.

Simply Wall St -

Company Info

Description

CEWE Stiftung & Co. KGaA engages in photofinishing and commercial online printing businesses in germany. The company operates through Photofinishing, Retail, Commercial Online Printing, and Other Activities segments. It offers photos and photo books; wall art, such as posters, hard foam panels, canvas collages, on acrylic, and aluminium dibond or sophisticated gallery prints; calendars; greeting cards and folded cards or postcards; instant photos; and photo gifts, including photo mugs, wall clocks, t-shirts, and phone and tablet cases. The company also provides online printing services for flyers, posters, brochures, business cards, stationery, packaging, promotional items, etc. under the saxoprint, CEWE-PRINT.de, viaprinto.de, and Laserline brands. In addition, it is involved in walk-in stores and online shops that offers cameras, lenses, and accessories, as well as engages in the real estate property business. It operates approximately 147 stores. The company was founded in 1961 and is headquartered in Oldenburg, Germany.

Details
Name: CEWE Stiftung & Co. KGaA
CWC
Exchange: DB
Founded: 1961
€597,550,494
7,190,740
Website: http://www.cewe.de
Address: CEWE Stiftung & Co. KGaA
Meerweg 30-32,
Oldenburg,
Lower Saxony, 26133,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA CWC Bearer Shares XETRA Trading Platform DE EUR 17. Aug 1993
DB CWC Bearer Shares Deutsche Boerse AG DE EUR 17. Aug 1993
LSE 0N8F Bearer Shares London Stock Exchange GB EUR 17. Aug 1993
SWX CWC Bearer Shares SIX Swiss Exchange CH CHF 17. Aug 1993
WBAG CWC Bearer Shares Wiener Boerse AG AT EUR 17. Aug 1993
ETLX CWC Bearer Shares Eurotlx IT EUR 17. Aug 1993
BATS-CHIXE CWCD Bearer Shares BATS 'Chi-X Europe' GB EUR 17. Aug 1993
Number of employees
Current staff
Staff numbers
4,371
CEWE Stiftung KGaA employees.
Industry
Diversified Support Services
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/06 21:31
End of day share price update: 2020/04/06 00:00
Last estimates confirmation: 2020/04/02
Last earnings filing: 2020/03/26
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.