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Bilfinger

DB:GBF
Snowflake Description

Adequate balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GBF
DB
€619M
Market Cap
  1. Home
  2. DE
  3. Commercial Services
Company description

Bilfinger SE provides industrial services to customers in the process industry. The last earnings update was 18 days ago. More info.


Add to Portfolio Compare Print
  • Bilfinger has significant price volatility in the past 3 months.
GBF Share Price and Events
7 Day Returns
3.9%
DB:GBF
5.4%
DE Commercial Services
9.9%
DE Market
1 Year Returns
-54%
DB:GBF
-31.6%
DE Commercial Services
-17.5%
DE Market
GBF Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bilfinger (GBF) 3.9% -46.4% -57.9% -54% -59.6% -74.5%
DE Commercial Services 5.4% -21.4% -33.5% -31.6% -33.3% -43.3%
DE Market 9.9% -16.6% -24.8% -17.5% -24.5% -28.1%
1 Year Return vs Industry and Market
  • GBF underperformed the Commercial Services industry which returned -31.6% over the past year.
  • GBF underperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
GBF
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Bilfinger 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 Bilfinger 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 Bilfinger.

DB:GBF Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.1%
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:GBF
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 0.61
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.607 (1 + (1- 30%) (97.11%))
1.013
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.01
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.013 * 5.44%)
5.12%

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

The calculations below outline how an intrinsic value for Bilfinger 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:GBF DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 5.12%)
2020 145.10 Analyst x1 138.03
2021 125.10 Analyst x2 113.21
2022 161.55 Analyst x2 139.07
2023 187.84 Est @ 16.27% 153.83
2024 209.01 Est @ 11.27% 162.83
2025 225.26 Est @ 7.77% 166.94
2026 237.25 Est @ 5.32% 167.26
2027 245.82 Est @ 3.61% 164.86
2028 251.74 Est @ 2.41% 160.61
2029 255.69 Est @ 1.57% 155.19
Present value of next 10 years cash flows €1,521.00
DB:GBF DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €255.69 × (1 + -0.39%) ÷ (5.12% – -0.39%)
€4,622.16
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €4,622.16 ÷ (1 + 5.12%)10
€2,805.28
DB:GBF Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €1,521.00 + €2,805.28
€4,326.28
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €4,326.28 / 40.29
€107.38
DB:GBF Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:GBF represents 0.94791x of XTRA:GBF
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.94791x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 107.38 x 0.94791
€101.78
Value per share (EUR) From above. €101.78
Current discount Discount to share price of €14.56
= -1 x (€14.56 - €101.78) / €101.78
85.7%

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

Current Discount
Amount off the current price Bilfinger is available for.
Intrinsic value
>50%
Share price is €14.56 vs Future cash flow value of €101.78
Current Discount Checks
For Bilfinger to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Bilfinger's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Bilfinger'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 Bilfinger's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bilfinger's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:GBF PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €0.01
XTRA:GBF Share Price ** XTRA (2020-03-31) in EUR €15.36
Germany Commercial Services Industry PE Ratio Median Figure of 6 Publicly-Listed Commercial Services Companies 95.54x
Germany Market PE Ratio Median Figure of 399 Publicly-Listed Companies 16.31x

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

** Primary Listing of Bilfinger.

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

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

= 15.36 ÷ 0.01

1031.29x

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

  • Bilfinger is overvalued based on earnings compared to the DE Commercial Services industry average.
  • Bilfinger is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Bilfinger's expected growth come at a high price?
Raw Data
DB:GBF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 1031.29x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
55.1%per year
Europe Commercial Services Industry PEG Ratio Median Figure of 50 Publicly-Listed Commercial Services Companies 1.06x
Germany Market PEG Ratio Median Figure of 255 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 1031.29x ÷ 55.1%

18.73x

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

  • Bilfinger is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Bilfinger's assets?
Raw Data
DB:GBF PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €28.92
XTRA:GBF Share Price * XTRA (2020-03-31) in EUR €15.36
Germany Commercial Services Industry PB Ratio Median Figure of 9 Publicly-Listed Commercial Services Companies 2.48x
Germany Market PB Ratio Median Figure of 571 Publicly-Listed Companies 1.43x
DB:GBF PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 15.36 ÷ 28.92

0.53x

* Primary Listing of Bilfinger.

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

  • Bilfinger is good value based on assets compared to the DE Commercial Services industry average.
X
Value checks
We assess Bilfinger'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. Bilfinger has a total score of 3/6, 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 Bilfinger expected to perform in the next 1 to 3 years based on estimates from 5 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
55.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bilfinger expected to grow at an attractive rate?
  • Bilfinger's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Bilfinger's earnings growth is expected to exceed the Germany market average.
  • Bilfinger's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:GBF Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:GBF Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 55.1%
DB:GBF Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 0.1%
Germany Commercial Services Industry Earnings Growth Rate Market Cap Weighted Average 22%
Germany Commercial Services Industry Revenue Growth Rate Market Cap Weighted Average 2.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.4%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*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:GBF Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:GBF Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 4,288 257 114 2
2021-12-31 4,333 219 103 5
2020-12-31 4,184 223 74 5
2020-03-31
DB:GBF Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 4,327 78 1
2019-09-30 4,371 5 -18
2019-06-30 4,322 -18 -23
2019-03-31 4,233 -1 -2
2018-12-31 4,153 35 -21
2018-09-30 4,120 -16 -18
2018-06-30 4,070 -26 -40
2018-03-31 4,011 -103 -109
2017-12-31 4,044 -83 -143
2017-09-30 4,036 -165 -193
2017-06-30 4,061 -108 -248
2017-03-31 4,163 -179 -269

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bilfinger's earnings are expected to grow significantly at over 20% yearly.
  • Bilfinger's revenue is expected to grow by 0.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:GBF 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 5 Analyst Estimates (S&P Global) See Below

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

DB:GBF Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 2.82 2.82 2.82 1.00
2021-12-31 2.50 2.92 2.16 3.00
2020-12-31 1.85 2.25 1.57 4.00
2020-03-31
DB:GBF Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 0.01
2019-09-30 -0.45
2019-06-30 -0.57
2019-03-31 -0.05
2018-12-31 -0.51
2018-09-30 -0.43
2018-06-30 -0.94
2018-03-31 -2.50
2017-12-31 -3.25
2017-09-30 -4.38
2017-06-30 -5.62
2017-03-31 -6.09

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

Past Performance

  How has Bilfinger 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 Bilfinger'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.
  • Bilfinger has delivered over 20% year on year earnings growth in the past 5 years.
  • Bilfinger has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Bilfinger has become profitable in the last year making it difficult to compare the Europe Commercial Services industry average.
Earnings and Revenue History
Bilfinger'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 Bilfinger Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:GBF 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 4,326.90 0.60 346.70
2019-09-30 4,370.70 -18.10 366.60
2019-06-30 4,321.70 -23.10 373.60
2019-03-31 4,232.60 -2.00 370.40
2018-12-31 4,152.60 -21.00 369.60
2018-09-30 4,120.20 -18.00 406.30
2018-06-30 4,069.60 -40.20 354.30
2018-03-31 4,011.20 -109.00 386.30
2017-12-31 4,044.20 -143.00 360.90
2017-09-30 4,035.60 -193.40 415.70
2017-06-30 4,060.60 -248.40 420.50
2017-03-31 4,162.60 -269.40 448.70
2016-12-31 4,248.60 -280.40 486.50
2016-09-30 4,487.10 -226.80 488.20
2016-06-30 4,738.10 -255.80 525.20
2016-03-31 6,395.30 -19.60 671.90
2015-12-31 5,002.10 -573.80 535.20
2015-09-30 5,369.30 -527.70 581.70
2015-06-30 5,706.30 -363.70 608.70
2015-03-31 5,991.30 105.30 634.70
2014-12-31 6,245.30 121.30 672.70
2014-09-30 6,576.50 132.40 673.60
2014-06-30 6,928.50 133.40 708.60
2014-03-31 7,308.50 144.40 746.60
2013-12-31 7,560.50 177.40 754.60
2013-09-30 7,785.50 186.80 805.80
2013-06-30 7,962.50 183.80 807.80

*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.
  • Bilfinger has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Bilfinger used its assets less efficiently than the DE Commercial Services industry average last year based on Return on Assets.
  • Bilfinger has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess Bilfinger'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.
Bilfinger 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 Bilfinger'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 Bilfinger's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bilfinger is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Bilfinger's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Bilfinger'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.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 4.5x 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 Bilfinger Company Filings, last reported 3 months ago.

DB:GBF Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,152.90 375.50 537.00
2019-09-30 1,134.00 872.50 825.80
2019-06-30 1,139.00 873.00 836.60
2019-03-31 1,206.00 500.00 485.00
2018-12-31 1,204.70 500.00 606.00
2018-09-30 1,238.00 509.00 474.00
2018-06-30 1,257.00 509.00 527.00
2018-03-31 1,304.00 509.00 656.00
2017-12-31 1,383.10 500.00 801.00
2017-09-30 1,464.00 511.00 726.00
2017-06-30 1,506.00 512.00 774.00
2017-03-31 1,571.00 520.00 966.00
2016-12-31 1,620.90 509.10 1,073.60
2016-09-30 1,623.00 521.00 1,051.00
2016-06-30 1,167.00 523.00 196.00
2016-03-31 1,284.00 515.00 392.00
2015-12-31 1,417.40 520.20 547.80
2015-09-30 1,383.00 548.00 214.00
2015-06-30 1,478.00 610.00 237.00
2015-03-31 1,960.00 542.00 308.00
2014-12-31 1,917.10 529.70 463.30
2014-09-30 1,889.00 543.00 259.00
2014-06-30 2,077.00 540.00 299.00
2014-03-31 2,182.00 540.00 451.00
2013-12-31 2,164.70 528.50 753.40
2013-09-30 2,043.00 535.00 342.00
2013-06-30 2,003.00 703.00 493.00
  • Bilfinger's level of debt (32.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (27.6% vs 32.6% today).
  • Debt is well covered by operating cash flow (20.8%, greater than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.5x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Bilfinger'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. Bilfinger has a total score of 4/6, 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 Bilfinger'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
6.51%
Current annual income from Bilfinger dividends. Estimated to be 7.69% next year.
If you bought €2,000 of Bilfinger shares you are expected to receive €130 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?
  • Bilfinger's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.68%).
  • Bilfinger's dividend is above the markets top 25% of dividend payers in Germany (4.97%).
Upcoming dividend payment

Purchase Bilfinger 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:GBF 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 5 Analyst Estimates (S&P Global) See Below
Germany Commercial Services Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.8%
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 5%

Industry and Market average data is calculated daily.

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

DB:GBF Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 1.40 2.00
2021-12-31 1.20 5.00
2020-12-31 1.00 3.00
2020-03-31
DB:GBF Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-03-13 1.000 6.756
2020-02-13 1.000 3.662
2019-03-13 1.000 3.514
2019-02-14 1.000 3.072
2018-03-13 1.000 2.786
2018-02-14 1.000 2.727
2017-03-16 1.000 2.767
2017-02-13 1.000 2.653
2016-11-10 0.000 0.000
2016-08-12 0.000 0.000
2016-08-11 0.000 0.000
2016-05-12 0.000 0.000
2016-05-11 0.000 0.000
2016-03-10 0.000 0.000
2015-03-12 2.000 5.010
2015-02-12 2.000 3.724
2014-03-20 3.000 5.130
2014-02-11 3.000 3.359
2013-02-11 3.000 3.829
2012-03-14 2.500 3.595
2012-02-13 2.500 3.374
2011-03-30 2.500 3.953
2011-02-14 2.500 4.147
2010-02-11 2.000 3.908

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 fallen over the past 10 years.
Current Payout to shareholders
What portion of Bilfinger's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.3x coverage).
X
Income/ dividend checks
We assess Bilfinger'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 Bilfinger afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bilfinger has a total score of 3/6, see the detailed checks below.


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

Management

 What is the CEO of Bilfinger'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
Tom Blades
COMPENSATION €3,703,000
AGE 63
CEO Bio

Mr. Thomas Blades, also known as Tom, has been the Chairman of the Executive Board at Bilfinger SE since July 1, 2016 and serves as its Chief Executive Officer. He has been Labor Director at Bilfinger SE since January 1, 2020 and also serves as its Head of Human Resources since January 1, 2020. He was the Chief Financial Officer of Bilfinger SE from October 1, 2018 to December 1, 2018. Mr. Blades served as a Member of the Executive Board of Linde Canada Limited and Linde Aktiengesellschaft since March 8, 2012 to June 30, 2016. He served as the Chief Executive Officer of Oil & Gas for Energy Sector Division at Siemens Aktiengesellschaft since January 1, 2009. Mr. Blades served as Chief Executive Officer of The Oil & Gas Division at Siemens Energy, Inc., until February 1, 2012. He has a wealth of international experience in the oil and gas business. Mr. Blades served as President and Chief Executive Officer of CHOREN Industries GmbH since 2004 until December 31, 2008. He served as the Chief Operating Officer and Executive Vice President of Numar Corporation since 1996. Mr. Blades served as Executive Vice President of Halliburton, Houston, USA since 1997. He served as Managing Director, President and Chief Executive Officer of SPECTRO Analytical Instruments GmbH, Kleve, Germany since 1998. He spent most of his formative years with Schlumberger Ltd., Houston, Paris, the majority of which in senior management positions working in Germany, UK, Middle East, Iran and Brunei since 1978. He served as Vice President and General Manager of Schlumberger/Geco-Prakla from 1993 to 1996. He serves as a Director of Twister BV. He served as a Non-Executive Director of Centrica Production Limited (formerly, Venture Production Plc) from March 16, 2006 to August 27, 2009. Mr. Blades is a Chartered Electrical Engineer by profession. He holds a Electrical Engineering in Salford (UK) and Lyon (F).

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

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

1.3
Average Tenure
53
Average Age
  • The average tenure for the Bilfinger management team is less than 2 years, this suggests a new team.
Management Team

Tom Blades

TITLE
Chairman of the Executive Board
COMPENSATION
€4M
AGE
63

Christina Johansson

TITLE
CFO & Member of the Executive Board
COMPENSATION
€2M
AGE
53
TENURE
1.3 yrs

Duncan Hall

TITLE
COO & Member of the Executive Board
COMPENSATION
€2M
AGE
52
TENURE
1.2 yrs

Andreas Müller

TITLE
Managing Director of Corporate Accounting & Tax and Investor Relations
AGE
60

Bettina Schneider

TITLE
Head of Investor Relations

Olaf Schneider

TITLE
Head of Corporate Legal & Insurance and General Counsel
AGE
48
TENURE
4.3 yrs

Peter Stopfer

TITLE
Head of Corporate Communications

Jon Rokk

TITLE
President & CEO of the Engineering and Maintenance Division in the Middle East
TENURE
0.3 yrs

Ali Vezvaei

TITLE
Executive President for the Middle East Operations
TENURE
2.3 yrs
Board of Directors Tenure

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

3.8
Average Tenure
53
Average Age
  • The tenure for the Bilfinger board of directors is about average.
Board of Directors

Eckhard Cordes

TITLE
Chairman of Supervisory Board
COMPENSATION
€184K
AGE
69
TENURE
5.3 yrs

Stephan Brückner

TITLE
Deputy Chairman of Supervisory Board
COMPENSATION
€148K
AGE
54

Gert Becker

TITLE
Honorary Chairman of Supervisory Board
COMPENSATION
€44K

Frank Lutz

TITLE
Independent Member of Supervisory Board
COMPENSATION
€147K
AGE
51
TENURE
1.8 yrs

Janna Köke

TITLE
Member of Supervisory Board
COMPENSATION
€112K
AGE
36
TENURE
3.8 yrs

Rainer Knerler

TITLE
Member of Supervisory Board
COMPENSATION
€114K
AGE
57
TENURE
24.2 yrs

Jens Tischendorf

TITLE
Member of Supervisory Board
COMPENSATION
€111K
AGE
46
TENURE
6.8 yrs

Dorothée Deuring

TITLE
Independent Member of Supervisory Board
COMPENSATION
€111K
AGE
51
TENURE
3.8 yrs

Ralph Heck

TITLE
Independent Member of Supervisory Board
COMPENSATION
€112K
AGE
63
TENURE
3.8 yrs

Jörg Sommer

TITLE
Member of Supervisory Board
COMPENSATION
€112K
AGE
53
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 Bilfinger'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. Bilfinger 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

Is Bilfinger SE (FRA:GBF) Growing Too Fast?

The single most important question to ask when you’re investing in a loss-making company is – will it need to raise cash again, and if so, when? … Looking at Bilfinger’s latest financial data, I will estimate when the company may run out of cash and need to raise more money. … With a negative free cash flow of -€83.4m, Bilfinger is chipping away at its €837m cash reserves in order to run its business.

Simply Wall St -

Does Bilfinger SE (FRA:GBF) Have A Particularly Volatile Share Price?

If you own shares in Bilfinger SE (FRA:GBF) then it's worth thinking about how it contributes to the volatility of your portfolio, overall. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … Beta is worth considering, but it's also important to consider whether Bilfinger is growing earnings and revenue.

Simply Wall St -

Estimating The Fair Value Of Bilfinger SE (FRA:GBF)

Today, we will estimate the stock's intrinsic value 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) forecast 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (€, Millions) €-10.70 €235.50 €142.00 €92.83 €70.39 €58.52 €51.66 €47.46 €44.78 €43.05 Growth Rate Estimate Source Analyst x2 Analyst x2 Analyst x2 Est @ -34.63% Est @ -24.17% Est @ -16.85% Est @ -11.73% Est @ -8.14% Est @ -5.63% Est @ -3.87% Present Value (€, Millions) Discounted @ 6.25% €-10.07 €208.63 €118.40 €72.85 €51.99 €40.69 €33.81 €29.23 €25.96 €23.49 Present Value of 10-year Cash Flow (PVCF)= €594.98m "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. … DB:GBF Intrinsic value, June 12th 2019 Important 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 Is Bilfinger SE's (FRA:GBF) Share Price Doing?

It’s trading around 4.25% above my intrinsic value, which means if you buy Bilfinger today, you’d be paying a relatively reasonable price for it. … GBF’s future growth appears to have been factored into the current share price, with shares trading around its fair value. … Will you have enough confidence to invest in the company should the price drop below its fair value?

Simply Wall St -

Investors Who Bought Bilfinger (FRA:GBF) Shares Five Years Ago Are Now Down 62%

Because Bilfinger is loss-making, we think the market is probably more focussed on revenue and revenue growth, at least for now. … That's because it's hard to be confident a company will be sustainable if revenue growth is negligible, and it never makes a profit. … In the last five years Bilfinger saw its revenue shrink by 14% per year.

Simply Wall St -

Does The Bilfinger SE (FRA:GBF) Share Price Fall With The Market?

Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … Before we go on, it's worth noting that Warren Buffett pointed out in his 2014 letter to shareholders that 'volatility is far from synonymous with risk.' Having said that, beta can still be rather useful. … Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market.

Simply Wall St -

Is Bilfinger SE (FRA:GBF) A Smart Pick For Income Investors?

Historically, Bilfinger SE (FRA:GBF) has been paying a dividend to shareholders. … Does Bilfinger tick all the boxes of a great dividend stock? … How I analyze a dividend stock

Simply Wall St -

Bilfinger SE (FRA:GBF): Time For A Financial Health Check

Bilfinger SE (FRA:GBF) is a small-cap stock with a market capitalization of €1.1b. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health.

Simply Wall St -

Should You Think About Buying Bilfinger SE (FRA:GBF) Now?

Bilfinger SE (FRA:GBF), which is in the commercial services business, and is based in Germany,. … As a stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Let’s take a look at Bilfinger’s outlook and value based on the most recent financial data to see if the opportunity still exists

Simply Wall St -

What Type Of Shareholder Owns Bilfinger SE's (FRA:GBF)?

Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Companies that used to be publicly owned tend to have lower insider ownership. … Bilfinger has a market capitalization of €1.2b, so we would expect some institutional investors to have noticed the stock.

Simply Wall St -

Company Info

Description

Bilfinger SE provides industrial services to customers in the process industry. It offers maintenance engineering and consulting, planning and execution of maintenance measures, coordination of subcontractors, planning and execution of turnarounds, and condition monitoring and asset integrity assessments services; and plant engineering, piping and steel construction, plant demolition and conversion services; and operates and maintains various industrial plants. The company also provides solutions in the fields of servicing, constructing, and digitally networking components and systems. In addition, it offers consulting, digital networking, data collection, and analysis services, as well as forward-looking maintenance services. The company serves customers in chemical and petrochemical, energy and utilities, oil and gas, pharmaceuticals and biopharma, metallurgy, and cement industries. It operates primarily in Continental and Northwest Europe, North America, and the Middle East. The company was formerly known as Bilfinger Berger SE and changed its name to Bilfinger SE in September 2012. Bilfinger SE was founded in 1880 and is headquartered in Mannheim, Germany.

Details
Name: Bilfinger SE
GBF
Exchange: DB
Founded: 1880
€618,874,214
40,291,290
Website: http://www.bilfinger.com
Address: Bilfinger SE
Oskar-Meixner-Strasse 1,
Mannheim,
Baden-Württemberg, 68163,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA GBF Bearer Shares XETRA Trading Platform DE EUR 02. Jan 1992
OTCPK BFLB.F Bearer Shares Pink Sheets LLC US USD 02. Jan 1992
DB GBF Bearer Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0NRG Bearer Shares London Stock Exchange GB EUR 02. Jan 1992
SWX GBF Bearer Shares SIX Swiss Exchange CH CHF 02. Jan 1992
WBAG GBF Bearer Shares Wiener Boerse AG AT EUR 02. Jan 1992
BATS-CHIXE GBFD Bearer Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
OTCPK BFLB.Y UNSPONSORD ADR Pink Sheets LLC US USD 21. Nov 2008
Number of employees
Current staff
Staff numbers
34,120
Bilfinger employees.
Industry
Diversified Support Services
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 23:26
End of day share price update: 2020/03/31 00:00
Last estimates confirmation: 2020/03/25
Last earnings filing: 2020/03/13
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.