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Horus

BST:HRU
Snowflake Description

Flawless balance sheet and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HRU
BST
€2M
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Horus AG provides management consultancy services in Germany. The last earnings update was 262 days ago. More info.


Add to Portfolio Compare Print
  • Horus has significant price volatility in the past 3 months.
HRU Share Price and Events
7 Day Returns
-4.8%
BST:HRU
15%
DE Capital Markets
9.9%
DE Market
1 Year Returns
-68%
BST:HRU
-6.8%
DE Capital Markets
-17.5%
DE Market
HRU Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Horus (HRU) -4.8% -39.4% -52.9% -68% -38.5% -33.3%
DE Capital Markets 15% -18.3% -13.9% -6.8% -25.4% -54.7%
DE Market 9.9% -16.6% -24.8% -17.5% -24.5% -28.1%
1 Year Return vs Industry and Market
  • HRU underperformed the Capital Markets industry which returned -6.8% over the past year.
  • HRU underperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
HRU
Industry
5yr Volatility vs Market

Value

 Is Horus 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
  • It is not possible to calculate the future cash flow value for Horus. This is due to cash flow or dividend data being unavailable. The share price is €0.8.
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 Horus's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Horus's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BST:HRU PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €-0.20
BST:HRU Share Price ** BST (2020-03-31) in EUR €0.8
Germany Capital Markets Industry PE Ratio Median Figure of 17 Publicly-Listed Capital Markets Companies 22.26x
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 Horus.

BST:HRU PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BST:HRU Share Price ÷ EPS (both in EUR)

= 0.8 ÷ -0.20

-4.1x

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

  • Horus is loss making, we can't compare its value to the DE Capital Markets industry average.
  • Horus is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does Horus's expected growth come at a high price?
Raw Data
BST:HRU PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -4.1x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Germany Capital Markets Industry PEG Ratio Median Figure of 7 Publicly-Listed Capital Markets Companies 1.62x
Germany Market PEG Ratio Median Figure of 255 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Horus, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Horus's assets?
Raw Data
BST:HRU PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €1.56
BST:HRU Share Price * BST (2020-03-31) in EUR €0.8
Germany Capital Markets Industry PB Ratio Median Figure of 32 Publicly-Listed Capital Markets Companies 1.56x
Germany Market PB Ratio Median Figure of 571 Publicly-Listed Companies 1.43x
BST:HRU PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BST:HRU Share Price ÷ Book Value per Share (both in EUR)

= 0.8 ÷ 1.56

0.51x

* Primary Listing of Horus.

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

  • Horus is good value based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess Horus'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 Capital Markets 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 Capital Markets industry average (and greater than 0)? (1 check)
  5. Horus has a total score of 1/6, 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 Horus expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Horus has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

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
38.9%
Expected Capital Markets industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Horus expected to grow at an attractive rate?
  • Unable to compare Horus's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Horus's earnings growth to the Germany market average as no estimate data is available.
  • Unable to compare Horus's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
BST:HRU Future Growth Rates Data Sources
Data Point Source Value (per year)
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 38.9%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 1.1%
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
BST:HRU Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 year ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BST:HRU Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 0 -1
2017-12-31 1 1
2016-12-31 0 0

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Horus is high growth as no earnings estimate data is available.
  • Unable to determine if Horus is high growth as no revenue estimate data is available.
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
BST:HRU Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 year ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Horus Company Filings, last reported 1 year ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:HRU Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 -0.20
2017-12-31 0.51
2016-12-31 0.07

*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.
  • Unable to establish if Horus will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine Horus's financial health to determine how well-positioned it is against times of financial stress by looking at its level of debt over time and how much cash it has left.
  2. Horus's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Diversified Financials companies here
  3. Horus's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Horus'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.
Horus has a total score of 0/6, 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 Horus performed over the past 5 years?

  • Horus's last earnings update was 262 days ago.
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 Horus's growth in the last year to its industry (Capital Markets).
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.
  • Horus does not make a profit and there is insufficient past data to establish if their 5 year on year earnings growth rate was positive.
  • Unable to compare Horus's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Horus's 1-year growth to the DE Capital Markets industry average as it is not currently profitable.
Earnings and Revenue History
Horus'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 Horus Company Filings, last reported 1 year ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:HRU Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 0.32 -0.52 0.04
2017-12-31 1.20 1.35 0.10
2016-12-31 0.23 0.18 0.04
2015-12-31 0.31 0.24 0.04
2014-12-31 0.34 -0.10
2013-12-31 0.34 0.15 0.00

*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.
  • It is difficult to establish if Horus has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Horus has efficiently used its assets last year compared to the DE Capital Markets industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Horus improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Horus'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 Capital Markets 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.
Horus 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.

Health

 How is Horus'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 Horus's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Horus is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Horus's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Horus'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.
  • Horus has no debt, it does not need to be covered by short term assets.
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 Horus Company Filings, last reported 1 year ago.

BST:HRU Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 4.15 0.00 2.70
2017-12-31 4.67 0.00 3.62
2016-12-31 3.32 0.00 1.71
2015-12-31 3.14 0.03 1.81
2014-12-31 2.90 0.00 1.40
2013-12-31 3.00 0.00 1.34
  • Horus has no debt.
  • Horus currently has no debt however we can't compare to 5 years ago as we have no data for that period.
  • Horus has no debt, it does not need to be covered by operating cash flow.
  • Horus has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Horus'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. Horus has a total score of 6/6, 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 Horus'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
0%
Current annual income from Horus dividends.
If you bought €2,000 of Horus shares you are expected to receive €0 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?
  • Unable to evaluate Horus's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Horus's dividend against the top 25% market benchmark as the company has not reported any payouts.
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
BST:HRU 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 0 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 3.2%
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.

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

  • Unable to perform a dividend volatility check as Horus has not reported any payouts.
  • Unable to verify if Horus's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Horus's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Horus has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Horus'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 Horus afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Horus has a total score of 0/6, 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 Horus'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.
  • Horus has no CEO, or we have no data on them.
Management Team

Johannes Blome-Drees

TITLE
Sole Member of Management Board
COMPENSATION
€36K
Board of Directors

Hans Küfner

TITLE
Chairman of the Supervisory Board
COMPENSATION
€62K

Hans Neuroth

TITLE
Vice Chairman of the Supervisory Board

Georg Issels

TITLE
Member of Supervisory Board
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 Horus'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. Horus 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

Looking At Horus AG (BST:HRU) From All Angles

Help shape the future of investing tools and receive a $60 prize! … Horus AG (BST:HRU) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects.

Simply Wall St -

Should You Be Tempted To Buy Horus AG (BST:HRU) At Its Current PE Ratio?

This analysis is intended to introduce important early concepts to people who are starting to invest. … While this makes HRU appear like a good stock to buy, you might change your mind after I explain the assumptions behind the P/E ratio. … I will deconstruct the P/E ratio and highlight what you need to be careful of when using the P/E ratio

Simply Wall St -

Is Horus AG (BST:HRU) A Sell At Its Current PE Ratio?

and want to begin learning the link between Horus AG (BST:HRU)’s fundamentals and stock market performance. … Horus AG (BST:HRU) is trading with a trailing P/E of 29.7x, which is higher than the industry average of 15.1x. … Although some investors may jump to the conclusion that you should avoid the stock or sell if you own it, understanding the assumptions behind the P/E ratio might change your mind

Simply Wall St -

Why You Need To Look At This Factor Before Buying Horus AG (BST:HRU)

A popular measure of market risk for a stock is its beta, and the market as a whole represents a beta value of one. … HRU’s beta indicates it is a stock that investors may find valuable if they want to reduce the overall market risk exposure of their stock portfolio. … This is an interesting conclusion, since both HRU’s size and industry indicates the stock should have a higher beta than it currently has.

Simply Wall St -

Horus AG (BST:HRU): Should The Recent Earnings Drop Worry You?

After reading Horus AG's (BST:HRU) most recent earnings announcement (31 December 2016), I found it useful to look back at how the company has performed in the past and compare this against the latest numbers. … I prefer to use data from the most recent 12 months, which annualizes the latest 6-month earnings release, or some times, the latest annual report is already the most recent financial data. … For Horus, its latest earnings (trailing twelve month) is €184.47K, which compared to last year’s figure, has dropped by -21.69%.

Simply Wall St -

Is It Time To Sell Horus AG (BST:HRU) Based Off Its PE Ratio?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for HRU Price per share = €2 Earnings per share = €0.069 ∴ Price-Earnings Ratio = €2 ÷ €0.069 = 28.8x On its own, the P/E ratio doesn’t tell you much; however, it becomes extremely useful when you compare it with other similar companies. … For example, if you accidentally compared lower growth firms with HRU, then HRU’s P/E would naturally be higher since investors would reward HRU’s higher growth with a higher price. … Alternatively, if you inadvertently compared riskier firms with HRU, HRU’s P/E would again be higher since investors would reward HRU’s lower risk with a higher price as well.

Simply Wall St -

Company Info

Description

Horus AG provides management consultancy services in Germany. The company was founded in 2000 and is based in Cologne, Germany.

Details
Name: Horus AG
HRU
Exchange: BST
Founded: 2000
€2,128,000
2,660,000
Website: http://www.horus-ag.de
Address: Horus AG
Lütticher Strasse 8a,
Cologne,
North Rhine-Westphalia, 50674,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BST HRU Common Stock Boerse-Stuttgart DE EUR 16. Nov 2004
Number of employees
Current staff
Staff numbers
0
Horus employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 22:40
End of day share price update: 2020/03/31 00:00
Last earnings filing: 2019/07/13
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


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

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