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Grenke

XTRA:GLJ
Snowflake Description

Average dividend payer with moderate growth potential.

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

Grenke AG, together with its subsidiaries, provides a range of banking and financial services to small and medium-sized (SME) enterprises in Germany, France, Italy, and internationally. The last earnings update was 56 days ago. More info.


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  • Grenke has significant price volatility in the past 3 months.
GLJ Share Price and Events
7 Day Returns
-0.3%
XTRA:GLJ
-2.3%
DE Diversified Financial
-0.6%
DE Market
1 Year Returns
-40.1%
XTRA:GLJ
-26.4%
DE Diversified Financial
-20.9%
DE Market
GLJ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Grenke (GLJ) -0.3% -34.6% -41.6% -40.1% -5.9% 41.1%
DE Diversified Financial -2.3% -30.7% -36.6% -26.4% 21% 104%
DE Market -0.6% -16.6% -26% -20.9% -25.8% -31.8%
1 Year Return vs Industry and Market
  • GLJ underperformed the Diversified Financial industry which returned -26.4% over the past year.
  • GLJ underperformed the Market in Germany which returned -20.9% over the past year.
Price Volatility
GLJ
Industry
5yr Volatility vs Market

GLJ Value

 Is Grenke 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 Grenke 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 Grenke.

XTRA:GLJ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 6 analysts.
= Stable Book Value * Return on Equity
= €28.35 * 11.8%
€3.35
Book Value of Equity per Share Weighted future Book Value estimates from 6 analysts. €28.35
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

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

Calculation of Discount Rate/ Cost of Equity for XTRA:GLJ
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Diversified Financial Unlevered Beta Simply Wall St/ S&P Global 0.71
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.711 (1 + (1- 30%) (193.89%))
1.453
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.45
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.453 * 5.44%)
7.51%

Discounted Cash Flow Calculation for XTRA:GLJ using Excess Returns Model Model

The calculations below outline how an intrinsic value for Grenke is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

XTRA:GLJ Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (11.8% – 7.51%) * €28.35)
€1.22
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €1.22 / (7.51% - -0.39%)
€15.39
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €28.35 + €15.39
€43.74
XTRA:GLJ Discount to Share Price
Calculation Result
Value per share (EUR) From above. €43.74
Current discount Discount to share price of €53.60
= -1 x (€53.60 - €43.74) / €43.74
-22.5%

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

  • The current share price of Grenke is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Grenke's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Grenke's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
XTRA:GLJ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €2.92
XTRA:GLJ Share Price ** XTRA (2020-04-06) in EUR €53.6
Europe Diversified Financial Industry PE Ratio Median Figure of 36 Publicly-Listed Diversified Financial Companies 9.86x
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 Grenke.

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

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

= 53.6 ÷ 2.92

18.33x

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

  • Grenke is overvalued based on earnings compared to the Europe Diversified Financial industry average.
  • Grenke is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Grenke's expected growth come at a high price?
Raw Data
XTRA:GLJ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.33x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
14.4%per year
Europe Diversified Financial Industry PEG Ratio Median Figure of 16 Publicly-Listed Diversified Financial Companies 0.27x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.16x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 18.33x ÷ 14.4%

1.27x

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

  • Grenke is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Grenke's assets?
Raw Data
XTRA:GLJ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €26.94
XTRA:GLJ Share Price * XTRA (2020-04-06) in EUR €53.6
Germany Diversified Financial Industry PB Ratio Median Figure of 7 Publicly-Listed Diversified Financial Companies 4.77x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.44x
XTRA:GLJ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 53.6 ÷ 26.94

1.99x

* Primary Listing of Grenke.

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

  • Grenke is good value based on assets compared to the DE Diversified Financial industry average.
X
Value checks
We assess Grenke'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 Diversified Financial 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 Diversified Financial industry average (and greater than 0)? (1 check)
  5. Grenke 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.

GLJ Future Performance

 How is Grenke expected to perform in the next 1 to 3 years based on estimates from 7 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
14.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Grenke expected to grow at an attractive rate?
  • Grenke's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Grenke's earnings growth is expected to exceed the Germany market average.
  • Grenke's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
XTRA:GLJ Future Growth Rates Data Sources
Data Point Source Value (per year)
XTRA:GLJ Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 14.4%
XTRA:GLJ Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 11.3%
Europe Diversified Financial Industry Earnings Growth Rate Market Cap Weighted Average -1.8%
Europe Diversified Financial Industry Revenue Growth Rate Market Cap Weighted Average -7%
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
XTRA:GLJ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
XTRA:GLJ Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 289
2023-12-31 228
2022-12-31 711 219 186 2
2021-12-31 645 137 152 3
2020-12-31 538 122 113 2
2020-04-07
XTRA:GLJ Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 515 109 136
2019-09-30 495 244 130
2019-06-30 479 58 129
2019-03-31 461 -162 129
2018-12-31 445 20 127
2018-09-30 430 -154 118
2018-06-30 411 -19 111
2018-03-31 394 215 103
2017-12-31 377 28 102
2017-09-30 357 133 104
2017-06-30 344 74 103
2017-03-31 335 15 104

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Grenke's earnings are expected to grow by 14.4% yearly, however this is not considered high growth (20% yearly).
  • Grenke's revenue is expected to grow by 11.3% 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
XTRA:GLJ 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 7 Analyst Estimates (S&P Global) See Below

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

XTRA:GLJ 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 3.83 4.79 3.32 6.00
2021-12-31 3.06 4.11 2.29 7.00
2020-12-31 2.19 3.36 1.17 7.00
2020-04-07
XTRA:GLJ Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 2.92
2019-09-30 2.80
2019-06-30 2.79
2019-03-31 2.80
2018-12-31 2.79
2018-09-30 2.63
2018-06-30 2.50
2018-03-31 2.32
2017-12-31 2.31
2017-09-30 2.35
2017-06-30 2.32
2017-03-31 2.34

*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.
  • Grenke is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Grenke'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 Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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.
Grenke 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.

GLJ Past Performance

  How has Grenke 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 Grenke's growth in the last year to its industry (Diversified Financial).
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.
  • Grenke's year on year earnings growth rate has been positive over the past 5 years.
  • Grenke's 1-year earnings growth is less than its 5-year average (6.9% vs 13.5%)
  • Grenke's earnings growth has exceeded the Europe Diversified Financial industry average in the past year (6.9% vs 3.9%).
Earnings and Revenue History
Grenke'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 Grenke Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

XTRA:GLJ Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 514.79 135.53 115.80
2019-09-30 494.56 129.65 126.97
2019-06-30 478.85 129.15 124.41
2019-03-31 460.89 128.60 120.54
2018-12-31 445.42 126.77 102.70
2018-09-30 430.33 118.36 110.29
2018-06-30 411.06 111.08 106.09
2018-03-31 393.62 102.71 102.58
2017-12-31 376.72 102.20 97.92
2017-09-30 356.51 103.97 90.90
2017-06-30 344.15 102.91 86.79
2017-03-31 334.52 103.75 82.75
2016-12-31 326.95 101.46 80.06
2016-09-30 317.14 95.30 77.73
2016-06-30 309.84 90.29 75.97
2016-03-31 298.38 83.77 74.03
2015-12-31 287.49 80.07 71.99
2015-09-30 272.83 76.06 69.43
2015-06-30 262.48 72.34 67.22
2015-03-31 252.09 68.94 65.29
2014-12-31 240.69 65.04 63.34
2014-09-30 234.99 60.24 61.24
2014-06-30 224.11 55.85 60.64
2014-03-31 215.69 50.03 59.96
2013-12-31 208.35 47.01 58.96
2013-09-30 203.14 47.33 55.50
2013-06-30 195.25 45.21 53.28

*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.
  • Grenke has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Grenke used its assets less efficiently than the Europe Diversified Financial industry average last year based on Return on Assets.
  • Unable to establish if Grenke improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Grenke'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 Diversified Financial 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.
Grenke 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.

GLJ Health

 How is Grenke'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 Grenke's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Grenke is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Grenke's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Grenke'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 1.4x 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 Grenke Company Filings, last reported 3 months ago.

XTRA:GLJ Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,248.75 4,766.18 435.33
2019-09-30 1,147.12 4,598.94 412.60
2019-06-30 1,111.61 4,373.90 312.04
2019-03-31 1,115.36 4,086.70 315.45
2018-12-31 1,077.65 3,917.54 335.50
2018-09-30 1,057.31 3,639.46 245.23
2018-06-30 1,022.82 3,598.40 319.73
2018-03-31 823.21 3,535.07 371.33
2017-12-31 791.41 3,277.46 205.52
2017-09-30 822.97 3,178.89 293.32
2017-06-30 719.00 2,990.74 160.07
2017-03-31 716.45 2,792.79 152.93
2016-12-31 690.42 2,707.94 160.58
2016-09-30 641.31 2,538.93 120.03
2016-06-30 615.72 2,513.29 122.29
2016-03-31 609.77 2,381.25 142.96
2015-12-31 590.65 2,346.48 186.70
2015-09-30 568.78 2,188.03 123.20
2015-06-30 520.37 2,143.73 110.66
2015-03-31 517.02 2,046.78 116.21
2014-12-31 492.99 2,015.43 89.16
2014-09-30 476.79 1,959.06 83.95
2014-06-30 458.94 1,925.17 54.62
2014-03-31 454.13 1,825.31 55.19
2013-12-31 439.42 1,781.04 111.89
2013-09-30 427.53 1,717.84 88.47
2013-06-30 414.07 1,693.13 113.30
  • Grenke's level of debt (381.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (408.7% vs 381.7% today).
  • Debt is not well covered by operating cash flow (2.3%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Grenke's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Grenke'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. Grenke has a total score of 3/6, 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.

GLJ Dividends

 What is Grenke's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.64%
Current annual income from Grenke dividends. Estimated to be 1.79% next year.
If you bought €2,000 of Grenke shares you are expected to receive €33 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?
  • Grenke's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.69%).
  • Grenke's dividend is below the markets top 25% of dividend payers in Germany (4.85%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
XTRA:GLJ 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 7 Analyst Estimates (S&P Global) See Below
Europe Diversified Financial Industry Average Dividend Yield Market Cap Weighted Average of 31 Stocks 4.5%
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.

XTRA:GLJ Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 1.11 6.00
2021-12-31 0.95 7.00
2020-12-31 0.82 6.00
2020-04-07
XTRA:GLJ Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-02-11 0.880 1.309
2019-02-07 0.800 0.931
2018-02-08 0.700 0.781
2017-02-09 0.583 0.823
2016-02-04 0.500 0.911
2015-05-12 0.367 0.746
2014-02-03 0.333 1.199
2013-05-07 0.267 1.181
2012-01-31 0.250 1.509
2011-05-10 0.233 1.822
2010-02-09 0.200 1.690

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 Grenke's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.4x coverage).
X
Income/ dividend checks
We assess Grenke'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 Grenke afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Grenke has a total score of 4/6, see the detailed checks below.


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

GLJ Management

 What is the CEO of Grenke'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
Antje Leminsky
COMPENSATION €845,931
AGE 48
TENURE AS CEO 2.1 years
CEO Bio

Ms. Antje Leminsky is Chairman of the Management Board at GRENKE AG since March 1, 2018 and has been its Chief Executive Officer since March 1, 2018. Ms. Leminsky was the Deputy Chairman of the Board of Directors and Chief Information Officer of GRENKE AG from August 1, 2013 to March 1, 2018. Ms. Leminsky served as Managing Director of GrenkeLeasing AG since August 2012 until August 1, 2013. She is Director of GRENKE Service AG. She is Managing Director of GRENKE digital GmbH. Ms. Leminsky serves as a Member of Supervisory Board at GRENKE Bank AG, Testo SE & Co. KGaA and Testo Management SE. Ms. Leminsky was previously the Head of the IT department (Group Technology Partner) at OTTO GmbH & Co KG, Hamburg, Germany. She holds graduate business administration, Baden-Baden in Germany.

CEO Compensation
  • Antje's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Antje's remuneration is lower than average for companies of similar size in Germany.
Management Team

Antje Leminsky

TITLE
Chairman of the Management Board & CEO
COMPENSATION
€846K
AGE
48
TENURE
2.1 yrs

Mark Kindermann

TITLE
Member of Management Board
COMPENSATION
€674K
AGE
58

Gilles Christ

TITLE
Chief Sales Officer & Member of the Management Board
COMPENSATION
€721K
AGE
49

Sebastian Hirsch

TITLE
Member of the Management Board
COMPENSATION
€566K
TENURE
3.3 yrs
Board of Directors Tenure

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

3.4
Average Tenure
56
Average Age
  • The tenure for the Grenke board of directors is about average.
Board of Directors

Ernst-Moritz Lipp

TITLE
Chairman of the Supervisory Board
COMPENSATION
€90K
AGE
68
TENURE
14.8 yrs

Wolfgang Grenke

TITLE
Deputy Chairman of Supervisory Board
COMPENSATION
€78K
AGE
68
TENURE
1.9 yrs

Florian Schulte

TITLE
Member of Supervisory Board
COMPENSATION
€58K
AGE
48
TENURE
9.9 yrs

Ljiljana Mitic

TITLE
Member of Supervisory Board
COMPENSATION
€50K
AGE
50
TENURE
4.9 yrs

Claudia Krcmar

TITLE
Member of Supervisory Board
COMPENSATION
€32K
AGE
56
TENURE
0.9 yrs

Jens Rönnberg

TITLE
Member of the Supervisory Board
COMPENSATION
€8K
TENURE
0.4 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 Grenke'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. Grenke 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.

GLJ News

Simply Wall St News

You Have To Love Grenke AG's (ETR:GLJ) Dividend

Dividend Growth Potential While dividend payments have been relatively reliable, it would also be nice if earnings per share (EPS) were growing, as this is essential to maintaining the dividend's purchasing power over the long term. … Strong earnings per share (EPS) growth might encourage our interest in the company despite fluctuating dividends, which is why it's great to see Grenke has grown its earnings per share at 21% per annum over the past five years. Earnings per share have rocketed in recent times, and we like that the company is retaining more than half of its earnings to reinvest. However, always remember that very few companies can grow at double digit rates forever. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing. … That said, we were glad to see it growing earnings and paying a fairly consistent dividend.

Simply Wall St -

How Much Of Grenke AG (ETR:GLJ) Do Insiders Own?

Taking a look at our data on the ownership groups (below), it's seems that institutional investors have bought into the company. … View our latest analysis for Grenke XTRA:GLJ Ownership Summary, August 20th 2019 What Does The Institutional Ownership Tell Us About Grenke? … Insider Ownership Of Grenke The definition of company insiders can be subjective, and does vary between jurisdictions.

Simply Wall St -

Should You Be Adding Grenke (ETR:GLJ) To Your Watchlist Today?

So if you're like me, you might be more interested in profitable, growing companies, like Grenke (ETR:GLJ). … So we're pleased to report that Grenke insiders own a meaningful share of the business. … As I already mentioned, Grenke is a growing business, which is what I like to see.

Simply Wall St -

Shareholders Are Thrilled That The Grenke (ETR:GLJ) Share Price Increased 248%

There will continue to be wide discrepancies between price and value in the marketplace...' One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … Over half a decade, Grenke managed to grow its earnings per share at 20% a year. … We note that for Grenke the TSR over the last 5 years was 261%, which is better than the share price return mentioned above.

Simply Wall St -

What Are Analysts Saying About Grenke AG's (ETR:GLJ) Future?

Looking at Grenke AG's (ETR:GLJ) earnings update in March 2019, analyst consensus outlook appear cautiously optimistic, as a 22% increase in profits is expected in the upcoming year, against the past 5-year average growth rate of 16%. … Below is a brief commentary on the longer term outlook the market has for Grenke. … XTRA:GLJ Past and Future Earnings, July 10th 2019 From the current net income level of €126m and the final forecast of €203m by 2022, the annual rate of growth for GLJ’s earnings is 14%.

Simply Wall St -

Is There Now An Opportunity In Grenke AG (ETR:GLJ)?

Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a lower price. … XTRA:GLJ Past and Future Earnings, June 22nd 2019 Future outlook is an important aspect when you’re looking at buying a stock, especially if you are an investor looking for growth in your portfolio. … Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at the company's future expectations.

Simply Wall St -

Does Grenke AG (ETR:GLJ) Have A Volatile Share Price?

Anyone researching Grenke AG (ETR:GLJ) might want to consider the historical volatility of the share price. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … See our latest analysis for Grenke What we can learn from GLJ's beta value Given that it has a beta of 1.29, we can surmise that the Grenke share price has been fairly sensitive to market volatility (over the last 5 years).

Simply Wall St -

Why Grenke AG (ETR:GLJ) Is A Top Dividend Stock

Is Grenke AG (ETR:GLJ) a good dividend stock? How would you know? Dividend paying companies with growing earnings can be highly rewarding in the long term. Unfortunately, it's common for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments. With a 0.9% yield and a nine-year payment history, investors probably think Grenke looks like a reliable dividend stock. A low yield is generally a turn-off, but if the prospects for earnings growth were strong, investors might be pleasantly surprised by the long-term results. Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. … Dividend Growth Potential The other half of the dividend investing equation is evaluating whether earnings per share (EPS) are growing. … Strong earnings per share (EPS) growth might encourage our interest in the company despite fluctuating dividends, which is why it's great to see Grenke has grown its earnings per share at 21% per annum over the past five years. Earnings per share have rocketed in recent times, and we like that the company is retaining more than half of its earnings to reinvest. However, always remember that very few companies can grow at double digit rates forever. We'd also point out that Grenke issued a meaningful number of new shares in the past year. Trying to grow the dividend when issuing new shares reminds us of the ancient Greek tale of Sisyphus - perpetually pushing a boulder uphill. Companies that consistently issue new shares are often suboptimal from a dividend perspective. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.

Simply Wall St -

Here's What Grenke AG's (ETR:GLJ) P/E Is Telling Us

The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Grenke: P/E of 32.02 = €89.05 ÷ €2.78 (Based on the trailing twelve months to December 2018.) Is A High Price-to-Earnings Ratio Good? … A higher P/E ratio means that investors are paying a higher price for each €1 of company earnings. … The P/E ratio indicates whether the market has higher or lower expectations of a company.

Simply Wall St -

Here's Why I Think Grenke (ETR:GLJ) Might Deserve Your Attention Today

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to investors, even if it completely lacks a track record of revenue and profit. … So if you're like me, you might be more interested in profitable, growing companies, like Grenke (ETR:GLJ). … Loss-making companies are always racing against time to reach financial sustainability, but time is often a friend of the profitable company, especially if it is growing?

Simply Wall St -

GLJ Company Info

Description

Grenke AG, together with its subsidiaries, provides a range of banking and financial services to small and medium-sized (SME) enterprises in Germany, France, Italy, and internationally. It operates through three segments: Leasing, Banking, and Factoring. The company is involved in the leasing activities, such as financing to commercial lessees, rental, service, protection, and maintenance offerings, as well as disposal of used equipment; and small-ticket leasing of IT products, such as PCs, notebooks, servers, monitors, peripheral devices, software, telecommunication and copier equipment, and medical devices, as well as other IT products. It also provides banking products and services, such as fixed deposits to private and business customers through its Website; financing services to business start-ups, as well as development loans to SMEs and self-employed professionals; and small-ticket factoring and collection services. Grenke AG operates a total of 148 locations. The company was formerly known as GrenkeLeasing AG and changed its name to Grenke AG in May 2016. Grenke AG was founded in 1978 and is headquartered in Baden-Baden, Germany.

Details
Name: Grenke AG
GLJ
Exchange: XTRA
Founded: 1978
€2,484,570,004
46,353,918
Website: http://www.grenke.de
Address: Grenke AG
Neuer Markt 2,
Baden-Baden,
Baden-Württemberg, 76532,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA GLJ Registered Shares XETRA Trading Platform DE EUR 04. Apr 2000
OTCPK GKSG.F Registered Shares Pink Sheets LLC US USD 04. Apr 2000
DB GLJ Registered Shares Deutsche Boerse AG DE EUR 04. Apr 2000
LSE 0R97 Registered Shares London Stock Exchange GB EUR 04. Apr 2000
SWX GLJ Registered Shares SIX Swiss Exchange CH CHF 04. Apr 2000
WBAG GLJ Registered Shares Wiener Boerse AG AT EUR 04. Apr 2000
BATS-CHIXE GLJD Bearer Shares BATS 'Chi-X Europe' GB EUR 04. Apr 2000
Number of employees
Current staff
Staff numbers
1,780
Grenke employees.
Industry
Specialized Finance
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/07 01:05
End of day share price update: 2020/04/06 00:00
Last estimates confirmation: 2020/04/06
Last earnings filing: 2020/02/11
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.