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Scottish Mortgage Investment Trust

DB:1IZ1
Snowflake Description

Fair value with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
1IZ1
DB
£8B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Scottish Mortgage Investment Trust PLC is a closed-ended equity mutual fund launched and managed by Baillie Gifford & Co Ltd. The last earnings update was 145 days ago. More info.


Add to Portfolio Compare Print
  • Scottish Mortgage Investment Trust is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
1IZ1 Share Price and Events
7 Day Returns
10.1%
DB:1IZ1
3%
DE Capital Markets
2.2%
DE Market
1 Year Returns
5.2%
DB:1IZ1
-6.9%
DE Capital Markets
-17.2%
DE Market
1IZ1 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Scottish Mortgage Investment Trust (1IZ1) 10.1% 0.2% -5.4% 5.2% - -
DE Capital Markets 3% -17.7% -13.1% -6.9% -24.7% -54.9%
DE Market 2.2% -15.7% -24% -17.2% -23.3% -27.8%
1 Year Return vs Industry and Market
  • 1IZ1 outperformed the Capital Markets industry which returned -6.9% over the past year.
  • 1IZ1 outperformed the Market in Germany which returned -17.2% over the past year.
Price Volatility
1IZ1
Industry
5yr Volatility vs Market

Value

 Is Scottish Mortgage Investment Trust 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 Scottish Mortgage Investment Trust 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 Scottish Mortgage Investment Trust.

DB:1IZ1 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= £4.43 * 20.1%
£0.89
Book Value of Equity per Share Median Book Value from the past 5 years. £4.43
Discount Rate (Cost of Equity) See below 4.9%
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:1IZ1
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.1%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.753 (1 + (1- 19%) (8.98%))
0.871
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.871 * 6.07%)
4.9%

Discounted Cash Flow Calculation for DB:1IZ1 using Excess Returns Model Model

The calculations below outline how an intrinsic value for Scottish Mortgage Investment Trust 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.

DB:1IZ1 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (20.1% – 4.9%) * £4.43)
£0.67
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= £0.67 / (4.9% - -0.39%)
£12.75
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= £4.43 + £12.75
£17.19
DB:1IZ1 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:1IZ1 represents 1.16697x of LSE:SMT
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.16697x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (GBP) x Listing Adjustment Factor
= £ 17.19 x 1.16697
€20.05
Value per share (EUR) From above. €20.05
Current discount Discount to share price of €6.43
= -1 x (€6.43 - €20.05) / €20.05
67.9%

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

Current Discount
Amount off the current price Scottish Mortgage Investment Trust is available for.
Intrinsic value
>50%
Share price is €6.43 vs Future cash flow value of €20.05
Current Discount Checks
For Scottish Mortgage Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Scottish Mortgage Investment Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Scottish Mortgage Investment Trust'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 Scottish Mortgage Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Scottish Mortgage Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:1IZ1 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in GBP £-0.03
LSE:SMT Share Price ** LSE (2020-04-01) in GBP £5.51
Germany Capital Markets Industry PE Ratio Median Figure of 16 Publicly-Listed Capital Markets Companies 22.55x
Germany Market PE Ratio Median Figure of 398 Publicly-Listed Companies 16.76x

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

** Primary Listing of Scottish Mortgage Investment Trust.

DB:1IZ1 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:SMT Share Price ÷ EPS (both in GBP)

= 5.51 ÷ -0.03

-163.44x

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

  • Scottish Mortgage Investment Trust is loss making, we can't compare its value to the DE Capital Markets industry average.
  • Scottish Mortgage Investment Trust is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does Scottish Mortgage Investment Trust's expected growth come at a high price?
Raw Data
DB:1IZ1 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -163.44x
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 6 Publicly-Listed Capital Markets Companies 1.59x
Germany Market PEG Ratio Median Figure of 254 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 Scottish Mortgage Investment Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Scottish Mortgage Investment Trust's assets?
Raw Data
DB:1IZ1 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in GBP £5.20
LSE:SMT Share Price * LSE (2020-04-01) in GBP £5.51
Germany Capital Markets Industry PB Ratio Median Figure of 31 Publicly-Listed Capital Markets Companies 1.5x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.44x
DB:1IZ1 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:SMT Share Price ÷ Book Value per Share (both in GBP)

= 5.51 ÷ 5.20

1.06x

* Primary Listing of Scottish Mortgage Investment Trust.

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

  • Scottish Mortgage Investment Trust is good value based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess Scottish Mortgage Investment Trust'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. Scottish Mortgage Investment Trust 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 Scottish Mortgage Investment Trust 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 Scottish Mortgage Investment Trust 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
39.4%
Expected Capital Markets industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Scottish Mortgage Investment Trust expected to grow at an attractive rate?
  • Unable to compare Scottish Mortgage Investment Trust's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Scottish Mortgage Investment Trust's earnings growth to the Germany market average as no estimate data is available.
  • Unable to compare Scottish Mortgage Investment Trust's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
DB:1IZ1 Future Growth Rates Data Sources
Data Point Source Value (per year)
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 39.4%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 0.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.5%
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:1IZ1 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:1IZ1 Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
DB:1IZ1 Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-09-30 18 -33 -50
2019-06-30 485 -28 417
2019-03-31 952 -23 883
2018-12-31 1,275 -18 1,214
2018-09-30 1,598 -13 1,545
2018-06-30 1,416 -11 1,378
2018-03-31 1,234 -10 1,211
2017-12-31 1,298 -10 1,267
2017-09-30 1,362 -10 1,323
2017-06-30 1,372 -10 1,312
2017-03-31 1,382 -11 1,300
2016-12-31 1,326 -8 1,244

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Scottish Mortgage Investment Trust is high growth as no earnings estimate data is available.
  • Unable to determine if Scottish Mortgage Investment Trust 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
DB:1IZ1 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Scottish Mortgage Investment Trust Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:1IZ1 Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
DB:1IZ1 Past Financials Data
Date (Data in GBP Millions) EPS *
2019-09-30 -0.03
2019-06-30 0.29
2019-03-31 0.61
2018-12-31 0.85
2018-09-30 1.09
2018-06-30 0.98
2018-03-31 0.87
2017-12-31 0.92
2017-09-30 0.97
2017-06-30 0.98
2017-03-31 0.98
2016-12-31 0.95

*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 Scottish Mortgage Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Scottish Mortgage Investment Trust'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.
Scottish Mortgage Investment Trust 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 Scottish Mortgage Investment Trust 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 Scottish Mortgage Investment Trust'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.
  • Scottish Mortgage Investment Trust does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Scottish Mortgage Investment Trust's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Scottish Mortgage Investment Trust's 1-year growth to the DE Capital Markets industry average as it is not currently profitable.
Earnings and Revenue History
Scottish Mortgage Investment Trust'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 Scottish Mortgage Investment Trust Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:1IZ1 Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 18.12 -49.63 26.41
2019-06-30 484.92 416.82 26.32
2019-03-31 951.72 883.28 26.22
2018-12-31 1,274.71 1,213.99 25.60
2018-09-30 1,597.71 1,544.70 24.99
2018-06-30 1,415.86 1,377.96 23.45
2018-03-31 1,234.01 1,211.22 21.91
2017-12-31 1,298.13 1,267.17 20.77
2017-09-30 1,362.24 1,323.12 19.63
2017-06-30 1,372.14 1,311.68 18.70
2017-03-31 1,382.04 1,300.24 17.78
2016-12-31 1,326.04 1,243.81 16.91
2016-09-30 1,270.03 1,187.39 16.04
2016-06-30 648.15 586.31 15.37
2016-03-31 26.26 -14.78 14.70
2015-12-31 94.56 45.76 14.58
2015-09-30 162.86 106.29 14.46
2015-06-30 474.84 414.18 14.01
2015-03-31 786.82 722.07 13.56
2014-12-31 642.85 594.97 13.05
2014-09-30 498.87 467.86 12.55
2014-06-30 492.37 469.30 12.26
2014-03-31 485.88 470.73 11.97
2013-12-31 521.54 498.05 11.40
2013-09-30 557.20 525.38 10.84
2013-06-30 430.57 393.22 10.45

*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 Scottish Mortgage Investment Trust has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Scottish Mortgage Investment Trust 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 Scottish Mortgage Investment Trust 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 Scottish Mortgage Investment Trust'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.
Scottish Mortgage Investment Trust 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 Scottish Mortgage Investment Trust'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 Scottish Mortgage Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Scottish Mortgage Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Scottish Mortgage Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Scottish Mortgage Investment Trust'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 not covered by short term assets, assets are 0.2x 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 Scottish Mortgage Investment Trust Company Filings, last reported 6 months ago.

DB:1IZ1 Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 7,727.16 719.29 156.27
2019-06-30 7,727.16 719.29 156.27
2019-03-31 7,429.93 703.46 35.59
2018-12-31 7,429.93 703.46 35.59
2018-09-30 7,652.26 703.47 68.80
2018-06-30 7,652.26 703.47 68.80
2018-03-31 6,187.76 485.72 34.97
2017-12-31 6,187.76 485.72 34.97
2017-09-30 5,872.40 496.47 68.46
2017-06-30 5,872.40 496.47 68.46
2017-03-31 4,873.59 509.57 76.64
2016-12-31 4,873.59 509.57 76.64
2016-09-30 4,278.90 496.32 89.09
2016-06-30 4,278.90 496.32 89.09
2016-03-31 3,457.44 497.95 43.97
2015-12-31 3,457.44 497.95 43.97
2015-09-30 3,084.74 480.32 58.77
2015-06-30 3,084.74 480.32 58.77
2015-03-31 3,333.22 487.22 76.54
2014-12-31 3,333.22 487.22 76.54
2014-09-30 2,825.20 458.97 99.60
2014-06-30 2,825.20 458.97 99.60
2014-03-31 2,597.71 388.87 21.71
2013-12-31 2,597.71 388.87 21.71
2013-09-30 2,439.96 395.10 13.69
2013-06-30 2,439.96 395.10 13.69
  • Scottish Mortgage Investment Trust's level of debt (9.3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (16.2% vs 9.3% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Unable to confirm if the interest payments on Scottish Mortgage Investment Trust's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Scottish Mortgage Investment Trust'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. Scottish Mortgage Investment Trust has a total score of 2/6, 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 Scottish Mortgage Investment Trust'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
0.57%
Current annual income from Scottish Mortgage Investment Trust dividends.
If you bought €2,000 of Scottish Mortgage Investment Trust shares you are expected to receive €11 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?
  • Scottish Mortgage Investment Trust's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.65%).
  • Scottish Mortgage Investment Trust's dividend is below the markets top 25% of dividend payers in Germany (4.87%).
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:1IZ1 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 14 Stocks 3.2%
Germany Market Average Dividend Yield Market Cap Weighted Average of 322 Stocks 3.8%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.6%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

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

DB:1IZ1 Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
DB:1IZ1 Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2019-07-02 0.031 0.578
2019-05-16 0.031 0.604
2018-05-29 0.031 0.604
2018-05-14 0.031 0.603
2017-05-26 0.030 0.685
2017-05-15 0.030 0.772
2016-05-27 0.030 0.925
2016-05-13 0.030 1.149
2015-05-22 0.029 1.139
2015-05-08 0.029 1.100
2014-05-27 0.029 1.226
2014-05-09 0.029 1.504
2013-07-19 0.028 1.424
2013-05-16 0.028 1.665
2013-05-01 0.029 1.756
2012-10-26 0.027 1.723
2012-05-21 0.027 2.005
2012-05-04 0.027 2.066
2011-10-28 0.025 1.899
2011-05-23 0.025 1.793
2011-05-06 0.025 1.672
2010-11-05 0.023 1.641
2010-05-17 0.023 1.937
2010-05-07 0.023 1.982
2009-10-30 0.022 2.038
2009-06-01 0.022 2.445
2009-05-08 0.022 2.600

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

  • Scottish Mortgage Investment Trust is not paying a notable dividend for Germany, therefore no need to check if the payments are stable.
  • Scottish Mortgage Investment Trust is not paying a notable dividend for Germany, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Scottish Mortgage Investment Trust's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Scottish Mortgage Investment Trust's dividends as it is not paying a notable one for Germany.
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 Scottish Mortgage Investment Trust'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 Scottish Mortgage Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Scottish Mortgage Investment Trust 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 Scottish Mortgage Investment Trust'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.
  • Scottish Mortgage Investment Trust has no CEO, or we have no data on them.
Management Team

James Anderson

TITLE
Joint Manager
AGE
60
TENURE
17.3 yrs

Tom Slater

TITLE
Joint Manager
Board of Directors Tenure

Average tenure and age of the Scottish Mortgage Investment Trust board of directors in years:

11.3
Average Tenure
70.5
Average Age
  • The average tenure for the Scottish Mortgage Investment Trust board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Fiona McBain

TITLE
Chairman
COMPENSATION
£29K
AGE
58

William McQueen

TITLE
Director
COMPENSATION
£33K
AGE
71
TENURE
19.2 yrs

Mike Gray

TITLE
Senior Independent Director
COMPENSATION
£29K
AGE
71
TENURE
10.8 yrs

John Kay

TITLE
Director
COMPENSATION
£29K
AGE
70
TENURE
11.3 yrs
Who owns this company?
Recent Insider Trading
  • Scottish Mortgage Investment Trust individual insiders have sold more shares than they have bought in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
02. Mar 20 Buy Fiona McBain Individual 02. Mar 20 02. Mar 20 1,000 €6.48 €6,483
20. Jan 20 Sell Paola Subacchi Individual 17. Jan 20 17. Jan 20 -3,500 €7.04 €-24,641
14. Jun 19 Buy Patrick Maxwell Individual 28. May 19 28. May 19 10,173 €5.79 €58,931
03. Apr 19 Sell Paola Subacchi Individual 02. Apr 19 02. Apr 19 -3 €6.07 €-18
X
Management checks
We assess Scottish Mortgage Investment Trust'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. Scottish Mortgage Investment Trust 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

Company Info

Description

Scottish Mortgage Investment Trust PLC is a closed-ended equity mutual fund launched and managed by Baillie Gifford & Co Ltd. The fund is co-managed by Baillie Gifford & Co. It invests in public equity markets of countries across the globe. The fund seeks to invest in stocks of companies operating across diversified sectors. The fund invests in growth stocks of companies. It focuses on factors such as strength of management, competitive position, customer perspective, prospects for sales and margins, current and potential valuation to create its portfolio. The fund benchmarks the performance of its portfolio against the FTSE All World Index. Scottish Mortgage Investment Trust PLC was formed in 1909 and is domiciled in the United Kingdom.

Details
Name: Scottish Mortgage Investment Trust PLC
1IZ1
Exchange: DB
Founded: 1909
£9,077,955,496
1,453,259,808
Website: http://www.bailliegifford.com/individual-investor/scottish-mortgage-investment-trust.aspx
Address: Scottish Mortgage Investment Trust PLC
Calton Square,
1 Greenside Row,
Edinburgh,
Midlothian, EH1 3AN,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE SMT Ordinary Shares London Stock Exchange GB GBP 02. Jan 1992
OTCPK STMZ.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB 1IZ1 Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
BVL SMT/UK Ordinary Shares Bolsa de Valores de Lima PE USD 02. Jan 1992
BATS-CHIXE SMTL Ordinary Shares BATS 'Chi-X Europe' GB GBP 02. Jan 1992
Number of employees
Current staff
Staff numbers
0
Scottish Mortgage Investment Trust employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/01 22:39
End of day share price update: 2020/04/01 00:00
Last estimates confirmation: 2018/05/29
Last earnings filing: 2019/11/08
Last earnings reported: 2019/09/30
Last annual earnings reported: 2019/03/31


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.