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Pzena Investment Management

DB:3PZ1
Snowflake Description

Flawless balance sheet and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
3PZ1
DB
$65M
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Pzena Investment Management, Inc. is a publicly owned investment manager. The last earnings update was 25 days ago. More info.


Add to Portfolio Compare Print
  • Pzena Investment Management is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
  • Pzena Investment Management has significant price volatility in the past 3 months.
3PZ1 Share Price and Events
7 Day Returns
-20.2%
DB:3PZ1
0.9%
DE Capital Markets
-0.6%
DE Market
1 Year Returns
-54.2%
DB:3PZ1
-10.3%
DE Capital Markets
-20.9%
DE Market
3PZ1 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Pzena Investment Management (3PZ1) -20.2% -42.3% -56.3% -54.2% -63.6% -61.4%
DE Capital Markets 0.9% -20.9% -16.9% -10.3% -26.2% -56.2%
DE Market -0.6% -20% -26.3% -20.9% -25.8% -31.8%
1 Year Return vs Industry and Market
  • 3PZ1 underperformed the Capital Markets industry which returned -10.3% over the past year.
  • 3PZ1 underperformed the Market in Germany which returned -20.9% over the past year.
Price Volatility
3PZ1
Industry
5yr Volatility vs Market

3PZ1 Value

 Is Pzena Investment Management 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 Pzena Investment Management 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 Pzena Investment Management.

DB:3PZ1 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
= $1.64 * 70.5%
$1.16
Book Value of Equity per Share Median Book Value from the past 5 years. $1.64
Discount Rate (Cost of Equity) See below 4.6%
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:3PZ1
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.745 (1 + (1- 21%) (21.81%))
0.916
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.92
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.916 * 5.44%)
4.59%

Discounted Cash Flow Calculation for DB:3PZ1 using Excess Returns Model Model

The calculations below outline how an intrinsic value for Pzena Investment Management 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:3PZ1 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (70.5% – 4.59%) * $1.64)
$1.08
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $1.08 / (4.59% - -0.39%)
$21.74
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $1.64 + $21.74
$23.38
DB:3PZ1 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:3PZ1 represents 0.8877x of NYSE:PZN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.8877x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 23.38 x 0.8877
€20.76
Value per share (EUR) From above. €20.76
Current discount Discount to share price of €3.32
= -1 x (€3.32 - €20.76) / €20.76
84%

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

Current Discount
Amount off the current price Pzena Investment Management is available for.
Intrinsic value
>50%
Share price is €3.32 vs Future cash flow value of €20.76
Current Discount Checks
For Pzena Investment Management to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Pzena Investment Management's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Pzena Investment Management'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 Pzena Investment Management's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Pzena Investment Management's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:3PZ1 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $0.47
NYSE:PZN Share Price ** NYSE (2020-04-03) in USD $3.74
Germany Capital Markets Industry PE Ratio Median Figure of 17 Publicly-Listed Capital Markets Companies 22.26x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 16.57x

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

** Primary Listing of Pzena Investment Management.

DB:3PZ1 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:PZN Share Price ÷ EPS (both in USD)

= 3.74 ÷ 0.47

7.93x

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

  • Pzena Investment Management is good value based on earnings compared to the DE Capital Markets industry average.
  • Pzena Investment Management is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Pzena Investment Management's expected growth come at a high price?
Raw Data
DB:3PZ1 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.93x
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 1.49x
Germany Market PEG Ratio Median Figure of 256 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 Pzena Investment Management, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Pzena Investment Management's assets?
Raw Data
DB:3PZ1 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $1.75
NYSE:PZN Share Price * NYSE (2020-04-03) in USD $3.74
Germany Capital Markets Industry PB Ratio Median Figure of 32 Publicly-Listed Capital Markets Companies 1.7x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.44x
DB:3PZ1 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:PZN Share Price ÷ Book Value per Share (both in USD)

= 3.74 ÷ 1.75

2.14x

* Primary Listing of Pzena Investment Management.

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

  • Pzena Investment Management is overvalued based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess Pzena Investment Management'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. Pzena Investment Management has a total score of 4/6, see the detailed checks below.

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

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

3PZ1 Future Performance

 How is Pzena Investment Management 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 Pzena Investment Management 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
37%
Expected Capital Markets industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Pzena Investment Management expected to grow at an attractive rate?
  • Unable to compare Pzena Investment Management's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Pzena Investment Management's earnings growth to the Germany market average as no estimate data is available.
  • Unable to compare Pzena Investment Management's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
DB:3PZ1 Future Growth Rates Data Sources
Data Point Source Value (per year)
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 37%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*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:3PZ1 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:3PZ1 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
DB:3PZ1 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 151 79 8
2019-09-30 149 78 12
2019-06-30 151 78 13
2019-03-31 152 84 13
2018-12-31 154 88 14
2018-09-30 156 89 10
2018-06-30 153 84 9
2018-03-31 149 74 8
2017-12-31 141 69 7
2017-09-30 131 64 19
2017-06-30 122 55 18
2017-03-31 115 46 17

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Pzena Investment Management is high growth as no earnings estimate data is available.
  • Unable to determine if Pzena Investment Management 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:3PZ1 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 0 Analyst Estimates (S&P Global) See Below

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

DB:3PZ1 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
DB:3PZ1 Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 0.47
2019-09-30 0.70
2019-06-30 0.75
2019-03-31 0.75
2018-12-31 0.78
2018-09-30 0.58
2018-06-30 0.51
2018-03-31 0.46
2017-12-31 0.40
2017-09-30 1.11
2017-06-30 1.07
2017-03-31 1.02

*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 Pzena Investment Management will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Pzena Investment Management is trading at Pzena Investment Management'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Pzena Investment Management'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. Pzena Investment Management'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 Pzena Investment Management'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.
Pzena Investment Management 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.

3PZ1 Past Performance

  How has Pzena Investment Management 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 Pzena Investment Management'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.
  • Pzena Investment Management's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Pzena Investment Management's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Pzena Investment Management's 1-year earnings growth is negative, it can't be compared to the DE Capital Markets industry average.
Earnings and Revenue History
Pzena Investment Management'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 Pzena Investment Management Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:3PZ1 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 150.75 8.46 16.97
2019-09-30 148.72 12.48 15.74
2019-06-30 151.23 13.27 15.15
2019-03-31 151.74 13.37 14.28
2018-12-31 153.58 13.79 13.41
2018-09-30 156.09 10.21 13.61
2018-06-30 152.74 8.94 13.35
2018-03-31 148.50 8.09 13.17
2017-12-31 141.30 6.91 13.34
2017-09-30 131.46 18.93 12.58
2017-06-30 122.22 18.10 12.79
2017-03-31 114.54 16.88 13.07
2016-12-31 108.34 16.16 12.79
2016-09-30 106.94 7.40 13.47
2016-06-30 110.72 7.15 13.09
2016-03-31 113.79 7.67 12.61
2015-12-31 116.61 7.67 12.83
2015-09-30 117.50 7.93 11.90
2015-06-30 116.33 8.07 11.35
2015-03-31 114.76 8.27 10.87
2014-12-31 112.51 8.10 9.89
2014-09-30 112.70 7.91 9.53
2014-06-30 107.14 7.81 9.17
2014-03-31 101.33 6.95 8.61
2013-12-31 95.77 6.67 8.10
2013-09-30 86.33 5.35 7.71
2013-06-30 81.15 4.65 7.48

*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.
  • Pzena Investment Management made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%).
  • Pzena Investment Management used its assets more efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Pzena Investment Management has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Pzena Investment Management'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.
Pzena Investment Management has a total score of 4/6, 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.

3PZ1 Health

 How is Pzena Investment Management'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 Pzena Investment Management's finances.

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

DB:3PZ1 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 108.21 0.00 61.58
2019-09-30 95.65 0.00 44.74
2019-06-30 91.21 0.00 42.79
2019-03-31 80.83 0.00 23.67
2018-12-31 99.01 0.00 43.38
2018-09-30 97.45 0.00 44.86
2018-06-30 92.36 0.00 57.40
2018-03-31 82.20 0.00 32.34
2017-12-31 99.29 0.00 63.41
2017-09-30 93.57 0.00 68.16
2017-06-30 86.41 0.00 53.60
2017-03-31 78.93 0.00 37.56
2016-12-31 81.33 0.00 57.85
2016-09-30 61.21 0.00 43.78
2016-06-30 57.38 0.00 38.63
2016-03-31 59.17 0.00 33.89
2015-12-31 85.46 0.00 61.16
2015-09-30 72.32 0.00 60.36
2015-06-30 71.89 0.00 55.69
2015-03-31 73.13 0.00 51.49
2014-12-31 85.03 0.00 67.05
2014-09-30 60.21 0.00 50.18
2014-06-30 55.29 0.00 26.06
2014-03-31 52.74 0.00 25.75
2013-12-31 58.55 0.00 33.88
2013-09-30 48.73 0.00 34.96
2013-06-30 44.00 0.00 25.68
  • Pzena Investment Management has no debt.
  • Pzena Investment Management has not taken on any debt in the past 5 years.
  • Pzena Investment Management has no debt, it does not need to be covered by operating cash flow.
  • Pzena Investment Management has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Pzena Investment Management'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. Pzena Investment Management 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.

3PZ1 Dividends

 What is Pzena Investment Management'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
14.71%
Current annual income from Pzena Investment Management dividends.
If you bought €2,000 of Pzena Investment Management shares you are expected to receive €294 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?
  • Pzena Investment Management's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.71%).
  • Pzena Investment Management's dividend is above 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
DB:3PZ1 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 316 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

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

DB:3PZ1 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
DB:3PZ1 Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-03-10 0.550 12.278
2020-02-04 0.550 7.740
2019-03-08 0.580 6.752
2019-02-05 0.580 6.211
2018-03-09 0.510 5.369
2018-02-06 0.510 4.708
2017-03-13 0.370 3.579
2017-02-07 0.370 3.763
2016-03-14 0.410 4.864
2016-02-09 0.410 6.361
2015-03-16 0.410 4.494
2015-02-10 0.410 4.789
2014-03-12 0.250 2.511
2014-02-11 0.250 2.201
2012-10-24 0.280 4.156
2012-04-27 0.280 5.894
2012-04-24 0.280 4.418
2012-03-14 0.280 4.623
2012-02-07 0.280 5.180
2011-10-25 0.120 2.717
2010-11-22 0.240 4.106
2010-10-26 0.120 1.710
2010-08-04 0.120 1.792
2010-07-27 0.120 1.770
2010-05-07 0.120 1.773
2010-04-27 0.120 1.630
2010-03-12 0.000 0.000
2010-02-16 0.000 0.000
2009-11-09 0.000 0.000
2009-10-27 0.000 0.000
2009-08-10 0.000 0.000
2009-07-28 0.000 0.000
2009-05-11 0.000 0.000
2009-04-28 0.000 0.000

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Pzena Investment Management's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.9x coverage).
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 Pzena Investment Management'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 Pzena Investment Management afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Pzena Investment Management has a total score of 3/6, see the detailed checks below.


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

3PZ1 Management

 What is the CEO of Pzena Investment Management'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
Rich Pzena
COMPENSATION $3,311,402
AGE 60
TENURE AS CEO 12.9 years
CEO Bio

Mr. Richard Stanton Pzena, also known as Rich, is the Founder of Pzena Investment Management, Inc and has been its Chairman, Chief Executive Officer and Co-Chief Investment Officer since May 2007. Mr. Pzena founded Pzena Investment Management LLC in 1995 and serves as its Managing Principal, Chief Executive Officer and Co-Chief Investment Officer. Mr. Pzena serves as the Chief Architect of Pzena Investment Management's value investing strategy and conceived its proprietary screening model. He serves as Co-Portfolio Manager on each of Pzena Investment Management's domestic investments. Mr. Pzena founded Vanguard Investment Series Public Limited Company and served as its Managing Principal. Previously, he served as an Equity Analyst in research division at Sanford C. Bernstein & Co., LLC. Mr. Pzena joined Sanford C. Bernstein & Company in 1986 as an Oil Industry Analyst During 1990 and 1991 and was named to the institutional investor all america research team from 1988 to 1990. Prior to Bernstein, Mr. Pzena worked for the Amoco Corporation in various financial and planning roles. Previously, he served as the Director of U.S. Equity Investments and Chief Research Officer for Sanford C. Bernstein and Company. Mr. Pzena served as a Member of Advisory Board at Urban Mapping, Inc. He is a Member of Investor and Executive Council at D Cubed Group, LLC. Mr. Pzena earned a B.S. summa cum laude and M.B.A. from the Wharton School of the University of Pennsylvania in 1979 and 1980 respectively.

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

Average tenure and age of the Pzena Investment Management management team in years:

12.8
Average Tenure
60
Average Age
  • The average tenure for the Pzena Investment Management management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Rich Pzena

TITLE
Chairman
COMPENSATION
$3M
AGE
60
TENURE
12.9 yrs

John Goetz

TITLE
President
COMPENSATION
$3M
AGE
61
TENURE
12.8 yrs

Bill Lipsey

TITLE
President
COMPENSATION
$3M
AGE
60
TENURE
12.8 yrs

Jessica Doran

TITLE
CFO & Treasurer
COMPENSATION
$324K
AGE
37
TENURE
3.8 yrs

Evan Fire

TITLE
Managing Principal & COO

Joan Berger

TITLE
General Counsel & Corporate Secretary

Caroline Cai

TITLE
Executive VP and Portfolio Manager of Global
TENURE
1.2 yrs

Topalli Murti

TITLE
Principal & Portfolio Manager

Eli Rabinowich

TITLE
Principal

Rakesh Bordia

TITLE
Principal & Portfolio Manager
TENURE
13.3 yrs
Board of Directors Tenure

Average tenure and age of the Pzena Investment Management board of directors in years:

12.5
Average Tenure
61
Average Age
  • The average tenure for the Pzena Investment Management board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Rich Pzena

TITLE
Chairman
COMPENSATION
$3M
AGE
60
TENURE
12.9 yrs

John Goetz

TITLE
President
COMPENSATION
$3M
AGE
61
TENURE
8.9 yrs

Bill Lipsey

TITLE
President
COMPENSATION
$3M
AGE
60
TENURE
8.9 yrs

Richard Meyerowich

TITLE
Independent Director
COMPENSATION
$95K
AGE
77
TENURE
12.5 yrs

Steve Galbraith

TITLE
Independent Director
COMPENSATION
$90K
AGE
56
TENURE
12.5 yrs

Charles Johnston

TITLE
Independent Director
COMPENSATION
$90K
AGE
65
TENURE
6.2 yrs

Joel Greenblatt

TITLE
Independent Director
COMPENSATION
$85K
AGE
61
TENURE
12.5 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 Pzena Investment Management'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. Pzena Investment Management 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.

3PZ1 News

Simply Wall St News

3PZ1 Company Info

Description

Pzena Investment Management, Inc. is a publicly owned investment manager. The firm manages equity mutual funds for its clients. It invests in the public equity markets. Pzena Investment Management, Inc. was founded in 2007 and is based in New York City with additional offices in Melbourne, Australia and London, United Kingdom.

Details
Name: Pzena Investment Management, Inc
3PZ1
Exchange: DB
Founded: 2007
$60,484,232
17,447,680
Website: http://www.pzena.com
Address: Pzena Investment Management, Inc
320 Park Avenue,
8th Floor,
New York,
New York, 10022,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE PZN Class A Common Stock New York Stock Exchange US USD 25. Oct 2007
DB 3PZ1 Class A Common Stock Deutsche Boerse AG DE EUR 25. Oct 2007
Number of employees
Current staff
Staff numbers
115
Pzena Investment Management employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/04 04:08
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2019/02/05
Last earnings filing: 2020/03/10
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.