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ABC arbitrage

DB:9BA
Snowflake Description

Flawless balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
9BA
DB
€388M
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

ABC arbitrage SA, together with its subsidiaries, develops arbitrage strategies for liquid assets worldwide. The last earnings update was 18 days ago. More info.


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9BA Share Price and Events
7 Day Returns
2.2%
DB:9BA
5%
DE Diversified Financial
2.5%
DE Market
1 Year Returns
10.3%
DB:9BA
1.4%
DE Diversified Financial
2.6%
DE Market
9BA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
ABC arbitrage (9BA) 2.2% 5.9% 5.9% 10.3% -2.5% 42.4%
DE Diversified Financial 5% 7% -5% 1.4% 75.8% 333.8%
DE Market 2.5% 0.2% 1% 2.6% 7.8% 23.7%
1 Year Return vs Industry and Market
  • 9BA outperformed the Diversified Financial industry which returned 1.4% over the past year.
  • 9BA outperformed the Market in Germany which returned 2.6% over the past year.
Price Volatility
9BA
Industry
5yr Volatility vs Market

9BA Value

 Is ABC arbitrage 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 ABC arbitrage 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 ABC arbitrage.

DB:9BA 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
= €2.61 * 13.2%
€0.34
Book Value of Equity per Share Median Book Value from the past 5 years. €2.61
Discount Rate (Cost of Equity) See below 5.6%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

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:9BA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6.7%
Diversified Financial Unlevered Beta Simply Wall St/ S&P Global 0.72
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.72 (1 + (1- 33%) (0.59%))
0.814
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.81
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.814 * 6.65%)
5.64%

Discounted Cash Flow Calculation for DB:9BA using Excess Returns Model Model

The calculations below outline how an intrinsic value for ABC arbitrage 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:9BA Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (13.2% – 5.64%) * €2.61)
€0.20
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €0.20 / (5.64% - 0.23%)
€3.65
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €2.61 + €3.65
€6.25
DB:9BA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:9BA represents 0.9985x of ENXTPA:ABCA
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.9985x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 6.25 x 0.9985
€6.25
Value per share (EUR) From above. €6.25
Current discount Discount to share price of €6.65
= -1 x (€6.65 - €6.25) / €6.25
-6.5%

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

  • The current share price of ABC arbitrage 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 ABC arbitrage's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are ABC arbitrage's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:9BA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in EUR €0.34
ENXTPA:ABCA Share Price ** ENXTPA (2019-10-11) in EUR €6.66
Germany Diversified Financial Industry PE Ratio Median Figure of 6 Publicly-Listed Diversified Financial Companies 27.82x
Germany Market PE Ratio Median Figure of 417 Publicly-Listed Companies 19.72x

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

** Primary Listing of ABC arbitrage.

DB:9BA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:ABCA Share Price ÷ EPS (both in EUR)

= 6.66 ÷ 0.34

19.73x

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

  • ABC arbitrage is good value based on earnings compared to the DE Diversified Financial industry average.
  • ABC arbitrage is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does ABC arbitrage's expected growth come at a high price?
Raw Data
DB:9BA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 19.73x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
0.1%per year
Europe Diversified Financial Industry PEG Ratio Median Figure of 13 Publicly-Listed Diversified Financial Companies 1.81x
Germany Market PEG Ratio Median Figure of 264 Publicly-Listed Companies 1.38x

*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 ABC arbitrage, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on ABC arbitrage's assets?
Raw Data
DB:9BA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in EUR €2.42
ENXTPA:ABCA Share Price * ENXTPA (2019-10-11) in EUR €6.66
Germany Diversified Financial Industry PB Ratio Median Figure of 9 Publicly-Listed Diversified Financial Companies 3.77x
Germany Market PB Ratio Median Figure of 597 Publicly-Listed Companies 1.74x
DB:9BA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:ABCA Share Price ÷ Book Value per Share (both in EUR)

= 6.66 ÷ 2.42

2.75x

* Primary Listing of ABC arbitrage.

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

  • ABC arbitrage is good value based on assets compared to the DE Diversified Financial industry average.
X
Value checks
We assess ABC arbitrage'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. ABC arbitrage has a total score of 2/6, 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.

9BA Future Performance

 How is ABC arbitrage expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover ABC arbitrage, future earnings growth has been estimated based on fundamentals.
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
0.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is ABC arbitrage expected to grow at an attractive rate?
  • ABC arbitrage's earnings growth is positive but not above the low risk savings rate of 0.2%.
Growth vs Market Checks
  • ABC arbitrage's earnings growth is positive but not above the Germany market average.
  • Unable to compare ABC arbitrage's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
DB:9BA Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:9BA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 0.1%
Germany Diversified Financial Industry Earnings Growth Rate Market Cap Weighted Average 17.3%
Europe Diversified Financial Industry Revenue Growth Rate Market Cap Weighted Average 0.6%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*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:9BA 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 EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:9BA Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
DB:9BA Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-06-30 40 37 20
2019-03-31 40 30 20
2018-12-31 40 23 20
2018-09-30 38 18
2018-06-30 36 25 17
2018-03-31 37 26 18
2017-12-31 39 27 18
2017-09-30 42 21
2017-06-30 46 4 24
2017-03-31 50 8 27
2016-12-31 54 13 31
2016-09-30 54 30

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • ABC arbitrage's earnings are expected to grow by 0.1% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if ABC arbitrage 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:9BA 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 ABC arbitrage Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:9BA Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
DB:9BA Past Financials Data
Date (Data in EUR Millions) EPS *
2019-06-30 0.34
2019-03-31 0.34
2018-12-31 0.34
2018-09-30 0.32
2018-06-30 0.30
2018-03-31 0.31
2017-12-31 0.32
2017-09-30 0.37
2017-06-30 0.41
2017-03-31 0.47
2016-12-31 0.53
2016-09-30 0.53

*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 ABC arbitrage will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess ABC arbitrage'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 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.
ABC arbitrage 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.

9BA Past Performance

  How has ABC arbitrage 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 ABC arbitrage'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.
  • ABC arbitrage's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • ABC arbitrage's 1-year earnings growth exceeds its 5-year average (16.1% vs -1.2%)
  • ABC arbitrage's earnings growth has exceeded the Europe Diversified Financial industry average in the past year (16.1% vs 3.5%).
Earnings and Revenue History
ABC arbitrage'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 ABC arbitrage Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:9BA Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 39.68 19.66 -0.77
2019-03-31 39.95 19.67 -0.39
2018-12-31 40.23 19.68
2018-09-30 38.16 18.31 3.54
2018-06-30 36.08 16.94 3.54
2018-03-31 37.31 17.62 1.77
2017-12-31 38.55 18.31
2017-09-30 42.23 21.15 3.00
2017-06-30 45.91 23.99 6.00
2017-03-31 49.78 27.26 6.00
2016-12-31 53.65 30.54 6.00
2016-09-30 53.73 30.48 6.33
2016-06-30 53.81 30.42 6.65
2016-03-31 50.82 27.33 6.65
2015-12-31 47.84 24.24 6.65
2015-09-30 45.00 21.00 3.33
2015-06-30 42.16 17.76
2015-03-31 44.24 18.30
2014-12-31 46.33 18.83
2014-09-30 45.43 18.53 2.43
2014-06-30 44.53 18.24 4.87
2014-03-31 36.59 14.15 4.87
2013-12-31 28.66 10.05 4.87
2013-09-30 32.62 12.24 2.43
2013-06-30 36.58 14.42
2013-03-31 44.96 19.37
2012-12-31 53.33 24.31

*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.
  • ABC arbitrage has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • ABC arbitrage used its assets more efficiently than the DE Diversified Financial industry average last year based on Return on Assets.
  • ABC arbitrage's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess ABC arbitrage'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.
ABC arbitrage has a total score of 3/6, 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.

9BA Health

 How is ABC arbitrage'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 ABC arbitrage's finances.

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

DB:9BA Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 141.22 0.00 151.03
2019-03-31 141.22 0.00 151.03
2018-12-31 146.29 0.00 140.86
2018-09-30 146.29 0.00 140.86
2018-06-30 149.48 0.00 146.29
2018-03-31 149.48 0.00 146.29
2017-12-31 148.87 0.00 142.32
2017-09-30 148.87 0.00 142.32
2017-06-30 153.99 0.00 148.39
2017-03-31 153.99 0.00 148.39
2016-12-31 158.13 0.00 151.68
2016-09-30 158.13 0.00 151.68
2016-06-30 147.04 0.00 152.98
2016-03-31 147.04 0.00 152.98
2015-12-31 141.23 0.00 134.86
2015-09-30 141.23 0.00 134.86
2015-06-30 130.60 0.00 134.88
2015-03-31 130.60 0.00 134.88
2014-12-31 130.97 0.09 616.28
2014-09-30 130.97 0.09 616.28
2014-06-30 119.95 0.10 572.77
2014-03-31 119.95 0.10 572.77
2013-12-31 118.86 0.11 746.09
2013-09-30 118.86 0.11 746.09
2013-06-30 126.55 0.06 1,096.63
2013-03-31 126.55 0.06 1,096.63
2012-12-31 138.08 0.06 1,170.40
  • ABC arbitrage has no debt.
  • ABC arbitrage has no debt compared to 5 years ago when it was 0.1%.
  • ABC arbitrage has no debt, it does not need to be covered by operating cash flow.
  • ABC arbitrage has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess ABC arbitrage'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. ABC arbitrage 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.

9BA Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.91%
Current annual income from ABC arbitrage dividends.
If you bought €2,000 of ABC arbitrage shares you are expected to receive €138 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?
  • ABC arbitrage's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • ABC arbitrage's dividend is above the markets top 25% of dividend payers in Germany (3.86%).
Upcoming dividend payment

Purchase ABC arbitrage before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:9BA 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
Europe Diversified Financial Industry Average Dividend Yield Market Cap Weighted Average of 32 Stocks 3.2%
Germany Market Average Dividend Yield Market Cap Weighted Average of 337 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

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

DB:9BA Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
DB:9BA Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-09-24 0.460 6.952
2019-03-26 0.460 7.207
2018-04-27 0.400 6.092
2018-03-27 0.400 5.812
2017-04-28 0.500 7.802
2017-03-28 0.500 7.680
2016-09-27 0.400 5.694
2016-04-29 0.400 6.514
2016-03-22 0.400 6.932
2015-09-30 0.400 7.831
2015-09-29 0.400 8.040
2015-03-24 0.400 8.055
2014-09-23 0.400 8.385
2014-04-25 0.400 8.187
2014-03-17 0.400 7.881
2013-04-25 0.470 9.721
2013-03-26 0.470 10.035
2012-09-17 0.550 9.269
2012-04-30 0.550 8.314
2012-03-19 0.550 7.815
2011-09-20 0.550 8.556
2011-04-27 0.550 7.938
2010-09-13 0.750 10.378
2010-03-01 0.750 10.837
2009-03-19 0.750 11.650

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of ABC arbitrage's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x 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 ABC arbitrage's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 ABC arbitrage afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. ABC arbitrage 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.

9BA Management

 What is the CEO of ABC arbitrage'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
Dominique Ceolin
COMPENSATION €903,462
AGE 51
CEO Bio

Mr. Dominique Ceolin Co-founded ABC Arbitrage SA in 1995 and serves as its Chief Executive Officer and has been its Chairman of the Board since June 05, 2015. Mr. Ceolin serves as the Chairman of the Board and Chief Executive Officer of ABC arbitrage Asset Management. He served as Chairman and Chief Executive Officer of ABC Arbitrage SA. Mr. Ceolin joined ABN AMRO Securities France where he participated in developing the Domestic Arbitrage business. He joined ABC arbitrage in 1995, as head of "Statistical Analysis and Modelling", "Information System" and "Market Risk Supervision" departments. Previously, he served as a Chairman of ABC Arbitrage SA since October 10, 1997. He obtained a higher diploma in mathematics and information technology (DEA), in 1994.

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

Dominique Ceolin

TITLE
Co-Founder
COMPENSATION
€903K
AGE
51

Xavier Chauderlot

TITLE
Co-Founder & Director
COMPENSATION
€13K
AGE
55
TENURE
24.8 yrs

David Hoey

TITLE
Deputy Chief Executive Officer
COMPENSATION
€612K
AGE
49

Grégoire Bouguereau

TITLE
Co-Founder
TENURE
24.8 yrs

Gaëtan Fournier

TITLE
Head of Finance & CCO

Laetitia Hucheloup

TITLE
Secretary of the Board
Board of Directors Tenure

Average tenure and age of the ABC arbitrage board of directors in years:

7.7
Average Tenure
53.5
Average Age
  • The tenure for the ABC arbitrage board of directors is about average.
Board of Directors

Dominique Ceolin

TITLE
Co-Founder
COMPENSATION
€903K
AGE
51
TENURE
4.3 yrs

Xavier Chauderlot

TITLE
Co-Founder & Director
COMPENSATION
€13K
AGE
55
TENURE
22 yrs

Muriel Delaborde

TITLE
Independent Director
COMPENSATION
€15K
AGE
49
TENURE
3.4 yrs

Jean-François Drouets

TITLE
Independent Director
COMPENSATION
€6K
AGE
53
TENURE
13.5 yrs

Sabine Roux de Bézieux

TITLE
Independent Director
COMPENSATION
€8K
AGE
54
TENURE
8.6 yrs

Marie-Ange Verdickt

TITLE
Independent Director
COMPENSATION
€11K
AGE
56
TENURE
6.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess ABC arbitrage'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. ABC arbitrage 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.

9BA News

Simply Wall St News

9BA Company Info

Description

ABC arbitrage SA, together with its subsidiaries, develops arbitrage strategies for liquid assets worldwide. It develops liquidity, risk, statistical, and derivatives arbitrage strategies; and provides asset and portfolio management services. The company was founded in 1995 and is based in Paris, France.

Details
Name: ABC arbitrage SA
9BA
Exchange: DB
Founded: 1995
€388,010,281
58,259,802
Website: http://www.abc-arbitrage.com
Address: ABC arbitrage SA
18, rue du Quatre Septembre,
Paris,
Ile-de-France, 75002,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA ABCA Ordinary Shares Euronext Paris FR EUR 10. Jun 1999
DB 9BA Ordinary Shares Deutsche Boerse AG DE EUR 10. Jun 1999
LSE 0OPJ Ordinary Shares London Stock Exchange GB EUR 10. Jun 1999
BATS-CHIXE ABCAP Ordinary Shares BATS 'Chi-X Europe' GB EUR 10. Jun 1999
Number of employees
Current staff
Staff numbers
80
ABC arbitrage employees.
Industry
Specialized Finance
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/12 22:04
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/03/26
Last earnings filing: 2019/09/24
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


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

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