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Compagnie Financière Tradition

DB:CFI
Snowflake Description

Fair value with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CFI
DB
CHF729M
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Compagnie Financière Tradition SA operates as an interdealer broker of financial and non-financial products worldwide. The last earnings update was 26 days ago. More info.


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CFI Share Price and Events
7 Day Returns
0%
DB:CFI
-1%
DE Capital Markets
-0.6%
DE Market
1 Year Returns
1.1%
DB:CFI
-5%
DE Capital Markets
-5.5%
DE Market
CFI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Compagnie Financière Tradition (CFI) 0% 0% 0.7% 1.1% 39.4% 170.6%
DE Capital Markets -1% 6.7% 7.4% -5% 15.5% -38%
DE Market -0.6% 4.9% 0.9% -5.5% 7.9% 14.2%
1 Year Return vs Industry and Market
  • CFI outperformed the Capital Markets industry which returned -5% over the past year.
  • CFI outperformed the Market in Germany which returned -5.5% over the past year.
Price Volatility
CFI
Industry
5yr Volatility vs Market

Value

 Is Compagnie Financière Tradition 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 Compagnie Financière Tradition 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 Compagnie Financière Tradition.

DB:CFI 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
= CHF54.04 * 13.2%
CHF7.13
Book Value of Equity per Share Median Book Value from the past 5 years. CHF54.04
Discount Rate (Cost of Equity) See below 6.6%
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:CFI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.693 (1 + (1- 18%) (50.39%))
1.077
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.08
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.077 * 5.96%)
6.65%

Discounted Cash Flow Calculation for DB:CFI using Excess Returns Model Model

The calculations below outline how an intrinsic value for Compagnie Financière Tradition 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:CFI Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (13.2% – 6.65%) * CHF54.04)
CHF3.54
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CHF3.54 / (6.65% - 0.23%)
CHF55.14
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CHF54.04 + CHF55.14
CHF109.19
DB:CFI Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:CFI represents 0.88823x of SWX:CFT
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.88823x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CHF) x Listing Adjustment Factor
= CHF 109.19 x 0.88823
€96.98
Value per share (EUR) From above. €96.98
Current discount Discount to share price of €90.60
= -1 x (€90.60 - €96.98) / €96.98
6.6%

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

Current Discount
Amount off the current price Compagnie Financière Tradition is available for.
Intrinsic value
7%
Share price is €90.6 vs Future cash flow value of €96.98
Current Discount Checks
For Compagnie Financière Tradition to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Compagnie Financière Tradition's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Compagnie Financière Tradition's share price is below the future cash flow value, but not 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 Compagnie Financière Tradition's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Compagnie Financière Tradition's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:CFI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in CHF CHF7.62
SWX:CFT Share Price ** SWX (2019-06-28) in CHF CHF102
Germany Capital Markets Industry PE Ratio Median Figure of 17 Publicly-Listed Capital Markets Companies 25.86x
Germany Market PE Ratio Median Figure of 423 Publicly-Listed Companies 20.29x

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

** Primary Listing of Compagnie Financière Tradition.

DB:CFI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SWX:CFT Share Price ÷ EPS (both in CHF)

= 102 ÷ 7.62

13.38x

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

  • Compagnie Financière Tradition is good value based on earnings compared to the DE Capital Markets industry average.
  • Compagnie Financière Tradition is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Compagnie Financière Tradition's expected growth come at a high price?
Raw Data
DB:CFI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.38x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
-7.5%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 6 Publicly-Listed Capital Markets Companies 2.64x
Germany Market PEG Ratio Median Figure of 266 Publicly-Listed Companies 1.42x

*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 Compagnie Financière Tradition, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Compagnie Financière Tradition's assets?
Raw Data
DB:CFI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in CHF CHF52.55
SWX:CFT Share Price * SWX (2019-06-28) in CHF CHF102
Germany Capital Markets Industry PB Ratio Median Figure of 35 Publicly-Listed Capital Markets Companies 1.98x
Germany Market PB Ratio Median Figure of 596 Publicly-Listed Companies 1.72x
DB:CFI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SWX:CFT Share Price ÷ Book Value per Share (both in CHF)

= 102 ÷ 52.55

1.94x

* Primary Listing of Compagnie Financière Tradition.

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

  • Compagnie Financière Tradition is good value based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess Compagnie Financière Tradition'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. Compagnie Financière Tradition 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 Compagnie Financière Tradition expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Compagnie Financière Tradition, 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
-7.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Compagnie Financière Tradition expected to grow at an attractive rate?
  • Compagnie Financière Tradition's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Compagnie Financière Tradition's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Unable to compare Compagnie Financière Tradition's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
DB:CFI Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:CFI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts -7.5%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 43.2%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 3.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.2%

*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:CFI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:CFI Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2019-06-30 891 33 53
2019-03-31 885 7 52
2018-12-31 879 -19 51
2018-09-30 861 -2 51
2018-06-30 844 15 51
2018-03-31 820 25 49
2017-12-31 796 35 46
2017-09-30 790 34 47
2017-06-30 784 32 48
2017-03-31 790 45 49
2016-12-31 796 58 50
2016-09-30 800 127 49

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Compagnie Financière Tradition's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Unable to determine if Compagnie Financière Tradition 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:CFI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Compagnie Financière Tradition Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CFI Past Financials Data
Date (Data in CHF Millions) EPS *
2019-06-30 7.62
2019-03-31 7.43
2018-12-31 7.24
2018-09-30 7.25
2018-06-30 7.26
2018-03-31 7.00
2017-12-31 6.74
2017-09-30 6.95
2017-06-30 7.16
2017-03-31 7.30
2016-12-31 7.44
2016-09-30 7.23

*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 Compagnie Financière Tradition will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Compagnie Financière Tradition'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.
Compagnie Financière Tradition 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 Compagnie Financière Tradition 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 Compagnie Financière Tradition'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.
  • Compagnie Financière Tradition's year on year earnings growth rate has been positive over the past 5 years.
  • Compagnie Financière Tradition's 1-year earnings growth is less than its 5-year average (4.9% vs 15.4%)
  • Compagnie Financière Tradition's earnings growth has exceeded the DE Capital Markets industry average in the past year (4.9% vs 1.5%).
Earnings and Revenue History
Compagnie Financière Tradition'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 Compagnie Financière Tradition Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CFI Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 891.38 53.17 671.24
2019-03-31 884.94 51.97 662.01
2018-12-31 878.51 50.77 652.79
2018-09-30 861.48 50.74 638.51
2018-06-30 844.46 50.71 624.24
2018-03-31 820.43 48.55 608.35
2017-12-31 796.41 46.40 592.46
2017-09-30 790.15 47.43 585.78
2017-06-30 783.89 48.46 579.10
2017-03-31 790.06 49.42 584.79
2016-12-31 796.23 50.39 590.48
2016-09-30 800.22 49.21 596.93
2016-06-30 804.20 48.03 603.39
2016-03-31 805.49 44.25 604.07
2015-12-31 806.77 40.46 604.76
2015-09-30 819.60 36.78 615.36
2015-06-30 832.44 33.11 625.97
2015-03-31 832.00 30.41 626.33
2014-12-31 831.56 27.71 626.68
2014-09-30 825.24 19.00 629.06
2014-06-30 818.92 10.30 631.44
2014-03-31 844.95 12.88 650.91
2013-12-31 870.98 15.46 670.37
2013-09-30 895.09 22.25 685.24
2013-06-30 919.21 29.05 700.11
2013-03-31 937.32 25.05 716.12
2012-12-31 955.43 21.06 732.13
2012-09-30 1,000.55 20.29 759.93

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

Health

 How is Compagnie Financière Tradition'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 Compagnie Financière Tradition's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Compagnie Financière Tradition is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Compagnie Financière Tradition's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Compagnie Financière Tradition's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 4.8x 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 Compagnie Financière Tradition Company Filings, last reported 2 months ago.

DB:CFI Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 394.95 298.84 294.75
2019-03-31 394.95 298.84 294.75
2018-12-31 401.27 277.85 278.18
2018-09-30 401.27 277.85 278.18
2018-06-30 395.25 275.40 300.45
2018-03-31 395.25 275.40 300.45
2017-12-31 398.37 240.17 323.34
2017-09-30 398.37 240.17 323.34
2017-06-30 363.35 254.91 308.76
2017-03-31 363.35 254.91 308.76
2016-12-31 380.31 246.83 339.88
2016-09-30 380.31 246.83 339.88
2016-06-30 375.36 250.91 337.21
2016-03-31 375.36 250.91 337.21
2015-12-31 370.01 256.16 349.05
2015-09-30 370.01 256.16 349.05
2015-06-30 329.16 385.44 331.87
2015-03-31 329.16 385.44 331.87
2014-12-31 354.12 162.03 251.96
2014-09-30 354.12 162.03 251.96
2014-06-30 315.61 171.14 211.52
2014-03-31 315.61 171.14 211.52
2013-12-31 332.52 177.75 237.63
2013-09-30 332.52 177.75 237.63
2013-06-30 358.21 180.53 222.41
2013-03-31 358.21 180.53 222.41
2012-12-31 350.68 154.12 202.16
2012-09-30 364.08 154.13 275.73
  • Compagnie Financière Tradition's level of debt (75.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (50.7% vs 75.7% today).
  • Debt is not well covered by operating cash flow (10.9%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Compagnie Financière Tradition's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Compagnie Financière Tradition'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. Compagnie Financière Tradition 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 Compagnie Financière Tradition'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
4.77%
Current annual income from Compagnie Financière Tradition dividends.
If you bought €2,000 of Compagnie Financière Tradition shares you are expected to receive €95 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?
  • Compagnie Financière Tradition's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.4%).
  • Compagnie Financière Tradition's dividend is above the markets top 25% of dividend payers in Germany (3.93%).
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:CFI 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 17 Stocks 2.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 335 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
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:CFI Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2019-04-26 4.861 4.748
2019-01-15 4.861 4.716
2018-03-15 4.861 4.816
2017-04-26 4.375 4.714
2016-03-10 3.403 4.669
2015-05-22 2.917 4.730
2014-05-02 2.431 5.495
2014-03-14 2.431 5.296
2013-03-15 1.944 4.143
2012-02-29 3.889 6.922
2011-03-17 4.861 5.920
2010-01-04 7.778 7.004
2009-03-02 7.778 6.945

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 Compagnie Financière Tradition's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x 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 Compagnie Financière Tradition'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 Compagnie Financière Tradition afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Compagnie Financière Tradition 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.

Management

 What is the CEO of Compagnie Financière Tradition'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
Patrick Combes
COMPENSATION CHF11,600
AGE 66
CEO Bio

Mr. Patrick Combes serves as the Chairman of Executive Board, Chief Executive Officer and Chairman of Board of Compagnie Financière Tradition SA and was its President. Mr. Combes serves as the Chief Executive Officer of VIEL et Compagnie Finance SE. He serves as Manager of SCI Foch and Immoviel. He serves as the Chairman of the Board of Compagnie Financière Tradition (Switzerland), VIEL & Cie Finance, Financière Vermeer B.V. (Holland), all are subsidiaries of VIEL & Cie SA. He serves as the Chief Executive Officer of VIEL & Cie SA and has been its Chairman since March 2013. He serves as the Chairman at VIEL et Compagnie Finance SE. He serves as Chairman of the Board of Compagnie Financière Tradition SA and has been its Director since January 07, 1997. He has been a Director of VIEL & Cie SA since October 9, 1979. He serves as a Director for Verbalys, Arpège Finances, Verbalys SCI Vaullongue and Swiss Life Bank. He serves as Member of Advisory Board at FT Advisors Limited. He serves as a Member of Board of Overseers at Columbia Business School. He served as a Director of Bourse Direct SA. He is a Knight of the Legion of Honour. After studying at the ESCP-EAP in Paris, Mr. Combes left for the United States, where he obtained an MBA at Columbia University, New York.

CEO Compensation
  • Insufficient data for Patrick to compare compensation growth.
  • Patrick's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Compagnie Financière Tradition management team in years:

7.5
Average Tenure
54
Average Age
  • The average tenure for the Compagnie Financière Tradition management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Patrick Combes

TITLE
Chairman of Board
COMPENSATION
CHF12K
AGE
66

Michael Leibowitz

TITLE
COO of Americas & EMEA and Member of Executive Board
COMPENSATION
CHF5M
AGE
53

Francois Brisebois

TITLE
CFO & Member of Executive Board
AGE
45
TENURE
7.5 yrs

Dominique Velter

TITLE
Director of Strategic Marketing & Member of Executive Board
AGE
54

Adrian Bell

TITLE
COO of Asia & Pacific and Member of Executive Board
AGE
58
TENURE
7.5 yrs

Larry Rosenshein

TITLE
COO of Tradition Americas & Member of Executive Board
AGE
57

Yann L'huillier

TITLE
Group Chief Information Officer
TENURE
9.5 yrs

William Wostyn

TITLE
Chief Legal Officer & Secretary
AGE
45
Board of Directors Tenure

Average tenure and age of the Compagnie Financière Tradition board of directors in years:

22.7
Average Tenure
75
Average Age
  • The average tenure for the Compagnie Financière Tradition board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Patrick Combes

TITLE
Chairman of Board
COMPENSATION
CHF12K
AGE
66
TENURE
22.7 yrs

François Carrard

TITLE
Deputy Chairman
COMPENSATION
CHF52K
AGE
80

Robert Pennone

TITLE
Non-Executive Independent Director
COMPENSATION
CHF62K
AGE
74
TENURE
22.7 yrs

Christian Goecking

TITLE
Non-Executive Independent Director
COMPENSATION
CHF52K
AGE
75
TENURE
22.7 yrs

Urs Schneider

TITLE
Non-Executive Independent Director
COMPENSATION
CHF42K
AGE
74
TENURE
22.7 yrs

Hervé de Carmoy

TITLE
Non-Executive Independent Director
COMPENSATION
CHF59K
AGE
81
TENURE
22 yrs

Eric Solvet

TITLE
Director
COMPENSATION
CHF27K
TENURE
1.3 yrs

Jean Marie

TITLE
Non-Executive Independent Director
COMPENSATION
CHF62K
AGE
83
TENURE
22.7 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 Compagnie Financière Tradition'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. Compagnie Financière Tradition 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

Compagnie Financière Tradition SA operates as an interdealer broker of financial and non-financial products worldwide. It provides capital market products, including basis swaps, credit and currency derivatives, inflation products, Latin American derivatives, non-deliverable swaps, overnight index swaps, short dates, and Turkish fixed income and rates products, as well as interest rate derivatives, options, and swaps. The company also offers energy and commodity products, such as coal, electricity, environmental products, natural gas, oil, precious metals, property derivatives, pulp and paper, refined products, soft commodities, tradition energy, weather, LNG, petroleum and LPG, and renewable energy credits. In addition, it provides equities comprising cash and preferred equities, equity derivatives, ETFs, institutional cash equities, single-stock options, delta-one products, exotics, post-reorg equities, index variance and equity finance swaps, and dividend swaps; and fixed income products consisting of asset swaps credit, floating rate notes, futures and options, mortgages, repurchase agreements, and securities, as well as corporate, covered, and government bonds. Further, the company offers foreign exchange (FX) products, such as emerging markets, FX listed futures and options, FX options, ParFX, spot and forward FX, and FX exotics; market data products; and money market products, including arbitrage, cash fund management, commercial paper, deposits and certificates of deposits, forward rate agreements, bank bills, federal funds, and short dates. Additionally, it provides services for other products, such as private equity, structured products, hedge fund secondaries, commodities Murabaha, and GCC fixed income. The company also develops information services; and sells market data. The company was founded in 1959 and is based in Lausanne, Switzerland. Compagnie Financière Tradition SA is a subsidiary of Financière Vermeer NV.

Details
Name: Compagnie Financière Tradition SA
CFI
Exchange: DB
Founded: 1959
CHF672,104,463
7,145,774
Website: http://www.tradition.com
Address: Compagnie Financière Tradition SA
11 Rue de Langallerie,
Lausanne,
Vaud, 1003,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX CFT Bearer Shares SIX Swiss Exchange CH CHF 02. Jan 1992
OTCPK CFNC.F Bearer Shares Pink Sheets LLC US USD 02. Jan 1992
DB CFI Bearer Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0QL7 Bearer Shares London Stock Exchange GB CHF 02. Jan 1992
Number of employees
Current staff
Staff numbers
2,300
Compagnie Financière Tradition employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/09/25 20:56
End of day share price update: 2019/06/28 00:00
Last earnings filing: 2019/08/30
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.