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Cerved Group

DB:CV7
Snowflake Description

Proven track record with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CV7
DB
€2B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Cerved Group S.p.A. provides information products and services for financial institutions, corporations, insurance companies, public administrations, professionals, and private customers in Italy and internationally. The last earnings update was 73 days ago. More info.


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CV7 Share Price and Events
7 Day Returns
-0.2%
DB:CV7
5.3%
DE Diversified Financial
1.2%
DE Market
1 Year Returns
-6.1%
DB:CV7
-0.5%
DE Diversified Financial
0.4%
DE Market
CV7 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cerved Group (CV7) -0.2% -4.2% -0.1% -6.1% 6.1% 73.6%
DE Diversified Financial 5.3% 5.7% -7.1% -0.5% 72.6% 328.3%
DE Market 1.2% -1.3% -0.9% 0.4% 6.9% 24.4%
1 Year Return vs Industry and Market
  • CV7 underperformed the Diversified Financial industry which returned -0.5% over the past year.
  • CV7 underperformed the Market in Germany which returned 0.4% over the past year.
Price Volatility
CV7
Industry
5yr Volatility vs Market

Value

 Is Cerved Group 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 Cerved Group 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 Cerved Group.

DB:CV7 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 5 analysts.
= Stable Book Value * Return on Equity
= €2.95 * 19%
€0.56
Book Value of Equity per Share Weighted future Book Value estimates from 6 analysts. €2.95
Discount Rate (Cost of Equity) See below 8.9%
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:CV7
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 9%
Diversified Financial Unlevered Beta Simply Wall St/ S&P Global 0.72
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.719 (1 + (1- 24%) (42.37%))
0.967
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.97
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.967 * 9.02%)
8.95%

Discounted Cash Flow Calculation for DB:CV7 using Excess Returns Model Model

The calculations below outline how an intrinsic value for Cerved Group 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:CV7 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (19% – 8.95%) * €2.95)
€0.30
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €0.30 / (8.95% - 0.23%)
€3.40
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €2.95 + €3.40
€6.35
DB:CV7 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:CV7 represents 0.9611x of BIT:CERV
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.9611x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 6.35 x 0.9611
€6.10
Value per share (EUR) From above. €6.10
Current discount Discount to share price of €7.66
= -1 x (€7.66 - €6.10) / €6.10
-25.6%

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

  • The current share price of Cerved Group 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 Cerved Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cerved Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:CV7 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in EUR €0.40
BIT:CERV Share Price ** BIT (2019-10-11) in EUR €7.97
Germany Diversified Financial Industry PE Ratio Median Figure of 6 Publicly-Listed Diversified Financial Companies 27.43x
Germany Market PE Ratio Median Figure of 417 Publicly-Listed Companies 19.64x

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

** Primary Listing of Cerved Group.

DB:CV7 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BIT:CERV Share Price ÷ EPS (both in EUR)

= 7.97 ÷ 0.40

19.7x

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

  • Cerved Group is good value based on earnings compared to the DE Diversified Financial industry average.
  • Cerved Group is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Cerved Group's expected growth come at a high price?
Raw Data
DB:CV7 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 19.7x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
10.1%per year
Europe Diversified Financial Industry PEG Ratio Median Figure of 13 Publicly-Listed Diversified Financial Companies 1.79x
Germany Market PEG Ratio Median Figure of 265 Publicly-Listed Companies 1.37x

*Line of best fit is calculated by linear regression .

DB:CV7 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 19.7x ÷ 10.1%

1.95x

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

  • Cerved Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Cerved Group's assets?
Raw Data
DB:CV7 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in EUR €2.68
BIT:CERV Share Price * BIT (2019-10-11) in EUR €7.97
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 1.72x
DB:CV7 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BIT:CERV Share Price ÷ Book Value per Share (both in EUR)

= 7.97 ÷ 2.68

2.98x

* Primary Listing of Cerved Group.

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

  • Cerved Group is good value based on assets compared to the DE Diversified Financial industry average.
X
Value checks
We assess Cerved Group'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. Cerved Group 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.

Future Performance

 How is Cerved Group expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cerved Group expected to grow at an attractive rate?
  • Cerved Group's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Cerved Group's earnings growth is positive but not above the Germany market average.
  • Cerved Group's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:CV7 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:CV7 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 10.1%
DB:CV7 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 4.2%
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 12.9%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*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:CV7 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:CV7 Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 543 202 86 4
2020-12-31 528 183 83 6
2019-12-31 503 168 67 6
2019-10-11
DB:CV7 Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-06-30 481 156 79
2019-03-31 470 159 85
2018-12-31 458 154 85
2018-09-30 429 144 61
2018-06-30 419 165 64
2018-03-31 410 153 60
2017-12-31 394 151 53
2017-09-30 395 164 56
2017-06-30 388 159 47
2017-03-31 386 146 52
2016-12-31 377 147 47
2016-09-30 368 132 40

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cerved Group's earnings are expected to grow by 10.1% yearly, however this is not considered high growth (20% yearly).
  • Cerved Group's revenue is expected to grow by 4.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:CV7 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 6 Analyst Estimates (S&P Global) See Below

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

DB:CV7 Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.45 0.49 0.40 4.00
2020-12-31 0.43 0.47 0.39 6.00
2019-12-31 0.34 0.37 0.30 5.00
2019-10-11
DB:CV7 Past Financials Data
Date (Data in EUR Millions) EPS *
2019-06-30 0.40
2019-03-31 0.44
2018-12-31 0.44
2018-09-30 0.31
2018-06-30 0.33
2018-03-31 0.31
2017-12-31 0.27
2017-09-30 0.28
2017-06-30 0.24
2017-03-31 0.27
2016-12-31 0.24
2016-09-30 0.20

*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.
  • Cerved Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Cerved Group'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.
Cerved Group has a total score of 1/6, 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 Cerved Group 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 Cerved Group'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.
  • Cerved Group has delivered over 20% year on year earnings growth in the past 5 years.
  • Cerved Group's 1-year earnings growth is less than its 5-year average (23.4% vs 43.9%)
  • Cerved Group's earnings growth has exceeded the Europe Diversified Financial industry average in the past year (23.4% vs 3.5%).
Earnings and Revenue History
Cerved Group'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 Cerved Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CV7 Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 480.88 79.25 18.06
2019-03-31 469.71 85.21 16.72
2018-12-31 457.63 85.19 16.76
2018-09-30 429.16 61.04 11.79
2018-06-30 418.61 64.24 11.30
2018-03-31 409.56 59.91 14.50
2017-12-31 394.27 52.73 14.77
2017-09-30 394.80 56.38 13.18
2017-06-30 387.69 46.54 16.71
2017-03-31 385.69 51.91 14.59
2016-12-31 376.95 47.28 14.12
2016-09-30 368.45 39.52 10.90
2016-06-30 363.80 9.42 12.09
2016-03-31 359.04 3.82 11.03
2015-12-31 353.59 1.44 11.31
2015-09-30 402.20 -1.66 12.44
2015-06-30 395.33 27.02 14.20
2015-03-31 385.48 17.27 12.97
2014-12-31 302.46 11.33 11.35
2013-12-31 313.70 8.00 6.40
2012-12-31 290.62 4.32 6.90

*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.
  • Cerved Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Cerved Group used its assets more efficiently than the DE Diversified Financial industry average last year based on Return on Assets.
  • Cerved Group has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Cerved Group'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.
Cerved Group 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.

Health

 How is Cerved Group'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 Cerved Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cerved Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Cerved Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Cerved Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.5x 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 Cerved Group Company Filings, last reported 3 months ago.

DB:CV7 Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 518.68 604.56 47.52
2019-03-31 566.63 642.02 67.99
2018-12-31 552.31 589.81 42.36
2018-09-30 538.84 585.47 42.80
2018-06-30 533.01 602.05 57.72
2018-03-31 560.20 572.42 95.11
2017-12-31 542.88 573.45 99.21
2017-09-30 534.90 560.95 56.18
2017-06-30 521.92 565.85 43.04
2017-03-31 558.73 563.51 53.49
2016-12-31 543.93 571.96 48.54
2016-09-30 520.33 570.63 20.84
2016-06-30 518.70 598.64 30.02
2016-03-31 577.25 568.99 34.29
2015-12-31 568.80 587.57 50.73
2015-09-30 556.97 578.99 32.29
2015-06-30 581.78 557.02 14.29
2015-03-31 610.90 523.00 42.11
2014-12-31 605.13 533.66 46.07
2013-12-31 371.10 722.20
2012-12-31 165.07 297.50 16.88
  • Cerved Group's level of debt (116.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (128.8% vs 116.6% today).
  • Debt is well covered by operating cash flow (25.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 8.8x coverage).
X
Financial health checks
We assess Cerved Group'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. Cerved Group has a total score of 4/6, 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 Cerved Group'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
3.83%
Current annual income from Cerved Group dividends. Estimated to be 4.51% next year.
If you bought €2,000 of Cerved Group shares you are expected to receive €77 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?
  • Cerved Group's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.48%).
  • Cerved Group's dividend is below the markets top 25% of dividend payers in Germany (3.96%).
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:CV7 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 6 Analyst Estimates (S&P Global) See Below
Europe Diversified Financial Industry Average Dividend Yield Market Cap Weighted Average of 32 Stocks 3.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 337 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 4%

Industry and Market average data is calculated daily.

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

DB:CV7 Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.39 5.00
2020-12-31 0.37 6.00
2019-12-31 0.32 5.00
2019-10-11
DB:CV7 Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-05 0.305 3.802
2018-04-09 0.270 3.232
2018-02-26 0.270 2.621
2017-02-24 0.247 2.481
2016-04-07 0.196 2.612
2016-03-16 0.196 2.692
2015-04-01 0.205 2.978

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

  • Whilst dividend payments have been stable, Cerved Group has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Cerved Group only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Cerved Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.6x coverage).
X
Income/ dividend checks
We assess Cerved Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - 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 Cerved Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cerved Group 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 Cerved Group'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
Andrea Mignanelli
COMPENSATION €0
AGE 50
TENURE AS CEO 0.5 years
CEO Bio

Mr. Andrea Mignanelli serves as the Chief Executive Officer at Cerved Group S.p.A. since April 2019. He had been the Chief Executive Officer of Cerved Credit Management at Cerved Group Spa since September 27, 2016 until 2019. Mr. Mignanelli founded Cerved Credit Management Group in 2005 and served as its Managing Director until September 27, 2016. Prior to Cerved Credit Management, Mr. Mignanelli was a Partner at McKinsey & Co., where he was responsible for Credit Risk Management Practice in Europe. From 1994 to 1997 he worked as a Financial Analyst at General Electric’s offices in London, New York and Rio de Janeiro. He has been an Executive Director of Cerved Group Spa since April 29, 2016. He has been a Director of Cerved Information Solutions S.p.A. since April 29, 2016. He is a graduate in Business and Economics from Milan’s Luigi Bocconi University in 1993, Mr. Mignanelli completed his education by earning a Master’s in Business Administration from INSEAD, France, in 1998.

CEO Compensation
  • Insufficient data for Andrea to compare compensation growth.
  • Insufficient data for Andrea to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Cerved Group management team in years:

0.5
Average Tenure
50
Average Age
  • The average tenure for the Cerved Group management team is less than 2 years, this suggests a new team.
Management Team

Gianandrea De Bernardis

TITLE
Executive Chairman
COMPENSATION
€1M
AGE
55

Andrea Mignanelli

TITLE
CEO & Director
AGE
50
TENURE
0.5 yrs

Giovanni Sartor

TITLE
Head of Administration & Audit and CFO
AGE
63

Sabrina Curti

TITLE
General Counsel & Executive Director
AGE
44

Roberto Mancini

TITLE
Chief Commercial Officer & GM of Sale
AGE
48

Pietro Masera

TITLE
Head of Corporate Development & Investor Relations
AGE
51
TENURE
5.8 yrs

Valerio Momoni

TITLE
Marketing
AGE
42

Simone Martina

TITLE
Human Resources Director
TENURE
0.5 yrs
Board of Directors Tenure

Average tenure and age of the Cerved Group board of directors in years:

3.5
Average Tenure
55
Average Age
  • The tenure for the Cerved Group board of directors is about average.
Board of Directors

Gianandrea De Bernardis

TITLE
Executive Chairman
COMPENSATION
€1M
AGE
55
TENURE
0.5 yrs

Andrea Mignanelli

TITLE
CEO & Director
AGE
50
TENURE
3.5 yrs

Sabrina Curti

TITLE
General Counsel & Executive Director
AGE
44
TENURE
4.1 yrs

Aurelio Regina

TITLE
Independent Director
COMPENSATION
€60K
AGE
56
TENURE
5.5 yrs

Fabio Cerchiai

TITLE
Lead Independent Director
COMPENSATION
€220K
AGE
75
TENURE
0.8 yrs

Antonella Bientinesi

TITLE
Chairman of the Board of Statutory Auditors

Alessandra Stabilini

TITLE
Independent Director
AGE
49
TENURE
0.5 yrs

Mara Anna Caverni

TITLE
Independent Director
COMPENSATION
€60K
AGE
57
TENURE
5.5 yrs

Valentina Montanari

TITLE
Independent Director
COMPENSATION
€40K
AGE
52
TENURE
3.5 yrs

Mario Pitto

TITLE
Independent Director
AGE
68
TENURE
0.5 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 Cerved Group'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. Cerved Group 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

Cerved Group S.p.A. provides information products and services for financial institutions, corporations, insurance companies, public administrations, professionals, and private customers in Italy and internationally. The company’s Credit Information division offers commercial, accounting, economic/financial, and legal information to businesses and financial institutions through various products, including business information, real estate, ratings and analytics, and consumer information. This division’s products enable its customers to assess the reliability and credit worthiness of their customers, commercial counterparties, and potential customers. The Marketing Solutions segment provides various market information and analyses to customers, which enables them to find new customers and business partners, know the competitors, analyze target sectors, and enhance the performance, as well as performance marketing solutions and solutions supported by proprietary technologies. Its Credit Management division offers services for the valuation and management of receivables and problem assets on behalf of third parties. This division’s credit management services comprise assessment of non-performing loans; managing and recovering receivable through out-of-court settlements or through court proceedings; and managing and reselling personal property and real estate. The company was formerly known as Cerved Information Solutions S.p.A. and changed its name to Cerved Group S.p.A. in April 2018. The company was founded in 1974 and is headquartered in Milan, Italy.

Details
Name: Cerved Group S.p.A.
CV7
Exchange: DB
Founded: 1974
€1,529,081,990
191,854,704
Website: http://company.cerved.com
Address: Cerved Group S.p.A.
Via dell’Unione Europea n. 6/A-6/B,
San Donato Milanese,
Milan,
Milan, 20097,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT CERV Common Shares Borsa Italiana IT EUR 24. Jun 2014
OTCPK CVMT.F Common Shares Pink Sheets LLC US USD 24. Jun 2014
DB CV7 Common Shares Deutsche Boerse AG DE EUR 24. Jun 2014
LSE 0QV5 Common Shares London Stock Exchange GB EUR 24. Jun 2014
BATS-CHIXE CERVM Common Shares BATS 'Chi-X Europe' GB EUR 24. Jun 2014
OTCPK CVMT.Y UNSPONSORED ADR Pink Sheets LLC US USD 03. May 2016
Number of employees
Current staff
Staff numbers
2,386
Cerved Group employees.
Industry
Specialized Finance
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/11 22:19
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/09/09
Last earnings filing: 2019/07/30
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.