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Kulmbacher Brauerei Aktien-Gesellschaft

MUN:KUL
Snowflake Description

Excellent balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
KUL
MUN
€215M
Market Cap
  1. Home
  2. DE
  3. Food, Beverage & Tobacco
Company description

Kulmbacher Brauerei Aktien-Gesellschaft operates breweries in Germany. The last earnings update was 243 days ago. More info.


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KUL Share Price and Events
7 Day Returns
7.6%
MUN:KUL
3.4%
DE Beverage
7.1%
DE Market
1 Year Returns
0.8%
MUN:KUL
-3.9%
DE Beverage
-17.5%
DE Market
KUL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Kulmbacher Brauerei Aktien-Gesellschaft (KUL) 7.6% -1.5% -5.9% 0.8% 33.3% 94.5%
DE Beverage 3.4% -10.7% -9.4% -3.9% 18% 43.2%
DE Market 7.1% -20% -26.1% -17.5% -25.8% -29.2%
1 Year Return vs Industry and Market
  • KUL outperformed the Beverage industry which returned -3.9% over the past year.
  • KUL outperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
KUL
Industry
5yr Volatility vs Market

KUL Value

 Is Kulmbacher Brauerei Aktien-Gesellschaft 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 Kulmbacher Brauerei Aktien-Gesellschaft 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 Kulmbacher Brauerei Aktien-Gesellschaft.

MUN:KUL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 4%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for MUN:KUL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Beverage Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.49 (1 + (1- 30%) (14.23%))
0.691
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.8 * 5.44%)
3.96%

Discounted Cash Flow Calculation for MUN:KUL using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Kulmbacher Brauerei Aktien-Gesellschaft is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

MUN:KUL DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 3.96%)
2020 7.90 Est @ -16.92% 7.60
2021 6.96 Est @ -11.96% 6.44
2022 6.37 Est @ -8.49% 5.67
2023 5.98 Est @ -6.06% 5.12
2024 5.72 Est @ -4.36% 4.71
2025 5.54 Est @ -3.17% 4.39
2026 5.41 Est @ -2.33% 4.12
2027 5.31 Est @ -1.75% 3.89
2028 5.24 Est @ -1.34% 3.70
2029 5.19 Est @ -1.06% 3.52
Present value of next 10 years cash flows €49.00
MUN:KUL DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €5.19 × (1 + -0.39%) ÷ (3.96% – -0.39%)
€118.73
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €118.73 ÷ (1 + 3.96%)10
€80.51
MUN:KUL Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €49.00 + €80.51
€129.51
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €129.51 / 3.36
€38.54
MUN:KUL Discount to Share Price
Calculation Result
Value per share (EUR) From above. €38.54
Current discount Discount to share price of €64.00
= -1 x (€64.00 - €38.54) / €38.54
-66%

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

  • The current share price of Kulmbacher Brauerei Aktien-Gesellschaft 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 Kulmbacher Brauerei Aktien-Gesellschaft's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Kulmbacher Brauerei Aktien-Gesellschaft's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
MUN:KUL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in EUR €2.51
MUN:KUL Share Price ** MUN (2020-03-27) in EUR €64
Germany Beverage Industry PE Ratio Median Figure of 7 Publicly-Listed Beverage Companies 29.97x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 16.45x

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

** Primary Listing of Kulmbacher Brauerei Aktien-Gesellschaft.

MUN:KUL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= MUN:KUL Share Price ÷ EPS (both in EUR)

= 64 ÷ 2.51

25.48x

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

  • Kulmbacher Brauerei Aktien-Gesellschaft is good value based on earnings compared to the DE Beverage industry average.
  • Kulmbacher Brauerei Aktien-Gesellschaft is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Kulmbacher Brauerei Aktien-Gesellschaft's expected growth come at a high price?
Raw Data
MUN:KUL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 25.48x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Europe Beverage Industry PEG Ratio Median Figure of 29 Publicly-Listed Beverage Companies 2.18x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.2x

*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 Kulmbacher Brauerei Aktien-Gesellschaft, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Kulmbacher Brauerei Aktien-Gesellschaft's assets?
Raw Data
MUN:KUL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in EUR €22.93
MUN:KUL Share Price * MUN (2020-03-27) in EUR €64
Germany Beverage Industry PB Ratio Median Figure of 7 Publicly-Listed Beverage Companies 2.11x
Germany Market PB Ratio Median Figure of 575 Publicly-Listed Companies 1.43x
MUN:KUL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= MUN:KUL Share Price ÷ Book Value per Share (both in EUR)

= 64 ÷ 22.93

2.79x

* Primary Listing of Kulmbacher Brauerei Aktien-Gesellschaft.

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

  • Kulmbacher Brauerei Aktien-Gesellschaft is overvalued based on assets compared to the DE Beverage industry average.
X
Value checks
We assess Kulmbacher Brauerei Aktien-Gesellschaft'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 Beverage 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 Beverage industry average (and greater than 0)? (1 check)
  5. Kulmbacher Brauerei Aktien-Gesellschaft has a total score of 1/6, 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.

KUL Future Performance

 How is Kulmbacher Brauerei Aktien-Gesellschaft expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Kulmbacher Brauerei Aktien-Gesellschaft has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

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

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.6%
Expected Beverage industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Kulmbacher Brauerei Aktien-Gesellschaft expected to grow at an attractive rate?
  • Unable to compare Kulmbacher Brauerei Aktien-Gesellschaft's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Kulmbacher Brauerei Aktien-Gesellschaft's earnings growth to the Germany market average as no estimate data is available.
  • Unable to compare Kulmbacher Brauerei Aktien-Gesellschaft's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
MUN:KUL Future Growth Rates Data Sources
Data Point Source Value (per year)
Europe Beverage Industry Earnings Growth Rate Market Cap Weighted Average 7.6%
Europe Beverage Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.2%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.2%

*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
MUN:KUL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (8 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.
MUN:KUL Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-06-30 238 30 8
2019-03-31 237 29 9
2018-12-31 235 29 9
2018-09-30 231 30 9
2018-06-30 226 32 10
2018-03-31 225 29 8
2017-12-31 224 27 7
2017-09-30 225 27 8
2017-06-30 226 26 8
2017-03-31 225 26 8
2016-12-31 225 26 8
2016-09-30 226 26 7

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Kulmbacher Brauerei Aktien-Gesellschaft is high growth as no earnings estimate data is available.
  • Unable to determine if Kulmbacher Brauerei Aktien-Gesellschaft 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
MUN:KUL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (8 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Kulmbacher Brauerei Aktien-Gesellschaft Company Filings, last reported 8 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MUN:KUL Past Financials Data
Date (Data in EUR Millions) EPS *
2019-06-30 2.51
2019-03-31 2.64
2018-12-31 2.76
2018-09-30 2.80
2018-06-30 2.84
2018-03-31 2.52
2017-12-31 2.20
2017-09-30 2.26
2017-06-30 2.32
2017-03-31 2.42
2016-12-31 2.51
2016-09-30 2.14

*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 Kulmbacher Brauerei Aktien-Gesellschaft will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine Kulmbacher Brauerei Aktien-Gesellschaft's financial health to determine how well-positioned it is against times of financial stress by looking at its level of debt over time and how much cash it has left.
  2. Kulmbacher Brauerei Aktien-Gesellschaft's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Food, Beverage & Tobacco companies here
  3. Kulmbacher Brauerei Aktien-Gesellschaft's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Kulmbacher Brauerei Aktien-Gesellschaft'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 Europe 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.
Kulmbacher Brauerei Aktien-Gesellschaft 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.

KUL Past Performance

  How has Kulmbacher Brauerei Aktien-Gesellschaft performed over the past 5 years?

  • Kulmbacher Brauerei Aktien-Gesellschaft's last earnings update was 243 days ago.
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 Kulmbacher Brauerei Aktien-Gesellschaft's growth in the last year to its industry (Beverage).
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.
  • Kulmbacher Brauerei Aktien-Gesellschaft's year on year earnings growth rate has been positive over the past 5 years.
  • Kulmbacher Brauerei Aktien-Gesellschaft's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Kulmbacher Brauerei Aktien-Gesellschaft's 1-year earnings growth is negative, it can't be compared to the DE Beverage industry average.
Earnings and Revenue History
Kulmbacher Brauerei Aktien-Gesellschaft'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 Kulmbacher Brauerei Aktien-Gesellschaft Company Filings, last reported 8 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MUN:KUL Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 237.77 8.44 62.80
2019-03-31 236.58 8.86 61.86
2018-12-31 235.39 9.28 60.92
2018-09-30 230.88 9.41 59.96
2018-06-30 226.36 9.54 58.99
2018-03-31 225.02 8.46 58.83
2017-12-31 223.67 7.38 58.67
2017-09-30 224.66 7.59 58.68
2017-06-30 225.66 7.80 58.69
2017-03-31 225.35 8.12 58.34
2016-12-31 225.03 8.44 58.00
2016-09-30 225.85 7.20 57.40
2016-06-30 226.66 5.97 56.79
2016-03-31 225.39 5.71 56.43
2015-12-31 224.12 5.45 56.07
2015-09-30 221.46 4.16 56.43
2015-06-30 218.81 2.87 56.79
2015-03-31 219.87 2.85 56.51
2014-12-31 220.93 2.83 56.22
2014-09-30 219.19 4.14 55.56
2014-06-30 217.45 5.45 54.90
2014-03-31 213.42 4.24 54.49
2013-12-31 209.38 3.03 54.07
2013-09-30 207.52 1.71 54.17
2013-06-30 205.66 0.38 54.26
2013-03-31 208.33 1.45 54.25

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

KUL Health

 How is Kulmbacher Brauerei Aktien-Gesellschaft'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 Kulmbacher Brauerei Aktien-Gesellschaft's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Kulmbacher Brauerei Aktien-Gesellschaft's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Kulmbacher Brauerei Aktien-Gesellschaft's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Kulmbacher Brauerei Aktien-Gesellschaft'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.
  • High level of physical assets or inventory.
  • Kulmbacher Brauerei Aktien-Gesellschaft 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 Kulmbacher Brauerei Aktien-Gesellschaft Company Filings, last reported 8 months ago.

MUN:KUL Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 77.06 0.00 11.04
2019-03-31 77.06 0.00 11.04
2018-12-31 78.80 1.47 27.45
2018-09-30 78.80 1.47 27.45
2018-06-30 74.34 0.00 8.25
2018-03-31 74.34 0.00 8.25
2017-12-31 73.56 2.84 21.93
2017-09-30 73.56 2.84 21.93
2017-06-30 67.44 2.42 2.68
2017-03-31 67.44 2.42 2.68
2016-12-31 68.82 5.97 20.77
2016-09-30 68.82 5.97 20.77
2016-06-30 63.63 5.18 1.71
2016-03-31 63.63 5.18 1.71
2015-12-31 61.75 6.33 13.39
2015-09-30 61.75 6.33 13.39
2015-06-30 58.14 12.77 2.20
2015-03-31 58.14 12.77 2.20
2014-12-31 56.41 10.54 10.50
2014-09-30 56.41 10.54 10.50
2014-06-30 57.78 19.73 5.18
2014-03-31 57.78 19.73 5.18
2013-12-31 56.08 15.45 10.20
2013-09-30 56.08 15.45 10.20
2013-06-30 51.89 26.56 1.81
2013-03-31 51.89 26.56 1.81
  • Kulmbacher Brauerei Aktien-Gesellschaft has no debt.
  • Kulmbacher Brauerei Aktien-Gesellschaft has no debt compared to 5 years ago when it was 34%.
  • Kulmbacher Brauerei Aktien-Gesellschaft has no debt, it does not need to be covered by operating cash flow.
  • Kulmbacher Brauerei Aktien-Gesellschaft has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Kulmbacher Brauerei Aktien-Gesellschaft'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. Kulmbacher Brauerei Aktien-Gesellschaft has a total score of 5/6, 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.

KUL Dividends

 What is Kulmbacher Brauerei Aktien-Gesellschaft'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
1.56%
Current annual income from Kulmbacher Brauerei Aktien-Gesellschaft dividends.
If you bought €2,000 of Kulmbacher Brauerei Aktien-Gesellschaft shares you are expected to receive €31 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?
  • Kulmbacher Brauerei Aktien-Gesellschaft's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.71%).
  • Kulmbacher Brauerei Aktien-Gesellschaft's dividend is below the markets top 25% of dividend payers in Germany (4.98%).
Upcoming dividend payment

Purchase Kulmbacher Brauerei Aktien-Gesellschaft 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
MUN:KUL 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 Beverage Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 1.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 321 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 1%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

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

MUN:KUL Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-04-15 1.000 1.477
2018-02-28 1.000 1.604
2017-04-06 1.000 1.681
2016-03-31 0.220 0.606
2015-04-10 0.110 0.335
2014-04-03 0.110 0.338
2009-08-05 0.000 0.000

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

  • Whilst dividend payments have been stable, Kulmbacher Brauerei Aktien-Gesellschaft has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Kulmbacher Brauerei Aktien-Gesellschaft only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of Kulmbacher Brauerei Aktien-Gesellschaft's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.5x 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 Kulmbacher Brauerei Aktien-Gesellschaft's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - 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 Kulmbacher Brauerei Aktien-Gesellschaft afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Kulmbacher Brauerei Aktien-Gesellschaft has a total score of 1/6, see the detailed checks below.


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

KUL Management

 What is the CEO of Kulmbacher Brauerei Aktien-Gesellschaft'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.
  • Kulmbacher Brauerei Aktien-Gesellschaft has no CEO, or we have no data on them.
Management Team

Otto Zejmon

TITLE
Chief Financial Officer

Markus Stodden

TITLE
Head of the Sales & Marketing Department and Member of the Management Board

Jörg Lehmann

TITLE
Chief Technology Officer
Board of Directors Tenure

Average tenure of the Kulmbacher Brauerei Aktien-Gesellschaft board of directors in years:

5.3
Average Tenure
  • The tenure for the Kulmbacher Brauerei Aktien-Gesellschaft board of directors is about average.
Board of Directors

Ron Tobias

TITLE
Chairman of the Supervisory Board
TENURE
5.3 yrs

Hans Ruckdeschel

TITLE
Vice Chairman of the Supervisory Board
TENURE
10.7 yrs

Karin Weiß

TITLE
Employee Representative Member of the Supervisory Board

Klaus Naeve

TITLE
Member of the Supervisory Board
TENURE
10.9 yrs

Willem Hosang

TITLE
Member of the Supervisory Board
TENURE
5.3 yrs

Martina Weber

TITLE
Employee Representative Member of the Supervisory Board
TENURE
3.8 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 Kulmbacher Brauerei Aktien-Gesellschaft'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. Kulmbacher Brauerei Aktien-Gesellschaft 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.

KUL News

Simply Wall St News

With 26% Earnings Growth, Did Kulmbacher Brauerei Aktien-Gesellschaft (MUN:KUL) Outperform The Industry?

When Kulmbacher Brauerei Aktien-Gesellschaft (MUN:KUL) announced its most recent earnings (31 December 2018), I did two things: looked at its past earnings track record, then look at what is happening in the industry. … Let's take a look at whether it is only because of an industry uplift, or if Kulmbacher Brauerei Aktien-Gesellschaft has seen some company-specific growth. … I suggest you continue to research Kulmbacher Brauerei Aktien-Gesellschaft to get a more holistic view of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for KUL’s future growth?

Simply Wall St -

Here's What Kulmbacher Brauerei Aktien-Gesellschaft's (MUN:KUL) ROCE Can Tell Us

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Kulmbacher Brauerei Aktien-Gesellschaft: 0.12 = €12m ÷ (€177m - €70m) (Based on the trailing twelve months to December 2018.) So, Kulmbacher Brauerei Aktien-Gesellschaft has an ROCE of 12%. … Do Kulmbacher Brauerei Aktien-Gesellschaft's Current Liabilities Skew Its ROCE? … Kulmbacher Brauerei Aktien-Gesellschaft has a medium level of current liabilities, which would boost the ROCE.

Simply Wall St -

We Think Kulmbacher Brauerei Aktien-Gesellschaft (MUN:KUL) Can Manage Its Debt With Ease

MUN:KUL Historical Debt, July 29th 2019 A Look At Kulmbacher Brauerei Aktien-Gesellschaft's Liabilities According to the last reported balance sheet, Kulmbacher Brauerei Aktien-Gesellschaft had liabilities of €69.9m due within 12 months, and liabilities of €28.7m due beyond 12 months. … While it does have liabilities worth noting, Kulmbacher Brauerei Aktien-Gesellschaft also has more cash than debt, so we're pretty confident it can manage its debt safely. … While Kulmbacher Brauerei Aktien-Gesellschaft has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance.

Simply Wall St -

A Holistic Look At Kulmbacher Brauerei Aktien-Gesellschaft (MUN:KUL)

For those interested in digger a bit deeper into my commentary, take a look at the report on Kulmbacher Brauerei Aktien-Gesellschaft here. … MUN:KUL Income Statement, July 3rd 2019 Next Steps: For Kulmbacher Brauerei Aktien-Gesellschaft, I've compiled three pertinent aspects you should look at: Future Outlook: What are well-informed industry analysts predicting for KUL’s future growth? … Take a look at our free research report of analyst consensus for KUL’s outlook.

Simply Wall St -

What Does Kulmbacher Brauerei Aktien-Gesellschaft's (MUN:KUL) P/E Ratio Tell You?

We'll look at Kulmbacher Brauerei Aktien-Gesellschaft's (MUN:KUL) P/E ratio and reflect on what it tells us about the company's share price. … See our latest analysis for Kulmbacher Brauerei Aktien-Gesellschaft How Do I Calculate A Price To Earnings Ratio? … The formula for P/E is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Kulmbacher Brauerei Aktien-Gesellschaft: P/E of 25.36 = €70 ÷ €2.76 (Based on the year to December 2018.) Is A High P/E Ratio Good?

Simply Wall St -

Does Kulmbacher Brauerei Aktien-Gesellschaft's (MUN:KUL) Recent Track Record Look Strong?

Check out our latest analysis for Kulmbacher Brauerei Aktien-Gesellschaft Commentary On KUL's Past Performance KUL's trailing twelve-month earnings (from 31 December 2018) of €9.3m has jumped 26% compared to the previous year. … Companies that have performed well in the past, such as Kulmbacher Brauerei Aktien-Gesellschaft gives investors conviction. … I suggest you continue to research Kulmbacher Brauerei Aktien-Gesellschaft to get a more holistic view of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for KUL’s future growth?

Simply Wall St -

Boasting A 12% Return On Equity, Is Kulmbacher Brauerei Aktien-Gesellschaft (MUN:KUL) A Top Quality Stock?

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … That means that for every €1 worth of shareholders' equity, it generated €0.12 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Estimating The Intrinsic Value Of Kulmbacher Brauerei Aktien-Gesellschaft (MUN:KUL)

Today we will run through one way of estimating the intrinsic value of Kulmbacher Brauerei Aktien-Gesellschaft (MUN:KUL). … We generally believe that a company's value is the present value of all of the cash it will generate in the future. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model.

Simply Wall St -

Why Kulmbacher Brauerei Aktien-Gesellschaft’s (MUN:KUL) Return On Capital Employed Is Impressive

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … What is Return On Capital Employed (ROCE)? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

Should You Buy Kulmbacher Brauerei Aktien-Gesellschaft (MUN:KUL) For Its Dividend?

Historically, Kulmbacher Brauerei Aktien-Gesellschaft (MUN:KUL) has paid a dividend to shareholders. … Let's dig deeper into whether Kulmbacher Brauerei Aktien-Gesellschaft should have a place in your portfolio. … Check out our latest analysis for Kulmbacher Brauerei Aktien-Gesellschaft

Simply Wall St -

KUL Company Info

Description

Kulmbacher Brauerei Aktien-Gesellschaft operates breweries in Germany. It offers beers and non-alcoholic drinks. The company was founded in 1846 and is based in Kulmbach, Germany.

Details
Name: Kulmbacher Brauerei Aktien-Gesellschaft
KUL
Exchange: MUN
Founded: 1846
€215,040,000
3,360,000
Website: http://www.kulmbacher.de
Address: Kulmbacher Brauerei Aktien-Gesellschaft
Lichtenfelser Strasse 9,
Kulmbach,
Bavaria, 95326,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
MUN KUL Common Stock Boerse Muenchen DE EUR 03. Jan 1992
Number of employees
Current staff
Staff numbers
944
Kulmbacher Brauerei Aktien-Gesellschaft employees.
Industry
Brewers
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/29 21:00
End of day share price update: 2020/03/27 00:00
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.