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Ibstock

DB:2I5
Snowflake Description

Adequate balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
2I5
DB
£703M
Market Cap
  1. Home
  2. DE
  3. Materials
Company description

Ibstock plc manufactures and sells a range of clay and concrete products in the United Kingdom and the United States. The last earnings update was 36 days ago. More info.


Add to Portfolio Compare Print
  • Ibstock has significant price volatility in the past 3 months.
2I5 Share Price and Events
7 Day Returns
12%
DB:2I5
6.1%
Europe Basic Materials
4.3%
DE Market
1 Year Returns
-36.2%
DB:2I5
-24.9%
Europe Basic Materials
-14.2%
DE Market
2I5 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Ibstock (2I5) 12% -22.5% -48.6% -36.2% -24.5% -
Europe Basic Materials 6.1% -12.6% -30.4% -24.9% -34.6% -32.1%
DE Market 4.3% -9% -21.6% -14.2% -19.6% -25.6%
1 Year Return vs Industry and Market
  • 2I5 underperformed the Basic Materials industry which returned -24.9% over the past year.
  • 2I5 underperformed the Market in Germany which returned -14.2% over the past year.
Price Volatility
2I5
Industry
5yr Volatility vs Market

Value

 Is Ibstock 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 Ibstock 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 Ibstock.

DB:2I5 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 10 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.6%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

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

Calculation of Discount Rate/ Cost of Equity for DB:2I5
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.1%
Basic Materials Unlevered Beta Simply Wall St/ S&P Global 0.84
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.843 (1 + (1- 19%) (19.17%))
0.983
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.98
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.983 * 6.07%)
5.57%

Discounted Cash Flow Calculation for DB:2I5 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Ibstock 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.

DB:2I5 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 5.57%)
2020 51.58 Analyst x5 48.86
2021 54.40 Analyst x5 48.81
2022 54.90 Analyst x3 46.65
2023 55.16 Est @ 0.47% 44.40
2024 55.28 Est @ 0.21% 42.14
2025 55.30 Est @ 0.03% 39.93
2026 55.24 Est @ -0.09% 37.79
2027 55.14 Est @ -0.18% 35.73
2028 55.01 Est @ -0.25% 33.76
2029 54.85 Est @ -0.29% 31.88
Present value of next 10 years cash flows £409.00
DB:2I5 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= £54.85 × (1 + -0.39%) ÷ (5.57% – -0.39%)
£915.93
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £915.93 ÷ (1 + 5.57%)10
£532.42
DB:2I5 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £409.00 + £532.42
£941.42
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £941.42 / 409.26
£2.3
DB:2I5 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:2I5 represents 1.07513x of LSE:IBST
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.07513x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (GBP) x Listing Adjustment Factor
= £ 2.30 x 1.07513
€2.47
Value per share (EUR) From above. €2.47
Current discount Discount to share price of €1.85
= -1 x (€1.85 - €2.47) / €2.47
25.4%

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

Current Discount
Amount off the current price Ibstock is available for.
Intrinsic value
25%
Share price is €1.85 vs Future cash flow value of €2.47
Current Discount Checks
For Ibstock to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Ibstock's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Ibstock'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 Ibstock's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Ibstock's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:2I5 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in GBP £0.16
LSE:IBST Share Price ** LSE (2020-04-07) in GBP £1.72
Europe Basic Materials Industry PE Ratio Median Figure of 33 Publicly-Listed Basic Materials Companies 9.79x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 17.07x

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

** Primary Listing of Ibstock.

DB:2I5 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:IBST Share Price ÷ EPS (both in GBP)

= 1.72 ÷ 0.16

10.55x

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

  • Ibstock is overvalued based on earnings compared to the Europe Basic Materials industry average.
  • Ibstock is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Ibstock's expected growth come at a high price?
Raw Data
DB:2I5 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.55x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
4.1%per year
Europe Basic Materials Industry PEG Ratio Median Figure of 17 Publicly-Listed Basic Materials Companies 1.7x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.24x

*Line of best fit is calculated by linear regression .

DB:2I5 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.55x ÷ 4.1%

2.6x

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

  • Ibstock is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Ibstock's assets?
Raw Data
DB:2I5 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in GBP £1.14
LSE:IBST Share Price * LSE (2020-04-07) in GBP £1.72
Europe Basic Materials Industry PB Ratio Median Figure of 39 Publicly-Listed Basic Materials Companies 0.8x
Germany Market PB Ratio Median Figure of 573 Publicly-Listed Companies 1.47x
DB:2I5 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:IBST Share Price ÷ Book Value per Share (both in GBP)

= 1.72 ÷ 1.14

1.51x

* Primary Listing of Ibstock.

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

  • Ibstock is overvalued based on assets compared to the Europe Basic Materials industry average.
X
Value checks
We assess Ibstock'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 Basic Materials 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 Basic Materials industry average (and greater than 0)? (1 check)
  5. Ibstock 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 Ibstock expected to perform in the next 1 to 3 years based on estimates from 10 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
4.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Ibstock expected to grow at an attractive rate?
  • Ibstock's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Ibstock's earnings growth is positive but not above the Germany market average.
  • Ibstock's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:2I5 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:2I5 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts 4.1%
DB:2I5 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 3.3%
Europe Basic Materials Industry Earnings Growth Rate Market Cap Weighted Average 4.9%
Europe Basic Materials Industry Revenue Growth Rate Market Cap Weighted Average 2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

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

Analysts growth expectations
Raw Data
DB:2I5 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:2I5 Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 481 137 79 1
2022-12-31 445 109 73 7
2021-12-31 432 108 69 10
2020-12-31 403 98 63 9
2020-04-08
DB:2I5 Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-12-31 409 76 66
2019-06-30 403 86 69
2019-03-31 397 83 72
2018-12-31 391 80 76
2018-06-30 326 99 75
2018-03-31 344 96 70
2017-12-31 363 94 65
2017-09-30 452 87 82
2017-06-30 453 80 91
2017-03-31 444 87 91

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Ibstock's earnings are expected to grow by 4.1% yearly, however this is not considered high growth (20% yearly).
  • Ibstock's revenue is expected to grow by 3.3% 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:2I5 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 10 Analyst Estimates (S&P Global) See Below

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

DB:2I5 Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 0.18 0.22 0.13 6.00
2021-12-31 0.17 0.20 0.12 8.00
2020-12-31 0.15 0.19 0.10 8.00
2020-04-08
DB:2I5 Past Financials Data
Date (Data in GBP Millions) EPS *
2019-12-31 0.16
2019-06-30 0.17
2019-03-31 0.18
2018-12-31 0.19
2018-06-30 0.18
2018-03-31 0.17
2017-12-31 0.16
2017-09-30 0.20
2017-06-30 0.22
2017-03-31 0.22

*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.
  • Ibstock is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Ibstock'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.
Ibstock 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 Ibstock 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 Ibstock's growth in the last year to its industry (Basic Materials).
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.
  • Ibstock's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Ibstock's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Ibstock's 1-year earnings growth is negative, it can't be compared to the Europe Basic Materials industry average.
Earnings and Revenue History
Ibstock'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 Ibstock Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:2I5 Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 409.26 66.48 76.69
2019-06-30 403.05 68.58 72.96
2019-03-31 397.23 72.50 71.31
2018-12-31 391.40 76.41 69.66
2018-06-30 325.98 75.12 61.77
2018-03-31 344.28 70.09 64.91
2017-12-31 362.59 65.07 68.06
2017-09-30 452.25 82.39 82.03
2017-06-30 452.91 91.23 83.42
2017-03-31 443.80 90.80 83.24
2016-12-31 434.69 90.36 83.06
2016-06-30 387.55 36.80 75.43
2016-03-31 356.96 63.76 67.45
2015-12-31 326.38 90.71 59.47
2015-06-30 340.56 103.32 65.82
2015-03-31 356.90 68.34 69.70
2014-12-31 373.23 33.36 73.58
2013-12-31 317.22 9.76 67.42

*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.
  • Ibstock has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Ibstock used its assets more efficiently than the Europe Basic Materials industry average last year based on Return on Assets.
  • Ibstock's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Ibstock'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 Basic Materials 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.
Ibstock has a total score of 2/6, 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 Ibstock'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 Ibstock's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Ibstock is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Ibstock's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Ibstock'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.
  • Debt is covered by short term assets, assets are 1.6x 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 Ibstock Company Filings, last reported 3 months ago.

DB:2I5 Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 464.30 104.35 19.49
2019-06-30 469.61 94.21 32.23
2019-03-31 469.61 94.21 32.23
2018-12-31 448.03 84.43 36.05
2018-06-30 458.06 164.02 28.16
2018-03-31 458.06 164.02 28.16
2017-12-31 420.83 148.53 31.49
2017-09-30 420.83 148.53 31.49
2017-06-30 391.05 178.44 18.52
2017-03-31 391.05 178.44 18.52
2016-12-31 329.46 178.60 45.83
2016-06-30 304.91 188.18 26.95
2016-03-31 304.91 188.18 26.95
2015-12-31 308.90 195.76 51.02
2015-06-30 87.72 407.25 33.69
2015-03-31 87.72 407.25 33.69
2014-12-31 220.12 12.98 54.00
2013-12-31 426.73 23.43 14.27
  • Ibstock's level of debt (22.5%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (7.9% vs 22.5% today).
  • Debt is well covered by operating cash flow (73%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 41.9x coverage).
X
Financial health checks
We assess Ibstock'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. Ibstock 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 Ibstock'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
8.56%
Current annual income from Ibstock dividends. Estimated to be 6.04% next year.
If you bought €2,000 of Ibstock shares you are expected to receive €171 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?
  • Ibstock's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.63%).
  • Ibstock's dividend is above the markets top 25% of dividend payers in Germany (4.61%).
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:2I5 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 10 Analyst Estimates (S&P Global) See Below
Europe Basic Materials Industry Average Dividend Yield Market Cap Weighted Average of 21 Stocks 4.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 314 Stocks 3.6%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.6%
Germany Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

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

DB:2I5 Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.10 1.00
2022-12-31 0.11 7.00
2021-12-31 0.11 10.00
2020-12-31 0.09 10.00
2020-04-08
DB:2I5 Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2020-03-03 0.147 8.540
2019-07-31 0.147 5.736
2019-03-05 0.095 3.860
2018-04-12 0.091 3.700
2018-03-06 0.091 3.215
2017-04-12 0.077 3.153
2017-03-07 0.077 3.663
2016-08-05 0.048 2.713
2016-04-18 0.044 2.603
2016-03-10 0.044 2.199

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

  • Whilst dividend payments have been stable, Ibstock has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Ibstock only paid a dividend in the past 4 years.
Current Payout to shareholders
What portion of Ibstock's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x 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 Ibstock'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 Ibstock afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Ibstock has a total score of 4/6, 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 Ibstock'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
Joe Hudson
COMPENSATION £926,687
AGE 49
TENURE AS CEO 2 years
CEO Bio

Mr. Joseph Hudson, also known as Joe, BA (Hons), FCIPD, Esq., has been Chief Executive Officer and Director of Ibstock plc since April 4, 2018 and January 2, 2018 respectively. He has been a Managing Director of Cement & Concrete Products at Aggregate Industries Limited since July 2015. Mr. Hudson served as Chief Executive Officer and Managing Director of Lafarge Africa Plc (formerly, Lafarge Cement WAPCO Nigeria Plc). Mr. Hudson served as the Vice President of Human Resources at Lafarge Gypsum North America Inc. from 2006 to 2009. Mr. Hudson served in different capacities within Lafarge Group. He served as the Human Resources & Organisation Manager of Hima Cement Ltd., Lafarge Kampala Uganda. He also served as the Regional Director for Lafarge University America. He served in different capacities in Home Grown Kenya Ltd as Head of Human Resources and Area Operations Manager in Nairobi and Nanyuki respectively. He spent 15 years working in Africa in different capacities. Prior to March 16, 2011, he served as the Regional Vice President of Human Resources & Organisation for Sub-Saharan Africa at Lafarge Cement WAPCO Plc. He has been a Director at Atlas Cement Company Limited since March 16, 2011. Mr. Hudson served as a Director of Lafarge Africa Plc since March 16, 2011 until August 21, 2017. He is a Fellow of the Chartered Institute of Personnel and Development UK. Mr. Hudson holds a BA (honours) in Education from the University of Exeter, United Kingdom.

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

Average tenure and age of the Ibstock management team in years:

1.6
Average Tenure
55
Average Age
  • The average tenure for the Ibstock management team is less than 2 years, this suggests a new team.
Management Team

Joe Hudson

TITLE
CEO & Director
COMPENSATION
£927K
AGE
49
TENURE
2 yrs

Chris McLeish

TITLE
CFO & Director
TENURE
1.3 yrs

Mark Richmond

TITLE
Group Development & Investor Relations Director
AGE
52

John Lambert

TITLE
Managing Director of Forticrete
AGE
60

Kate Tinsley

TITLE
Managing Director of Clay Division & Executive Director
TENURE
0.8 yrs

Doug Rende

TITLE
President of Glen-Gery
TENURE
4.3 yrs

Nick Giles

TITLE
Group Company Secretary
TENURE
0.4 yrs

Mark Houghton

TITLE
Managing Director of Supreme
AGE
58
TENURE
4.6 yrs
Board of Directors Tenure

Average tenure and age of the Ibstock board of directors in years:

1.9
Average Tenure
55.5
Average Age
  • The average tenure for the Ibstock board of directors is less than 3 years, this suggests a new board.
Board of Directors

Jonathan Nicholls

TITLE
Chairman of the Board
COMPENSATION
£132K
AGE
61
TENURE
1.9 yrs

Joe Hudson

TITLE
CEO & Director
COMPENSATION
£927K
AGE
49
TENURE
2.3 yrs

Chris McLeish

TITLE
CFO & Director
TENURE
0.7 yrs

Kate Tinsley

TITLE
Managing Director of Clay Division & Executive Director
TENURE
0.3 yrs

Tracey Graham

TITLE
Senior Independent Director
COMPENSATION
£63K
AGE
54
TENURE
1.9 yrs

Justin Read

TITLE
Independent Non-Executive Director
COMPENSATION
£56K
AGE
57
TENURE
3.3 yrs

Louis Leslie Eperjesi

TITLE
Independent Non-Executive Director
COMPENSATION
£29K
AGE
57
TENURE
1.8 yrs

Claire Hawkings

TITLE
Independent Non-Executive Director
COMPENSATION
£17K
AGE
49
TENURE
1.6 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 (€)
20. Aug 19 Buy Claire Hawkings Individual 20. Aug 19 20. Aug 19 10,000 €2.33 €23,341
X
Management checks
We assess Ibstock'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. Ibstock 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

Ibstock plc manufactures and sells a range of clay and concrete products in the United Kingdom and the United States. Its principal products include clay bricks, brick components, concrete roof tiles, concrete stone masonry substitutes, concrete fencing, pre-stressed concrete, and concrete rail products. The company also provides concrete lintels; precast and pre-stressed concrete products; and architectural masonry, landmark stone and walling stones, as well as concrete rail and infrastructure products. Its products are in new build housing; repair, maintenance, and improvement; other new build; rail and infrastructure markets. The company sells its products to customers in the construction industry, including builders’ merchants, housebuilders, specialist brick distributors, contractors, and installers. Ibstock plc was founded in 1890 and is based in Ibstock, the United Kingdom.

Details
Name: Ibstock plc
2I5
Exchange: DB
Founded: 1890
£796,501,343
409,257,000
Website: http://www.ibstockplc.com
Address: Ibstock plc
Leicester Road,
Ibstock,
Leicestershire, LE67 6HS,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE IBST Ordinary Shares London Stock Exchange GB GBP 22. Oct 2015
OTCPK IBJH.F Ordinary Shares Pink Sheets LLC US USD 22. Oct 2015
DB 2I5 Ordinary Shares Deutsche Boerse AG DE EUR 22. Oct 2015
BATS-CHIXE IBSTL Ordinary Shares BATS 'Chi-X Europe' GB GBP 22. Oct 2015
Number of employees
Current staff
Staff numbers
2,269
Ibstock employees.
Industry
Construction Materials
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/08 05:17
End of day share price update: 2020/04/07 00:00
Last estimates confirmation: 2020/04/06
Last earnings filing: 2020/03/03
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


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

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