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Cofina SGPS

DB:112
Snowflake Description

Undervalued with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
112
DB
€41M
Market Cap
  1. Home
  2. DE
  3. Media
Company description

Cofina, SGPS, S.A. engages in the publication of newspapers and magazines in Portugal. The last earnings update was 14 days ago. More info.


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  • Cofina SGPS has significant price volatility in the past 3 months.
112 Share Price and Events
7 Day Returns
1.1%
DB:112
0.5%
DE Media
1%
DE Market
1 Year Returns
-38.4%
DB:112
5.8%
DE Media
14.2%
DE Market
112 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cofina SGPS (112) 1.1% -5% -22.5% -38.4% - -
DE Media 0.5% -2.2% -2.6% 5.8% -17% -21.1%
DE Market 1% 0% 6% 14.2% 8.7% 17.5%
1 Year Return vs Industry and Market
  • 112 underperformed the Media industry which returned 5.8% over the past year.
  • 112 underperformed the Market in Germany which returned 14.2% over the past year.
Price Volatility
112
Industry
5yr Volatility vs Market

Value

 Is Cofina SGPS 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 Cofina SGPS 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 Cofina SGPS.

DB:112 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 11.8%
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:112
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 8.2%
Media Unlevered Beta Simply Wall St/ S&P Global 0.76
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.765 (1 + (1- 21%) (159.01%))
1.486
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.49
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.486 * 8.23%)
11.84%

Discounted Cash Flow Calculation for DB:112 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Cofina SGPS 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:112 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 11.84%)
2020 11.02 Est @ -3.38% 9.85
2021 10.74 Est @ -2.48% 8.59
2022 10.54 Est @ -1.85% 7.54
2023 10.40 Est @ -1.41% 6.64
2024 10.28 Est @ -1.11% 5.88
2025 10.19 Est @ -0.89% 5.21
2026 10.11 Est @ -0.74% 4.62
2027 10.05 Est @ -0.64% 4.11
2028 9.99 Est @ -0.56% 3.65
2029 9.94 Est @ -0.51% 3.25
Present value of next 10 years cash flows €59.00
DB:112 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €9.94 × (1 + -0.39%) ÷ (11.84% – -0.39%)
€80.98
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €80.98 ÷ (1 + 11.84%)10
€26.45
DB:112 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €59.00 + €26.45
€85.45
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €85.45 / 102.57
€0.83
DB:112 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:112 represents 0.9475x of ENXTLS:CFN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.9475x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 0.83 x 0.9475
€0.79
Value per share (EUR) From above. €0.79
Current discount Discount to share price of €0.38
= -1 x (€0.38 - €0.79) / €0.79
52%

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

Current Discount
Amount off the current price Cofina SGPS is available for.
Intrinsic value
>50%
Share price is €0.379 vs Future cash flow value of €0.78942
Current Discount Checks
For Cofina SGPS to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Cofina SGPS's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Cofina SGPS's share price is below the future cash flow value, and 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 Cofina SGPS's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cofina SGPS's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:112 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in EUR €0.06
ENXTLS:CFN Share Price ** ENXTLS (2019-12-13) in EUR €0.4
Germany Media Industry PE Ratio Median Figure of 13 Publicly-Listed Media Companies 24.7x
Germany Market PE Ratio Median Figure of 403 Publicly-Listed Companies 20.75x

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

** Primary Listing of Cofina SGPS.

DB:112 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTLS:CFN Share Price ÷ EPS (both in EUR)

= 0.4 ÷ 0.06

6.68x

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

  • Cofina SGPS is good value based on earnings compared to the DE Media industry average.
  • Cofina SGPS is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Cofina SGPS's expected growth come at a high price?
Raw Data
DB:112 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.68x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
Not available
Germany Media Industry PEG Ratio Median Figure of 8 Publicly-Listed Media Companies 1.99x
Germany Market PEG Ratio Median Figure of 262 Publicly-Listed Companies 1.46x

*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 Cofina SGPS, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Cofina SGPS's assets?
Raw Data
DB:112 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in EUR €0.39
ENXTLS:CFN Share Price * ENXTLS (2019-12-13) in EUR €0.4
Germany Media Industry PB Ratio Median Figure of 14 Publicly-Listed Media Companies 3.01x
Germany Market PB Ratio Median Figure of 578 Publicly-Listed Companies 1.89x
DB:112 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTLS:CFN Share Price ÷ Book Value per Share (both in EUR)

= 0.4 ÷ 0.39

1.02x

* Primary Listing of Cofina SGPS.

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

  • Cofina SGPS is good value based on assets compared to the DE Media industry average.
X
Value checks
We assess Cofina SGPS'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 Media 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 Media industry average (and greater than 0)? (1 check)
  5. Cofina SGPS has a total score of 5/6, 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 Cofina SGPS expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

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
25.9%
Expected annual growth in earnings per share.
Earnings growth vs Low Risk Savings
Is Cofina SGPS expected to grow at an attractive rate?
  • Cofina SGPS's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Cofina SGPS's earnings growth is expected to exceed the Germany market average.
  • Cofina SGPS's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:112 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:112 Future Earnings per Share Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 25.9%
DB:112 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 3.9%
Germany Media Industry Earnings Growth Rate Market Cap Weighted Average 7.7%
Germany Media Industry Revenue Growth Rate Market Cap Weighted Average 3.2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 13.2%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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:112 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:112 Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 93 1
2019-12-31 91 1
2019-12-13
DB:112 Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-09-30 88 13 6
2019-06-30 88 14 6
2019-03-31 89 16 6
2018-12-31 89 15 6
2018-09-30 89 14 8
2018-06-30 90 12 7
2018-03-31 90 12 5
2017-12-31 90 12 5
2017-09-30 93 7 2
2017-06-30 95 7 3
2017-03-31 98 8 4
2016-12-31 100 8 4

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cofina SGPS's earnings are expected to grow significantly at over 20% yearly.
  • Cofina SGPS's revenue is expected to grow by 3.9% 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:112 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

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

DB:112 Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 0.09 0.09 0.09 1.00
2019-12-31 0.09 0.09 0.09 1.00
2019-12-13
DB:112 Past Financials Data
Date (Data in EUR Millions) EPS *
2019-09-30 0.06
2019-06-30 0.06
2019-03-31 0.06
2018-12-31 0.06
2018-09-30 0.07
2018-06-30 0.07
2018-03-31 0.05
2017-12-31 0.05
2017-09-30 0.02
2017-06-30 0.03
2017-03-31 0.04
2016-12-31 0.04

*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 Cofina SGPS will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Cofina SGPS's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Cofina SGPS has a total score of 3/6, 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 Cofina SGPS 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 Cofina SGPS's growth in the last year to its industry (Media).
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.
  • Cofina SGPS's year on year earnings growth rate has been positive over the past 5 years.
  • Cofina SGPS's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Cofina SGPS's 1-year earnings growth is negative, it can't be compared to the DE Media industry average.
Earnings and Revenue History
Cofina SGPS'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 Cofina SGPS Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:112 Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 87.82 6.14 43.19
2019-06-30 87.58 6.32 43.43
2019-03-31 88.65 6.25 43.61
2018-12-31 89.29 6.20 43.61
2018-09-30 89.14 7.59 43.49
2018-06-30 90.13 7.00 43.61
2018-03-31 89.95 4.99 45.86
2017-12-31 89.71 4.82 46.89
2017-09-30 92.99 2.32 48.48
2017-06-30 95.45 2.71 49.80
2017-03-31 97.90 3.98 48.61
2016-12-31 99.93 4.33 49.24
2016-09-30 99.35 4.80 34.81
2016-06-30 99.15 5.10 34.93
2016-03-31 99.84 5.06 35.19
2015-12-31 100.68 5.06 34.98
2015-09-30 103.09 5.29 36.23
2015-06-30 104.67 5.31 35.63
2015-03-31 105.42 6.32 35.55
2014-12-31 106.08 6.17 35.66
2014-09-30 107.42 7.83 31.64
2014-06-30 108.03 7.35 31.89
2014-03-31 107.14 5.27 32.04
2013-12-31 107.66 4.68 32.37
2013-09-30 106.32 3.32 33.00
2013-06-30 108.31 3.84 33.19
2013-03-31 111.56 3.95 32.79
2012-12-31 113.33 3.99 33.21

*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.
  • Cofina SGPS has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Cofina SGPS used its assets more efficiently than the DE Media industry average last year based on Return on Assets.
  • Cofina SGPS has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Cofina SGPS'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 Media 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.
Cofina SGPS has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

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

Health

 How is Cofina SGPS'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 Cofina SGPS's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cofina SGPS's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Cofina SGPS's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Cofina SGPS'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 0.4x 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 Cofina SGPS Company Filings, last reported 2 months ago.

DB:112 Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 40.38 52.14 2.88
2019-06-30 39.14 57.29 14.91
2019-03-31 36.99 46.68 3.88
2018-12-31 38.00 46.30 6.62
2018-09-30 34.52 46.80 3.15
2018-06-30 33.50 58.49 11.19
2018-03-31 31.70 52.51 2.83
2017-12-31 30.90 54.71 5.16
2017-09-30 27.45 62.74 9.84
2017-06-30 26.62 82.95 27.06
2017-03-31 26.67 65.49 7.66
2016-12-31 26.00 67.09 9.40
2016-09-30 25.06 61.95 6.23
2016-06-30 23.86 61.33 3.13
2016-03-31 23.69 67.18 7.54
2015-12-31 22.57 67.83 8.19
2015-09-30 21.32 66.89 3.78
2015-06-30 20.39 75.80 9.80
2015-03-31 21.23 72.98 6.48
2014-12-31 20.28 77.95 12.66
2014-09-30 22.13 78.81 11.42
2014-06-30 20.56 81.50 11.41
2014-03-31 19.05 90.60 17.49
2013-12-31 18.04 83.93 10.32
2013-09-30 14.88 81.86 8.17
2013-06-30 13.84 83.88 8.63
2013-03-31 15.19 87.86 12.03
2012-12-31 14.74 90.52 15.75
  • Cofina SGPS's level of debt (129.1%) 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 (356.4% vs 129.1% today).
  • Debt is well covered by operating cash flow (25%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.4x coverage).
X
Financial health checks
We assess Cofina SGPS'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. Cofina SGPS 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 Cofina SGPS'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
0%
Current annual income from Cofina SGPS dividends. Estimated to be 3.13% next year.
If you bought €2,000 of Cofina SGPS shares you are expected to receive €0 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?
  • Unable to evaluate Cofina SGPS's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Cofina SGPS's dividend against the top 25% market benchmark as the company has not reported any payouts.
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:112 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 1 Analyst Estimates (S&P Global) See Below
Germany Media Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 5.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 334 Stocks 2.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.3%
Germany Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

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

DB:112 Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.02 1.00
2019-12-31 0.01 1.00
2019-12-13
DB:112 Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2018-05-11 0.000 0.000
2018-04-13 0.000 0.000
2017-08-31 0.000 0.000
2017-04-03 0.000 0.000
2016-03-30 0.015 5.287
2015-03-23 0.020 4.102
2014-05-08 0.010 1.865
2013-04-24 0.010 1.914
2012-04-13 0.010 2.201
2011-06-02 0.008 1.850
2011-04-21 0.010 1.926
2010-08-31 0.010 1.513
2010-03-11 0.010 1.127

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

  • Unable to perform a dividend volatility check as Cofina SGPS has not reported any payouts.
  • Unable to verify if Cofina SGPS's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Cofina SGPS's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Cofina SGPS has not reported any payouts.
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 Cofina SGPS'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 Cofina SGPS afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cofina SGPS has a total score of 0/6, 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 Cofina SGPS'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
Paulo dos Santos Fernandes
COMPENSATION €40,000
CEO Bio

Mr. Paulo Jorge dos Santos Fernandes is a Co-founder at Cofina Sgps, S.a. and serves as its Executive Chairman, Chief Executive Officer and President. Mr. dos Santos Fernandes serves as the President of the Board at Altri, S.G.P.S., S.A. and has been its Co-Chief Executive Officer since June 2015. He serves as the Chairman at Celbi, Caima and Celtejo Divisions at Altri S.G.P.S, S.A. and has been its Director since March 2005. He develops activities in the media and industrial operations, as well as in the strategic definition of the Cofina SGPS, S.A. He serves as the Chairman of Cofina Media, SGPS, S.A. He served as Board Member and Manager of Caima – Indústria de Celulose, S.A., Canal de Negócios – Edição de Publicações, Lda., Celtejo – Empresa de Celulose do Tejo, S.A., Celulose do Caima, S.G.P.S., S.A., Cofihold, S.G.P.S., S.A., Cofina.com II, S.G.P.S., S.A., Cofinagest.com, Consultoria, S.A., CPK – Companhia Produtora de Papel Kraftsack, S.A.; Edisport – Soc. de Publicações Desportivas, S.A.; F. Ramada – Participações, S.G.P.S., S.A., F. Ramada – Produção e Comercialização de Estruturas Metálicas de Armazenagem, S.A.; F. Ramada II Imobiliária, S.A., F. Ramada Serviços de Gestão, Lda., F. Ramada, Aços e Indústrias, S.A.; IMC – Investimentos, Média e Conteúdos, S.G.P.S., S.A., Invescaima, S.G.P.S., S.A.; Investec II, S.G.P.S., S.A.; Investec Media, S.G.P.S., S.A.; Mediafin – S.G.P.S., S.A.; Presselivre – Imprensa Livre, S.A.; Prestimo – Prestígio Imobiliário, S.A.; Rodão Power, S.A.; and Sociedade Imobiliária Porto Seguro –Investimentos Imobiliários, S.A. He served as an Assistant Director of Production at CORTAL from 1982 to 1984; Managing Director at CORTAL from 1986 to 1989. He served as Chairman of the Board of Directors at CORTAL from 1989 to 1994; and Chairman of the Board of Directors at ATLANTIS - Cristais de Alcobaça, SA since 1997. He has been Director of F Ramada Investimentos SGPS SA since June 1, 2008. He has been an Executive Director at Cofina SGPS, S.A. since 1990. He served as Director of Investimentos Participacoes e Gestao SA (INAPA) from April 9, 2008 to February 2009. He served as Board member at CRISAL - CRISTAIS DE ALCOBAÇA, SA since 1995; Vista Alegre, SA Group since 1997; SIC from 2000 to 2001; and V.A.A. since 2001. He served as President of FEMB (Fédération Européene de Mobilier de Bureau) for Portugal from 1989 to 1994; Chairman of the General Meeting of Assoc. Industr. Águeda from 1989 to 1990; and Member of the Consulting Board at Assoc. Ind. Portuense from 1991 to 1993. Mr. dos Santos Fernandes holds Degree in Electronic Engineering from Universidade do Porto and later concluded his MBA at the Universidade de Lisboa.

CEO Compensation
  • Paulo's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Paulo's remuneration is lower than average for companies of similar size in Germany.
Management Team

Paulo dos Santos Fernandes

TITLE
Co-Founder
COMPENSATION
€40K

João Manuel Borges de Oliveira

TITLE
Co-Founder
COMPENSATION
€40K
AGE
59

Ana Rebelo De Carvalho Menéres Mendonça

TITLE
Company Secretary & Non-Executive Director
COMPENSATION
€14K
Board of Directors Tenure

Average tenure of the Cofina SGPS board of directors in years:

10.6
Average Tenure
  • The average tenure for the Cofina SGPS board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Paulo dos Santos Fernandes

TITLE
Co-Founder
COMPENSATION
€40K

João Manuel Borges de Oliveira

TITLE
Co-Founder
COMPENSATION
€40K
AGE
59
TENURE
29.9 yrs

Ana Rebelo De Carvalho Menéres Mendonça

TITLE
Company Secretary & Non-Executive Director
COMPENSATION
€14K
TENURE
10.6 yrs

Pedro Nuno de Sá Pessanha da Costa

TITLE
President of Supervisory Board

Domingos José de Matos

TITLE
Non-Executive Director
COMPENSATION
€14K
TENURE
29.9 yrs

Pedro Miguel Matos de Oliveira

TITLE
Non-Executive Director
COMPENSATION
€14K
TENURE
10.6 yrs

André Seabra Pinto

TITLE
Member of Supervisory Board
TENURE
5.7 yrs

Alda Delgado

TITLE
Director of Cofina Media

António Luís de Pinho

TITLE
Member of Supervisory Board
TENURE
2.7 yrs

Guilherme Paulo da Mota Correia Monteiro

TITLE
Member of Supervisory Board
TENURE
2.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Cofina SGPS'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. Cofina SGPS 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

Cofina, SGPS, S.A. engages in the publication of newspapers and magazines in Portugal. The company offers newspapers, including Correio da Manha, a daily newspaper; Record, a daily sports newspaper; Jornal de Negocios, a daily economic newspaper; and Destak and Mundo Universitário, which are free newspapers. It also provides magazines, such as Sábado, TV Guia, Flash!, and Máxima. In addition, the company offers online newspapers, classifieds, and magazines; and graphic printing services. Further, it operates portals, including flash.pt, loja.xl.pt, passatempos.xl.pt, and xl.pt; broadcasts cmTV, a cable television channel; and nossaaposta.pt, an online gaming platform. Additionally, the company is involved in the production and creation of Websites for online business development; organization and promotion of events; and newspaper printing services. The company was founded in 1995 and is headquartered in Porto, Portugal.

Details
Name: Cofina, SGPS, S.A.
112
Exchange: DB
Founded: 1995
€41,026,334
102,565,836
Website: http://www.cofina.pt
Address: Cofina, SGPS, S.A.
Rua Manuel Pinto de Azevedo, 818,
Porto,
Norte, 4100-320,
Portugal
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTLS CFN Common Shares Euronext Lisbon PT EUR 20. Feb 1998
DB 112 Common Shares Deutsche Boerse AG DE EUR 20. Feb 1998
LSE 0NVT Common Shares London Stock Exchange GB EUR 20. Feb 1998
BATS-CHIXE CFNU Common Shares BATS 'Chi-X Europe' GB EUR 20. Feb 1998
Number of employees
Current staff
Staff numbers
735
Cofina SGPS employees.
Industry
Publishing
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/12/13 21:59
End of day share price update: 2019/12/13 00:00
Last estimates confirmation: 2019/10/15
Last earnings filing: 2019/11/29
Last earnings reported: 2019/09/30
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.