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Inchcape

DB:IJCA
Snowflake Description

Good value with proven track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
IJCA
DB
£2B
Market Cap
  1. Home
  2. DE
  3. Retail
Company description

Inchcape plc operates as an automotive distributor and retailer in the premium and luxury automotive sectors. The last earnings update was 21 days ago. More info.


Add to Portfolio Compare Print
  • Inchcape has significant price volatility in the past 3 months.
IJCA Share Price and Events
7 Day Returns
-1.5%
DB:IJCA
-1%
Europe Retail Distributors
-2.7%
DE Market
1 Year Returns
-28.7%
DB:IJCA
-16.6%
Europe Retail Distributors
-20.4%
DE Market
IJCA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Inchcape (IJCA) -1.5% -28.8% -41.7% -28.7% -50.1% -57.7%
Europe Retail Distributors -1% -23.4% -33.3% -16.6% -32.4% -21.3%
DE Market -2.7% -18.4% -26.7% -20.4% -25.9% -30.4%
1 Year Return vs Industry and Market
  • IJCA underperformed the Retail Distributors industry which returned -16.6% over the past year.
  • IJCA underperformed the Market in Germany which returned -20.4% over the past year.
Price Volatility
IJCA
Industry
5yr Volatility vs Market

Value

 Is Inchcape 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 Inchcape 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 Inchcape.

DB:IJCA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
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:IJCA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.1%
Retail Distributors Unlevered Beta Simply Wall St/ S&P Global 0.72
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.724 (1 + (1- 19%) (121.51%))
1.293
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.29
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.293 * 6.07%)
7.46%

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

The calculations below outline how an intrinsic value for Inchcape 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:IJCA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 7.46%)
2020 223.00 Analyst x3 207.52
2021 235.03 Analyst x3 203.54
2022 244.00 Analyst x2 196.63
2023 249.60 Est @ 2.3% 187.18
2024 253.32 Est @ 1.49% 176.79
2025 255.66 Est @ 0.93% 166.04
2026 257.02 Est @ 0.53% 155.33
2027 257.68 Est @ 0.25% 144.92
2028 257.83 Est @ 0.06% 134.94
2029 257.64 Est @ -0.07% 125.48
Present value of next 10 years cash flows £1,698.00
DB:IJCA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= £257.64 × (1 + -0.39%) ÷ (7.46% – -0.39%)
£3,269.59
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £3,269.59 ÷ (1 + 7.46%)10
£1,592.41
DB:IJCA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £1,698.00 + £1,592.41
£3,290.41
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £3,290.41 / 392.41
£8.39
DB:IJCA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:IJCA represents 1.13505x of LSE:INCH
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.13505x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (GBP) x Listing Adjustment Factor
= £ 8.39 x 1.13505
€9.52
Value per share (EUR) From above. €9.52
Current discount Discount to share price of €4.86
= -1 x (€4.86 - €9.52) / €9.52
49%

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

Current Discount
Amount off the current price Inchcape is available for.
Intrinsic value
49%
Share price is €4.86 vs Future cash flow value of €9.52
Current Discount Checks
For Inchcape to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Inchcape's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Inchcape'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 Inchcape's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Inchcape's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:IJCA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in GBP £0.79
LSE:INCH Share Price ** LSE (2020-04-02) in GBP £4.28
Europe Retail Distributors Industry PE Ratio Median Figure of 18 Publicly-Listed Retail Distributors Companies 9.21x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 16.15x

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

** Primary Listing of Inchcape.

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

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

= 4.28 ÷ 0.79

5.42x

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

  • Inchcape is good value based on earnings compared to the Europe Retail Distributors industry average.
  • Inchcape is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Inchcape's expected growth come at a high price?
Raw Data
DB:IJCA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.42x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
-12.9%per year
Europe Retail Distributors Industry PEG Ratio Median Figure of 5 Publicly-Listed Retail Distributors Companies 0.78x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.17x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 5.42x ÷ -12.9%

-0.42x

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

  • Inchcape earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Inchcape's assets?
Raw Data
DB:IJCA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in GBP £3.21
LSE:INCH Share Price * LSE (2020-04-02) in GBP £4.28
Europe Retail Distributors Industry PB Ratio Median Figure of 23 Publicly-Listed Retail Distributors Companies 1.04x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.44x
DB:IJCA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 4.28 ÷ 3.21

1.33x

* Primary Listing of Inchcape.

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

  • Inchcape is overvalued based on assets compared to the Europe Retail Distributors industry average.
X
Value checks
We assess Inchcape'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 Retail Distributors 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 Retail Distributors industry average (and greater than 0)? (1 check)
  5. Inchcape has a total score of 4/6, 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 Inchcape expected to perform in the next 1 to 3 years based on estimates from 5 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
-12.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Inchcape expected to grow at an attractive rate?
  • Inchcape's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Inchcape's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Inchcape's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:IJCA Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:IJCA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts -12.9%
DB:IJCA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 1.8%
Europe Retail Distributors Industry Earnings Growth Rate Market Cap Weighted Average -4.9%
Europe Retail Distributors Industry Revenue Growth Rate Market Cap Weighted Average -0.2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.3%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4%

*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:IJCA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:IJCA Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 10,360 311 1
2023-12-31 9,900 304 1
2022-12-31 9,546 312 218 3
2021-12-31 9,211 333 211 5
2020-12-31 8,771 288 206 4
2020-04-03
DB:IJCA Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-12-31 9,380 327 323
2019-09-30 9,384 350 180
2019-06-30 9,389 312 54
2019-03-31 9,333 344 51
2018-12-31 9,277 437 32
2018-09-30 9,200 390 143
2018-06-30 9,124 375 240
2018-03-31 9,039 382 254
2017-12-31 8,953 390 268
2017-09-30 8,739 376 235
2017-06-30 8,525 362 203
2017-03-31 8,182 317 194

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Inchcape's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Inchcape's revenue is expected to grow by 1.8% 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:IJCA 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 5 Analyst Estimates (S&P Global) See Below

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

DB:IJCA Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 0.58 0.62 0.54 2.00
2021-12-31 0.57 0.60 0.51 3.00
2020-12-31 0.52 0.53 0.51 2.00
2020-04-03
DB:IJCA Past Financials Data
Date (Data in GBP Millions) EPS *
2019-12-31 0.79
2019-09-30 0.44
2019-06-30 0.13
2019-03-31 0.12
2018-12-31 0.08
2018-09-30 0.35
2018-06-30 0.58
2018-03-31 0.61
2017-12-31 0.64
2017-09-30 0.56
2017-06-30 0.48
2017-03-31 0.46

*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.
  • Inchcape is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Inchcape'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.
Inchcape has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

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

Past Performance

  How has Inchcape 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 Inchcape's growth in the last year to its industry (Retail Distributors).
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.
  • Inchcape's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Inchcape's 1-year earnings growth exceeds its 5-year average (896.6% vs -1.9%)
  • Inchcape's earnings growth has exceeded the Europe Retail Distributors industry average in the past year (896.6% vs 28.4%).
Earnings and Revenue History
Inchcape'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 Inchcape Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:IJCA 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 9,379.70 322.90 900.00
2019-09-30 9,384.15 180.40 914.20
2019-06-30 9,388.60 53.70 941.90
2019-03-31 9,332.80 50.95 931.75
2018-12-31 9,277.00 32.40 908.10
2018-09-30 9,200.40 143.10 901.15
2018-06-30 9,123.80 240.00 888.10
2018-03-31 9,038.55 253.85 872.60
2017-12-31 8,953.30 267.70 857.10
2017-09-30 8,739.25 235.35 828.50
2017-06-30 8,525.20 203.00 799.90
2017-03-31 8,181.80 193.70 771.00
2016-12-31 7,838.40 184.40 742.10
2016-09-30 7,526.25 183.10 718.25
2016-06-30 7,214.10 181.80 694.40
2016-03-31 7,025.20 178.80 678.65
2015-12-31 6,836.30 175.80 662.90
2015-09-30 6,790.70 172.35 669.25
2015-06-30 6,745.10 168.90 675.60
2015-03-31 6,723.90 174.25 666.85
2014-12-31 6,702.70 179.60 658.10
2014-09-30 6,625.35 199.25 648.95
2014-06-30 6,548.00 218.90 639.80
2014-03-31 6,536.45 206.55 649.60
2013-12-31 6,524.90 194.20 659.40
2013-09-30 6,407.25 189.65 646.10
2013-06-30 6,289.60 185.10 632.80

*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.
  • Whilst Inchcape has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Inchcape used its assets more efficiently than the Europe Retail Distributors industry average last year based on Return on Assets.
  • Inchcape has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Inchcape'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 Retail Distributors 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.
Inchcape has a total score of 4/6, see the detailed checks below.

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

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

Health

 How is Inchcape'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 Inchcape's finances.

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

DB:IJCA Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,298.60 1,688.00 423.20
2019-09-30 1,298.60 1,688.00 423.20
2019-06-30 1,364.50 2,058.20 460.00
2019-03-31 1,364.50 2,058.20 460.00
2018-12-31 1,361.70 2,248.60 642.30
2018-09-30 1,415.80 2,248.60 642.30
2018-06-30 1,516.10 2,612.50 980.90
2018-03-31 1,516.10 2,612.50 980.90
2017-12-31 1,447.90 2,441.10 976.80
2017-09-30 1,447.90 2,441.10 976.80
2017-06-30 1,339.10 825.60 825.50
2017-03-31 1,339.10 825.60 825.50
2016-12-31 1,362.50 1,147.20 800.40
2016-09-30 1,362.50 1,147.20 800.40
2016-06-30 1,381.00 461.70 597.50
2016-03-31 1,381.00 461.70 597.50
2015-12-31 1,241.90 671.10 581.40
2015-09-30 1,241.90 671.10 581.40
2015-06-30 1,288.40 419.70 450.40
2015-03-31 1,288.40 419.70 450.40
2014-12-31 1,318.10 644.80 628.50
2014-09-30 1,318.10 644.80 628.50
2014-06-30 1,462.40 345.60 513.70
2014-03-31 1,462.40 345.60 513.70
2013-12-31 1,499.20 583.40 494.90
2013-09-30 1,499.20 583.40 494.90
2013-06-30 1,639.80 413.90 490.20
  • Inchcape's level of debt (130%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (48.7% vs 130% today).
  • Debt is not well covered by operating cash flow (19.4%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 10.5x coverage).
X
Financial health checks
We assess Inchcape'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. Inchcape has a total score of 3/6, 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 Inchcape'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
6.26%
Current annual income from Inchcape dividends. Estimated to be 6.46% next year.
If you bought €2,000 of Inchcape shares you are expected to receive €125 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?
  • Inchcape's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.65%).
  • Inchcape's dividend is above the markets top 25% of dividend payers in Germany (4.86%).
Upcoming dividend payment

Purchase Inchcape 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
DB:IJCA 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 5 Analyst Estimates (S&P Global) See Below
Europe Retail Distributors Industry Average Dividend Yield Market Cap Weighted Average of 12 Stocks 4.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 320 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

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

DB:IJCA Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2024-12-31 0.34 1.00
2023-12-31 0.30 1.00
2022-12-31 0.27 3.00
2021-12-31 0.27 5.00
2020-12-31 0.27 4.00
2020-04-03
DB:IJCA Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2020-03-13 0.268 5.911
2020-02-27 0.268 4.722
2019-03-18 0.268 4.302
2019-02-28 0.268 4.668
2018-07-26 0.278 4.618
2018-03-14 0.268 3.626
2018-02-27 0.268 3.927
2017-03-15 0.238 3.005
2017-03-01 0.238 3.006
2016-04-04 0.209 3.074
2016-03-15 0.209 2.901
2015-07-30 0.206 2.771
2015-04-01 0.201 2.425
2015-03-10 0.201 2.526
2014-04-01 0.174 2.603
2014-03-11 0.174 2.730
2013-08-02 0.162 2.646
2013-03-12 0.145 2.769
2012-07-31 0.114 2.734
2012-04-11 0.110 3.190
2012-03-13 0.110 2.885
2011-07-28 0.072 2.245
2011-03-08 0.066 1.749
2011-03-07 0.066 1.681
2010-03-10 0.000 0.000
2009-07-29 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, Inchcape has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Inchcape only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Inchcape's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.3x coverage).
X
Income/ dividend checks
We assess Inchcape's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - 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 Inchcape afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Inchcape 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 Inchcape'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
George Ashford
AGE 52
TENURE AS CEO 3.5 years
CEO Bio

Mr. George Ashford has been the Chief Executive Officer of Asia at Inchcape plc since October 6, 2016. Mr. Ashford served as the Chief Executive Officer and Director of Inchcape Australia Limited since January 2012 until September 30, 2016. Mr. Ashford served as the Chief Executive Officer at Toyota Belgium N.V. since July 2009 and served as its Managing Director for Europe Retail. Mr. Ashford served as Product Excellence Director for KFC (GB) from 2000 to 2003 and Operations Director for Pizza Hut (UK) from 2003 to 2006. He served as the Chief Executive Officer - Toyota Belgium at Inchcape plc from July 2009 to December 2011. He joined Inchcape in March 2006 as a Director of Implementation, Inchcape Advantage. In this role Mr. Ashford led the implementation of Inchcape Advantage, a company wide strategic programme putting the customer at the heart of the Group’s service initiatives. In October 2006, Mr. Ashford was appointed Managing Director European Retail. In this role he led the implementation of world class retail operation programmes across the European retail network. He was also responsible for the integration of businesses acquired in the Baltics and the construction and opening of four greenfield operations in eastern Europe. Mr. Ashford joined Kingfisher Plc in 1994 in the Business Development Department and then moved to Yum Restaurants International (previously Pepsi Restaurants International) in 1996. He spent 10 years with Yum and held several senior management positions culminating with board positions in Yum's two UK based operating businesses. He serves as a Director of Inchcape Australia Limited. He served as a Director of Inchcape Motors New Zealand Limited until September 30, 2016. He served as a Director of Subaru (Aust) Pty Ltd. until September 30, 2016.

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

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

3.5
Average Tenure
51.5
Average Age
  • The tenure for the Inchcape management team is about average.
Management Team

Gijsbert de Zoeten

TITLE
CFO & Executive Director
COMPENSATION
£719K
AGE
53
TENURE
0.6 yrs

Stefan Bomhard

TITLE
Executive Director
COMPENSATION
£2M
AGE
51

Bertrand Mallet

TITLE
Chief Development Officer
AGE
47

Alison Clarke

TITLE
Chief Human Resources Officer
TENURE
3.6 yrs

George Ashford

TITLE
Chief Executive Officer of Asia
AGE
52
TENURE
3.5 yrs

Aris Aravanis

TITLE
Chief Executive Officer of Continental Europe
TENURE
4.8 yrs

Tamsin Waterhouse

TITLE
Group Company Secretary

Ruslan Kinebas

TITLE
Chief Executive Officer of Emerging Markets
TENURE
4.5 yrs

Nick Senior

TITLE
Chief Executive Officer of Australia
TENURE
3.5 yrs

James Brearley

TITLE
Chief Executive Officer of Inchcape UK
TENURE
3.3 yrs
Board of Directors Tenure

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

3.1
Average Tenure
54
Average Age
  • The tenure for the Inchcape board of directors is about average.
Board of Directors

Nigel Stein

TITLE
Independent Chairman of the Board
COMPENSATION
£322K
AGE
63
TENURE
1.9 yrs

Gijsbert de Zoeten

TITLE
CFO & Executive Director
COMPENSATION
£719K
AGE
53
TENURE
0.6 yrs

Stefan Bomhard

TITLE
Executive Director
COMPENSATION
£2M
AGE
51
TENURE
4.9 yrs

John Langston

TITLE
Non-Executive Director
COMPENSATION
£77K
AGE
69
TENURE
6.7 yrs

Jane Kingston

TITLE
Non-Executive Director
COMPENSATION
£67K
AGE
61
TENURE
1.8 yrs

Till Vestring

TITLE
Non-Executive Director
COMPENSATION
£74K
AGE
54
TENURE
8.6 yrs

Rachel Empey

TITLE
Non-Executive Director
COMPENSATION
£60K
AGE
43
TENURE
3.9 yrs

Jerry Buhlmann

TITLE
Non-Executive Director
COMPENSATION
£73K
TENURE
3.1 yrs

Alex Jensen

TITLE
Non-Executive Director
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Inchcape individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
19. Mar 20 Buy Gijsbert de Zoeten Individual 18. Mar 20 18. Mar 20 23,575 €4.76 €112,304
02. Mar 20 Buy John Langston Individual 02. Mar 20 02. Mar 20 344 €6.69 €2,301
02. Mar 20 Buy Till Vestring Individual 02. Mar 20 02. Mar 20 500 €6.69 €3,344
02. Dec 19 Buy Till Vestring Individual 02. Dec 19 02. Dec 19 445 €7.65 €3,405
02. Dec 19 Buy John Langston Individual 02. Dec 19 02. Dec 19 306 €7.65 €2,341
16. Oct 19 Sell Aris Aravanis Individual 16. Oct 19 16. Oct 19 -5,503 €7.38 €-40,600
10. Oct 19 Sell George Ashford Individual 07. Oct 19 07. Oct 19 -2,280 €6.88 €-15,696
01. Aug 19 Buy Till Vestring Individual 01. Aug 19 01. Aug 19 957 €6.72 €6,436
01. Aug 19 Buy John Langston Individual 01. Aug 19 01. Aug 19 659 €6.72 €4,432
X
Management checks
We assess Inchcape'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. Inchcape 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

Inchcape plc operates as an automotive distributor and retailer in the premium and luxury automotive sectors. The company sells and retails new and used cars of various brands. It also provides after sales servicing and parts; and vehicle finance and insurance products and services. The company operates in Asia, Australasia, the United Kingdom, Europe, Africa, South America, and Russia. Inchcape plc was founded in 1847 and is headquartered in London, the United Kingdom.

Details
Name: Inchcape plc
IJCA
Exchange: DB
Founded: 1847
£1,904,057,793
392,412,804
Website: http://www.inchcape.com
Address: Inchcape plc
22a St James’s Square,
London,
Greater London, SW1Y 5LP,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE INCH Ordinary Shares London Stock Exchange GB GBP 07. Jun 1988
OTCPK IHCP.F Ordinary Shares Pink Sheets LLC US USD 07. Jun 1988
DB IJCA Ordinary Shares Deutsche Boerse AG DE EUR 07. Jun 1988
BATS-CHIXE INCHL Ordinary Shares BATS 'Chi-X Europe' GB GBP 07. Jun 1988
OTCPK INCP.Y SPON ADR EACH REP 1 ORD SHS Pink Sheets LLC US USD 11. Jan 2011
OTCPK INCP.Y SPONSORED ADR Pink Sheets LLC US USD 03. Apr 2020
Number of employees
Current staff
Staff numbers
17,327
Inchcape employees.
Industry
Distributors
Retail
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 00:12
End of day share price update: 2020/04/02 00:00
Last estimates confirmation: 2020/03/20
Last earnings filing: 2020/03/13
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.