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Københavns Lufthavne

DB:KLH
Snowflake Description

Questionable track record with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
KLH
DB
DKK39B
Market Cap
  1. Home
  2. DE
  3. Transportation
Company description

Københavns Lufthavne A/S develops, owns, and operates Roskilde Airport at Roskilde and Copenhagen Airport at Kastrup in Denmark. The last earnings update was 28 days ago. More info.


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KLH Share Price and Events
7 Day Returns
10.1%
DB:KLH
11.3%
DE Infrastructure
9.9%
DE Market
1 Year Returns
-18.7%
DB:KLH
-43.8%
DE Infrastructure
-17.5%
DE Market
KLH Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Københavns Lufthavne (KLH) 10.1% 0% -14.6% -18.7% -20.2% 33%
DE Infrastructure 11.3% -34% -49.8% -43.8% -42.3% -21.2%
DE Market 9.9% -16.6% -24.8% -17.5% -24.5% -28.1%
1 Year Return vs Industry and Market
  • KLH outperformed the Infrastructure industry which returned -43.8% over the past year.
  • KLH underperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
KLH
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Københavns Lufthavne 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 Københavns Lufthavne 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 Københavns Lufthavne.

DB:KLH Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 4.5%
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:KLH
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Infrastructure Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.728 (1 + (1- 22%) (21.64%))
0.9
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.9
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.9 * 5.44%)
4.51%

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

The calculations below outline how an intrinsic value for Københavns Lufthavne 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:KLH DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (DKK, Millions) Source Present Value
Discounted (@ 4.51%)
2020 2.75 Est @ -57.05% 2.63
2021 1.65 Est @ -40.05% 1.51
2022 1.19 Est @ -28.15% 1.04
2023 0.95 Est @ -19.82% 0.80
2024 0.82 Est @ -13.99% 0.66
2025 0.74 Est @ -9.91% 0.57
2026 0.68 Est @ -7.06% 0.50
2027 0.65 Est @ -5.06% 0.46
2028 0.63 Est @ -3.66% 0.42
2029 0.61 Est @ -2.68% 0.39
Present value of next 10 years cash flows DKK8.00
DB:KLH DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= DKK0.61 × (1 + -0.39%) ÷ (4.51% – -0.39%)
DKK12.39
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= DKK12.39 ÷ (1 + 4.51%)10
DKK7.97
DB:KLH Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= DKK8.00 + DKK7.97
DKK15.97
Equity Value per Share
(DKK)
= Total value / Shares Outstanding
= DKK15.97 / 7.85
DKK2.04
DB:KLH Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:KLH represents 0.13239x of CPSE:KBHL
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.13239x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (DKK) x Listing Adjustment Factor
= DKK 2.04 x 0.13239
€0.27
Value per share (EUR) From above. €0.27
Current discount Discount to share price of €654.00
= -1 x (€654.00 - €0.27) / €0.27
-242625.7%

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

  • The current share price of Københavns Lufthavne is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Københavns Lufthavne's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Københavns Lufthavne's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:KLH PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in DKK DKK130.01
CPSE:KBHL Share Price ** CPSE (2020-03-31) in DKK DKK4940
Europe Infrastructure Industry PE Ratio Median Figure of 38 Publicly-Listed Infrastructure Companies 10.3x
Germany Market PE Ratio Median Figure of 399 Publicly-Listed Companies 16.31x

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

** Primary Listing of Københavns Lufthavne.

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

= CPSE:KBHL Share Price ÷ EPS (both in DKK)

= 4940 ÷ 130.01

38x

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

  • Københavns Lufthavne is overvalued based on earnings compared to the Europe Infrastructure industry average.
  • Københavns Lufthavne is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Københavns Lufthavne's expected growth come at a high price?
Raw Data
DB:KLH PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 38x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Europe Infrastructure Industry PEG Ratio Median Figure of 18 Publicly-Listed Infrastructure Companies 1.17x
Germany Market PEG Ratio Median Figure of 255 Publicly-Listed Companies 1.18x

*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 Københavns Lufthavne, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Københavns Lufthavne's assets?
Raw Data
DB:KLH PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in DKK DKK415.21
CPSE:KBHL Share Price * CPSE (2020-03-31) in DKK DKK4940
Germany Infrastructure Industry PB Ratio Median Figure of 5 Publicly-Listed Infrastructure Companies 0.9x
Germany Market PB Ratio Median Figure of 571 Publicly-Listed Companies 1.43x
DB:KLH PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= CPSE:KBHL Share Price ÷ Book Value per Share (both in DKK)

= 4940 ÷ 415.21

11.9x

* Primary Listing of Københavns Lufthavne.

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

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

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

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

Show me the analysis anyway

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

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
4.4%
Expected Infrastructure industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Københavns Lufthavne expected to grow at an attractive rate?
  • Unable to compare Københavns Lufthavne's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Københavns Lufthavne's earnings growth to the Germany market average as no estimate data is available.
  • Unable to compare Københavns Lufthavne's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
DB:KLH Future Growth Rates Data Sources
Data Point Source Value (per year)
Europe Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 4.4%
Europe Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.4%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*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:KLH Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in DKK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:KLH Past Financials Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income *
2019-12-31 4,346 1,774 1,020
2019-09-30 4,346 1,780 1,023
2019-06-30 4,388 1,669 1,047
2019-03-31 4,404 1,856 1,059
2018-12-31 4,445 1,980 1,105
2018-09-30 4,459 1,991 1,185
2018-06-30 4,450 2,148 1,243
2018-03-31 4,456 2,136 1,299
2017-12-31 4,439 2,031 1,286
2017-09-30 4,463 2,076 1,272
2017-06-30 4,460 2,057 1,270
2017-03-31 4,452 1,938 1,261

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Københavns Lufthavne is high growth as no earnings estimate data is available.
  • Unable to determine if Københavns Lufthavne is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:KLH 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 0 Analyst Estimates (S&P Global) See Below

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

DB:KLH Past Financials Data
Date (Data in DKK Millions) EPS *
2019-12-31 130.01
2019-09-30 130.34
2019-06-30 133.44
2019-03-31 134.93
2018-12-31 140.84
2018-09-30 151.10
2018-06-30 158.39
2018-03-31 165.49
2017-12-31 163.80
2017-09-30 162.02
2017-06-30 161.82
2017-03-31 160.60

*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 Københavns Lufthavne will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Københavns Lufthavne's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Transportation companies here
  2. Københavns Lufthavne's competitive advantages and company strategy can generally be found in its financial reports archived here.
  3. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Københavns Lufthavne'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.
Københavns Lufthavne 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 Københavns Lufthavne 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 Københavns Lufthavne's growth in the last year to its industry (Infrastructure).
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.
  • Københavns Lufthavne's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Københavns Lufthavne's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Københavns Lufthavne's 1-year earnings growth is negative, it can't be compared to the Europe Infrastructure industry average.
Earnings and Revenue History
Københavns Lufthavne'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 Københavns Lufthavne Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:KLH Past Revenue, Cash Flow and Net Income Data
Date (Data in DKK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 4,345.70 1,020.30 528.90
2019-09-30 4,346.00 1,023.40 550.20
2019-06-30 4,387.60 1,046.60 567.30
2019-03-31 4,403.80 1,059.10 562.90
2018-12-31 4,444.80 1,105.30 557.10
2018-09-30 4,458.90 1,185.40 517.10
2018-06-30 4,449.70 1,243.40 479.40
2018-03-31 4,456.20 1,299.00 459.80
2017-12-31 4,439.40 1,285.50 482.80
2017-09-30 4,462.70 1,271.90 522.40
2017-06-30 4,459.90 1,270.10 565.70
2017-03-31 4,452.20 1,261.00 601.30
2016-12-31 4,421.90 1,259.00 609.50
2016-09-30 4,358.60 1,251.70 604.00
2016-06-30 4,255.20 1,180.20 592.10
2016-03-31 4,155.70 1,133.60 592.50
2015-12-31 4,061.90 1,086.00 579.00
2015-09-30 3,969.00 1,021.20 584.60
2015-06-30 3,913.80 993.20 579.50
2015-03-31 3,907.50 982.40 582.50
2014-12-31 3,867.50 958.40 589.00
2014-09-30 3,833.90 969.10 576.30
2014-06-30 3,773.10 957.30 576.70
2014-03-31 3,689.30 984.70 568.20
2013-12-31 3,644.50 976.10 570.10
2013-09-30 3,615.20 1,703.10 584.00
2013-06-30 3,573.00 1,674.50 581.40

*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 Københavns Lufthavne 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.
  • Københavns Lufthavne used its assets more efficiently than the Europe Infrastructure industry average last year based on Return on Assets.
  • Københavns Lufthavne's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Københavns Lufthavne'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 Infrastructure 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.
Københavns Lufthavne 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 Københavns Lufthavne'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 Københavns Lufthavne's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Københavns Lufthavne's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Københavns Lufthavne's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Københavns Lufthavne'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 not covered by short term assets, assets are 0.1x 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 Københavns Lufthavne Company Filings, last reported 3 months ago.

DB:KLH Past Debt and Equity Data
Date (Data in DKK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 3,258.60 8,390.30 19.20
2019-09-30 3,044.90 8,322.30 33.40
2019-06-30 2,924.30 8,191.80 26.30
2019-03-31 3,298.30 7,440.80 20.80
2018-12-31 3,086.30 7,222.40 159.10
2018-09-30 2,851.70 7,151.80 57.80
2018-06-30 2,908.30 6,880.30 19.10
2018-03-31 3,391.50 6,220.10 42.50
2017-12-31 3,152.40 6,062.70 12.60
2017-09-30 2,872.20 6,111.30 12.10
2017-06-30 2,955.40 6,166.90 64.80
2017-03-31 3,291.70 5,929.90 58.00
2016-12-31 3,038.10 5,850.30 78.20
2016-09-30 2,794.80 5,746.40 69.80
2016-06-30 2,954.10 5,717.90 84.00
2016-03-31 3,211.90 5,321.70 61.60
2015-12-31 2,991.60 5,478.90 83.40
2015-09-30 2,761.30 5,422.40 48.20
2015-06-30 2,845.80 5,333.80 70.50
2015-03-31 3,055.90 5,217.30 58.20
2014-12-31 2,845.10 4,778.60 47.10
2014-09-30 2,607.70 4,576.70 50.50
2014-06-30 2,743.30 4,294.20 38.60
2014-03-31 3,026.20 4,040.20 45.20
2013-12-31 2,900.60 4,203.90 37.00
2013-09-30 2,716.30 4,247.20 45.50
2013-06-30 2,851.30 4,358.90 216.40
  • Københavns Lufthavne's level of debt (257.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (168% vs 257.5% today).
  • Debt is well covered by operating cash flow (21.1%, greater 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 Københavns Lufthavne'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. Københavns Lufthavne has a total score of 2/6, 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 Københavns Lufthavne'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 Københavns Lufthavne dividends.
If you bought €2,000 of Københavns Lufthavne 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 Københavns Lufthavne's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Københavns Lufthavne'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:KLH Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Europe Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 31 Stocks 7.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.8%
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 5%

Industry and Market average data is calculated daily.

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

DB:KLH Past Annualized Dividends Data
Date (Data in DKK) Dividend per share (annual) Avg. Yield (%)
2020-03-03 0.000 0.000
2019-03-05 140.830 2.430
2018-03-01 163.800 2.888
2017-03-01 160.420 2.861
2016-03-01 138.380 3.088
2015-02-26 122.130 3.389
2014-02-26 124.370 4.231
2013-02-26 205.760 7.939
2012-03-01 96.290 4.760
2011-02-21 160.600 9.398
2010-08-10 89.800 5.971
2010-02-25 78.200 5.833
2009-10-29 66.200 5.373
2009-08-13 66.230 5.644

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

  • Unable to perform a dividend volatility check as Københavns Lufthavne has not reported any payouts.
  • Unable to verify if Københavns Lufthavne's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Københavns Lufthavne's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Københavns Lufthavne 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 Københavns Lufthavne'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 Københavns Lufthavne afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Københavns Lufthavne 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 Københavns Lufthavne'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
Thomas Woldbye
COMPENSATION DKK8,400,000
AGE 55
TENURE AS CEO 8.8 years
CEO Bio

Mr. Thomas Woldbye has been the Chief Executive Officer of Copenhagen Airports International A/S since May 1, 2011 and serves as its President. Mr. Woldbye has been the Chief Executive Officer at Københavns Lufthavne A/S since May 1, 2011. He works closely with all of Københavns' stakeholders to ensure ongoing competitiveness, accessibility and quality of service. He served as President of Københavns Lufthavne A/S. He served as Management Trainee at A.P.Moeller-Maersk since 1983. He held senior management positions at the corporate APMM HQ in Copenhagen, as well as in Indonesia, Singapore, China, Hong Kong and Europe from 1985 to 2005. He served as Group Chief Executive Officer of Norfolkline Group since 2004, where he focused on providing extraordinary customer experiences, efficient operations and competitiveness. He served as Group Senior Vice President at A.P. Moeller-Maersk's central European headquarters in Holland since 2001. He began his career with A.P. Moller-Maersk. He has wide-ranging experience as a seasoned leader in the aviation and transportation sectors. His extensive management experience at Norfolkline Group has included roles in infrastructure development, operations and commercial areas. He served as Chairman of Copenhagen Airports International A/S and Copenhagen Airports’ Hotel and Real Estate Company A/S. He serves on the boards of Wonderful Copenhagen and the Center for Leadership, Denmark. He serves as Director of SITA Information Networking Computing N.V. Mr. Woldbye served as a Director of Maersk Company Limited(The) from April 20, 2005 to May 1, 2006. He holds Bachelor's degree in Finance from the Copenhagen Business School and management training at London Business School as well as IMD, Switzerland.

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

Average tenure and age of the Københavns Lufthavne management team in years:

5.4
Average Tenure
53
Average Age
  • The average tenure for the Københavns Lufthavne management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Thomas Woldbye

TITLE
Chief Executive Officer
COMPENSATION
DKK8M
AGE
55
TENURE
8.8 yrs

Rasmus Lund

TITLE
Chief Financial Officer
TENURE
1.3 yrs

Christian Poulsen

TITLE
CTO & CIO
AGE
53
TENURE
8.8 yrs

Christian Kledal

TITLE
General Counsel

Peter Goll

TITLE
Communication Director and VP of Corporate Responsibility
AGE
45

Kirstine Bergenholtz

TITLE
HR Director
AGE
50
TENURE
2.2 yrs

Erik Nielsen

TITLE
Head of Environmental Affairs
AGE
70

Peter Krogsgaard

TITLE
Chief Commercial Officer
AGE
50
TENURE
5.4 yrs

John Andersen

TITLE
Controller
AGE
62
Board of Directors Tenure

Average tenure and age of the Københavns Lufthavne board of directors in years:

5
Average Tenure
56
Average Age
  • The tenure for the Københavns Lufthavne board of directors is about average.
Board of Directors

Lars Johansen

TITLE
Independent Chairman
COMPENSATION
DKK1,000K
AGE
70
TENURE
5.8 yrs

David Stanton

TITLE
Deputy Chairman
AGE
50
TENURE
8.4 yrs

Ulrik Dan Weuder

TITLE
Deputy Chairman
AGE
50
TENURE
2.3 yrs

Janis Kong

TITLE
Independent Director
COMPENSATION
DKK500K
AGE
68
TENURE
8 yrs

Charles Thomazi

TITLE
Director
AGE
56
TENURE
4.8 yrs

John Flyttov

TITLE
Employee Representative Director
COMPENSATION
DKK300K
AGE
63
TENURE
5.2 yrs

Dan Hansen

TITLE
Employee Representative Director
COMPENSATION
DKK300K
AGE
41
TENURE
5.2 yrs

Marlene Haugaard

TITLE
Independent Director
COMPENSATION
DKK300K
AGE
55
TENURE
1.8 yrs

Betina Thomsen

TITLE
Employee Representative Director
COMPENSATION
DKK300K
AGE
56
TENURE
0.8 yrs

Michael Bock

TITLE
Alternate Director
TENURE
1 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 Københavns Lufthavne'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. Københavns Lufthavne 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

Københavns Lufthavne A/S develops, owns, and operates Roskilde Airport at Roskilde and Copenhagen Airport at Kastrup in Denmark. The company operates in two segments, Aeronautical and Non-Aeronautical. The Aeronautical segment comprises infrastructure and services relating to air traffic, including route development, baggage systems, and security; and operation and development of technical systems, terminals, IT, aircraft stands, taxiways, and runways. The Non-Aeronautical segment comprises activities, such as parking; terminal services, such as restaurants and shops; hotel activities; and letting in the airport area. This segment is also involved in leasing company’s buildings, premises, and land, as well as the provision of consulting services concerning airport operation and other services. The company also serves concessionaires in the shopping center, as well as tenants. The company was founded in 1990 and is based in Kastrup, Denmark. Københavns Lufthavne A/S is a subsidiary of Copenhagen Airports Denmark ApS.

Details
Name: Københavns Lufthavne A/S
KLH
Exchange: DB
Founded: 1990
DKK5,191,262,447
7,848,000
Website: http://www.cph.dk
Address: Københavns Lufthavne A/S
Lufthavnsboulevarden 6,
Kastrup,
2770,
Denmark
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
CPSE KBHL Share Capital OMX Nordic Exchange Copenhagen DK DKK 11. Apr 1994
DB KLH Share Capital Deutsche Boerse AG DE EUR 11. Apr 1994
LSE 0EYJ Share Capital London Stock Exchange GB DKK 11. Apr 1994
BATS-CHIXE KBHLC Share Capital BATS 'Chi-X Europe' GB DKK 11. Apr 1994
Number of employees
Current staff
Staff numbers
2,600
Københavns Lufthavne employees.
Industry
Airport Services
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 21:00
End of day share price update: 2020/03/31 00:00
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.