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Flughafen Zürich

DB:UZAA
Snowflake Description

Established dividend payer with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
UZAA
DB
CHF6B
Market Cap
  1. Home
  2. DE
  3. Transportation
Company description

Flughafen Zürich AG owns and operates the Zürich Airport in Switzerland. The last earnings update was 29 days ago. More info.


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UZAA Share Price and Events
7 Day Returns
0%
DB:UZAA
2%
DE Infrastructure
-0.6%
DE Market
1 Year Returns
-6%
DB:UZAA
2%
DE Infrastructure
-5.5%
DE Market
UZAA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Flughafen Zürich (UZAA) 0% 0% 0.1% -6% -6.9% 63.3%
DE Infrastructure 2% 2.9% 0.8% 2% 46.6% 44.1%
DE Market -0.6% 4.9% 0.9% -5.5% 7.9% 14.2%
1 Year Return vs Industry and Market
  • UZAA underperformed the Infrastructure industry which returned 2% over the past year.
  • UZAA matched the Germany Market (-5.5%) over the past year.
Price Volatility
UZAA
Industry
5yr Volatility vs Market

UZAA Value

 Is Flughafen Zürich 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 Flughafen Zürich 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 Flughafen Zürich.

DB:UZAA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.1%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

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:UZAA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Infrastructure Unlevered Beta Simply Wall St/ S&P Global 0.85
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.854 (1 + (1- 18%) (18.91%))
0.991
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.99
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.991 * 5.96%)
6.13%

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

The calculations below outline how an intrinsic value for Flughafen Zürich 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:UZAA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CHF, Millions) Source Present Value
Discounted (@ 6.13%)
2020 131.73 Analyst x3 124.12
2021 148.23 Analyst x4 131.59
2022 147.35 Analyst x2 123.26
2023 229.00 Analyst x1 180.49
2024 257.60 Est @ 12.49% 191.30
2025 280.29 Est @ 8.81% 196.12
2026 297.77 Est @ 6.24% 196.31
2027 310.97 Est @ 4.43% 193.17
2028 320.84 Est @ 3.17% 187.78
2029 328.18 Est @ 2.29% 180.98
Present value of next 10 years cash flows CHF1,705.00
DB:UZAA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CHF328.18 × (1 + 0.23%) ÷ (6.13% – 0.23%)
CHF5,570.97
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CHF5,570.97 ÷ (1 + 6.13%)10
CHF3,072.24
DB:UZAA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CHF1,705.00 + CHF3,072.24
CHF4,777.24
Equity Value per Share
(CHF)
= Total value / Shares Outstanding
= CHF4,777.24 / 30.70
CHF155.61
DB:UZAA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:UZAA represents 0.89354x of SWX:FHZN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.89354x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CHF) x Listing Adjustment Factor
= CHF 155.61 x 0.89354
€139.04
Value per share (EUR) From above. €139.04
Current discount Discount to share price of €162.00
= -1 x (€162.00 - €139.04) / €139.04
-16.5%

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

  • The current share price of Flughafen Zürich 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 Flughafen Zürich's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Flughafen Zürich's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:UZAA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in CHF CHF9.67
SWX:FHZN Share Price ** SWX (2019-06-28) in CHF CHF181.3
Europe Infrastructure Industry PE Ratio Median Figure of 38 Publicly-Listed Infrastructure Companies 17.41x
Germany Market PE Ratio Median Figure of 423 Publicly-Listed Companies 20.29x

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

** Primary Listing of Flughafen Zürich.

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

= SWX:FHZN Share Price ÷ EPS (both in CHF)

= 181.3 ÷ 9.67

18.75x

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

  • Flughafen Zürich is overvalued based on earnings compared to the Europe Infrastructure industry average.
  • Flughafen Zürich is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Flughafen Zürich's expected growth come at a high price?
Raw Data
DB:UZAA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.75x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
-8.2%per year
Europe Infrastructure Industry PEG Ratio Median Figure of 21 Publicly-Listed Infrastructure Companies 3.06x
Germany Market PEG Ratio Median Figure of 266 Publicly-Listed Companies 1.42x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 18.75x ÷ -8.2%

-2.28x

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

  • Flughafen Zürich 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 Flughafen Zürich's assets?
Raw Data
DB:UZAA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in CHF CHF75.54
SWX:FHZN Share Price * SWX (2019-06-28) in CHF CHF181.3
Germany Infrastructure Industry PB Ratio Median Figure of 5 Publicly-Listed Infrastructure Companies 1.69x
Germany Market PB Ratio Median Figure of 596 Publicly-Listed Companies 1.72x
DB:UZAA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SWX:FHZN Share Price ÷ Book Value per Share (both in CHF)

= 181.3 ÷ 75.54

2.4x

* Primary Listing of Flughafen Zürich.

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

  • Flughafen Zürich is overvalued based on assets compared to the DE Infrastructure industry average.
X
Value checks
We assess Flughafen Zürich'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. Flughafen Zürich has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

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

UZAA Future Performance

 How is Flughafen Zürich expected to perform in the next 1 to 3 years based on estimates from 12 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
-8.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Flughafen Zürich expected to grow at an attractive rate?
  • Flughafen Zürich's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Flughafen Zürich's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Flughafen Zürich's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:UZAA Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:UZAA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts -8.2%
DB:UZAA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts -1.2%
Germany Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 3.9%
Europe Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 2.6%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

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

Analysts growth expectations
Raw Data
DB:UZAA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:UZAA Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,214 536 270 1
2022-12-31 1,151 527 216 3
2021-12-31 1,151 510 242 12
2020-12-31 1,207 566 301 12
2019-12-31 1,195 549 301 12
2019-09-25
DB:UZAA Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2019-06-30 1,201 544 297
2019-03-31 1,177 541 267
2018-12-31 1,153 538 238
2018-09-30 1,121 535 232
2018-06-30 1,089 531 227
2018-03-31 1,063 530 256
2017-12-31 1,037 530 285
2017-09-30 1,029 510 286
2017-06-30 1,021 490 287
2017-03-31 1,017 481 267
2016-12-31 1,013 472 248
2016-09-30 1,007 456 245

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Flughafen Zürich's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Flughafen Zürich's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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:UZAA 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 12 Analyst Estimates (S&P Global) See Below

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

DB:UZAA Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 8.44 8.78 8.10 2.00
2022-12-31 7.29 8.19 5.89 3.00
2021-12-31 7.60 9.90 5.35 8.00
2020-12-31 9.65 10.60 8.81 8.00
2019-12-31 9.66 9.90 9.45 8.00
2019-09-25
DB:UZAA Past Financials Data
Date (Data in CHF Millions) EPS *
2019-06-30 9.67
2019-03-31 8.71
2018-12-31 7.75
2018-09-30 7.57
2018-06-30 7.39
2018-03-31 8.34
2017-12-31 9.29
2017-09-30 9.32
2017-06-30 9.35
2017-03-31 8.71
2016-12-31 8.07
2016-09-30 7.99

*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.
  • Flughafen Zürich is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Flughafen Zürich'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 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.
Flughafen Zürich 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.

UZAA Past Performance

  How has Flughafen Zürich 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 Flughafen Zürich'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.
  • Flughafen Zürich's year on year earnings growth rate has been positive over the past 5 years.
  • Flughafen Zürich's 1-year earnings growth exceeds its 5-year average (30.9% vs 7.9%)
  • Flughafen Zürich's earnings growth has exceeded the Europe Infrastructure industry average in the past year (30.9% vs 9.2%).
Earnings and Revenue History
Flughafen Zürich'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 Flughafen Zürich Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:UZAA Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 1,200.67 296.72 45.75
2019-03-31 1,176.78 267.28 45.56
2018-12-31 1,152.90 237.83 45.38
2018-09-30 1,120.71 232.29 44.50
2018-06-30 1,088.51 226.75 43.63
2018-03-31 1,062.82 255.99 41.05
2017-12-31 1,037.13 285.23 38.46
2017-09-30 1,028.99 286.15 36.25
2017-06-30 1,020.86 287.08 34.04
2017-03-31 1,016.83 267.41 34.44
2016-12-31 1,012.80 247.73 34.84
2016-09-30 1,006.93 245.37 34.73
2016-06-30 1,001.06 243.02 34.62
2016-03-31 995.01 211.33 34.81
2015-12-31 988.97 179.64 35.01
2015-09-30 983.72 168.86 36.30
2015-06-30 978.46 158.07 37.58
2015-03-31 970.97 181.94 37.21
2014-12-31 963.48 205.80 36.84
2014-09-30 961.41 210.41 36.79
2014-06-30 959.35 215.03 36.73
2014-03-31 967.22 176.05 37.50
2013-12-31 975.09 137.08 38.28
2013-09-30 968.15 80.82 38.39
2013-06-30 961.20 24.55 38.51
2013-03-31 955.01 59.64 40.06
2012-12-31 948.82 94.73 41.62
2012-09-30 939.67 135.65 41.98

*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.
  • Flughafen Zürich has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Flughafen Zürich used its assets more efficiently than the Europe Infrastructure industry average last year based on Return on Assets.
  • Flughafen Zürich's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Flughafen Zürich'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.
Flughafen Zürich 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.

UZAA Health

 How is Flughafen Zürich'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 Flughafen Zürich's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Flughafen Zürich is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Flughafen Zürich's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Flughafen Zürich'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 0.6x 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 Flughafen Zürich Company Filings, last reported 2 months ago.

DB:UZAA Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 2,319.14 1,050.30 434.21
2019-03-31 2,319.14 1,050.30 434.21
2018-12-31 2,414.85 1,088.45 567.39
2018-09-30 2,414.85 1,088.45 567.39
2018-06-30 2,280.07 1,088.63 461.97
2018-03-31 2,280.07 1,088.63 461.97
2017-12-31 2,401.14 1,050.13 621.19
2017-09-30 2,401.14 1,050.13 621.19
2017-06-30 2,228.61 1,050.08 487.38
2017-03-31 2,228.61 1,050.08 487.38
2016-12-31 2,260.15 949.07 544.91
2016-09-30 2,260.15 949.07 544.91
2016-06-30 2,095.43 948.70 355.09
2016-03-31 2,095.43 948.70 355.09
2015-12-31 2,212.44 948.34 491.93
2015-09-30 2,212.44 948.34 491.93
2015-06-30 2,079.80 947.98 384.66
2015-03-31 2,079.80 947.98 384.66
2014-12-31 2,140.52 1,020.69 470.13
2014-09-30 2,140.52 1,020.69 470.13
2014-06-30 2,076.04 1,020.41 161.07
2014-03-31 2,076.04 1,020.41 161.07
2013-12-31 2,051.62 1,318.30 462.19
2013-09-30 2,051.62 1,318.30 462.19
2013-06-30 1,907.48 1,317.69 345.70
2013-03-31 1,907.48 1,317.69 345.70
2012-12-31 1,859.80 1,475.65 511.84
2012-09-30 1,859.80 1,475.65 511.84
  • Flughafen Zürich's level of debt (45.3%) 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 (49.1% vs 45.3% today).
  • Debt is well covered by operating cash flow (51.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 54x coverage).
X
Financial health checks
We assess Flughafen Zürich'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. Flughafen Zürich 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.

UZAA Dividends

 What is Flughafen Zürich'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
3.81%
Current annual income from Flughafen Zürich dividends. Estimated to be 3.3% next year.
If you bought €2,000 of Flughafen Zürich shares you are expected to receive €76 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?
  • Flughafen Zürich's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.4%).
  • Flughafen Zürich's dividend is below the markets top 25% of dividend payers in Germany (3.93%).
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:UZAA 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 12 Analyst Estimates (S&P Global) See Below
Europe Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 35 Stocks 4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 335 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

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

DB:UZAA Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 5.62 3.00
2022-12-31 5.52 4.00
2021-12-31 5.27 13.00
2020-12-31 5.69 13.00
2019-12-31 7.19 13.00
2019-09-25
DB:UZAA Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2019-03-12 6.900 3.869
2018-03-02 6.500 3.379
2018-02-26 6.500 2.920
2017-03-07 6.400 2.818
2017-03-06 6.400 3.120
2016-03-11 3.000 1.649
2015-03-12 2.700 1.821
2014-03-03 2.000 1.680
2013-03-20 1.900 1.939
2013-03-07 1.900 2.171
2012-03-21 1.900 2.551
2012-03-08 1.236 1.768
2011-03-23 1.400 1.999
2010-03-19 1.000 1.405
2009-03-02 1.000 1.809

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Flughafen Zürich's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.4x coverage).
X
Income/ dividend checks
We assess Flughafen Zürich'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 Flughafen Zürich afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Flughafen Zürich has a total score of 5/6, see the detailed checks below.


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

UZAA Management

 What is the CEO of Flughafen Zürich'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
Stephan Widrig
COMPENSATION CHF1,083,839
AGE 47
TENURE AS CEO 4.7 years
CEO Bio

Mr. Stephan Widrig has been the Chief Executive Officer of Flughafen Zürich AG since January 1, 2015. Mr. Widrig has been Member of the Management Board at Flughafen Zürich AG since July 1, 2008 and served as its Head of Marketing & Real Estate and Chief Commercial Officer. Mr. Widrig served as Head of Corporate Development at Flughafen Zürich AG since July 1, 2008. He served as Business Consultant of Arthur Anderson from 1997 to 1999. He joined Flughafen Zürich AG (formerly Flughafendirektion, FDZ) in 1999 and was responsible for real estate operations. He served as Chief Financial and Commercial Officer of Kempegowda International Airport Limited from 2005 to 2008. Mr. Widrig holds MA in Business Economics from the University of St. Gallen.

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

Average tenure and age of the Flughafen Zürich management team in years:

3.5
Average Tenure
50.5
Average Age
  • The tenure for the Flughafen Zürich management team is about average.
Management Team

Stephan Widrig

TITLE
CEO & Member of Management Board
COMPENSATION
CHF1M
AGE
47
TENURE
4.7 yrs

Lukas Brosi

TITLE
CFO, Chief Risk Officer & Member of Management Board
AGE
40
TENURE
2.6 yrs

Stefan Gross

TITLE
Chief Commercial Officer & Member of Management Board
AGE
50
TENURE
3.6 yrs

Daniel Scheifele

TITLE
Chief Real Estate Officer & Member of Management Board
AGE
57
TENURE
3.4 yrs

Stefan Tschudin

TITLE
COO & Member of Management Board
AGE
51
TENURE
1.9 yrs

Stefan Weber

TITLE
Head of Investor Relations

Thomas Egli

TITLE
General Counsel & General Secretary

Sonja Stucki

TITLE
Head of Corporate Communications

Joana Filippi

TITLE
Head of Public Affairs
TENURE
9.7 yrs

Thomas Müller

TITLE
Head of Master Planning
AGE
57
Board of Directors Tenure

Average tenure and age of the Flughafen Zürich board of directors in years:

4.3
Average Tenure
61
Average Age
  • The tenure for the Flughafen Zürich board of directors is about average.
Board of Directors

Andreas Schmid

TITLE
Chairman of the Board
COMPENSATION
CHF368K
AGE
62
TENURE
19.7 yrs

Eveline Saupper

TITLE
Vice-Chairwoman
COMPENSATION
CHF169K
AGE
61
TENURE
4.3 yrs

Josef Felder

TITLE
Director
COMPENSATION
CHF143K
AGE
58
TENURE
2.4 yrs

Carmen Späh

TITLE
Director
AGE
61
TENURE
4.2 yrs

Corine Mauch

TITLE
Director
COMPENSATION
CHF43K
AGE
59
TENURE
8.4 yrs

Guglielmo Brentel

TITLE
Director
COMPENSATION
CHF172K
AGE
64
TENURE
5.4 yrs

Vincent Albers

TITLE
Director
COMPENSATION
CHF143K
AGE
63
TENURE
4.3 yrs

Stephan Gemkow

TITLE
Director
COMPENSATION
CHF137K
AGE
59
TENURE
2.4 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 Flughafen Zürich'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. Flughafen Zürich 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.

UZAA News

Simply Wall St News

UZAA Company Info

Description

Flughafen Zürich AG owns and operates the Zürich Airport in Switzerland. It provides infrastructure and services related to flight operations, including the runway system, apron zones, passenger zones in the terminals, freight operations, passenger handling and services, and safety; support for passengers with reduced mobility; and check-in areas and facilities, baggage sorting and handling system, aircraft power supply system, handling apron areas, and the related services. The company also offers passenger and aircraft security measures with systems and their operation and maintenance designed to prevent actions of various kind that affect the security of commercial civil aviation, primarily facilities for checks on passengers, hand luggage, checked baggage, and freight. In addition, it provides air security-related equipment and services comprising relevant systems and their operation and maintenance; and airport policing duties, such as surveillance patrols and other security-related duties. Further, the company develops, markets, and operates the commercial infrastructure at Zurich Airport, including retail and restaurant/catering operations at the airport, renting premises, parking services, and various commercial services. Flughafen Zürich AG is based in Zurich, Switzerland.

Details
Name: Flughafen Zürich AG
UZAA
Exchange: DB
Founded:
CHF5,132,472,398
30,700,220
Website: http://www.flughafen-zuerich.ch
Address: Flughafen Zürich AG
Zurich Airport,
Zurich,
8058,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX FHZN Registered Shares SIX Swiss Exchange CH CHF 25. Aug 1992
OTCPK UZAP.F Registered Shares Pink Sheets LLC US USD 25. Aug 1992
DB UZAA Registered Shares Deutsche Boerse AG DE EUR 25. Aug 1992
LSE 0RG6 Registered Shares London Stock Exchange GB CHF 25. Aug 1992
SWX FHZN1 CHF10(REGD) POST SPLIT SIX Swiss Exchange CH CHF 25. Sep 2019
DB UZAA CHF10(REGD) POST SPLIT Deutsche Boerse AG DE EUR 25. Sep 2019
Number of employees
Current staff
Staff numbers
1,893
Flughafen Zürich employees.
Industry
Airport Services
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/09/25 21:54
End of day share price update: 2019/06/28 00:00
Last estimates confirmation: 2019/09/25
Last earnings filing: 2019/08/27
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


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

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