Loading...

You're on the old version of Simply Wall St. We will no longer be supporting this site, so we recommend you switch to our brand new platform.

HOCHTIEF

BATS-CHIXE:HOTD
Snowflake Description

Reasonable growth potential average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HOTD
BATS-CHIXE
€5B
Market Cap
  1. Home
  2. GB
  3. Capital Goods
Company description

HOCHTIEF Aktiengesellschaft engages in the construction business worldwide. The last earnings update was 57 days ago. More info.


Add to Portfolio Compare Print
  • HOCHTIEF has significant price volatility in the past 3 months.
HOTD Share Price and Events
7 Day Returns
15.3%
BATS-CHIXE:HOTD
5.4%
GB Construction
1.7%
GB Market
1 Year Returns
-47.6%
BATS-CHIXE:HOTD
-30.5%
GB Construction
-21.8%
GB Market
HOTD Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
HOCHTIEF (HOTD) 15.3% -7.8% -40.6% -47.6% -57.9% -8.5%
GB Construction 5.4% -14.8% -19.7% -30.5% -55.9% -54.8%
GB Market 1.7% -12% -25.3% -21.8% -22.8% -22.4%
1 Year Return vs Industry and Market
  • HOTD underperformed the Construction industry which returned -30.5% over the past year.
  • HOTD underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -21.8% over the past year.
Price Volatility
HOTD
Industry
5yr Volatility vs Market

Value

 Is HOCHTIEF 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 HOCHTIEF 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 HOCHTIEF.

BATS-CHIXE:HOTD Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.7%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

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 BATS-CHIXE:HOTD
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 5.4%
Construction Unlevered Beta Simply Wall St/ S&P Global 0.88
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.882 (1 + (1- 30%) (94.25%))
1.311
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.31
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.53% + (1.311 * 5.44%)
7.66%

Discounted Cash Flow Calculation for BATS-CHIXE:HOTD using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for HOCHTIEF 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.

BATS-CHIXE:HOTD DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 7.66%)
2020 1,047.60 Analyst x3 973.07
2021 1,144.13 Analyst x4 987.12
2022 1,069.00 Analyst x1 856.68
2023 1,067.30 Est @ -0.16% 794.46
2024 1,067.81 Est @ 0.05% 738.29
2025 1,069.87 Est @ 0.19% 687.08
2026 1,073.01 Est @ 0.29% 640.07
2027 1,076.92 Est @ 0.36% 596.70
2028 1,081.39 Est @ 0.41% 556.54
2029 1,086.24 Est @ 0.45% 519.27
Present value of next 10 years cash flows €7,349.00
BATS-CHIXE:HOTD DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €1,086.24 × (1 + 0.53%) ÷ (7.66% – 0.53%)
€15,316.00
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €15,316.00 ÷ (1 + 7.66%)10
€7,321.67
BATS-CHIXE:HOTD Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €7,349.00 + €7,321.67
€14,670.67
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €14,670.67 / 70.03
€209.5
BATS-CHIXE:HOTD Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BATS-CHIXE:HOTD represents 0.99048x of XTRA:HOT
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.99048x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 209.50 x 0.99048
€207.51
Value per share (EUR) From above. €207.51
Current discount Discount to share price of €67.65
= -1 x (€67.65 - €207.51) / €207.51
67.4%

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

Current Discount
Amount off the current price HOCHTIEF is available for.
Intrinsic value
>50%
Share price is €67.65 vs Future cash flow value of €207.51
Current Discount Checks
For HOCHTIEF to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • HOCHTIEF's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • HOCHTIEF'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 HOCHTIEF's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are HOCHTIEF's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BATS-CHIXE:HOTD PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €-2.92
XTRA:HOT Share Price ** XTRA (2020-04-07) in EUR €68.3
United Kingdom of Great Britain and Northern Ireland Construction Industry PE Ratio Median Figure of 17 Publicly-Listed Construction Companies 7.79x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 748 Publicly-Listed Companies 13x

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

** Primary Listing of HOCHTIEF.

BATS-CHIXE:HOTD PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= XTRA:HOT Share Price ÷ EPS (both in EUR)

= 68.3 ÷ -2.92

-23.39x

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

  • HOCHTIEF is loss making, we can't compare its value to the GB Construction industry average.
  • HOCHTIEF is loss making, we can't compare the value of its earnings to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does HOCHTIEF's expected growth come at a high price?
Raw Data
BATS-CHIXE:HOTD PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -23.39x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
56.8%per year
United Kingdom of Great Britain and Northern Ireland Construction Industry PEG Ratio Median Figure of 9 Publicly-Listed Construction Companies 0.88x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 518 Publicly-Listed Companies 1.02x

*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 HOCHTIEF, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on HOCHTIEF's assets?
Raw Data
BATS-CHIXE:HOTD PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €18.06
XTRA:HOT Share Price * XTRA (2020-04-07) in EUR €68.3
United Kingdom of Great Britain and Northern Ireland Construction Industry PB Ratio Median Figure of 19 Publicly-Listed Construction Companies 1.09x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,323 Publicly-Listed Companies 1.13x
BATS-CHIXE:HOTD PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= XTRA:HOT Share Price ÷ Book Value per Share (both in EUR)

= 68.3 ÷ 18.06

3.78x

* Primary Listing of HOCHTIEF.

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

  • HOCHTIEF is overvalued based on assets compared to the GB Construction industry average.
X
Value checks
We assess HOCHTIEF'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 Construction 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 Construction industry average (and greater than 0)? (1 check)
  5. HOCHTIEF has a total score of 2/6, see the detailed checks below.

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

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

Future Performance

 How is HOCHTIEF expected to perform in the next 1 to 3 years based on estimates from 7 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
56.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is HOCHTIEF expected to grow at an attractive rate?
  • HOCHTIEF's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • HOCHTIEF's earnings growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
  • HOCHTIEF's revenue growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
BATS-CHIXE:HOTD Future Growth Rates Data Sources
Data Point Source Value (per year)
BATS-CHIXE:HOTD Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 56.8%
BATS-CHIXE:HOTD Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 2%
United Kingdom of Great Britain and Northern Ireland Construction Industry Earnings Growth Rate Market Cap Weighted Average 15.8%
United Kingdom of Great Britain and Northern Ireland Construction Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 15.6%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 2.5%

*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
BATS-CHIXE:HOTD Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BATS-CHIXE:HOTD Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 27,246 1,576 728 3
2021-12-31 26,541 1,577 686 7
2020-12-31 24,508 1,469 607 7
2020-04-08
BATS-CHIXE:HOTD Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 25,852 1,602 -206
2019-09-30 25,232 1,186 593
2019-06-30 24,689 1,393 590
2019-03-31 24,349 1,329 571
2018-12-31 23,882 1,572 543
2018-09-30 23,499 1,568 522
2018-06-30 22,816 1,499 461
2018-03-31 22,748 1,505 430
2017-12-31 22,631 1,372 421
2017-09-30 22,045 1,249 400
2017-06-30 21,560 1,461 369
2017-03-31 20,643 1,280 345

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • HOCHTIEF's earnings are expected to grow significantly at over 20% yearly.
  • HOCHTIEF's revenue is expected to grow by 2% 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
BATS-CHIXE:HOTD 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 7 Analyst Estimates (S&P Global) See Below

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

BATS-CHIXE:HOTD Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 10.31 10.35 10.27 2.00
2021-12-31 9.70 10.48 8.83 6.00
2020-12-31 8.60 10.05 6.61 6.00
2020-04-08
BATS-CHIXE:HOTD Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 -2.92
2019-09-30 8.45
2019-06-30 8.60
2019-03-31 8.52
2018-12-31 8.30
2018-09-30 8.12
2018-06-30 7.18
2018-03-31 6.70
2017-12-31 6.55
2017-09-30 6.23
2017-06-30 5.75
2017-03-31 5.38

*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.
  • HOCHTIEF is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess HOCHTIEF'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 United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland 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.
HOCHTIEF has a total score of 4/6, 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 HOCHTIEF 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 HOCHTIEF's growth in the last year to its industry (Construction).
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.
  • HOCHTIEF does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare HOCHTIEF's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare HOCHTIEF's 1-year growth to the GB Construction industry average as it is not currently profitable.
Earnings and Revenue History
HOCHTIEF'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 HOCHTIEF Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:HOTD Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 25,851.86 -206.25 4,522.55
2019-09-30 25,232.06 593.29 4,892.83
2019-06-30 24,688.64 590.15 4,625.23
2019-03-31 24,348.61 571.14 4,642.16
2018-12-31 23,882.29 543.00 4,343.44
2018-09-30 23,499.16 522.05 4,470.20
2018-06-30 22,816.25 461.32 4,385.21
2018-03-31 22,748.20 430.36 4,363.65
2017-12-31 22,630.95 420.74 4,458.16
2017-09-30 22,045.08 400.00 4,334.07
2017-06-30 21,560.19 369.27 4,139.03
2017-03-31 20,642.88 345.43 3,901.30
2016-12-31 19,908.33 320.48 3,616.56
2016-09-30 19,443.42 281.00 3,487.08
2016-06-30 19,678.27 240.91 3,577.38
2016-03-31 20,452.12 219.81 3,772.63
2015-12-31 21,096.62 208.29 4,011.63
2015-09-30 22,199.72 -168.43 4,430.85
2015-06-30 22,375.78 -219.30 4,587.21
2015-03-31 22,276.50 -247.91 4,699.27
2014-12-31 22,099.05 -285.88 4,754.64
2014-09-30 19,118.19 -119.80 3,840.49
2014-06-30 19,780.42 -87.62 4,132.23
2014-03-31 21,593.60 -32.17 4,797.38
2013-12-31 22,498.68 -2.49 5,041.54
2013-09-30 26,342.87 215.79 6,544.81
2013-06-30 26,740.33 331.98 6,427.19

*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.
  • It is difficult to establish if HOCHTIEF has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if HOCHTIEF has efficiently used its assets last year compared to the GB Construction industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if HOCHTIEF improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess HOCHTIEF'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 Construction 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.
HOCHTIEF has a total score of 0/6, 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 HOCHTIEF'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 HOCHTIEF's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • HOCHTIEF's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • HOCHTIEF's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of HOCHTIEF's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 3.2x 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 HOCHTIEF Company Filings, last reported 3 months ago.

BATS-CHIXE:HOTD Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,584.86 3,670.38 4,906.58
2019-09-30 2,501.98 3,901.13 4,487.71
2019-06-30 2,316.73 2,710.23 3,811.00
2019-03-31 2,578.81 2,677.26 3,608.10
2018-12-31 2,411.33 2,669.46 3,997.93
2018-09-30 1,435.49 6,374.52 4,055.04
2018-06-30 1,218.93 5,745.02 3,657.27
2018-03-31 1,199.49 2,438.21 3,181.29
2017-12-31 2,534.10 2,414.69 3,509.95
2017-09-30 2,384.81 2,779.14 3,089.52
2017-06-30 2,433.18 2,582.64 3,074.08
2017-03-31 2,621.75 2,777.35 3,016.60
2016-12-31 2,571.11 2,657.02 3,297.04
2016-09-30 2,637.51 2,518.21 2,769.92
2016-06-30 2,643.81 2,763.85 2,761.86
2016-03-31 2,695.90 2,621.68 2,551.78
2015-12-31 3,146.75 2,492.91 3,364.27
2015-09-30 3,060.99 2,702.16 2,726.81
2015-06-30 3,287.07 3,333.49 3,340.06
2015-03-31 3,431.09 4,122.16 3,404.76
2014-12-31 3,111.38 3,857.56 3,131.08
2014-09-30 2,882.73 3,753.41 2,739.19
2014-06-30 2,822.95 4,072.16 2,699.01
2014-03-31 3,370.62 3,653.58 3,010.91
2013-12-31 3,293.70 3,154.73 3,069.85
2013-09-30 3,470.56 4,258.53 3,081.44
2013-06-30 4,104.21 4,855.98 2,733.68
  • HOCHTIEF's level of debt (231.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (123.9% vs 231.6% today).
  • Debt is well covered by operating cash flow (43.6%, greater than 20% of total debt).
  • HOCHTIEF is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess HOCHTIEF'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. HOCHTIEF 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 HOCHTIEF's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
8.49%
Current annual income from HOCHTIEF dividends. Estimated to be 8.59% next year.
If you bought €2,000 of HOCHTIEF shares you are expected to receive €170 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?
  • HOCHTIEF's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.51%).
  • HOCHTIEF's dividend is above the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (6.87%).
Upcoming dividend payment

Purchase HOCHTIEF 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
BATS-CHIXE:HOTD 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 7 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Construction Industry Average Dividend Yield Market Cap Weighted Average of 13 Stocks 5.4%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 588 Stocks 5.5%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.3%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2.5%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 6.9%

Industry and Market average data is calculated daily.

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

BATS-CHIXE:HOTD Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 6.00 2.00
2021-12-31 6.28 6.00
2020-12-31 5.52 8.00
2020-04-08
BATS-CHIXE:HOTD Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-02-11 5.800 8.091
2019-02-21 4.980 4.436
2018-02-21 3.380 2.430
2017-02-28 2.600 1.716
2016-02-25 2.000 1.662
2015-02-26 1.700 2.227
2015-02-25 1.700 2.430
2014-02-27 1.500 2.428
2014-02-26 1.500 2.242
2013-02-27 1.000 1.739
2012-11-07 0.000 0.000
2012-08-14 0.000 0.000
2012-05-08 0.000 0.000
2012-02-28 0.000 0.000
2011-03-24 2.000 3.890
2011-03-22 2.000 2.716
2010-02-22 1.500 2.564

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of HOCHTIEF's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess HOCHTIEF's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - 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 HOCHTIEF afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. HOCHTIEF 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 HOCHTIEF'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
Marcelino Fernández Verdes
COMPENSATION €4,959,000
AGE 64
TENURE AS CEO 7.4 years
CEO Bio

Mr. Marcelino Fernández Verdes, Civ Eng, has been Executive Chairman of CIMIC Group Limited since June 11, 2014 and its Executive Director since October 10, 2012. Mr. Fernández Verdes has been the Chairman of the Executive Board and Chief Executive Officer at HOCHTIEF Solutions AG (Germany) since November, 2012 and April 2013 respectively and serves as its Member of Executive Board. He has been the Chief Executive Officer of ACS, Actividades de Construcción y Servicios, S.A since May 11, 2017. He has served as Co-Chief Executive Officer of ACS, Actividades de Construcción y Servicios, S.A. He has been the Chief Executive Officer and Chairman of the Executive Board at HOCHTIEF Aktiengesellschaft (alternate name Hochtief AG) since November 21, 2012 and its Member of the Executive Board since March 2012 and served as its Chief Operating Officer from April 15, 2012 to November 2012. He served as the Chief Executive Officer of CIMIC Group Limited since March 13, 2014 until October 18, 2016 and served as its Managing Director. He served as the Chairman and CEO of Dragados since 2004 and was responsible for the Construction area. In 2006, he was appointed Chairman and CEO of ACS Servicios y Concesiones, as well as responsible for the group’s Concessions and environment areas, a responsibility he held until March 2012. He served as the Chief Operating Officer of Hochtief AG. He served as Head of Construction, Concessions & Services Division at Hochtief AG. Mr. Fernández Verdes served as the President of Constructions Division of Actividades de Constuccion y Servicios SA (ACS Actividades De Constuccion&servicios Saacs Actividades De). He joined Actividades De Constuccion Y Servicios SA in 1987 and served as General Director since 1994. He served as a Director of Construction Division of Actividades de Construcción y Servicios, S.A. since 2002. In 1997, he became General Manager of ACS Proyectos, Obras y Construcciones, and then took over as Chairman and CEO in 2000. He has been the Chairman of ACS Servicios since 2001. He has been an Executive Director of Leighton Holdings Limited since October 10, 2012. He served as a Director of Autopista Vasco Aragonesa C.E.S.A., ACS Servicios and Construction Services and Concession areas of Actividades de Construcción y Servicios, S.A. He has been a Director of ACS, Actividades de Construcción y Servicios, S.A. since May 4, 2017. He served as a Director of Thiess Pty Ltd. from April 14, 2014 to March 25, 2015. He served as a Member of the Supervisory Board at Hochtief AG from June 6, 2007 to April 12, 2012. He served as a Director of Inmobiliaria Urbis S.A. and Dragados S.A. Mr. Fernández Verdes was appointed to the Executive Committee of the ACS Group in 2000, and as Chairman and CEO of ACS Servicios y Concesiones, S.L. in 2006. He serves as CEO of ACS Group. He served as a Director of Unión Fenosa, S.A. since December 2007. Mr Fernández Verdes was granted a one-off award of 1,200,000 SARs in 2014 in accordance with the terms of his ESA. Mr. Fernández Verdes is a Civil Engineer. He studied Civil Engineering at the University of Barcelona.

CEO Compensation
  • Marcelino's compensation has increased whilst company is loss making.
  • Marcelino's remuneration is higher than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

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

6.6
Average Tenure
54
Average Age
  • The average tenure for the HOCHTIEF management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Marcelino Fernández Verdes

TITLE
Chairman of the Executive Board & CEO
COMPENSATION
€5M
AGE
64
TENURE
7.4 yrs

Peter-Wilhelm Sassenfeld

TITLE
CFO & Member of the Executive Board
COMPENSATION
€2M
AGE
53
TENURE
8.4 yrs

Nikolaus Graf von Matuschka

TITLE
Labor Director & Member of Executive Board
COMPENSATION
€1M
AGE
56
TENURE
5.9 yrs

José Ignacio Escobar

TITLE
COO & Member of the Executive Board
COMPENSATION
€1M
AGE
54
TENURE
5.9 yrs

Nadine Wärmer

TITLE
Investor Relations Officer

Georg von Bronk

TITLE
Chief Compliance Officer

Bernd Pütter

TITLE
Senior Vice President of Corporate Communications

Martina Steffen

TITLE
Head of Human Resources

Mike Pinkney

TITLE
Head of Corporate Strategy
AGE
53
TENURE
6.6 yrs

Alexandra Albrecht-Baba

TITLE
Head of Corporate Compliance
Board of Directors Tenure

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

6.4
Average Tenure
59.5
Average Age
  • The tenure for the HOCHTIEF board of directors is about average.
Board of Directors

Pedro Jose López Jiménez

TITLE
Chairman of the Supervisory Board
COMPENSATION
€205K
AGE
74
TENURE
5.5 yrs

Matthias Maurer

TITLE
Deputy Chairman of the Supervisory Board
COMPENSATION
€148K
AGE
58
TENURE
3.9 yrs

Ángel Manuel García Altozano

TITLE
Member of the Supervisory Board
COMPENSATION
€148K
AGE
70
TENURE
12.8 yrs

Klaus Stümper

TITLE
Employee Representative Member of the Supervisory Board
COMPENSATION
€117K
AGE
60
TENURE
6.4 yrs

José Luis Del Valle Pérez

TITLE
Member of the Supervisory Board
COMPENSATION
€117K
AGE
69
TENURE
8.9 yrs

Francisco Javier Garcia Sanz

TITLE
Member of the Supervisory Board
COMPENSATION
€71K
AGE
62
TENURE
8 yrs

Christine Wolff

TITLE
Member of the Supervisory Board
COMPENSATION
€107K
AGE
59
TENURE
5.5 yrs

Carsten Burckhardt

TITLE
Employee Representative Member of the Supervisory Board
COMPENSATION
€108K
AGE
46
TENURE
6.4 yrs

Nikolaos Paraskevopoulos

TITLE
Employee Representative Member of the Supervisory Board
COMPENSATION
€106K
AGE
53
TENURE
6.4 yrs

Beate Bell

TITLE
Member of the Supervisory Board
COMPENSATION
€107K
AGE
52
TENURE
5 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 HOCHTIEF'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. HOCHTIEF 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

HOCHTIEF Aktiengesellschaft engages in the construction business worldwide. The company operates through HOCHTIEF Americas, HOCHTIEF Asia Pacific, and HOCHTIEF Europe divisions. The HOCHTIEF Americas division provides building and transportation infrastructure construction services primarily in the United States and Canada. The HOCHTIEF Asia Pacific division offers construction, mining and mineral processing, engineering, asset management, and maintenance services in the Asia-Pacific region. This division also undertakes public-private partnerships (PPP). The HOCHTIEF Europe division provides services primarily for infrastructure and building construction projects, as well as PPP. This division primarily focuses on the transportation, energy, and social and urban infrastructure segments. It also designs, develops, builds, operates, and manages real estate properties, as well as provides project financing and management services. The company also provides insurance products; and reinsurance products primarily for contractors’ casualty and surety, subcontractor default, liability, and occupational accident insurance. HOCHTIEF Aktiengesellschaft was founded in 1873 and is headquartered in Essen, Germany. HOCHTIEF Aktiengesellschaft is a subsidiary of ACS, Actividades de Construcción y Servicios, S.A.

Details
Name: HOCHTIEF Aktiengesellschaft
HOTD
Exchange: BATS-CHIXE
Founded: 1873
€4,726,817,437
70,026,925
Website: http://www.hochtief.com
Address: HOCHTIEF Aktiengesellschaft
Alfredstrasse 236,
Essen,
North Rhine-Westphalia, 45133,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA HOT Bearer Shares XETRA Trading Platform DE EUR 02. Jan 1992
OTCPK HOCF.F Bearer Shares Pink Sheets LLC US USD 02. Jan 1992
DB HOT Bearer Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0EPW Bearer Shares London Stock Exchange GB EUR 02. Jan 1992
SWX HOT Bearer Shares SIX Swiss Exchange CH CHF 02. Jan 1992
WBAG HOT Bearer Shares Wiener Boerse AG AT EUR 02. Jan 1992
ETLX HOT Bearer Shares Eurotlx IT EUR 02. Jan 1992
BATS-CHIXE HOTD Bearer Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
Number of employees
Current staff
Staff numbers
53,282
HOCHTIEF employees.
Industry
Construction and Engineering
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/08 19:38
End of day share price update: 2020/04/07 00:00
Last estimates confirmation: 2020/04/08
Last earnings filing: 2020/02/11
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.