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Harboes Bryggeri

BATS-CHIXE:HARBBC
Snowflake Description

Excellent balance sheet and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HARBBC
BATS-CHIXE
DKK220M
Market Cap
  1. Home
  2. GB
  3. Food, Beverage & Tobacco
Company description

Harboes Bryggeri A/S produces and markets beverages and malt-based ingredients. The last earnings update was 117 days ago. More info.


Add to Portfolio Compare Print
  • Harboes Bryggeri has significant price volatility in the past 3 months.
HARBBC Share Price and Events
7 Day Returns
6.4%
BATS-CHIXE:HARBBC
-0.1%
GB Beverage
0.1%
GB Market
1 Year Returns
-31.1%
BATS-CHIXE:HARBBC
-21.6%
GB Beverage
-23.6%
GB Market
HARBBC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Harboes Bryggeri (HARBBC) 6.4% -11.6% -14.7% -31.1% -59.6% -
GB Beverage -0.1% -9.9% -21.9% -21.6% 6.5% 30.4%
GB Market 0.1% -15.5% -27% -23.6% -24.3% -23.5%
1 Year Return vs Industry and Market
  • HARBBC underperformed the Beverage industry which returned -21.6% over the past year.
  • HARBBC underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -23.6% over the past year.
Price Volatility
HARBBC
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Harboes Bryggeri 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 Harboes Bryggeri 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 Harboes Bryggeri.

BATS-CHIXE:HARBBC 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 5.7%
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:HARBBC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 5.4%
Beverage Unlevered Beta Simply Wall St/ S&P Global 0.56
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.562 (1 + (1- 22%) (82.98%))
0.95
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.95
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.53% + (0.95 * 5.44%)
5.7%

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

The calculations below outline how an intrinsic value for Harboes Bryggeri 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:HARBBC DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (DKK, Millions) Source Present Value
Discounted (@ 5.7%)
2020 21.91 Est @ -9.09% 20.73
2021 20.55 Est @ -6.2% 18.40
2022 19.69 Est @ -4.18% 16.68
2023 19.15 Est @ -2.77% 15.34
2024 18.81 Est @ -1.78% 14.26
2025 18.60 Est @ -1.09% 13.34
2026 18.49 Est @ -0.6% 12.54
2027 18.44 Est @ -0.26% 11.84
2028 18.44 Est @ -0.02% 11.20
2029 18.47 Est @ 0.14% 10.61
Present value of next 10 years cash flows DKK144.00
BATS-CHIXE:HARBBC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= DKK18.47 × (1 + 0.53%) ÷ (5.7% – 0.53%)
DKK359.05
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= DKK359.05 ÷ (1 + 5.7%)10
DKK206.25
BATS-CHIXE:HARBBC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= DKK144.00 + DKK206.25
DKK350.25
Equity Value per Share
(DKK)
= Total value / Shares Outstanding
= DKK350.25 / 4.22
DKK82.95
BATS-CHIXE:HARBBC Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BATS-CHIXE:HARBBC represents 1.01916x of CPSE:HARB B
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.01916x
Value per Share
(Listing Adjusted, DKK)
= Value per Share (DKK) x Listing Adjustment Factor
= DKK 82.95 x 1.01916
DKK84.54
Value per share (DKK) From above. DKK84.54
Current discount Discount to share price of DKK53.20
= -1 x (DKK53.20 - DKK84.54) / DKK84.54
37.1%

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

Current Discount
Amount off the current price Harboes Bryggeri is available for.
Intrinsic value
37%
Share price is DKK53.2 vs Future cash flow value of DKK84.54
Current Discount Checks
For Harboes Bryggeri to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Harboes Bryggeri's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Harboes Bryggeri's share price is below the future cash flow value, but not 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 Harboes Bryggeri's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Harboes Bryggeri's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BATS-CHIXE:HARBBC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-10-31) in DKK DKK-7.12
CPSE:HARB B Share Price ** CPSE (2020-04-06) in DKK DKK52.2
United Kingdom of Great Britain and Northern Ireland Beverage Industry PE Ratio Median Figure of 10 Publicly-Listed Beverage Companies 16.53x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 748 Publicly-Listed Companies 12.61x

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

** Primary Listing of Harboes Bryggeri.

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

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

= 52.2 ÷ -7.12

-7.34x

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

  • Harboes Bryggeri is loss making, we can't compare its value to the GB Beverage industry average.
  • Harboes Bryggeri 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 Harboes Bryggeri's expected growth come at a high price?
Raw Data
BATS-CHIXE:HARBBC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -7.34x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
United Kingdom of Great Britain and Northern Ireland Beverage Industry PEG Ratio Median Figure of 8 Publicly-Listed Beverage Companies 2.22x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 517 Publicly-Listed Companies 0.99x

*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 Harboes Bryggeri, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Harboes Bryggeri's assets?
Raw Data
BATS-CHIXE:HARBBC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-10-31) in DKK DKK166.05
CPSE:HARB B Share Price * CPSE (2020-04-06) in DKK DKK52.2
United Kingdom of Great Britain and Northern Ireland Beverage Industry PB Ratio Median Figure of 13 Publicly-Listed Beverage Companies 2.7x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,323 Publicly-Listed Companies 1.11x
BATS-CHIXE:HARBBC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 52.2 ÷ 166.05

0.31x

* Primary Listing of Harboes Bryggeri.

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

  • Harboes Bryggeri is good value based on assets compared to the GB Beverage industry average.
X
Value checks
We assess Harboes Bryggeri'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 Beverage 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 Beverage industry average (and greater than 0)? (1 check)
  5. Harboes Bryggeri 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 Harboes Bryggeri 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 Harboes Bryggeri 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
8.3%
Expected Beverage industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Harboes Bryggeri expected to grow at an attractive rate?
  • Unable to compare Harboes Bryggeri's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Harboes Bryggeri's earnings growth to the United Kingdom of Great Britain and Northern Ireland market average as no estimate data is available.
  • Unable to compare Harboes Bryggeri's revenue growth to the United Kingdom of Great Britain and Northern Ireland market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
BATS-CHIXE:HARBBC Future Growth Rates Data Sources
Data Point Source Value (per year)
United Kingdom of Great Britain and Northern Ireland Beverage Industry Earnings Growth Rate Market Cap Weighted Average 8.3%
United Kingdom of Great Britain and Northern Ireland Beverage Industry Revenue Growth Rate Market Cap Weighted Average 4.9%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 15.5%
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:HARBBC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 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.
BATS-CHIXE:HARBBC Future Estimates Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
BATS-CHIXE:HARBBC Past Financials Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income *
2019-10-31 1,373 114 -30
2019-07-31 1,371 97 -22
2019-04-30 1,370 80 -13
2019-01-31 1,368 80 -5
2018-10-31 1,367 80 4
2018-07-31 1,352 60 2
2018-04-30 1,338 40 0
2018-01-31 1,360 80 7
2017-10-31 1,383 121 13
2017-07-31 1,407 145 22
2017-04-30 1,431 169 32
2017-01-31 1,412 131 35

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Harboes Bryggeri is high growth as no earnings estimate data is available.
  • Unable to determine if Harboes Bryggeri 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
BATS-CHIXE:HARBBC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Harboes Bryggeri Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:HARBBC Future Estimates Data
Date (Data in DKK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
BATS-CHIXE:HARBBC Past Financials Data
Date (Data in DKK Millions) EPS *
2019-10-31 -7.12
2019-07-31 -4.97
2019-04-30 -2.91
2019-01-31 -1.04
2018-10-31 0.78
2018-07-31 0.42
2018-04-30 0.06
2018-01-31 1.49
2017-10-31 2.93
2017-07-31 4.92
2017-04-30 6.91
2017-01-31 7.72

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

Next steps:

  1. Examine Harboes Bryggeri's financial health to determine how well-positioned it is against times of financial stress by looking at its level of debt over time and how much cash it has left.
  2. Harboes Bryggeri'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 Food, Beverage & Tobacco companies 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 Harboes Bryggeri'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.
Harboes Bryggeri 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 Harboes Bryggeri 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 Harboes Bryggeri's growth in the last year to its industry (Beverage).
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.
  • Harboes Bryggeri does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Harboes Bryggeri's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Harboes Bryggeri's 1-year growth to the GB Beverage industry average as it is not currently profitable.
Earnings and Revenue History
Harboes Bryggeri'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 Harboes Bryggeri Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:HARBBC Past Revenue, Cash Flow and Net Income Data
Date (Data in DKK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-10-31 1,372.82 -30.37 284.54
2019-07-31 1,371.26 -21.63 276.17
2019-04-30 1,369.70 -12.90 267.80
2019-01-31 1,368.21 -4.68 266.42
2018-10-31 1,366.72 3.55 265.04
2018-07-31 1,352.23 1.90 261.62
2018-04-30 1,337.74 0.26 258.21
2018-01-31 1,360.41 6.80 261.45
2017-10-31 1,383.08 13.34 264.69
2017-07-31 1,407.20 22.43 267.02
2017-04-30 1,431.31 31.53 269.35
2017-01-31 1,411.68 35.16 261.80
2016-10-31 1,392.05 38.79 254.26
2016-07-31 1,368.22 31.27 248.79
2016-04-30 1,376.47 34.76 244.70
2016-01-31 1,385.82 31.62 252.00
2015-10-31 1,366.51 26.82 252.98
2015-07-31 1,359.82 28.19 247.81
2015-04-30 1,371.34 24.02 246.64
2015-01-31 1,385.97 23.88 241.04
2014-10-31 1,399.64 17.06 235.42
2014-07-31 1,419.15 14.96 244.62
2014-04-30 1,420.11 10.63 246.54
2014-01-31 1,395.57 -4.15 249.45
2013-10-31 1,369.38 -2.37 244.59
2013-07-31 1,354.06 -1.96 234.87
2013-04-30 1,343.65 3.13 227.44

*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 Harboes Bryggeri has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Harboes Bryggeri has efficiently used its assets last year compared to the GB Beverage industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Harboes Bryggeri 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 Harboes Bryggeri'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 Beverage 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.
Harboes Bryggeri 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 Harboes Bryggeri'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 Harboes Bryggeri's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Harboes Bryggeri is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Harboes Bryggeri's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Harboes Bryggeri's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.8x 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 Harboes Bryggeri Company Filings, last reported 5 months ago.

BATS-CHIXE:HARBBC Past Debt and Equity Data
Date (Data in DKK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-10-31 701.00 129.64 14.89
2019-07-31 701.00 129.64 14.89
2019-04-30 707.79 200.73 15.18
2019-01-31 707.79 200.73 15.18
2018-10-31 757.56 170.55 11.14
2018-07-31 757.56 170.55 11.14
2018-04-30 750.91 201.49 15.60
2018-01-31 750.91 201.49 15.60
2017-10-31 756.67 193.67 10.16
2017-07-31 756.67 193.67 10.16
2017-04-30 758.67 172.33 35.59
2017-01-31 758.67 172.33 35.59
2016-10-31 752.37 184.01 38.68
2016-07-31 752.37 184.01 38.68
2016-04-30 736.92 189.17 67.26
2016-01-31 736.92 189.17 67.26
2015-10-31 724.10 200.06 94.22
2015-07-31 725.80 259.32 90.13
2015-04-30 709.85 240.51 84.70
2015-01-31 710.58 273.52 112.55
2014-10-31 714.12 305.01 100.53
2014-07-31 717.93 291.40 67.62
2014-04-30 706.56 294.72 96.24
2014-01-31 709.47 356.14 3.01
2013-10-31 773.36 286.86 5.93
2013-07-31 788.03 286.00 19.04
2013-04-30 780.60 301.04 13.78
  • Harboes Bryggeri's level of debt (18.5%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (42.7% vs 18.5% today).
  • Debt is well covered by operating cash flow (88.2%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on Harboes Bryggeri's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Harboes Bryggeri'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. Harboes Bryggeri has a total score of 5/6, 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 Harboes Bryggeri'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 Harboes Bryggeri dividends.
If you bought DKK2,000 of Harboes Bryggeri shares you are expected to receive DKK0 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 Harboes Bryggeri's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Harboes Bryggeri'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
BATS-CHIXE:HARBBC 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
United Kingdom of Great Britain and Northern Ireland Beverage Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 2.8%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 588 Stocks 5.6%
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 2.6%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 7.1%

Industry and Market average data is calculated daily.

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

BATS-CHIXE:HARBBC Future Dividends Estimate Data
Date (Data in DKK) Dividend per Share (annual) Avg. No. Analysts
BATS-CHIXE:HARBBC Past Annualized Dividends Data
Date (Data in DKK) Dividend per share (annual) Avg. Yield (%)
2019-12-12 0.000 0.000
2019-06-25 0.000 0.000
2018-06-26 1.000 1.224
2017-06-29 2.000 1.997
2016-06-30 2.000 1.459
2015-08-03 2.000 1.837
2014-07-14 2.000 2.144
2014-05-15 2.000 2.161
2013-09-03 1.500 1.757
2013-07-25 1.500 1.984
2013-07-10 0.000 0.000
2012-07-31 1.500 1.802
2012-05-15 1.500 1.690
2011-09-09 1.500 1.653
2010-08-10 1.500 1.188
2010-07-06 1.500 1.238
2009-07-08 1.500 1.284
2009-04-30 1.500 1.215

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

  • Unable to perform a dividend volatility check as Harboes Bryggeri has not reported any payouts.
  • Unable to verify if Harboes Bryggeri's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Harboes Bryggeri's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Harboes Bryggeri 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 Harboes Bryggeri'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 Harboes Bryggeri afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Harboes Bryggeri 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 Harboes Bryggeri'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
Soren Malling
AGE 48
CEO Bio

Mr. Søren Malling has been Non-independent member of the Board of Directors of Harboes Bryggeri A/S since 2017 and also it's Chief Executive Officer. Mr. Malling trained internally at Harboes Bryggeri and, after completing a targeted traineeship programme in production, logistics and sales, he was engaged as production manager at Harboefarm in 1998. Here, he worked on the development of IT and logistics systems, and in 2000 he was appointed head of production. In 2005, he was appointed as head of planning and logistics at Harboes Bryggeri, and in the years that followed, he contributed significantly to the development and streamlining of the Group’s strategic IT and logistics system. Since 2010, when he was appointed as logistics manager, he has also been responsible for the Group’s Supply Chain Management and for implementation of the Group’s ERP system across the Group’s production units. He also serves as Director of BG Holding A/S.

CEO Compensation
  • Insufficient data for Soren to compare compensation growth.
  • Insufficient data for Soren to establish whether their remuneration is reasonable compared to companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team

Soren Malling

TITLE
CEO & Director
AGE
48

Ruth Schade

TITLE
President & CFO
AGE
68
Board of Directors Tenure

Average tenure and age of the Harboes Bryggeri board of directors in years:

4.3
Average Tenure
70
Average Age
  • The tenure for the Harboes Bryggeri board of directors is about average.
Board of Directors

Bernhard Griese

TITLE
Chairman of the Board of Directors
AGE
78

Soren Malling

TITLE
CEO & Director
AGE
48
TENURE
3.3 yrs

Mads Krage

TITLE
Vice chairman of the Board of Directors
AGE
75

Jens Bjarne Jensen

TITLE
Director
AGE
64
TENURE
23.3 yrs

Poul Møller

TITLE
Independent Director
AGE
70
TENURE
4.3 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 (DKK) Value (DKK)
X
Management checks
We assess Harboes Bryggeri'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. Harboes Bryggeri 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

Harboes Bryggeri A/S produces and markets beverages and malt-based ingredients. The company offers beer under the Bear Beer, Harboe Beer, Darguner, Puls, Draft Beer, and Mecklenburger brands; non-alcoholic dark malts under the Hyper Malt brand; energy drinks under the XRAY and Hustler brands; and soft drinks under the Harboe Sodas, Carbia Ginger Beer, and Other brands. It also provides orange, apple, pineapple, grapefruit, and pear juices under the PURE brand; ciders under the Puls brand; and water under the Harboe Athena Mineral Water and GB Mineral Water, as well as Harboe Athena Citrus, Harboe Athena Blåbär/Hallon, and Harboe Athena Granatäpple brands. The company sells its products to approximately 90 countries worldwide. Harboes Bryggeri A/S was founded in 1883 and is headquartered in Skælskør, Denmark.

Details
Name: Harboes Bryggeri A/S
HARBBC
Exchange: BATS-CHIXE
Founded: 1883
DKK220,422,747
4,222,658
Website: http://www.harboes.dk
Address: Harboes Bryggeri A/S
Spegerborgvej 34,
Skælskør,
Zealand Region, 4230,
Denmark
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
CPSE HARB B Class B Shares OMX Nordic Exchange Copenhagen DK DKK 02. Jan 1992
LSE 0ENE Class B Shares London Stock Exchange GB DKK 02. Jan 1992
BATS-CHIXE HARBBC Class B Shares BATS 'Chi-X Europe' GB DKK 02. Jan 1992
Number of employees
Current staff
Staff numbers
0
Harboes Bryggeri employees.
Industry
Brewers
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/07 19:44
End of day share price update: 2020/04/06 00:00
Last estimates confirmation: 2017/06/29
Last earnings filing: 2019/12/12
Last earnings reported: 2019/10/31
Last annual earnings reported: 2019/04/30


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.