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
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
Amount off the current price
is available for.
Share price is
vs Future cash flow value of
Current Discount Checks
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
is considered below, and whether this is a fair price.
Price based on past earnings
Harboes Bryggeri's earnings available for a low price, and how does
this compare to other companies in the same industry?
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
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
Expected Beverage industry annual growth in earnings.
Earnings growth vs Low Risk Savings
expected to grow at an
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.
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.
Harboes Bryggeri's performance over the past 5 years by checking for:
Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the
industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the
past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
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.
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.
A company's financial position is much like your own financial position,
it includes everything you own
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.
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.
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
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.
Nearly all companies have debt. Debt in itself isn’t
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.
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.
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.
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.
CEO & Director
President & CFO
Board of Directors Tenure
Average tenure and age of the
board of directors in years:
The tenure for the Harboes Bryggeri board of directors is about average.
Board of Directors
Chairman of the Board of Directors
CEO & Director
Vice chairman of the Board of Directors
Jens Bjarne Jensen
Who owns this company?
Recent Insider Trading
No 3 month open market individual insider trading information.
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.
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