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Cembre

BIT:CMB
Snowflake Description

Excellent balance sheet, good value and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CMB
BIT
€249M
Market Cap
  1. Home
  2. IT
  3. Capital Goods
Company description

Cembre S.p.A., together with its subsidiaries, manufactures and sells electrical connectors and related tools in Italy, rest of Europe, and internationally. The last earnings update was 4 days ago. More info.


Add to Portfolio Compare Print
  • Cembre has significant price volatility in the past 3 months.
CMB Share Price and Events
7 Day Returns
-12.3%
BIT:CMB
-1.8%
IT Electrical
6.8%
IT Market
1 Year Returns
-31.3%
BIT:CMB
-8.8%
IT Electrical
-24.5%
IT Market
CMB Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cembre (CMB) -12.3% -32.6% -37.9% -31.3% -19.8% -0.6%
IT Electrical -1.8% -28% -27.8% -8.8% -37.1% -30.6%
IT Market 6.8% -22.4% -27.8% -24.5% -20.9% -49.3%
1 Year Return vs Industry and Market
  • CMB underperformed the Electrical industry which returned -8.8% over the past year.
  • CMB underperformed the Market in Italy which returned -24.5% over the past year.
Price Volatility
CMB
Industry
5yr Volatility vs Market

CMB Value

 Is Cembre 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 Cembre 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 Cembre.

BIT:CMB Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.4%
Perpetual Growth Rate 10-Year IT Government Bond Rate 1.2%

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 BIT:CMB
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IT Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 8.2%
Electrical Unlevered Beta Simply Wall St/ S&P Global 1.12
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.118 (1 + (1- 24%) (6.19%))
1.115
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.11
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.21% + (1.115 * 8.23%)
10.38%

Discounted Cash Flow Calculation for BIT:CMB using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Cembre 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.

BIT:CMB DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 10.38%)
2020 23.70 Est @ 29.1% 21.47
2021 28.61 Est @ 20.73% 23.48
2022 32.86 Est @ 14.88% 24.43
2023 36.41 Est @ 10.78% 24.52
2024 39.28 Est @ 7.91% 23.97
2025 41.60 Est @ 5.9% 23.00
2026 43.47 Est @ 4.49% 21.77
2027 44.99 Est @ 3.51% 20.41
2028 46.26 Est @ 2.82% 19.02
2029 47.34 Est @ 2.34% 17.63
Present value of next 10 years cash flows €219.00
BIT:CMB DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €47.34 × (1 + 1.21%) ÷ (10.38% – 1.21%)
€522.35
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €522.35 ÷ (1 + 10.38%)10
€194.51
BIT:CMB Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €219.00 + €194.51
€413.51
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €413.51 / 16.72
€24.73
BIT:CMB Discount to Share Price
Calculation Result
Value per share (EUR) From above. €24.73
Current discount Discount to share price of €14.90
= -1 x (€14.90 - €24.73) / €24.73
39.8%

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

Current Discount
Amount off the current price Cembre is available for.
Intrinsic value
40%
Share price is €14.9 vs Future cash flow value of €24.73
Current Discount Checks
For Cembre to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Cembre's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Cembre'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 Cembre's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cembre's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BIT:CMB PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €1.30
BIT:CMB Share Price ** BIT (2020-03-31) in EUR €14.9
Italy Electrical Industry PE Ratio Median Figure of 6 Publicly-Listed Electrical Companies 16.9x
Italy Market PE Ratio Median Figure of 247 Publicly-Listed Companies 12.56x

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

** Primary Listing of Cembre.

BIT:CMB PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BIT:CMB Share Price ÷ EPS (both in EUR)

= 14.9 ÷ 1.30

11.49x

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

  • Cembre is good value based on earnings compared to the IT Electrical industry average.
  • Cembre is good value based on earnings compared to the Italy market.
Price based on expected Growth
Does Cembre's expected growth come at a high price?
Raw Data
BIT:CMB PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.49x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
Not available
Europe Electrical Industry PEG Ratio Median Figure of 32 Publicly-Listed Electrical Companies 0.93x
Italy Market PEG Ratio Median Figure of 158 Publicly-Listed Companies 0.87x

*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 Cembre, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Cembre's assets?
Raw Data
BIT:CMB PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €9.59
BIT:CMB Share Price * BIT (2020-03-31) in EUR €14.9
Italy Electrical Industry PB Ratio Median Figure of 7 Publicly-Listed Electrical Companies 1.58x
Italy Market PB Ratio Median Figure of 322 Publicly-Listed Companies 1.15x
BIT:CMB PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BIT:CMB Share Price ÷ Book Value per Share (both in EUR)

= 14.9 ÷ 9.59

1.55x

* Primary Listing of Cembre.

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

  • Cembre is good value based on assets compared to the IT Electrical industry average.
X
Value checks
We assess Cembre'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 Electrical 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 Electrical industry average (and greater than 0)? (1 check)
  5. Cembre has a total score of 4/6, 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.

CMB Future Performance

 How is Cembre expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

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
20.3%
Expected Electrical industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cembre expected to grow at an attractive rate?
  • Unable to compare Cembre's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Cembre's earnings growth to the Italy market average as no estimate data is available.
  • Unable to compare Cembre's revenue growth to the Italy market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
BIT:CMB Future Growth Rates Data Sources
Data Point Source Value (per year)
Europe Electrical Industry Earnings Growth Rate Market Cap Weighted Average 20.3%
Europe Electrical Industry Revenue Growth Rate Market Cap Weighted Average 3.7%
Italy Market Earnings Growth Rate Market Cap Weighted Average 11.4%
Italy Market Revenue Growth Rate Market Cap Weighted Average 0.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

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

Analysts growth expectations
Raw Data
BIT:CMB Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BIT:CMB Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 146 1
2020-03-31
BIT:CMB Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 146 34 22
2019-09-30 147 33 23
2019-06-30 148 28 23
2019-03-31 147 27 23
2018-12-31 144 22 23
2018-09-30 142 21 25
2018-06-30 139 26 24
2018-03-31 136 21 24
2017-12-31 133 23 23
2017-09-30 130 24 19
2017-06-30 126 25 19
2017-03-31 126 25 18

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Cembre is high growth as no earnings estimate data is available.
  • Unable to determine if Cembre 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
BIT:CMB 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 1 Analyst Estimates (S&P Global) See Below

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

BIT:CMB Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 1.14 1.14 1.14 1.00
2020-03-31
BIT:CMB Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 1.30
2019-09-30
2019-06-30 1.40
2019-03-31
2018-12-31 1.36
2018-09-30
2018-06-30 1.46
2018-03-31
2017-12-31 1.36
2017-09-30
2017-06-30 1.10
2017-03-31

*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 Cembre will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Cembre's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Cembre 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.

CMB Past Performance

  How has Cembre 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 Cembre's growth in the last year to its industry (Electrical).
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.
  • Cembre's year on year earnings growth rate has been positive over the past 5 years.
  • Cembre's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Cembre's 1-year earnings growth is negative, it can't be compared to the IT Electrical industry average.
Earnings and Revenue History
Cembre'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 Cembre Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:CMB Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 146.40 21.69 42.60
2019-09-30 147.26 22.76 42.97
2019-06-30 147.84 23.41 43.13
2019-03-31 146.66 22.76 42.96
2018-12-31 144.23 22.74 42.51
2018-09-30 142.48 24.92 42.36
2018-06-30 139.48 24.28 41.24
2018-03-31 135.55 23.85 40.42
2017-12-31 132.77 22.73 39.68
2017-09-30 129.74 18.63 38.58
2017-06-30 126.45 18.57 38.41
2017-03-31 125.57 18.06 37.98
2016-12-31 122.71 16.93 37.77
2016-09-30 120.74 15.72 37.67
2016-06-30 121.25 15.49 37.47
2016-03-31 120.93 16.03 37.19
2015-12-31 121.50 15.93 36.88
2015-09-30 120.56 16.62 36.32
2015-06-30 119.44 15.68 35.85
2015-03-31 116.32 14.68 35.38
2014-12-31 112.95 13.54 34.74
2014-09-30 111.58 12.76 34.37
2014-06-30 108.97 12.13 33.88
2014-03-31 106.47 10.98 33.30
2013-12-31 104.61 10.50 33.19
2013-09-30 103.23 10.63 32.93
2013-06-30 102.98 11.01 32.86

*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.
  • Cembre has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Cembre used its assets more efficiently than the IT Electrical industry average last year based on Return on Assets.
  • Cembre's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Cembre'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 Electrical 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.
Cembre has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

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

CMB Health

 How is Cembre'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 Cembre's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cembre is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Cembre's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Cembre'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 10.7x 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 Cembre Company Filings, last reported 3 months ago.

BIT:CMB Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 160.43 9.04 20.98
2019-09-30 155.00 12.17 19.58
2019-06-30 150.24 10.17 11.84
2019-03-31 159.81 7.17 16.94
2018-12-31 152.88 9.67 17.20
2018-09-30 146.71 12.17 16.28
2018-06-30 141.71 14.00 17.98
2018-03-31 149.34 0.00 18.47
2017-12-31 143.08 0.00 20.23
2017-09-30 136.48 0.00 20.36
2017-06-30 133.51 0.00 14.41
2017-03-31 142.27 0.02 26.74
2016-12-31 137.63 0.04 26.71
2016-09-30 133.28 0.00 23.12
2016-06-30 129.93 0.00 14.55
2016-03-31 133.88 0.00 19.18
2015-12-31 131.17 0.00 17.80
2015-09-30 127.74 0.00 16.13
2015-06-30 124.37 1.19 9.56
2015-03-31 125.33 0.00 13.77
2014-12-31 119.90 0.00 11.66
2014-09-30 116.18 0.55 8.52
2014-06-30 112.35 2.16 4.71
2014-03-31 112.28 0.85 5.23
2013-12-31 109.49 1.65 7.54
2013-09-30 106.62 6.26 7.14
2013-06-30 104.11 9.68 5.91
  • Cembre's level of debt (5.6%) compared to net worth is satisfactory (less than 40%).
  • Unable to establish if Cembre's debt level has increased without past 5-year debt data.
  • Debt is well covered by operating cash flow (376.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5414x coverage).
X
Financial health checks
We assess Cembre'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. Cembre 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.

CMB Dividends

 What is Cembre'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
6.04%
Current annual income from Cembre dividends. Estimated to be 6.04% next year.
If you bought €2,000 of Cembre shares you are expected to receive €121 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?
  • Cembre's pays a higher dividend yield than the bottom 25% of dividend payers in Italy (2.48%).
  • Cembre's dividend is above the markets top 25% of dividend payers in Italy (5.86%).
Upcoming dividend payment

Purchase Cembre 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
BIT:CMB 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 1 Analyst Estimates (S&P Global) See Below
Europe Electrical Industry Average Dividend Yield Market Cap Weighted Average of 42 Stocks 3.4%
Italy Market Average Dividend Yield Market Cap Weighted Average of 166 Stocks 6%
Italy Minimum Threshold Dividend Yield 10th Percentile 1.3%
Italy Bottom 25% Dividend Yield 25th Percentile 2.5%
Italy Top 25% Dividend Yield 75th Percentile 5.9%

Industry and Market average data is calculated daily.

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

BIT:CMB Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.90 1.00
2020-03-31
BIT:CMB Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-03-27 0.900 5.844
2020-03-11 0.900 5.238
2019-03-28 0.900 4.155
2019-03-11 0.900 4.310
2018-04-03 0.800 3.488
2018-03-13 0.800 3.410
2017-03-29 0.700 3.254
2017-03-10 0.700 4.373
2016-03-30 0.460 3.384
2016-03-11 0.460 3.372
2015-03-30 0.360 2.554
2015-03-11 0.360 2.582
2014-03-27 0.260 2.423
2014-03-12 0.260 2.643
2013-03-14 0.160 2.088
2012-04-27 0.160 2.578
2011-05-06 0.260 3.861
2010-03-18 0.120 2.185

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 Cembre's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
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 Cembre'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 Cembre afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cembre 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.

CMB Management

 What is the CEO of Cembre'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
Giovanni Rosani
COMPENSATION €210,947
TENURE AS CEO 10 years
CEO Bio

Mr. Giovanni Rosani has been the Chairman and Managing Director of Cembre S.p.A. since March 15, 2010.

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

Giovanni Rosani

TITLE
Chairman & MD
COMPENSATION
€211K
TENURE
10 yrs

Giovanni De Vecchi

TITLE
General Manager of Italy Division
COMPENSATION
€37K

Giorgio Rota

TITLE
Secretary
Board of Directors Tenure

Average tenure of the Cembre board of directors in years:

1.8
Average Tenure
  • The average tenure for the Cembre board of directors is less than 3 years, this suggests a new board.
Board of Directors

Giovanni Rosani

TITLE
Chairman & MD
COMPENSATION
€211K
TENURE
10 yrs

Anna Onofri

TITLE
Vice Chairman of the Board
COMPENSATION
€178K

Fabio Fada

TITLE
Independent Director
COMPENSATION
€37K
TENURE
10.8 yrs

Fabio Longhi

TITLE
Chairman of Board of Statutory Auditors
COMPENSATION
€36K

Sara Rosani

TITLE
Director
COMPENSATION
€11K

Aldo Bottini Bongrani

TITLE
Director
COMPENSATION
€403K

Felice Albertazzi

TITLE
Director
TENURE
1.8 yrs

Franco Celli

TITLE
Director
TENURE
1.8 yrs

Paola Carrara

TITLE
Independent Director
TENURE
1.8 yrs

Rosanna Pilenga

TITLE
Permanent Auditor
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 (€)
03. Jul 19 Sell Lysne Spa Company 02. Jul 19 02. Jul 19 -220,000 €20.30 €-4,466,000
X
Management checks
We assess Cembre'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. Cembre 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.

CMB News

Simply Wall St News

Before You Buy Cembre S.p.A. (BIT:CMB), Consider Its Volatility

The fact that this is well below 1 indicates that its share price movements haven't historically been very sensitive to overall market volatility. … This suggests that including it in your portfolio will reduce volatility arising from broader market movements, assuming your portfolio's weighted average beta is higher than 0.88. … What this means for you: One potential advantage of owning low beta stocks like Cembre is that your overall portfolio won't be too sensitive to overall market movements.

Simply Wall St -

If You Had Bought Cembre (BIT:CMB) Shares Five Years Ago You'd Have Made 84%

(BIT:CMB) share price is up 84% in the last 5 years, clearly besting than the market return of around -34% (ignoring dividends). … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … As well as measuring the share price return, investors should also consider the total shareholder return (TSR).

Simply Wall St -

A Look At Cembre S.p.A.'s (BIT:CMB) Exceptional Fundamentals

Excellent balance sheet average dividend payer CMB's strong financial health means that all of its upcoming liability payments are able to be met by its current cash and short-term investment holdings. … BIT:CMB Historical Debt, August 15th 2019 Income investors would also be happy to know that CMB is a great dividend company, with a current yield standing at 4.4%. … BIT:CMB Historical Dividend Yield, August 15th 2019 Next Steps: For Cembre, there are three relevant factors you should further research: Future Outlook: What are well-informed industry analysts predicting for CMB’s future growth?

Simply Wall St -

Cembre S.p.A.'s (BIT:CMB) Earnings Dropped -4.6%, How Did It Fare Against The Industry?

After reading Cembre S.p.A.'s (BIT:CMB) latest earnings update (31 March 2019), I found it beneficial to look back at how the company has performed in the past and compare this against the most recent numbers. … As a long-term investor I tend to pay attention to earnings trend, rather than a single number at one point in time. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 15%, indicating the rate at which CMB is growing has slowed down.

Simply Wall St -

Is Cembre S.p.A. (BIT:CMB) A Great Dividend Stock?

(BIT:CMB) a good dividend stock? How can we tell? Dividend paying companies with growing earnings can be highly rewarding in the long term. On the other hand, investors have been known to buy a stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. With Cembre yielding 4.1% and having paid a dividend for over 10 years, many investors likely find the company quite interesting. We'd guess that plenty of investors have purchased it for the income. Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. … We also measure dividends paid against a company's levered free cash flow, to see if enough cash was generated to cover the dividend. … Cembre gets a pass on its dividend payout ratio, but it paid out virtually all of its cash flow as dividends.

Simply Wall St -

Is It Time To Consider Buying Cembre S.p.A. (BIT:CMB)?

What’s more interesting is that, Cembre’s share price is quite stable, which could mean two things: firstly, it may take the share price a while to move to its intrinsic value, and secondly, there may be less chances to buy low in the future once it reaches that value. … Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at the company's future expectations. … Its future outlook isn’t fully reflected in the current share price yet, which means it’s not too late to buy CMB.

Simply Wall St -

Why We Like Cembre S.p.A.’s (BIT:CMB) 17% Return On Capital Employed

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Cembre: 0.17 = €29m ÷ (€207m - €34m) (Based on the trailing twelve months to March 2019.) So, Cembre has an ROCE of 17%. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE.

Simply Wall St -

What Kind Of Shareholder Appears On The Cembre S.p.A.'s (BIT:CMB) Shareholder Register?

As Nassim Nicholas Taleb said, 'Don’t tell me what you think, tell me what you have in your portfolio.' Cembre is a smaller company with a market capitalization of €334m, so it may still be flying under the radar of many institutional investors. … Our analysis of the ownership of the company, below, shows that institutions own shares in the company. … View our latest analysis for Cembre BIT:CMB Ownership Summary, June 10th 2019 What Does The Institutional Ownership Tell Us About Cembre?

Simply Wall St -

Cembre (BIT:CMB) Shareholders Booked A 96% Gain In The Last Five Years

During five years of share price growth, Cembre achieved compound earnings per share (EPS) growth of 17% per year. … When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. … As it happens, Cembre's TSR for the last 5 years was 137%, which exceeds the share price return mentioned earlier.

Simply Wall St -

Before You Buy Cembre S.p.A. (BIT:CMB), Consider Its Volatility

Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

CMB Company Info

Description

Cembre S.p.A., together with its subsidiaries, manufactures and sells electrical connectors and related tools in Italy, rest of Europe, and internationally. The company offers pre-insulated, un-insulated, and other types of electrical connectors, as well as flexible braids for earthing moving elements; mechanical tools for crimping electrical connectors, and cutting and preparing cables; hydraulic tools for crimping electrical connectors, and cutting and preparing conductors; products for railway electrical connections; and machinery for track maintenance; and hand tools. It also provides cable glands and fixing components, brass and steel cable glands and fixing components, brass extensions, brass reducer bushes and converters, rutaseal grommets, and modular retaining clips; and identification and labeling systems, such as thermal transfer systems, manual cable marking systems, document wallets, and warning labels. In addition, the company offers heat-shrinkable tubing products and insulated covers, cable ties, mechanical tools, tape rules, and cast resin joints. Its products are used in power production and transport, electrical systems, and industrial and railway applications. The company was founded in 1969 and is headquartered in Brescia, Italy. Cembre S.p.A. is a subsidiary of Lysne S.p.A.

Details
Name: Cembre S.p.A.
CMB
Exchange: BIT
Founded: 1969
€249,127,389
16,719,959
Website: http://www.cembre.it
Address: Cembre S.p.A.
Via Serenissima 9,
Brescia,
Brescia, 25135,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT CMB Ordinary Shares Borsa Italiana IT EUR 12. Jan 1998
LSE 0DXU Ordinary Shares London Stock Exchange GB EUR 12. Jan 1998
BATS-CHIXE CMBM Ordinary Shares BATS 'Chi-X Europe' GB EUR 12. Jan 1998
Number of employees
Current staff
Staff numbers
709
Cembre employees.
Industry
Electrical Components and Equipment
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 20:49
End of day share price update: 2020/03/31 00:00
Last estimates confirmation: 2020/03/12
Last earnings filing: 2020/03/27
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.