Gunnebo
Gunnebo AB (publ) develops and supplies security products, services, and software for banks, retail, mass transit, public and commercial buildings, and industrial and high-risk sites. The last earnings update was 31 days ago. More info.
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GUNN Share Price and Events
7 Day Returns
1 Year Returns
GUNN Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Gunnebo (GUNN) | 3.9% | 3.7% | 16.9% | 7.4% | -34.8% | -30.8% |
| SE Commercial Services | 2.8% | 2.6% | 8.3% | 18.8% | 13.1% | 45.8% |
| SE Market | 1% | 0.7% | 8.4% | 22.5% | 13.7% | 27% |
1 Year Return vs Industry and Market
- GUNN underperformed the Commercial Services industry which returned 18.8% over the past year.
- GUNN underperformed the Market in Sweden which returned 22.5% over the past year.
GUNN Value
Is Gunnebo 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
Gunnebo
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Gunnebo.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 2 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 5.7% |
| Perpetual Growth Rate | 10-Year SE Government Bond Rate | -0.4% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year SE Govt Bond Rate | -0.4% |
| Equity Risk Premium | S&P Global | 5.4% |
| Commercial Services Unlevered Beta | Simply Wall St/ S&P Global | 0.66 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.66 (1 + (1- 22%) (102.18%)) |
1.125 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.12 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.42% + (1.125 * 5.44%) |
5.7% |
Discounted Cash Flow Calculation for OM:GUNN using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Gunnebo 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.
| Levered FCF (SEK, Millions) | Source |
Present Value Discounted (@ 5.7%) |
|
|---|---|---|---|
| 2020 | 258.00 | Analyst x1 | 244.09 |
| 2021 | 265.00 | Analyst x1 | 237.20 |
| 2022 | 269.24 | Est @ 1.6% | 227.99 |
| 2023 | 271.91 | Est @ 0.99% | 217.84 |
| 2024 | 273.46 | Est @ 0.57% | 207.27 |
| 2025 | 274.20 | Est @ 0.27% | 196.63 |
| 2026 | 274.38 | Est @ 0.06% | 186.15 |
| 2027 | 274.16 | Est @ -0.08% | 175.97 |
| 2028 | 273.66 | Est @ -0.18% | 166.18 |
| 2029 | 272.97 | Est @ -0.25% | 156.82 |
| Present value of next 10 years cash flows | SEK2,016.00 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2029
× (1 + g) ÷ (Discount Rate – g)
= SEK272.97 × (1 + -0.42%) ÷ (5.7% – -0.42%) |
SEK4,442.37 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= SEK4,442.37 ÷ (1 + 5.7%)10 |
SEK2,552.20 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= SEK2,016.00 + SEK2,552.20 |
SEK4,568.20 |
| Equity Value per Share (SEK) |
= Total value / Shares Outstanding
= SEK4,568.20 / 95.56 |
SEK47.8 |
| Calculation | Result | |
|---|---|---|
| Value per share (SEK) | From above. | SEK47.80 |
| Current discount | Discount to share price of
SEK25.25
= -1 x (SEK25.25 - SEK47.80) / SEK47.80 |
47.2% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Gunnebo's share price is below the future cash flow value, and at a moderate discount (> 20%).
- Gunnebo'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 Gunnebo's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Gunnebo's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-09-30) in SEK | SEK1.20 |
| OM:GUNN Share Price ** | OM (2019-12-06) in SEK | SEK25.25 |
| Sweden Commercial Services Industry PE Ratio | Median Figure of 13 Publicly-Listed Commercial Services Companies | 18.25x |
| Sweden Market PE Ratio | Median Figure of 354 Publicly-Listed Companies | 18.56x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Gunnebo.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = OM:GUNN Share Price ÷ EPS (both in SEK) = 25.25 ÷ 1.20 |
21.1x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Gunnebo is overvalued based on earnings compared to the SE Commercial Services industry average.
- Gunnebo is overvalued based on earnings compared to the Sweden market.
Price based on expected Growth
Does
Gunnebo's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 21.1x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts |
43.2%per year |
| Sweden Commercial Services Industry PEG Ratio | Median Figure of 10 Publicly-Listed Commercial Services Companies | 0.97x |
| Sweden Market PEG Ratio | Median Figure of 238 Publicly-Listed Companies | 1.26x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 21.1x ÷ 43.2% |
0.49x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Gunnebo is good value based on expected growth next year.
Price based on value of assets
What value do investors place on
Gunnebo's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-09-30) in SEK | SEK19.88 |
| OM:GUNN Share Price * | OM (2019-12-06) in SEK | SEK25.25 |
| Sweden Commercial Services Industry PB Ratio | Median Figure of 22 Publicly-Listed Commercial Services Companies | 1.74x |
| Sweden Market PB Ratio | Median Figure of 755 Publicly-Listed Companies | 2.7x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = OM:GUNN Share Price ÷ Book Value per Share (both in SEK) = 25.25 ÷ 19.88 |
1.27x |
* Primary Listing of Gunnebo.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Gunnebo is good value based on assets compared to the SE Commercial Services industry average.
Value checks
We assess Gunnebo's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Commercial Services industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Commercial Services industry average (and greater than 0)? (1 check) Gunnebo 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.
GUNN Future Performance
How is Gunnebo expected to perform in the next 1 to 3 years based on estimates from 2 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!
Earnings growth vs Low Risk Savings
- Gunnebo's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
- Gunnebo's earnings growth is expected to exceed the Sweden market average.
- Gunnebo's revenue growth is positive but not above the Sweden market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| OM:GUNN Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts | 43.2% |
| OM:GUNN Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts | 3.7% |
| Sweden Commercial Services Industry Earnings Growth Rate | Market Cap Weighted Average | 16% |
| Sweden Commercial Services Industry Revenue Growth Rate | Market Cap Weighted Average | 6.9% |
| Sweden Market Earnings Growth Rate | Market Cap Weighted Average | 9.4% |
| Sweden Market Revenue Growth Rate | Market Cap Weighted Average | 4.5% |
*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
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
| Date (Data in SEK Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 6,296 | 1 | ||
| 2022-12-31 | 6,130 | 1 | ||
| 2021-12-31 | 5,867 | 380 | 226 | 2 |
| 2020-12-31 | 5,711 | 368 | 206 | 2 |
| 2019-12-31 | 5,471 | 182 | 93 | 2 |
| 2019-12-07 |
| Date (Data in SEK Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-09-30 | 5,367 | 287 | 92 |
| 2019-06-30 | 5,297 | 246 | 108 |
| 2019-03-31 | 5,177 | 230 | 104 |
| 2018-12-31 | 5,128 | 242 | 120 |
| 2018-09-30 | 5,008 | 203 | 156 |
| 2018-06-30 | 4,869 | 126 | 126 |
| 2018-03-31 | 4,846 | 109 | 137 |
| 2017-12-31 | 4,861 | 71 | 145 |
| 2017-09-30 | 5,337 | 85 | 182 |
| 2017-06-30 | 5,621 | 152 | 207 |
| 2017-03-31 | 5,870 | 247 | 217 |
| 2016-12-31 | 6,088 | 234 | 206 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
All data from Gunnebo Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in SEK Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | ||||
| 2021-12-31 | 2.36 | 2.42 | 2.30 | 2.00 |
| 2020-12-31 | 2.16 | 2.16 | 2.15 | 2.00 |
| 2019-12-31 | 1.06 | 1.21 | 0.91 | 2.00 |
| 2019-12-07 |
| Date (Data in SEK Millions) | EPS * |
|---|---|
| 2019-09-30 | 1.20 |
| 2019-06-30 | 1.41 |
| 2019-03-31 | 1.36 |
| 2018-12-31 | 1.57 |
| 2018-09-30 | 2.04 |
| 2018-06-30 | 1.65 |
| 2018-03-31 | 1.80 |
| 2017-12-31 | 1.90 |
| 2017-09-30 | 2.38 |
| 2017-06-30 | 2.71 |
| 2017-03-31 | 2.84 |
| 2016-12-31 | 2.70 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Gunnebo's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Sweden market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Sweden market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Gunnebo has a total score of 3/6, 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.
GUNN Past Performance
How has Gunnebo 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
Past Earnings growth analysis
- Gunnebo's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
- Gunnebo's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- Gunnebo's 1-year earnings growth is negative, it can't be compared to the SE Commercial Services industry average.
Earnings and Revenue History
All data from Gunnebo Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in SEK Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-09-30 | 5,367.00 | 92.00 | 1,179.00 | |
| 2019-06-30 | 5,297.00 | 108.00 | 1,188.00 | |
| 2019-03-31 | 5,177.00 | 104.00 | 1,200.00 | |
| 2018-12-31 | 5,128.00 | 120.00 | 1,200.00 | |
| 2018-09-30 | 5,008.00 | 156.00 | 1,167.00 | |
| 2018-06-30 | 4,869.00 | 126.00 | 1,150.00 | |
| 2018-03-31 | 4,846.00 | 137.00 | 1,131.00 | |
| 2017-12-31 | 4,861.00 | 145.00 | 1,139.00 | |
| 2017-09-30 | 5,337.00 | 182.00 | 1,185.00 | |
| 2017-06-30 | 5,621.00 | 207.00 | 1,259.00 | |
| 2017-03-31 | 5,870.00 | 217.00 | 1,317.00 | |
| 2016-12-31 | 6,088.00 | 206.00 | 1,382.00 | |
| 2016-09-30 | 5,989.00 | 191.00 | 1,358.00 | |
| 2016-06-30 | 6,003.00 | 188.00 | 1,364.00 | |
| 2016-03-31 | 6,045.00 | 196.00 | 1,392.00 | |
| 2015-12-31 | 6,052.00 | 166.00 | 1,414.00 | |
| 2015-09-30 | 5,948.50 | 173.20 | 2,397.20 | |
| 2015-06-30 | 5,800.50 | 162.20 | 2,055.20 | |
| 2015-03-31 | 5,703.50 | 219.20 | 1,692.20 | |
| 2014-12-31 | 5,556.50 | 226.20 | 1,328.20 | |
| 2014-09-30 | 5,459.50 | 185.10 | 1,319.30 | |
| 2014-06-30 | 5,459.50 | 179.10 | 1,319.30 | |
| 2014-03-31 | 5,365.50 | 107.10 | 1,319.30 | |
| 2013-12-31 | 5,270.50 | 98.10 | 1,319.30 | |
| 2013-09-30 | 5,311.20 | 51.50 | 1,325.20 | |
| 2013-06-30 | 5,277.20 | 20.50 | 1,325.20 | |
| 2013-03-31 | 5,222.20 | 10.50 | 1,325.20 | |
| 2012-12-31 | 5,236.20 | 19.50 | 1,325.20 |
*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.
- Gunnebo has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Gunnebo used its assets less efficiently than the SE Commercial Services industry average last year based on Return on Assets.
- Gunnebo's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Gunnebo'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 Commercial Services 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)
Gunnebo 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.
GUNN Health
How is Gunnebo'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 Gunnebo's finances.
The net worth of a company is the difference between its assets and liabilities.
- Gunnebo is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Gunnebo's cash and other short term assets cover its long term commitments.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is covered by short term assets, assets are 1.4x 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.
All data from Gunnebo Company Filings, last reported 2 months ago.
| Date (Data in SEK Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-09-30 | 1,553.00 | 2,206.00 | 886.00 |
| 2019-06-30 | 1,139.00 | 2,004.00 | 569.00 |
| 2019-03-31 | 1,161.00 | 1,926.00 | 580.00 |
| 2018-12-31 | 1,087.00 | 1,908.00 | 569.00 |
| 2018-09-30 | 1,202.00 | 1,689.00 | 476.00 |
| 2018-06-30 | 1,263.00 | 1,676.00 | 483.00 |
| 2018-03-31 | 1,890.00 | 1,512.00 | 488.00 |
| 2017-12-31 | 1,866.00 | 1,504.00 | 498.00 |
| 2017-09-30 | 1,788.00 | 1,477.00 | 449.00 |
| 2017-06-30 | 1,813.00 | 1,535.00 | 537.00 |
| 2017-03-31 | 1,933.00 | 1,348.00 | 552.00 |
| 2016-12-31 | 1,890.00 | 1,403.00 | 581.00 |
| 2016-09-30 | 1,735.00 | 1,416.00 | 496.00 |
| 2016-06-30 | 1,753.00 | 1,455.00 | 539.00 |
| 2016-03-31 | 1,771.00 | 1,297.00 | 452.00 |
| 2015-12-31 | 1,747.00 | 1,353.00 | 496.00 |
| 2015-09-30 | 1,660.00 | 0.00 | 427.00 |
| 2015-06-30 | 1,668.00 | 0.00 | 350.00 |
| 2015-03-31 | 1,727.00 | 0.00 | 345.00 |
| 2014-12-31 | 1,694.30 | 1,066.50 | 447.00 |
| 2014-09-30 | 1,569.00 | 0.00 | 259.00 |
| 2014-06-30 | 1,540.00 | 0.00 | 292.00 |
| 2014-03-31 | 1,472.00 | 0.00 | 288.00 |
| 2013-12-31 | 1,463.60 | 1,125.90 | 392.00 |
| 2013-09-30 | 1,416.00 | 1,187.00 | 317.00 |
| 2013-06-30 | 1,456.00 | 1,241.00 | 291.00 |
| 2013-03-31 | 1,509.00 | 0.00 | 306.00 |
| 2012-12-31 | 1,533.60 | 1,081.70 | 349.60 |
- Gunnebo's level of debt (142%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (0.7% vs 142% today).
- Debt is not well covered by operating cash flow (13%, less than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 5x coverage).
Financial health checks
We assess Gunnebo's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Gunnebo has a total score of 3/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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.
GUNN Dividends
What is Gunnebo'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
If you bought
SEK2,000 of
Gunnebo
shares you are expected to receive
SEK40
in your first year as a dividend.
Dividend Amount
- Gunnebo's pays a higher dividend yield than the bottom 25% of dividend payers in Sweden (1.63%).
- Gunnebo's dividend is below the markets top 25% of dividend payers in Sweden (4.65%).
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.
| 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 2 Analyst Estimates (S&P Global) | See Below |
| Sweden Commercial Services Industry Average Dividend Yield | Market Cap Weighted Average of 9 Stocks | 2.9% |
| Sweden Market Average Dividend Yield | Market Cap Weighted Average of 260 Stocks | 3.3% |
| Sweden Minimum Threshold Dividend Yield | 10th Percentile | 1% |
| Sweden Bottom 25% Dividend Yield | 25th Percentile | 1.6% |
| Sweden Top 25% Dividend Yield | 75th Percentile | 4.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in SEK) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | ||
| 2022-12-31 | ||
| 2021-12-31 | 1.00 | 1.00 |
| 2020-12-31 | 0.80 | 1.00 |
| 2019-12-31 | 0.60 | 1.00 |
| 2019-12-07 |
| Date (Data in SEK) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-03-05 | 0.500 | 2.007 |
| 2018-03-20 | 1.200 | 4.609 |
| 2018-02-02 | 1.200 | 3.787 |
| 2017-04-05 | 1.200 | 3.006 |
| 2016-03-04 | 1.000 | 2.403 |
| 2015-03-06 | 1.000 | 2.480 |
| 2014-04-11 | 1.000 | 2.579 |
| 2013-04-10 | 1.000 | 2.950 |
| 2012-04-26 | 1.000 | 3.592 |
| 2011-02-28 | 0.500 | 1.557 |
| 2011-02-09 | 0.500 | 1.212 |
| 2009-10-23 | 0.000 | 0.000 |
| 2009-07-17 | 0.000 | 0.000 |
| 2009-04-23 | 0.000 | 0.000 |
| 2009-02-06 | 0.000 | 0.000 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Gunnebo has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
- Gunnebo has only been paying a dividend for 9 years, and since then there has been no growth.
Income/ dividend checks
We assess Gunnebo's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Gunnebo afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Gunnebo has a total score of 3/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
GUNN Management
CEO
| AGE | 53 |
| TENURE AS CEO | 0.9 years |
CEO Bio
Mr. Stefan Syrén is President and CEO, SVP Business Unit Safe Storage since 2019 and was Senior Vice President of Europe, Business Unit Safe Storage & Business Unit Integrated Security at Gunnebo AB since July 2018 until 2019. He was its Senior Vice President of Europe, Middle East & Africa Region since May 1, 2018 until July 2018. Mr. Syrén has held senior executive positions in multinational companies for the past 25 years, predominantly within the healthcare, consumer goods and paper industry, most recently as Chief Executive Officer at German Alliance Healthcare. He served as Senior Vice President of Marketing & Supply and Central Cluster at Papyrus AB. Mr. Syrén served as General Manager of Consumables Papyrus and Customer Marketing Manager at Procter & Gamble. He holds M.Sc. in Chemical Engineering from Chalmers University of Technology.
CEO Compensation
- Insufficient data for Stefan to compare compensation growth.
- Insufficient data for Stefan to establish whether their remuneration is reasonable compared to companies of similar size in Sweden.
Management Team Tenure
Average tenure and age of the Gunnebo management team in years:
- The tenure for the Gunnebo management team is about average.
Management Team
Stefan Syrén
President & CEO and SVP of Business Unit Safe Storage
53
0.9 yrs
Robert Hermans
EVP & Deputy CEO and SVP Business Unit Entrance Control
51
0.9 yrs
Susanne Larsson
Group CFO and Head of Finance & IT
51
4.3 yrs
Karin Nordén
Senior Vice President of Marketing & Communications
41
2.9 yrs
Christian Carlsson
Senior Vice President of Human Resources & Sustainability
44
3 yrs
Sacha de La Noë
Senior Vice President of Asia-Pacific
49
4.9 yrs
Dan Schroeder
Senior Vice President of Region Americas
55
3.9 yrs
Christian Weisser
Senior Vice President of Business Unit Cash Management
53
0.8 yrs
Board of Directors Tenure
Average tenure and age of the Gunnebo board of directors in years:
- The tenure for the Gunnebo board of directors is about average.
Board of Directors
Martin Svalstedt
Chairman
56
11.9 yrs
Eva Elmstedt
Independent Director
59
4.9 yrs
Mikael Jönsson
Independent Director
56
19.9 yrs
Göran Bille
Independent Director
64
11.9 yrs
Crister Carlsson
Employee Representative Director
SEK39K
54
0.9 yrs
Charlotte Jansdotter Karlberg
Independent Director
56
7.8 yrs
Anna Saether
Independent Director
48
2.7 yrs
Micke Fridström
Employee Representative Director
55
1.9 yrs
Who owns this company?
Recent Insider Trading
- More shares have been bought than sold by Gunnebo individual insiders in the past 3 months.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (SEK) | Value (SEK) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 14. Nov 19 | Sell | Eva Elmstedt | Individual | 14. Nov 19 | 14. Nov 19 | -5,012 | SEK23.95 | SEK-120,037 | ||
| 14. Nov 19 | Buy | Eva Elmstedt | Individual | 14. Nov 19 | 14. Nov 19 | 5,012 | SEK24.24 | SEK121,491 | ||
| 17. Sep 19 | Buy | Robert Hermans | Individual | 12. Sep 19 | 12. Sep 19 | 15,000 | SEK22.50 | SEK337,500 | ||
| 19. Jul 19 | Buy | Stefan Syrén | Individual | 19. Jul 19 | 19. Jul 19 | 25,000 | SEK26.01 | SEK650,250 | ||
Management checks
We assess Gunnebo's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Gunnebo 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.
GUNN News
Simply Wall St News
Gunnebo (STO:GUNN) Seems To Be Using An Awful Lot Of Debt
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. … OM:GUNN Historical Debt, September 4th 2019 A Look At Gunnebo's Liabilities According to the last reported balance sheet, Gunnebo had liabilities of kr1.58b due within 12 months, and liabilities of kr2.47b due beyond 12 months. … If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
Simply Wall St - – Full articleHow Good Is Gunnebo AB (publ) (STO:GUNN), When It Comes To ROE?
The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Gunnebo: 9.6% = kr108m ÷ kr1.1b (Based on the trailing twelve months to June 2019.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … Does Gunnebo Have A Good Return On Equity? … In my book the highest quality companies have high return on equity, despite low debt.
Simply Wall St - – Full articleHere's How P/E Ratios Can Help Us Understand Gunnebo AB (publ) (STO:GUNN)
The formula for P/E is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Gunnebo: P/E of 16.85 = SEK23.8 ÷ SEK1.41 (Based on the year to June 2019.) Is A High Price-to-Earnings Ratio Good? … A higher P/E ratio means that buyers have to pay a higher price for each SEK1 the company has earned over the last year. … Gunnebo shrunk earnings per share by 14% over the last year.
Simply Wall St - – Full articleThose Who Purchased Gunnebo (STO:GUNN) Shares Five Years Ago Have A 38% Loss To Show For It
See our latest analysis for Gunnebo In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … As it happens, Gunnebo's TSR for the last 5 years was -30%, which exceeds the share price return mentioned earlier.
Simply Wall St - – Full articleWould Gunnebo AB (publ) (STO:GUNN) Be Valuable To Income Investors?
Click the interactive chart for our full dividend analysis OM:GUNN Historical Dividend Yield, July 8th 2019 Payout ratios Dividends are typically paid from company earnings. … Conclusion When we look at a dividend stock, we need to form a judgement on whether the dividend will grow, if the company is able to maintain it in a wide range of economic circumstances, and if the dividend payout is sustainable. … Unfortunately, earnings growth has also been mediocre, and the company has cut its dividend at least once in the past.
Simply Wall St - – Full articleHave Insiders Been Buying Gunnebo AB (publ) (STO:GUNN) Shares?
So we'll take a look at whether insiders have been buying or selling shares in Gunnebo AB (publ) (STO:GUNN). … Insider Ownership of Gunnebo Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. … Overall we don't see anything to make us think Gunnebo insiders are doubting the company, and they do own shares.
Simply Wall St - – Full articleHow Much is Gunnebo AB (publ)'s (STO:GUNN) CEO Getting Paid?
At the time of writing our data says that Gunnebo AB (publ) has a market cap of kr2.1b, and is paying total annual CEO compensation of kr9.6m. … When we examined a selection of companies with market caps ranging from kr958m to kr3.8b, we found the median CEO total compensation was kr3.1m. … Thus we can conclude that Henrik Lange receives more in total compensation than the median of a group of companies in the same market, and of similar size to Gunnebo AB (publ).
Simply Wall St - – Full articleAn Intrinsic Calculation For Gunnebo AB (publ) (STO:GUNN) Suggests It's 42% Undervalued
A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, and so the sum of these future cash flows is then discounted to today's value: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (SEK, Millions) SEK181.00 SEK222.00 SEK242.00 SEK256.93 SEK268.36 SEK277.06 SEK283.72 SEK288.86 SEK292.89 SEK296.14 Growth Rate Estimate Source Analyst x1 Analyst x1 Analyst x1 Est @ 6.17% Est @ 4.45% Est @ 3.24% Est @ 2.4% Est @ 1.81% Est @ 1.4% Est @ 1.11% Present Value (SEK, Millions) Discounted @ 7.5% SEK168.38 SEK192.12 SEK194.82 SEK192.41 SEK186.96 SEK179.56 SEK171.05 SEK162.00 SEK152.81 SEK143.73 Present Value of 10-year Cash Flow (PVCF)= SEK1.74b "Est" = FCF growth rate estimated by Simply Wall St We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = kr296m × (1 + 0.4%) ÷ (7.5% – 0.4%) = kr4.2b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = SEKkr4.2b ÷ ( 1 + 7.5%)10 = SEK2.04b The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is SEK3.79b. … OM:GUNN Intrinsic value, May 17th 2019 Important assumptions Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows.
Simply Wall St - – Full articleIs Gunnebo AB (publ)'s (STO:GUNN) High P/E Ratio A Problem For Investors?
This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … How Do I Calculate A Price To Earnings Ratio … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)
Simply Wall St - – Full articleAre Gunnebo AB (publ)’s Returns On Capital Worth Investigating?
To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … Understanding Return On Capital Employed (ROCE). … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.
Simply Wall St - – Full articleGUNN Company Info
Description
Gunnebo AB (publ) develops and supplies security products, services, and software for banks, retail, mass transit, public and commercial buildings, and industrial and high-risk sites. It offers cash management solutions, such as closed cash handling terminals that replaces manual tills; cash deposit solutions, which enhance cash management and cash handling processes; cash recycling self-service terminals for managing notes and coins; and CashControl, a Web-based application that allows retailers and cash in transit to control the cash process in the stores. The company also provides entrance security solutions, including airport security gates, fare collection gates, speed gates, and tripod and full height turnstiles; integrated security solutions, such as security and interlocking doors, windows, partitions, and fire safety products, as well as electronic article surveillance and video surveillance; and safe storage solutions, including safes and vaults, security cabinets, and mechanical and automated safe deposit lockers and locks. The company offers cash management solutions under the Gunnebo, sallén, and Hamilton brands; entrance control solutions under the Gunnebo and elkosta brands; safe storage solutions under the Chubbsafes, Rosengrens, Hamilton, Steelage, and Gunnebo brands; and integrated security solutions under the Gunnebo, Minimax, and gateway brands. It operates in Europe, the Middle East, Africa, the Asia Pacific, the Americas, and internationally. Gunnebo AB (publ) was founded in 1764 and is headquartered in Gothenburg, Sweden.
Details
| Name: | Gunnebo AB (publ) |
| GUNN | |
| Exchange: | OM |
| Founded: | 1764 |
| SEK2,393,796,186 | |
| 95,560,726 | |
| Website: | http://www.gunnebo.com |
| Address: |
Gunnebo AB (publ) PO Box 5181, Gothenburg, 402 26, Sweden |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| OM | GUNN | Ordinary Shares | OMX Nordic Exchange Stockholm | SE | SEK | 20. Dec 1993 | |
| LSE | 0GNX | Ordinary Shares | London Stock Exchange | GB | SEK | 20. Dec 1993 | |
| BATS-CHIXE | GUNNs | Ordinary Shares | BATS 'Chi-X Europe' | GB | SEK | 20. Dec 1993 |
Number of employees
Current staff
Industry
| Security and Alarm Services | |
| Commercial Services |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/12/07 20:34 |
| End of day share price update: | 2019/12/06 00:00 |
| Last estimates confirmation: | 2019/11/08 |
| Last earnings filing: | 2019/11/06 |
| Last earnings reported: | 2019/09/30 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
