Industry

Consumer Discretionary

Sector

Leisure Products

Country

Denmark

Company description

Bang & Olufsen A/S was founded in 1925 and is based in Struer, Denmark. The company develops, designs and markets consumer electronic producs internationally. The product portfolio of the company comprises high-end televisions, audio systems, headphones and other applications and accessories. The company currently have approximately 1,100 employees.

Market cap.

DKKm 5,923

Share price

DKK 137

Earnings per share (EPS)

DKK 2

Dividend per share (DPS)

DKK 0

Price / earnings

72.7x

Price / sales

1.8x

Price / book value

3.5x

Enterprise value / EBITDA

12.5x

CEO

Henrik Clausen

Chairman of the Board of Directors

Ole Andersen

CFO

Marlene Christensen

Investor relations

n.a.

Ticker symbol

BO

Stock exchange

Nasdaq OMX Copenhagen

ISIN code

DK0010218429

Phone

0045 9684 1122

Website

bang-olufsen.com

Address

Peter Bangs Vej 15, 7600 Struer

Income statements

DKKm 2005/062006/072007/082008/092009/102010/112011/122012/132013/142014/152015/162016/172017/18
Sales 4,2254,3764,0922,7902,7622,8673,0082,8142,8642,3572,6332,9543,286
Other income 0000000000000
Total income 4,2254,3764,0922,7902,7622,8673,0082,8142,8642,3572,6332,9543,286
Total expenses -3,554-3,601-3,615-2,989-2,569-2,561-2,630-2,672-2,516-2,818-2,428-2,751-2,888
EBITDA 671775477-200193306377142348-462206203398
Depreciation tangible assets -126-127-131-140-105-121-99-103-100-100-100-63-55
Write-downs tangible assets 0-3-10000000-17-230
EBITA 546646345-3398818527939248-56288117343
Amortisation intangible assets -107-116-150-156-122-125-156-227-245-245-290-246-221
Income from associated companies 0000000000000
Earnings before interest and taxes (EBIT) 439530195-496-3460122-1883-807-202-129122
Financial income 18162011158996252213
Financial expenses -25-32-50-41-25-27-26-33-35-31-41-39-18
Income from associated companies -1-1-112-70-21311000
Earnings before taxes (EBT) 431524154-523-5040104-212-23-803-242-166118
Taxes -135-152-4114017-12-3152-61954449-36
Profit from continuing operations 296373112-383-332873-160-29-607-198-11782
Discontinued operations 000000000664-1000
Minorities -2-5-8-2-2-10000000
Net profit or loss 294367105-385-342773-160-2957-208-11782

Cash flow statements

DKKm 2005/062006/072007/082008/092009/102010/112011/122012/132013/142014/152015/162016/172017/18
EBITDA 671775477-200193306377142348-462206203398
Net interest paid -7-16-30-30-9-20-16-25-29-6-9-9-12
Taxes paid -100-105-120-25-15-3-15-10-10-95-10-31
Investments in working capital -188-142-223584427-15555-77245-33205-84
Other operating cash items 199271061034-37-48287-174-37-24
Cash flow from operations (CFFO) 39552133211321832022512718455-5352248
Capital expenditures (capex) -351-411-254-316-178-318-367-328-244-266-210-168-163
Acquisitions -2800-2300-130-410000
Disposals 03300000001,123291230
Other investing cash items 0000000000000
Cash flow from investing activities -379-378-254-339-178-318-380-328-285858-182-45-163
Free cash flow to equity holders (FCFE) 1614278-226412-155-202-101913-18730785
Dividends paid -149-200-248-41-2-20000000
Share buy-backs -149-271-100000-4-100000
New share issues 0004590201790248000
Increase/(decrease) in debt 36-46151-23-39-100144-763-17-220-17-9
Other financing cash flows 6930-18-434-141712-67-300
Cash flow from financing activities (CFFF) -262-449-167377-45-6712518876165-223-17-9
Discontinued activities and other 000000000000
Net cash flow / Change in cash position -306-89151-5-65-30-13-261,078-41029176

Balance sheets

DKKm 2005/062006/072007/082008/092009/102010/112011/122012/132013/142014/152015/162016/172017/18
Goodwill 18454545454548526470664744
Other intangible assets 338405372397450551664684738400389339224
Total intangible assets 356450417442494596711735802471455386268
Fixed tangible assets 667618656606527508500476334254210179184
Shares and associated companies 6166105667106000
Other financial assets 371451051108783888383141475755
Deferred tax assets 292123105140144140183180188209279249
Other non-current assets 0000000000000
Total fixed assets 1,0961,2501,2071,2711,2541,3371,4441,4851,4101,059921901756
Inventories 567694801593564563665572666533498347352
Trade receivables 655743593408418365540444537457431410510
Other current assets 958210983735484111159203194110148
Cash and cash equivalents 5031961072582541891591461201,1987891,0791,155
Total current assets 1,8201,7161,6111,3421,3081,1721,4481,2721,4832,3901,9111,9472,165
Total assets 2,9152,9652,8172,6132,5622,5082,8922,7572,8923,4492,8322,8482,921
Equity 1,7381,6761,4721,5141,4951,5381,6261,6411,6041,9211,7251,5861,710
Non-controlling interests (minorities) 46122210000000
Shareholders equity 1,7421,6821,4841,5171,4961,5381,6261,6411,6041,9211,7251,5861,710
Pension liabilities 16101078910121317151514
Deferred tax liabilities 6468645681514811121111
Long-term provisions 92977778788286584045432833
Convertible debt 0000000000000
Long-term debt 237191337326279220213206198191181170161
Other long-term liabilities 06777113215013812578
Total long-term liabilities 408371494423378319325293261414389349296
Short-term debt 4686105525954194213228218999
Trade payables 196216216188259200385295434443365463517
Other current liabilities 522610518434369397362315365452344440390
Total current liabilities 7659128396746886519418231,0271,114718913915
Total equity and liabilities 2,9152,9652,8172,6132,5622,5082,8922,7572,8923,4492,8322,8472,921

Growth rates

[%] 2005/062006/072007/082008/092009/102010/112011/122012/132013/142014/152015/162016/172017/18
Sales growth 0.0%4.0%-6.0%-32.0%-1.0%4.0%5.0%-6.0%2.0%-18.0%12.0%12.0%11.0%
EBITDA growth 0.0%16.0%-39.0%-142.0%-196.0%59.0%23.0%-62.0%144.0%-233.0%-145.0%-1.0%96.0%
EBITA growth 0.0%18.0%-47.0%-198.0%-126.0%111.0%51.0%-86.0%532.0%-327.0%-116.0%33.0%192.0%
EBIT growth 0.0%21.0%-63.0%-354.0%-93.0%-277.0%105.0%-254.0%-101.0%-32,380.0%-75.0%-36.0%-195.0%
EBT growth 0.0%22.0%-71.0%-440.0%-91.0%-181.0%160.0%-303.0%-89.0%3,359.0%-70.0%-31.0%-171.0%
Earnings growth 0.0%25.0%-72.0%-468.0%-91.0%-178.0%172.0%-318.0%-82.0%-297.0%-464.0%-44.0%-170.0%

Margins

[%] 2005/062006/072007/082008/092009/102010/112011/122012/132013/142014/152015/162016/172017/18
EBITDA-margin 16.0%18.0%12.0%-7.0%7.0%11.0%13.0%5.0%12.0%-20.0%8.0%7.0%12.0%
EBITA-margin 13.0%15.0%8.0%-12.0%3.0%6.0%9.0%1.0%9.0%-24.0%3.0%4.0%10.0%
EBIT-margin 10.0%12.0%5.0%-18.0%-1.0%2.0%4.0%-7.0%0.0%-34.0%-8.0%-4.0%4.0%
EBT-margin 10.0%12.0%4.0%-19.0%-2.0%1.0%3.0%-8.0%-1.0%-34.0%-9.0%-6.0%4.0%
Earnings-margin 7.0%8.0%3.0%-14.0%-1.0%1.0%2.0%-6.0%-1.0%2.0%-8.0%-4.0%2.0%

Other key figures

DKKm 2005/062006/072007/082008/092009/102010/112011/122012/132013/142014/152015/162016/172017/18
Tax rate 31.0%29.0%27.0%27.0%34.0%30.0%30.0%24.0%-25.0%24.0%18.0%30.0%31.0%
Net working capital balance (NWC) 598693770462426386542516563297413-36104
Net interest bearing debt (NIBD) -204903441279294258286319-771-584-885-971
Invested capital (including goodwill) 1,5381,7721,8281,6441,5881,6321,8841,9261,9231,1501,141701739
Invested capital (excluding goodwill) 1,5201,7271,7831,5991,5441,5871,8361,8741,8601,0801,074654695
Enterprise value (EV) 7,9908,1683,3371,7352,1172,6802,4822,4792,7671,7302,1793,5614,952

Share data

2005/062006/072007/082008/092009/102010/112011/122012/132013/142014/152015/162016/172017/18
Shares outstanding, millions (excl. treasury) 12121136363636393943434343
Market capitalisation (DKKm) 8,1938,0792,9921,6082,0252,5862,2242,1932,4482,5012,7634,4465,923
Market capitalisation (DKKm) 8,1938,0792,9921,6082,0252,5862,2242,1932,4482,5012,7634,4465,923
Share price (DKK) 684.0698.0264.544.556.071.561.556.062.558.064.0103.0137.2
Earnings per share (EPS), (DKK) 24.831.54.4-15.7-1.00.72.0-4.3-0.71.3-4.8-2.71.9
Dividend per share (DPS), (DKK) 16.020.03.00.00.00.00.00.00.00.00.00.00.0

Price multiples

2005/062006/072007/082008/092009/102010/112011/122012/132013/142014/152015/162016/172017/18
Price/Earnings (P/E) 27.9x22.0x28.6x-4.2x-58.9x96.2x30.3x-13.7x-84.4x43.8x-13.3x-38.1x72.7x
Price/Sales (P/S) 1.9x1.9x0.7x0.6x0.7x0.9x0.7x0.8x0.9x1.1x1.1x1.5x1.8x
Price/Book value (P/B) 4.7x4.8x2.0x1.1x1.4x1.7x1.4x1.3x1.5x1.3x1.6x2.8x3.5x

Enterprise value (EV) multiples

2005/062006/072007/082008/092009/102010/112011/122012/132013/142014/152015/162016/172017/18
Enterprise value/Sales (EV/Sales) 1.9x1.9x0.8x0.6x0.8x0.9x0.8x0.9x1.0x0.7x0.8x1.2x1.5x
Enterprise value/EBITDA (EV/EBITDA) 11.9x10.5x7.0x-8.7x11.0x8.8x6.6x17.4x8.0x-3.8x10.6x17.5x12.5x
Enterprise value/EBITA (EV/EBITA) 14.6x12.7x9.7x-5.1x24.1x14.5x8.9x63.2x11.2x-3.1x24.7x30.4x14.5x
Enterprise value/EBIT (EV/EBIT) 18.2x15.4x17.1x-3.5x-62.6x44.8x20.3x-13.2x1,106.8x-2.1x-10.8x-27.6x40.6x