Industry

Health Care

Sector

Biotechnology

Country

Denmark

Company description

Chr. Hansen Holding as a supplier of food cultures, probiotics, enzymes and natural colors. The products are used for a wide range of activities including cheese production, fermented milk, beverages, dietary supplements and agricultural products. The company was founded in 1874 and today employs more than 2,600 people. Chr. Hansen has five main productions sites: two in Denmark and one each in France, Germany and the US. The company was listed on the stock exchange in Copenhagen in 2010.

Market cap.

DKKm 85,780

Share price

DKK 652

Earnings per share (EPS)

EUR 2

Dividend per share (DPS)

EUR 2

Price / earnings

50.4x

Price / sales

10.8x

Price / book value

14.9x

Enterprise value / EBITDA

31.7x

CEO

Mauricio Graber

Chairman of the Board of Directors

Dominique J. Reiniche

CFO

Soeren Lonning

Investor relations

Martin Riise

Ticker symbol

CHR

Stock exchange

Nasdaq OMX Copenhagen

ISIN code

DK0060227585

Phone

0045 4574 7474

Website

chr-hansen.com

Address

Boege Alle 10-12, 2970 Hoersholm

Income statements

EURm 2009/102010/112011/122012/132013/142014/152015/162016/172017/18
Sales 5526366997387568599491,0971,063
Other income 000000000
Total income 5526366997387568599491,0971,063
Total expenses -393-434-463-489-509-572-637-731-679
EBITDA 158202236249247286312367384
Depreciation tangible assets -27-26-28-28-31-34-31-33-37
Write-downs tangible assets 000000000
EBITA 132176207221216253281334347
Amortisation intangible assets -16-17-22-28-21-20-25-28-27
Income from associated companies 000000000
Earnings before interest and taxes (EBIT) 116159185193195233256306320
Financial income 393832182147292537
Financial expenses -106-49-45-34-35-60-46-39-62
Income from associated companies 000000000
Earnings before taxes (EBT) 49148172177181220239291296
Taxes -32-34-41-37-49-57-56-67-68
Profit from continuing operations 17114131140132163184224228
Discontinued operations 240000000
Minorities 000000000
Net profit or loss 19119131140132163184224228

Cash flow statements

EURm 2009/102010/112011/122012/132013/142014/152015/162016/172017/18
EBITDA 158202236249247286312367384
Net interest paid -40-14-14-11-12-11-11-10-11
Taxes paid -12-21-43-45-49-50-57-43-45
Investments in working capital -10-19-7-8-12-8-6-24-29
Other operating cash items 1355247-52
Cash flow from operations (CFFO) 99150176190176222245284302
Capital expenditures (capex) -38-45-63-70-62-70-75-104-107
Acquisitions 000000-169-730
Disposals 0190000000
Other investing cash items 000000000
Cash flow from investing activities -38-26-63-70-62-70-244-177-107
Free cash flow to equity holders (FCFE) 601251131201151510107195
Dividends paid 0-12-65-51-112-181-82-192-217
Share buy-backs -350-51-44-80-380-20-5
New share issues 44700000000
Increase/(decrease) in debt -403-56-571030821083725
Other financing cash flows 12-182751721-3
Cash flow from financing activities (CFFF) 9-68-171-103-135-13243-154-199
Discontinued activities and other 00000000
Net cash flow / Change in cash position 57-5817-201943-47-4

Balance sheets

EURm 2009/102010/112011/122012/132013/142014/152015/162016/172017/18
Goodwill 626611622609610615727767762
Other intangible assets 190193193183174169218228219
Total intangible assets 816804815792784784944995981
Fixed tangible assets 259244260280300325353411462
Shares and associated companies 000000000
Other financial assets 000000000
Deferred tax assets 2879671087
Other non-current assets 000000000
Total fixed assets 1,0771,0561,0831,0811,0901,1161,3071,4151,450
Inventories 75788388100108120135147
Trade receivables 83868798112123137179195
Other current assets 2115302216213100
Cash and cash equivalents 61118617858761207369
Total current assets 240297260285285329408388411
Total assets 1,3161,3531,3431,3671,3751,4451,7151,8021,861
Equity 546644661681657601730769772
Non-controlling interests (minorities) 000000000
Shareholders equity 546644661681657601730769772
Pension liabilities 555566777
Deferred tax liabilities 716969625352667282
Long-term provisions 311233234
Convertible debt 000000000
Long-term debt 524435384416449536601672632
Other long-term liabilities 111816212120181621
Total long-term liabilities 615529476506531618694769746
Short-term debt 123140131228673095
Trade payables 656671788193110110119
Other current liabilities 8083958994105114124130
Total current liabilities 156180206180187226291264344
Total equity and liabilities 1,3161,3531,3431,3671,3751,4451,7151,8021,861

Growth rates

[%] 2009/102010/112011/122012/132013/142014/152015/162016/172017/18
Sales growth 0.0%15.0%10.0%6.0%2.0%14.0%11.0%16.0%-3.0%
EBITDA growth 0.0%28.0%17.0%6.0%-1.0%16.0%9.0%18.0%5.0%
EBITA growth 0.0%34.0%18.0%6.0%-2.0%17.0%11.0%19.0%4.0%
EBIT growth 0.0%38.0%16.0%4.0%1.0%19.0%10.0%20.0%5.0%
EBT growth 0.0%205.0%16.0%3.0%3.0%21.0%9.0%22.0%2.0%
Earnings growth 0.0%518.0%11.0%6.0%-5.0%23.0%13.0%22.0%2.0%

Margins

[%] 2009/102010/112011/122012/132013/142014/152015/162016/172017/18
EBITDA-margin 29.0%32.0%34.0%34.0%33.0%33.0%33.0%33.0%36.0%
EBITA-margin 24.0%28.0%30.0%30.0%29.0%29.0%30.0%30.0%33.0%
EBIT-margin 21.0%25.0%26.0%26.0%26.0%27.0%27.0%28.0%30.0%
EBT-margin 9.0%23.0%25.0%24.0%24.0%26.0%25.0%27.0%28.0%
Earnings-margin 3.0%19.0%19.0%19.0%17.0%19.0%19.0%20.0%21.0%

Other key figures

EURm 2009/102010/112011/122012/132013/142014/152015/162016/172017/18
Tax rate 65.0%23.0%24.0%21.0%27.0%26.0%23.0%23.0%23.0%
Net working capital balance (NWC) 343034415254648094
Net interest bearing debt (NIBD) 480353369357410494555635666
Invested capital (including goodwill) 1,0269971,0301,0381,0661,0951,2861,4041,437
Invested capital (excluding goodwill) 400386407428457480559636676
Enterprise value (EV) 13,51516,34023,85724,29930,07144,25253,25910,12812,171

Share data

2009/102010/112011/122012/132013/142014/152015/162016/172017/18
Shares outstanding, millions (excl. treasury) 129135133128129131130131132
Market capitalisation (DKKm) 13,03515,98723,48823,94229,66143,75852,70370,60885,780
Market capitalisation (EURm) 1,7512,1463,1523,2103,9815,8637,0819,49311,505
Share price (DKK) 100.7118.3176.8187.0230.6334.9404.6537.5652.0
Earnings per share (EPS), (EUR) 0.20.81.01.01.01.21.41.71.7
Dividend per share (DPS), (EUR) 0.00.10.50.40.91.40.61.51.7

Price multiples

2009/102010/112011/122012/132013/142014/152015/162016/172017/18
Price/Earnings (P/E) 678.9x134.8x178.9x171.3x224.4x269.3x286.7x42.4x50.4x
Price/Sales (P/S) 23.6x25.2x33.6x32.4x39.2x51.0x55.5x8.7x10.8x
Price/Book value (P/B) 23.9x24.8x35.6x35.2x45.2x72.8x72.2x12.4x14.9x

Enterprise value (EV) multiples

2009/102010/112011/122012/132013/142014/152015/162016/172017/18
Enterprise value/Sales (EV/Sales) 24.5x25.7x34.2x32.9x39.8x51.5x56.1x9.2x11.5x
Enterprise value/EBITDA (EV/EBITDA) 85.3x80.9x101.3x97.6x121.7x154.5x170.8x27.6x31.7x
Enterprise value/EBITA (EV/EBITA) 102.8x93.0x115.1x110.2x139.2x175.0x189.6x30.3x35.0x
Enterprise value/EBIT (EV/EBIT) 116.9x102.6x129.0x126.2x154.1x190.3x208.4x33.1x38.0x