Industry

Industrials

Sector

Transportation Infrastructure

Country

Denmark

Company description

Kobenhavns Lufthavne A/S operates, develops and owns Copenhagen Airport and Roskilde Airport in Denmark. The company operates in two segments, Aeronautical and Non-aeronautical. The Aeronautical operations are activities related for airlines to operate flights, including security, baggage and cargo handling. The Non-aeronautical segment comprises the facilities and services at the airports such as car-parking, restaurants, shops and hotel. The company was founded by the Danish Government in 1925 and it was listed on the Copenhagen Stock Exchange in 1994.

Market cap.

DKKm 42,693

Share price

DKK 5,440

Earnings per share (EPS)

DKK 141

Dividend per share (DPS)

DKK 141

Price / earnings

38.6x

Price / sales

9.6x

Price / book value

13.8x

Enterprise value / EBITDA

19.8x

CEO

Thomas Woldbye

Chairman of the Board of Directors

Lars Johansen

CFO

Rasmus Lund

Investor relations

n.a.

Ticker symbol

KBHL

Stock exchange

Nasdaq OMX Copenhagen

ISIN code

DK0010201102

Phone

0045 3231 3231

Website

cph.dk

Address

Lufthavnsboulevarden 6, 2770 Kastrup

Income statements

DKKm 2012201320142015201620172018
Sales 3,5163,6453,8684,0624,4224,4394,445
Other income 0000000
Total income 3,5163,6453,8684,0624,4224,4394,445
Total expenses -848-1,649-1,728-1,803-1,917-1,829-1,932
EBITDA 2,6681,9962,1392,2592,5052,6112,512
Depreciation tangible assets -462-526-557-564-589-659-795
Write-downs tangible assets 0000000
EBITA 2,2061,4701,5821,6951,9161,9521,718
Amortisation intangible assets -97-97-122-111-117-129-133
Income from associated companies 0000000
Earnings before interest and taxes (EBIT) 2,1091,3731,4611,5841,7991,8231,584
Financial income 43123226
Financial expenses -198-205-209-183-181-189-173
Income from associated companies 0000000
Earnings before taxes (EBT) 1,9151,1721,2631,4041,6201,6361,417
Taxes -301-196-305-318-361-350-312
Profit from continuing operations 1,6159769581,0861,2591,2861,105
Discontinued operations 0000000
Minorities 0000000
Net profit or loss 1,6159769581,0861,2591,2861,105

Cash flow statements

DKKm 2012201320142015201620172018
EBITDA 2,6681,9962,1392,2592,5052,6112,512
Net interest paid -218-238-222-227-211-216-221
Taxes paid -209-290-275-283-290-303-358
Investments in working capital 193-83165104-31-580
Other operating cash items -761-2-2-3-6-347
Cash flow from operations (CFFO) 1,6721,3841,8061,8501,9672,0311,980
Capital expenditures (capex) -349-910-922-1,145-1,023-1,473-1,759
Acquisitions 0000000
Disposals 0000000
Other investing cash items 0000000
Cash flow from investing activities -349-910-922-1,145-1,023-1,473-1,759
Free cash flow to equity holders (FCFE) 1,324474884704944558221
Dividends paid -827-1,675-957-993-1,180-1,194-1,213
Share buy-backs 0000000
New share issues 0000000
Increase/(decrease) in debt -10405843252315711,138
Other financing cash flows 000000
Cash flow from financing activities (CFFF) -837-1,270-874-668-949-623-75
Discontinued activities and other 000000
Net cash flow / Change in cash position -7961036-5-66147

Balance sheets

DKKm 2012201320142015201620172018
Goodwill 0000000
Other intangible assets 409484497540503448456
Total intangible assets 409484497540503448456
Fixed tangible assets 8,4208,6698,9289,4039,80010,58411,726
Shares and associated companies 0000000
Other financial assets 000246340786
Deferred tax assets 0000000
Other non-current assets 0000000
Total fixed assets 8,8299,1549,42510,18910,64411,03912,268
Inventories 0000000
Trade receivables 254299332327371428473
Other current assets 9770837011711167
Cash and cash equivalents 8333747837813159
Total current assets 1,183405463480566551700
Total assets 10,0129,5599,88810,66911,21011,59012,968
Equity 3,6022,9012,8452,9923,0383,1523,086
Non-controlling interests (minorities) 0000000
Shareholders equity 3,6022,9012,8452,9923,0383,1523,086
Pension liabilities 0000000
Deferred tax liabilities 9598929299811,0271,0361,015
Long-term provisions 0000000
Convertible debt 0000000
Long-term debt 3,2874,1734,0445,4735,7334,6536,553
Other long-term liabilities 45961819605412938
Total long-term liabilities 4,7055,6845,1696,4546,8155,8177,606
Short-term debt 576316906631,281631
Trade payables 523328440500545506714
Other current liabilities 606616743717750833930
Total current liabilities 1,7059751,8741,2231,3572,6202,275
Total equity and liabilities 10,0129,5599,88810,66911,21011,59012,968

Growth rates

[%] 2012201320142015201620172018
Sales growth 0.0%4.0%6.0%5.0%9.0%0.0%0.0%
EBITDA growth 0.0%-25.0%7.0%6.0%11.0%4.0%-4.0%
EBITA growth 0.0%-33.0%8.0%7.0%13.0%2.0%-12.0%
EBIT growth 0.0%-35.0%6.0%8.0%14.0%1.0%-13.0%
EBT growth 0.0%-39.0%8.0%11.0%15.0%1.0%-13.0%
Earnings growth 0.0%-40.0%-2.0%13.0%16.0%2.0%-14.0%

Margins

[%] 2012201320142015201620172018
EBITDA-margin 76.0%55.0%55.0%56.0%57.0%59.0%57.0%
EBITA-margin 63.0%40.0%41.0%42.0%43.0%44.0%39.0%
EBIT-margin 60.0%38.0%38.0%39.0%41.0%41.0%36.0%
EBT-margin 54.0%32.0%33.0%35.0%37.0%37.0%32.0%
Earnings-margin 46.0%27.0%25.0%27.0%28.0%29.0%25.0%

Other key figures

DKKm 2012201320142015201620172018
Tax rate 16.0%17.0%24.0%23.0%22.0%21.0%22.0%
Net working capital balance (NWC) -778-576-768-821-807-801-1,104
Net interest bearing debt (NIBD) 3,0304,1674,6885,3965,7185,9227,025
Invested capital (including goodwill) 6,6327,0687,5338,3878,7569,07410,112
Invested capital (excluding goodwill) 6,6327,0687,5338,3878,7569,07410,112
Enterprise value (EV) 18,69526,02428,23235,06954,37650,42049,719

Share data

2012201320142015201620172018
Shares outstanding, millions (excl. treasury) 8888888
Market capitalisation (DKKm) 15,66521,85723,54429,67448,65844,49842,693
Market capitalisation (DKKm) 15,66521,85723,54429,67448,65844,49842,693
Share price (DKK) 1,996.02,785.03,000.03,781.06,200.05,670.05,440.0
Earnings per share (EPS), (DKK) 205.8124.4122.1138.4160.4163.8140.8
Dividend per share (DPS), (DKK) 205.8124.4122.1138.4160.4163.8140.8

Price multiples

2012201320142015201620172018
Price/Earnings (P/E) 9.7x22.4x24.6x27.3x38.7x34.6x38.6x
Price/Sales (P/S) 4.5x6.0x6.1x7.3x11.0x10.0x9.6x
Price/Book value (P/B) 4.4x7.5x8.3x9.9x16.0x14.1x13.8x

Enterprise value (EV) multiples

2012201320142015201620172018
Enterprise value/Sales (EV/Sales) 5.3x7.1x7.3x8.6x12.3x11.4x11.2x
Enterprise value/EBITDA (EV/EBITDA) 7.0x13.0x13.2x15.5x21.7x19.3x19.8x
Enterprise value/EBITA (EV/EBITA) 8.5x17.7x17.8x20.7x28.4x25.8x29.0x
Enterprise value/EBIT (EV/EBIT) 8.9x19.0x19.3x22.1x30.2x27.7x31.4x