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WireCard

WireCard's net profit rose 57.2% yoy to EUR 149 mil in 3Q2019

By Helgi Library - April 2, 2020

WireCard made a net profit of EUR 149 mil in 3Q2019, up 57.2% compared to the previous year. Total sales reached EUR 732 mil, wh...

WireCard's net profit rose 57.2% yoy to EUR 149 mil in 3Q2019

By Helgi Library - April 2, 2020

WireCard made a net profit of EUR 149 mil in 3Q2019, up 57.2% compared to the previous year. Total sales reached EUR 732 mil, wh...

WireCard's Cash & Cash Equivalents remain unchanged yoy at EUR mil in 3Q2019

By Helgi Library - October 12, 2020

WireCard's total assets reached EUR 7,002 mil at the end of 3Q2019, up 34.8% compared to the previous year. Curren...

Profit Statement 2016 2017 2018
Sales EUR mil 1,028 1,489 2,016
Gross Profit EUR mil ... ... ...
EBITDA EUR mil 307 410 558
EBIT EUR mil 235 311 436
Financing Cost EUR mil 15.9 21.0 33.0
Pre-Tax Profit EUR mil 303 293 409
Net Profit EUR mil 267 256 347
Dividends EUR mil 19.8 19.8 22.2
Balance Sheet 2016 2017 2018
Total Assets EUR mil 3,482 4,533 5,855
Non-Current Assets EUR mil 1,386 1,781 1,929
Current Assets EUR mil 2,096 2,751 3,926
Working Capital EUR mil 551 511 770
Shareholders' Equity EUR mil 1,475 1,640 1,923
Liabilities EUR mil 2,007 2,893 3,932
Total Debt EUR mil 614 1,066 1,466
Net Debt EUR mil -875 -944 -1,394
Ratios 2016 2017 2018
ROE % 19.4 16.4 19.5
ROCE % 14.7 12.1 13.9
Gross Margin % ... ... ...
EBITDA Margin % 29.9 27.5 27.7
EBIT Margin % 22.8 20.9 21.6
Net Margin % 25.9 17.2 17.2
Net Debt/EBITDA -2.85 -2.30 -2.50
Net Debt/Equity % -59.3 -57.6 -72.5
Cost of Financing % 3.19 2.50 2.61
Valuation 2016 2017 2018
Market Capitalisation USD mil 5,053 11,500 16,410
Enterprise Value (EV) USD mil 4,132 10,367 14,812
Number Of Shares mil 124 124 124
Share Price EUR 40.9 93.1 133
EV/EBITDA 12.5 22.5 22.7
EV/Sales 3.75 6.20 6.27
Price/Earnings (P/E) 18.9 45.0 47.3
Price/Book Value (P/BV) 3.43 7.01 8.53
Dividend Yield % 0.342 0.172 0.136

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summary Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                      
Sales EUR mil                         395 482 601 771 1,028    
Gross Profit EUR mil       ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
EBIT EUR mil                         93.6 98.0 134 172 235    
Net Profit EUR mil                         73.3 82.7 108 143 267    
ROE % ...                       16.6 14.4 12.8 12.1 19.4    
EBIT Margin %                         23.7 20.3 22.3 22.3 22.8    
Net Margin %                         18.6 17.2 18.0 18.5 25.9    
Employees                         527 871 1,582 2,064 3,470    
balance sheet                                      
Total Assets EUR mil                         1,128 1,431 1,995 2,936 3,482    
Non-Current Assets EUR mil                         460 591 812 1,280 1,386    
Current Assets EUR mil                         668 839 1,183 1,655 2,096    
Shareholders' Equity EUR mil                         542 608 1,073 1,281 1,475    
Liabilities EUR mil                         586 822 922 1,655 2,007    
Non-Current Liabilities EUR mil                         106 247 147 483 671    
Current Liabilities EUR mil                         481 575 775 1,172 1,336    
Net Debt/EBITDA                     ...   -3.18 -2.51 -4.13 -3.59 -2.85    
Net Debt/Equity %                         -64.2 -51.6 -67.1 -63.5 -59.3    
Cost of Financing % ...             ...         5.63 3.54 4.89 3.66 3.19    
cash flow                                      
Total Cash From Operations EUR mil                         94.0 124 127 355 288    
Total Cash From Investing EUR mil                         -129 -162 -170 -207 -52.1    
Total Cash From Financing EUR mil                         134 110 186 217 45.3    
Net Change In Cash EUR mil                         97.8 71.4 145 359 278    
valuation                                      
Market Capitalisation USD mil                         2,087 3,224 4,502 5,746 5,053    
Enterprise Value (EV) USD mil                         1,628 2,793 3,631 4,863 4,132    
Number Of Shares mil                         110 112 122 123 124    
Share Price EUR                         18.6 28.7 36.5 46.5 40.9    
Earnings Per Share (EPS) EUR                         0.660 0.740 0.890 1.16 2.16    
Cash Earnings Per Share (CEPS) EUR       ...           ...     0.691 0.794 0.944 1.24 2.27    
Book Value Per Share EUR                         4.91 5.42 8.81 10.4 11.9    
Dividend Per Share EUR ... ... ... ... ... ... ... ...         0.050 0.110 0.120 0.130 0.140    
Price/Earnings (P/E)                         28.2 38.8 41.0 40.1 18.9    
Price/Cash Earnings (P/CE)       ...           ...     26.9 36.2 38.6 37.5 18.0    
EV/EBITDA                     ...   11.6 16.8 16.2 18.7 12.5    
Price/Book Value (P/BV)                         3.79 5.30 4.14 4.48 3.43    
Dividend Yield % ... ... ... ... ... ... ... ...         0.269 0.383 0.329 0.280 0.342    
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                      
Sales EUR mil                         395 482 601 771 1,028    
Cost of Goods & Services EUR mil       ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Gross Profit EUR mil       ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Operating Expenses EUR mil                         304 390 475 604 799    
Selling, General & Admin EUR mil ... ... ... ... ... ... ... ... ...       4.98 6.81 8.45 19.9 27.9    
Research & Development EUR mil     ... ... ... ...   ...         16.1 34.9 38.5 41.9 52.9    
Other Operating Expense EUR mil ... ... ... ... ... ... ... ... ...       269 321 389 488 648    
Staff Cost EUR mil ... ...                     37.1 48.2 66.4 96.4 130    
Other Operating Cost (Income) EUR mil ... ...                     3.16 6.07 8.34 4.53 5.91    
EBITDA EUR mil                     ...   109 125 174 227 307    
Depreciation EUR mil       ...           ...     2.92 6.42 7.07 10.7 13.9    
EBIT EUR mil                         93.6 98.0 134 172 235    
Net Financing Cost EUR mil ... ... ...         ...         4.39 4.28 7.06 6.76 15.1    
Financing Cost EUR mil               ...         5.09 5.81 8.10 8.82 15.9    
Financing Income EUR mil ... ... ...         ...         0.699 1.53 1.05 2.06 0.846    
FX (Gain) Loss EUR mil ... ... ... ... ...   ...           0.079 -0.530 1.42 -0.818 -0.318    
(Income) / Loss from Affiliates EUR mil ... ... ... ... ... ... ... ... ...       0 0 0 0 0.197    
Extraordinary Cost EUR mil ... ... ...         ...         0 0 0 0 0    
Pre-Tax Profit EUR mil                         91.1 94.3 126 166 303    
Tax EUR mil                         17.8 11.6 18.2 23.0 36.1    
Minorities EUR mil ... ... ...     ...             0 0 0 0 0    
Net Profit EUR mil                         73.3 82.7 108 143 267    
Net Profit Avail. to Common EUR mil                         73.3 82.7 108 143 267    
Dividends EUR mil ... ... ... ... ... ... ... ...         12.3 13.5 16.1 17.3 19.8    
growth rates                                      
Total Revenue Growth % ...                       21.5 22.1 24.8 28.3 33.3    
Operating Cost Growth % ...                       21.9 28.2 21.9 27.1 32.4    
Staff Cost Growth % ... ... ...                   31.3 30.0 37.9 45.1 34.7    
EBITDA Growth % ...                   ... ... 29.4 14.8 39.0 30.0 35.6    
EBIT Growth % ...                       23.3 4.72 37.0 28.2 36.6    
Pre-Tax Profit Growth % ...                       23.3 3.50 33.7 31.4 82.8    
Net Profit Growth % ...                       19.8 12.9 30.5 32.2 87.0    
ratios                                      
ROE % ...                       16.6 14.4 12.8 12.1 19.4    
ROA % ...                       7.99 6.47 6.30 5.79 8.31    
ROCE % ... ...   ... ... ... ... ... ... ...     17.6 15.0 14.6 11.1 14.7    
Gross Margin %       ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
EBITDA Margin %                     ...   27.7 26.0 29.0 29.4 29.9    
EBIT Margin %                         23.7 20.3 22.3 22.3 22.8    
Net Margin %                         18.6 17.2 18.0 18.5 25.9    
Payout Ratio % ... ... ... ... ... ... ... ...         16.8 16.3 14.9 12.1 7.41    
Cost of Financing % ...             ...         5.63 3.54 4.89 3.66 3.19    
Net Debt/EBITDA                     ...   -3.18 -2.51 -4.13 -3.59 -2.85    
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                      
Cash & Cash Equivalents EUR mil ... ... ... ... ... ... ... ... ...       443 547 818 1,196 1,489    
Receivables EUR mil       ... ...   ...   ...       215 279 350 442 581    
Inventories EUR mil ...     ... ...               1.63 4.66 3.31 3.60 4.54    
Other ST Assets EUR mil                         8.38 8.62 11.3 14.0 20.7    
Current Assets EUR mil                         668 839 1,183 1,655 2,096    
Property, Plant & Equipment EUR mil                         11.8 14.2 16.3 31.0 44.7    
LT Investments & Receivables EUR mil                         99.1 127 124 227 216    
Intangible Assets EUR mil ... ... ...                   348 444 671 1,021 1,108    
Goodwill EUR mil ...                       142 146 218 489 535    
Non-Current Assets EUR mil                         460 591 812 1,280 1,386    
Total Assets EUR mil                         1,128 1,431 1,995 2,936 3,482    
Trade Payables EUR mil                         187 259 298 26.0 34.9    
Short-Term Debt EUR mil                         14.9 15.7 9.03 17.3 23.6    
Other ST Liabilities EUR mil                         272 293 458 1,095 1,225    
Current Liabilities EUR mil                         481 575 775 1,172 1,336    
Long-Term Debt EUR mil                         80.0 217 89.3 366 590    
Other LT Liabilities EUR mil                         25.5 30.1 58.0 117 80.2    
Non-Current Liabilities EUR mil                         106 247 147 483 671    
Liabilities EUR mil                         586 822 922 1,655 2,007    
Preferred Equity and Hybrid Capital EUR mil ... ... ...                   0 0 0 0 0    
Share Capital EUR mil                         112 112 123 124 124    
Treasury Stock EUR mil ... ... ...     ... ... ...         0 0 0 0 0    
Equity Before Minority Interest EUR mil                         542 608 1,073 1,281 1,475    
Minority Interest EUR mil ... ... ... ... ... ...             0 0 0 0 0    
Equity EUR mil                         542 608 1,073 1,281 1,475    
growth rates                                      
Total Asset Growth % ...                       59.5 26.8 39.5 47.1 18.6    
Shareholders' Equity Growth % ...                       58.9 12.3 76.3 19.4 15.2    
Net Debt Growth % ...                       155 -9.61 129 12.9 7.68    
Total Debt Growth % ...                       10.4 145 -57.8 290 60.2    
ratios                                      
Total Debt EUR mil                         95.0 233 98.4 383 614    
Net Debt EUR mil                         -348 -314 -720 -813 -875    
Working Capital EUR mil ...     ... ...   ...   ...       29.9 24.3 55.4 419 551    
Capital Employed EUR mil ...     ... ...   ...   ...       490 615 868 1,699 1,937    
Net Debt/Equity %                         -64.2 -51.6 -67.1 -63.5 -59.3    
Current Ratio                         1.39 1.46 1.53 1.41 1.57    
Quick Ratio ... ... ... ... ... ... ... ... ...       1.37 1.44 1.51 1.40 1.55    
cash flow Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
cash flow                                      
Net Profit EUR mil                         73.3 82.7 108 143 267    
Depreciation EUR mil       ...           ...     2.92 6.42 7.07 10.7 13.9    
Non-Cash Items EUR mil                         7.83 3.07 5.55 -17.6 -128    
Change in Working Capital EUR mil                         -2.73 11.0 -27.1 176 77.1    
Total Cash From Operations EUR mil                         94.0 124 127 355 288    
Capital Expenditures EUR mil ... ... ... ... ... ... ... ... ...       -50.5 -51.3 -75.0 -64.0 -73.2    
Net Change in LT Investment EUR mil ... ...                     -39.7 -83.3 -11.5 1.20 90.8    
Net Cash From Acquisitions EUR mil ... ... ... ... ... ... ... ... ...       -39.3 -27.6 -85.3 -145 -69.7    
Other Investing Activities EUR mil                         0 0 2.00 0 0    
Total Cash From Investing EUR mil                         -129 -162 -170 -207 -52.1    
Dividends Paid EUR mil ... ... ... ... ... ... ... ... ...       -11.2 -12.3 -14.8 -16.1 -17.3    
Issuance Of Shares EUR mil ... ...                     139 1.36 361 1.68 0    
Issuance Of Debt EUR mil                         8.23 131 -155 255 220    
Other Financing Activities EUR mil                         -1.93 -10.0 -5.54 -24.3 -158    
Total Cash From Financing EUR mil                         134 110 186 217 45.3    
Effect of FX Rates EUR mil ... ... ... ... ... ... ... ... ...       -0.808 -0.724 2.17 -5.17 -3.22    
Net Change In Cash EUR mil                         97.8 71.4 145 359 278    
ratios                                      
Days Sales Outstanding days       ... ...   ...   ...       199 211 213 209 206    
Days Sales Of Inventory days ...     ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Days Payable Outstanding days       ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Cash Conversion Cycle days ...     ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Cash Earnings EUR mil       ...           ...     76.2 89.1 115 153 281    
Free Cash Flow EUR mil                         -35.5 -38.0 -43.3 148 236    
Capital Expenditures (As % of Sales) %                         0.693 -2.28 4.50 -22.8 -7.50    
Employees                         527 871 1,582 2,064 3,470    
Cost Per Employee USD per month ... ...                     7,534 6,121 4,511 4,461 3,343    
Cost Per Employee (Local Currency) EUR per month ... ...                     5,863 4,611 3,499 3,891 3,118    
Operating Cost (As % of Sales) %                         77.1 80.9 79.1 78.3 77.7    
Research & Development (As % of Sales) %     ... ... ... ...   ...         4.08 7.24 6.41 5.43 5.14    
Staff Cost (As % of Sales) % ... ...                     9.40 10.0 11.1 12.5 12.6    
Effective Tax Rate %                         19.6 12.3 14.4 13.9 11.9    
Total Revenue Growth (5-year average) % ... ... ... ... ...               38.8 29.0 32.6 36.8 43.3    
Total Revenue Growth (10-year average) % ... ... ... ... ...         ...     1,318 1,040 870 148 116    
EV/Sales                         3.21 4.37 4.69 5.50 3.75    
EV/EBIT                         13.5 21.5 21.0 24.7 16.4    
EV/Free Cash Flow                         -35.7 -55.4 -65.1 28.7 16.3    
EV/Capital Employed ...     ... ...   ...   ...       2.52 3.30 3.46 2.64 2.03    
Cash Earnings Per Share EUR       ...           ...     0.691 0.794 0.944 1.24 2.27    
Price/Cash Earnings (P/CE)       ...           ...     26.9 36.2 38.6 37.5 18.0    
Free Cash Flow Yield %                         -2.18 -1.56 -1.24 2.95 5.01    
Free Cash Flow Per Share (FCFPS) EUR                         -0.321 -0.338 -0.355 1.20 1.91    
P/FCF                         -57.9 -84.9 -103 38.8 21.4    
Earnings Per Share Growth % ...                       10.0 12.1 20.3 30.3 86.2    
Cash Earnings Per Share Growth % ...     ... ...         ... ...   13.6 14.9 18.9 31.5 82.9    
Book Value Per Share Growth % ...                       46.9 10.3 62.5 17.8 15.1    

Get all company financials in excel:

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WireCard's Cash & Cash Equivalents remain unchanged yoy at EUR mil in 3Q2019

By Helgi Library - October 12, 2020

WireCard's total assets reached EUR 7,002 mil at the end of 3Q2019, up 34.8% compared to the previous year. Current assets amounted to EUR 5,044 mil, or 72.0% of total assets while cash stood at EUR 3,839 mil at the end of 3Q2019. ...

WireCard's P/FCF fell 89.0% yoy to 28.5 in 3Q2019

By Helgi Library - April 2, 2020

WireCard stock traded at EUR 147 per share at the end 3Q2019 translating into a market capitalization of USD 19,831 mil. Since the end of 3Q2014, the stock has appreciated by 403% representing an annual average growth of 38.2%. At the end of 3Q2019, the ...

WireCard's P/FCF fell 89.0% yoy to 28.5 in 3Q2019

By Helgi Library - April 2, 2020

WireCard stock traded at EUR 147 per share at the end 3Q2019 translating into a market capitalization of USD 19,831 mil. Since the end of 3Q2014, the stock has appreciated by 403% representing an annual average growth of 38.2%. At the end of 3Q2019, the ...

WireCard's Cash & Cash Equivalents rose 42.2% yoy to EUR 2,860 mil in 2018

By Helgi Library - April 2, 2020

WireCard's total assets reached EUR 5,855 mil at the end of 2018, up 29.2% compared to the previous year. Current assets amounted to EUR 3,926 mil, or 67.0% of total assets while cash stood at EUR 2,860 mil at the end of 2018. ...

WireCard's Cash & Cash Equivalents rose 42.2% yoy to EUR 2,860 mil in 2018

By Helgi Library - April 2, 2020

WireCard's total assets reached EUR 5,855 mil at the end of 2018, up 29.2% compared to the previous year. Current assets amounted to EUR 3,926 mil, or 67.0% of total assets while cash stood at EUR 2,860 mil at the end of 2018. ...

WireCard's P/FCF fell 43.1% yoy to 31.7 in 2018

By Helgi Library - April 2, 2020

WireCard stock traded at EUR 133 per share at the end 2018 translating into a market capitalization of USD 16,410 mil. Since the end of 2013, the stock has appreciated by 362% representing an annual average growth of 35.8%. At the end of 2018, the firm t...

WireCard's P/FCF fell 43.1% yoy to 31.7 in 2018

By Helgi Library - April 2, 2020

WireCard stock traded at EUR 133 per share at the end 2018 translating into a market capitalization of USD 16,410 mil. Since the end of 2013, the stock has appreciated by 362% representing an annual average growth of 35.8%. At the end of 2018, the firm t...

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Finance

WireCard has been growing its sales by 63.7% a year on average in the last 5 years. EBITDA has grown on average by 34.8% a year during that time to total of EUR 558 mil in 2018, or 27.7% of sales. That’s compared to 28.7% average margin seen in last five years.

The company netted EUR 347 mil in 2018 implying ROE of 19.5% and ROCE of 13.9%. Again, the average figures were 16.1% and 13.3%, respectively when looking at the previous 5 years.

WireCard’s net debt amounted to EUR -1,394 mil at the end of 2018, or -72.5% of equity. When compared to EBITDA, net debt was -2.50x, up when compared to average of -3.07x seen in the last 5 years.

Valuation

WireCard stock traded at EUR 133 per share at the end of 2018 resulting in a market capitalization of USD 16,410 mil. Over the previous five years, stock price grew by 362% or 35.8% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 22.7x and price to earnings (PE) of 47.3x as of 2018.

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