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SIKA (SIKA-EB)

Chemicals / Chemicals / Specialty Chemicals DETAILED STOCK REPORT


Report Date: 2023-Jun-25

Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
237.70 (CHF) 245,452 279.80 32.6 2.90 24.8% 13.4% -7.5%
2023 June 22 Market Cap 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
SWISS Exchange
36.6B 190.10 29.3 1.2% 10.4B 51.8% -6.7%

AVERAGE SCORE
NEUTRAL OUTLOOK: SIKA's current score is Score Averages
relatively in-line with the market. Chemicals Group: 5.8 Large Market Cap: 6.2
Chemicals Sector: 5.8 SMI Index: 6.3

Average Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive CLN 5 7 7 8 8
SIKA 3 6 5 8 7
Neutral EMSN 3 8 6 6 6
GIVN 1 3 4 4 4
Negative
GURN 1 1 1 2 1
2020-06 2021-06 2022-06 2023-06

HIGHLIGHTS I/B/E/S MEAN


- The score for Sika dropped slightly this week from 8 to 7.
Buy Mean recommendation from all analysts covering
- The recent change in the Average Score was primarily due to a 25 Analysts the company on a standardized 5-point scale.
decline in the Risk component score.
Strong Strong
Sell Hold Buy
Sell Buy

PRICE AND VOLUME CHARTS


1-Year Return: 7.5% 5-Year Return: 75.9%

BUSINESS SUMMARY
Sika AG is a Switzerland-based company active in the chemicals industry. The Company produces products primarily for the automobiles and auto
parts, renewable energy, and equipment and components industries. The Company's activities are divided into two business areas: the Construction
Division offers a range of products, including concrete admixtures, ready-for-use mortars, roofing systems, waterproofing systems, flooring systems,
and steel protection solutions, among others, and the Industry Division develops bonding, sealing, damping, glazing and reinforcing solutions, among
others. The Company's brands include Sarnafil, Sika, Sikadur, Sikaflex, SikaGrout, SikaPower, SikaHydroPrep, SikaReinforcer, Sika ViscoCrete,
Sikaplan and SikaRapid, among others. The Company is globally active, with activities divided into geographical regions, namely Europe, Middle East
and Africa (EMEA), North America, Latin America, and Asia/Pacific. The Company operates numerous subsidiaries.

Page 1 of 11
© 2023 Refinitiv. All rights reserved.
SIKA (SIKA-EB)
Chemicals / Chemicals / Specialty Chemicals DETAILED STOCK REPORT
Report Date: 2023-Jun-25

INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of five widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, and Price Momentum. A simple average of the underlying component ratings is normally
distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated differently using
alternative methodologies and the importance of individual factors varies across industries, market capitalization and investment styles.
Additional criteria should always by used to evaluate a stock.

Earnings Fundamental Relative Valuation Risk Price Momentum

PEER ANALYSIS Currency in CHF

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS


Average Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Score Ticker (2023-06-22) Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
7 SIKA 237.70 -7.5% -6.7% 7.5% 36.6B 32.6 29.3 1.2% 11.1% 13.4% Buy 25

4 GIVN 2,916.00 -3.5% 0.21% -7.0% 26.9B 31.5 29.2 2.3% 12.0% 6.9% Hold 25

6 EMSN 667.50 -6.6% -8.8% -4.8% 15.6B 29.3 30.5 3.2% 21.8% -1.6% Hold 8

8 CLN 12.57 -8.9% -14.6% -30.1% 4.2B -- 12.0 3.3% 1.6% 5.6% Hold 18

1 GURN 82.30 -7.0% -0.48% -13.2% 385M 41.6 32.1 -- 1.9% -- Hold 6

9 MIKN 11.05 -7.9% -2.2% 56.5% 185M 7.5 8.2 3.6% 7.8% -- Buy 2

5.8 Average 654.52 -6.9% -5.4% 1.5% 14.0B 28.5 23.5 2.7% 9.4% 6.1% Hold 14

PEER COMPANIES
CLN Clariant GURN Gurit Holding
EMSN Ems Chemie Holding MIKN Mikron Holding
GIVN Givaudan

Page 2 of 11
© 2023 Refinitiv. All rights reserved.
SIKA (SIKA-EB)
Chemicals / Chemicals / Specialty Chemicals DETAILED STOCK REPORT
Report Date: 2023-Jun-25

EARNINGS Currency in CHF

NEUTRAL OUTLOOK: Mixed earnings Earnings Score Averages


expectations and performance. Chemicals Group: 4.2 Large Market Cap: 6.0
Chemicals Sector: 4.2 SMI Index: 6.0

Earnings Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive SIKA 2 1 2 7 7
EMSN 3 10 6 7 6
Neutral CLN 7 3 1 2 4
GIVN 3 2 3 3 2
Negative
GURN 1 1 1 2 2
2020-06 2021-06 2022-06 2023-06

EARNINGS INDICATORS
Earnings Surprises Estimate Revisions Recommendation Changes
(33.3% weight) (33.3% weight) (33.3% weight)

EMSN SIKA SIKA

GURN
CLN GIVN EMSN
CLN

GIVN GIVN
GURN EMSN CLN
SIKA GURN

Last 4 Years Last 4 Weeks Last 120 Days


# Positive Surprises (>2%) 0 # Up Revisions 3 # Broker Upgrades 1
# Negative Surprises (<-2%) 4 # Down Revisions 2 # Broker Downgrades 1
# In-Line Surprises (within 2%) 0 Avg Up Revisions 12.0%
Avg Surprise -4.6% Avg Down Revisions -8.0%

HIGHLIGHTS PRICE TARGET


- Sika currently has an Earnings Rating of 7, which is significantly more The chart indicates where analysts predict the stock price will be within
bullish than the Specialty Chemicals industry average of 4.2. SIKA the next 12 months, as compared to the current price.
scores a bullish 7 or greater for two of three component ratings.
400 12-Month Price Target
HIGH
- SIKA's current fiscal year consensus estimate has remained relatively Mean (CHF) 308.00
unchanged over the past 90 days at 8.12. Estimates within its industry 360
High 390.00
have moved an average of -3.0% during the same time period. 320
MEAN Low 240.00
- During the past four weeks, analysts covering SIKA have made 3 280 Target vs. Current 29.6%
237.70
upward and 2 downward EPS estimate revisions for the current fiscal
240 LOW # of Analysts 20
year.
200
Current Price Price Target
(CHF)

Page 3 of 11
© 2023 Refinitiv. All rights reserved.
SIKA (SIKA-EB)
Chemicals / Chemicals / Specialty Chemicals DETAILED STOCK REPORT
Report Date: 2023-Jun-25

EARNINGS PER SHARE


Actuals Estimates

Earnings per share (EPS) is calculated Quarterly -- --


by dividing a company's earnings by the Mean -- --
number of shares outstanding. Analysts Quarterly data is not available
tend to interpret a pattern of increasing High -- --
earnings as a sign of strength and flat Low -- --
or falling earnings as a sign of
# of Analysts -- --
weakness.

The charts provide a comparison NA NA NA NA


between a company's actual and
estimated EPS, including the high and Actuals Estimates
low forecasts. 16.00

14.00 Annual 2023 2024


Mean 8.117 9.884
12.00
HIGH High 9.060 11.200
10.00 MEAN Low 6.520 7.900
7.29 # of Analysts 23 23
8.00 6.60 LOW

6.00
2021 2022 2023 2024

MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS


Q Q Y Y Price I/B/E/S Mean: Buy (25 Analysts)
-- -- 2023 2024 Target
Strong Buy 2
Current -- -- 8.117 9.884 308.00
30 Days Ago -- -- 8.157 9.919 306.00 Buy 14
90 Days Ago -- -- 8.195 9.864 307.00 Hold 8
% Change (90 Days) -- -- -1.0% 0.20% 0.30%
Sell 1
Current Fiscal Year End: 23-12
Strong Sell 0
Next Expected Report Date: 2023-08-04

EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 6 Years) Negative 2023-02-16 2022-12-31 7.290 7.520 -3.1%
Negative 2022-02-17 2021-12-31 6.600 6.956 -5.1%
Surprise Type Amount Percent
Negative 2021-02-19 2020-12-31 5.220 5.349 -2.4%
Positive Years (> 2%) 0 --
Negative 2020-02-20 2019-12-31 4.810 5.215 -7.8%
Negative Years (< -2%) 5 83.3%
Negative 2019-02-21 2018-12-31 4.580 4.782 -4.2%
In-Line Years (within 2%) 1 16.7%
In-Line 2018-02-23 2017-12-31 4.225 4.239 -0.30%

ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may
influence a buy recommendation, while 18B
2023 2024
flat or falling sales and faltering 16B
earnings may explain a sell HIGH
Mean 11.9B 13.5B
recommendation. A rising EPS with flat 14B High 12.5B 14.9B
MEAN
or falling sales may result from
increased cost efficiency and margins, 12B
Low 10.6B 11.3B
10.5B LOW
rather than market expansion. This Forecasted Growth 13.3% 28.6%
9.3B
chart shows the sales forecast trend of 10B
# of Analysts 23 23
all analysts and the highest and lowest
projections for the current and next 8B
2021 2022 2023 2024
fiscal year.

Page 4 of 11
© 2023 Refinitiv. All rights reserved.
SIKA (SIKA-EB)
Chemicals / Chemicals / Specialty Chemicals DETAILED STOCK REPORT
Report Date: 2023-Jun-25

FUNDAMENTAL
POSITIVE OUTLOOK: Strong fundamentals Fundamental Score Averages
such as high profit margins, low debt levels, or Chemicals Group: 5.7 Large Market Cap: 6.0
growing dividends. Chemicals Sector: 5.7 SMI Index: 5.9

Fundamental Score Trend Peers 2019 2020 2021 2022 Current 6Y Trend
SIKA 5 7 6 NR 9
Positive CLN 5 5 2 NR 8
EMSN 6 5 8 NR 5
Neutral
GIVN 2 3 1 NR 3
Negative
2017 2018 2019 2020 2021 2022 GURN 7 10 2 NR 1

FUNDAMENTAL INDICATORS
Profitability Debt Earnings Quality Dividend
(25% weight) (25% weight) (25% weight) (25% weight)

CLN
EMSN
GURN CLN
SIKA
SIKA

EMSN
GIVN GIVN
GIVN SIKA
SIKA CLN
CLN

GIVN
GURN GURN EMSN EMSN
GURN

Revenue Growth 8.0% Current Ratio 2.5 Oper. Cash Yield -5.4% Dividend Growth 10.3%
For year over year For interim period For latest 12 months For year over year
ending 2023-03 ending 2022-12 ending -- ending 2023-03
Gross Margin 17.3% Debt-to-Capital 42.1% Accruals 3.3% Dividend Payout 42.0%
For latest 12 months For annual period For latest 12 months For latest 12 months
ending 2022-12 ending 2022-12 ending 2022-12 ending 2022-12
Return On Equity 24.8% Interest Funding 1.9% Days Sales In Inv. 52.2 Dividend Coverage 3.2
For interim period For interim period For annual period For annual period
ending 2022-12 ending 2022-12 ending 2022-12 ending 2022-12
Net Margin 11.1% Interest Coverage 26.5 Days Sales In Rec. 57.8 Current Div. Yield 1.2%
For latest 12 months For interim period For annual period For latest 12 months
ending 2022-12 ending 2022-12 ending 2022-12 ending 2023-06

HIGHLIGHTS
- The Fundamental Rating for Sika improved significantly over the last - The days sales in inventory for SIKA is the lowest within its Chemicals
year from 6 to 9. The current rating is considerably more bullish than industry group.
the Chemicals industry group average of 5.7. - Of the 6 firms within the Chemicals industry group, Sika is among 5
- The company's revenue growth has been higher than its industry group companies that pay a dividend. The stock's dividend yield is currently
average for each of the past five years. 1.2%.
- The company's current ratio has been higher than its industry group
average for each of the past five years.

Page 5 of 11
© 2023 Refinitiv. All rights reserved.
SIKA (SIKA-EB)
Chemicals / Chemicals / Specialty Chemicals DETAILED STOCK REPORT
Report Date: 2023-Jun-25

RELATIVE VALUATION
NEGATIVE OUTLOOK: Multiples significantly Relative Valuation Score Averages
above the market or the stock's historic norms. Chemicals Group: 4.8 Large Market Cap: 4.3
Chemicals Sector: 4.8 SMI Index: 4.6

Relative Valuation Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive CLN 7 9 9 9 9
GIVN 2 3 3 3 3
Neutral GURN 3 4 3 3 3
EMSN 2 2 2 2 2
Negative
SIKA 2 2 2 2 2
2020-06 2021-06 2022-06 2023-06

RELATIVE VALUATION INDICATORS


Price to Sales Trailing PE Forward PE
(33.3% weight) (33.3% weight) (33.3% weight)

CLN
CLN
GURN

GIVN
GIVN
SIKA

GIVN
EMSN
EMSN
EMSN SIKA
SIKA
GURN
GURN
CLN

Price to Sales 3.6 Trailing PE 32.6 Forward PE 29.3


5-Yr Average 4.0 5-Yr Average 41.4 5-Yr Average 34.4
Rel. to 5-Yr Avg. 10% Discount Rel. to 5-Yr Avg. 21% Discount Rel. to 5-Yr Avg. 15% Discount
SMI Index 2.5 SMI Index 24.5 SMI Index 16.9
Rel. to SMI 43% Premium Rel. to SMI 33% Premium Rel. to SMI 73% Premium

HIGHLIGHTS
- Sika currently has a Relative Valuation Rating of 2 which is significantly - SIKA's 32.6 Trailing P/E is currently at the low end of its 5-year range
below the SWISS MARKET index average rating of 4.6. (lowest 28.7 to highest 72.8).
- SIKA is currently valued at a premium to the SWISS MARKET index - SIKA's Forward P/E of 29.3 represents a 15% Discount to its 5-year
based on both Price to Sales ratio and Forward P/E. average of 34.4.
- SIKA's Price to Sales ratio of 3.6 represents a 10% Discount to its 5-
year average of 4.0.

Page 6 of 11
© 2023 Refinitiv. All rights reserved.
SIKA (SIKA-EB)
Chemicals / Chemicals / Specialty Chemicals DETAILED STOCK REPORT
Report Date: 2023-Jun-25

PRICE TO SALES TRAILING PE


The most recent week's close price divided by the revenue per share. The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
Price to Sales: 3.6 Trailing PE: 32.6
5-Year Average: 4.0 5-Year Average: 41.4
SMI Index Average: 2.5 SMI Index Average: 24.5
Chemicals Group Average: 3.2 Chemicals Group Average: 34.8
12.0 >50
11.0 45
10.0 40 5-Yr Average

9.0 35
8.0 30
7.0 25
6.0 20
5.0 15
4.0 5-Yr Average 10
3.0 5
2.0 0
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022

FORWARD PE FORWARD PEG


The most recent week's close price divided by the sum of the four The Forward P/E divided by the five-year forecasted growth rate.
upcoming quarterly consensus estimates.
Forward PE: 29.3 Forward PEG: 2.2
5-Year Average: 34.4 5-Year Average: 2.5
SMI Index Average: 16.9 SMI Index Average: 1.1
Chemicals Group Average: 27.3 Chemicals Group Average: 4.5
>50 4.2
45 3.9
40 3.6
35 5-Yr Average 3.3
30 3.0
25 2.7
5-Yr Average
20 2.4
15 2.1
10 1.8
5 1.5
0 1.2
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022

Page 7 of 11
© 2023 Refinitiv. All rights reserved.
SIKA (SIKA-EB)
Chemicals / Chemicals / Specialty Chemicals DETAILED STOCK REPORT
Report Date: 2023-Jun-25

RISK
NEUTRAL OUTLOOK: Moderate risk (medium Risk Score Averages
volatility). Chemicals Group: 6.5 Large Market Cap: 7.0
Chemicals Sector: 6.5 SMI Index: 6.9

Risk Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive GIVN 6 8 8 8 9
CLN 5 7 7 7 8
Neutral EMSN 8 8 7 7 7
SIKA 5 6 6 7 6
Negative
GURN 2 2 2 3 3
2020-06 2021-06 2022-06 2023-06

RISK INDICATORS
Magnitude of Returns Volatility Beta (1-year) Correlation
(25% weight) (25% weight) (25% weight) (25% weight)

EMSN
GIVN
CLN GIVN
CLN
GIVN EMSN
SIKA
GURN

CLN
EMSN
SIKA
SIKA
GURN

CLN
GURN
GURN EMSN
GIVN
SIKA

Daily Returns (Last 90 Days) Standard Deviation Beta vs. SMI 1.75 Correlation vs. SMI
Best 3.6% Last 90 Days 1.67 Positive Days Only 1.60 Last 90 Days 52%
Worst -5.0% Last 60 Months 7.54 Negative Days Only 1.43 Last 60 Months 59%
Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 1.28 Correlation vs. Group
Best 16.7% Average 2.0% Positive Days Only 1.37 Last 90 Days 79%
Worst -17.1% Largest 5.5% Negative Days Only 1.15 Last 60 Months 76%

HIGHLIGHTS RISK ANALYSIS


- Sika currently has a Risk Rating of 6 while the SWISS Last 90 Days Last 60 Months
MARKET index has an average rating of 6.9. Best Worst # # Largest Best Worst
- On days when the market is up, SIKA shares tends to Daily Daily Days Days Intra-Day Monthly Monthly
outperform the SWISS MARKET index. However, on days Peers Return Return Up Down Swing Return Return
when the market is down, the shares generally decrease by SIKA 3.6% -5.0% 28 31 5.5% 16.7% -17.1%
more than the index.
- In both short-term and long-term periods, SIKA has shown high CLN 2.1% -3.0% 28 31 4.7% 16.0% -19.8%
correlation (>= 0.4) with the SWISS MARKET index. Thus, this EMSN 2.7% -6.6% 29 31 5.8% 16.4% -13.5%
stock would provide only low levels of diversification to a
portfolio similar to the broader market. GIVN 2.4% -3.7% 27 33 3.9% 8.1% -20.3%
- Over the last 90 days, SIKA shares have been more volatile GURN 5.4% -3.9% 31 29 6.4% 27.6% -29.3%
than the overall market, as the stock's daily price fluctuations
have exceeded that of 72% of SWISS MARKET index firms. SMI 1.4% -1.3% 34 26 1.4% 9.3% -7.5%

Page 8 of 11
© 2023 Refinitiv. All rights reserved.
SIKA (SIKA-EB)
Chemicals / Chemicals / Specialty Chemicals DETAILED STOCK REPORT
Report Date: 2023-Jun-25

PRICE MOMENTUM Currency in CHF

POSITIVE OUTLOOK: Strong recent price Price Momentum Score Averages


performance or entering historically favorable Chemicals Group: 7.8 Large Market Cap: 6.7
seasonal period. Chemicals Sector: 7.8 SMI Index: 6.8

Price Momentum Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive EMSN 2 8 9 9 9
SIKA 3 10 7 9 9
Neutral GIVN 3 5 8 8 7
CLN 2 7 6 7 6
Negative
GURN 1 4 5 7 6
2020-06 2021-06 2022-06 2023-06

PRICE MOMENTUM INDICATORS


Relative Strength Seasonality
(50% weight) (50% weight)

EMSN
GURN
SIKA
CLN
GIVN

EMSN
SIKA

CLN
GIVN
GURN

Relative Strength Indicator (Scale from 1 to 100) Average Monthly Return (Last 10 Years)
SIKA Industry Avg Jun Jul Aug
Last 10 Days 30 48 Company Avg 0.91% 4.0% -0.39%
Last 50 Days 46 47 Industry Avg 0.34% 4.0% -0.67%
Last 200 Days 48 47 Industry Rank 3 of 13 2 of 13 11 of 13

PRICE PERFORMANCE
Daily close prices are used to calculate the SIKA SIKA SMI
performance of the stock as compared to a
SMI Close Price (2023-06-22) 237.70 11,220
relevant index over five time periods.
52-Week High 279.80 11,595
-7.9%
1-Week 52-Week Low 190.10 10,073
-1.5%

1-Month
-7.5% - Sika has a Price Momentum Rating of 9, which is significantly
-2.3% above the SWISS MARKET index average rating of 6.8.
- On 2023-06-22, SIKA closed at 237.70, 15.0% below its 52-
-6.7% week high and 25.0% above its 52-week low.
3-Month
4.7%
- SIKA shares are currently trading 4.6% below their 50-day
7.2% moving average of 249.25, and 1.7% below their 200-day
YTD moving average of 241.74.
4.6%

7.5%
1-Year
7.4%

Page 9 of 11
© 2023 Refinitiv. All rights reserved.
SIKA (SIKA-EB)
Chemicals / Chemicals / Specialty Chemicals DETAILED STOCK REPORT
Report Date: 2023-Jun-25

DETAILED STOCK REPORT TIPS Mean Estimate Trend


The mean estimates show how the consensus has changed over the past 30 days
and 90 days for the upcoming two quarters (when available) and two years. The
The Stock Report from Refinitiv is a comprehensive, company-specific analysis that percentage change is calculated for the company as a means for comparison by
includes a proprietary Stock Rating along with underlying component indicators and measuring the difference between the current consensus estimate and that of 90
supportive data elements. The report is updated daily, although some of the data days ago.
elements and the ratings are updated weekly.
Analyst Recommendations
Average Score The I/B/E/S Mean is the average recommendation of all analysts covering the stock,
The Stock Reports Plus Average Score combines a quantitative analysis of five as provided by I/B/E/S, the Institutional Brokers Estimate System, from Refinitiv.
widely-used investment decision making tools - Earnings, Fundamental, Relative The recommendations are presented on a five-point standardized scale: strong buy,
Valuation, Risk, and Price Momentum. First, a simple average of the five underlying buy, hold, sell, and strong sell.
component ratings is calculated. Then, a normal distribution is used to rank each
stock across the market on a scale of 1 to 10, with 10 being most favorable. A Earnings Surprises
score of 8 to 10 is considered positive, 4 to 7 is neutral, and 1 to 3 is negative. ● The surprise summary includes the total number of time periods (and
These five factors may be evaluated differently using alternative methodologies, percentage) in the last 12 quarters (quarterly) or last 4 years (annual) in which
and the importance of individual factors varies across industry groups, market earnings surprises were positive, negative, or in-line. In order to be recognized
capitalization and investment styles. Additional criteria should always be used to as a positive or negative surprise, the percent must be greater than 2% above or
evaluate a stock. 2% below the consensus, respectively.
● The surprise detail section includes a listing of the company's quarterly earnings
A company must have sufficient data available for at least three of the five reported for the most recent 6 periods (quarters or years). The consensus
component indicators in order to receive an overall Average Score. Approximately analyst estimate is provided to determine if the actual earnings report
85% of the stocks within the coverage universe meet the criteria to generate a represented a positive surprise, negative surprise, or in-line result.
score.
Fundamental
Indicator Components The Fundamental Rating is based on a combination of four fundamental component
The five indicators that comprise the stock rating are displayed. Like the stock factors: profitability, debt, earnings quality, and dividend. Companies that do not
rating, the component rating scale is 1 to 10, with 10 being best. A company will pay a dividend are not penalized. Each factor is equally weighted. Then, equal
receive an ‘NR’ for No Rating if the required data elements or criteria are not met. A deciles are used to rank each stock across the market on a scale of 1 to 10, with 10
detailed section for each component is included in the report. being most favorable. A stock needs to have at least two of the four fundamental
factors present in order to receive a score.
Indicator Trends
Within each component section, historical score trends are displayed, typically using ● Profitability is comprised of four data elements.
a 4-week moving average over a timeframe of the past three years. The dotted - Revenue Growth: (Net Sales – Previous Net Sales) / Previous Net Sales
orange line indicates the average of the scores over those three years. The most - Gross Margin: Gross Profit / Net Sales
recent occurrences of the best and worst scores are also displayed on the chart in - Return on Equity: Net Income / Total Equity
grey boxes to put the current score into historical context. - Net Margin: Net Profit / Net Sales
● Debt is comprised of four data elements.
Next to the trend chart for the company, current score averages are included, along - Current Ratio: Current Assets / Current Liabilities
with peer company comparisons of values from 6 months ago, 3 months ago, 1 - Debt-to-Capital: Total Debt / Total Capital
month ago, the most recent value from 1 week ago, and the current score. The four - Interest Funding: (Interest Expense on Debt + Preferred Cash Dividends) /
closest industry peers are presented based on similar market capitalization. Funds from Operations
- Interest Coverage: Earnings before Interest and Taxes / (Interest Expense on
Peer Analysis Debt + Preferred Cash Dividends)
● The Refinitiv Business Classification (TRBC) schema is used for industry ● Earnings Quality is comprised of four data elements.
comparisons. It is designed to track and display the primary business of a - Operating Cash Yield: (Operating Cash Flow – Net Income) / Net Income
corporation by grouping together correlated companies that offer products and - Accruals: (Net Income – Operating Cash Flow – Investing Cash Flow) /
services into similar end markets. The system includes 10 Economic Sectors, 28 Average Net Operating Assets
Business Sectors, 54 Industry Groups, and 136 Industries. - Days Sales in Inventory: 365 / (Cost of Goods Sold / Inventory)
● The Peer Analysis section of the report compares the company to its ten closest - Days Sales in Receivables: 365 / (Net Sales / Receivables)
peers. The peers are selected from the industry based on similar market ● Dividend is comprised of four data elements. The company must have a current
capitalization. The peer listing may have fewer than ten companies if there are dividend yield.
fewer than ten companies within that industry classification. - Dividend Growth Rate: (Dividends per Share – Previous Dividends per Share)
/ Previous Dividends per Share
Highlights - Dividend Payout: Dividends per Share / Earnings per Share
The automated text-generation system from Refinitiv creates highlights - Dividend Coverage: Funds from Operations / Cash Dividends
summarizing the most noteworthy data. The bullets will vary by company and will - Dividend Yield: Annual Dividends per Share / Current Market Price per Share
change from week to week as different criteria are met.
Indicator Trend
Earnings The fundamental indicator trend displays either quarterly scores over the past three
The Earnings Rating is based on a combination of three factors: earnings surprise, years or annual scores over the past six years, depending on the reporting periods
estimate revision, and recommendation changes. Each factor is equally weighted. for the country. The best and worst scores can be easily determined from the
Then, equal deciles are used to rank each stock across the market on a scale of 1 values shown on the chart for each quarter or year.
to 10, with 10 being most favorable. A stock needs to have at least two of the three
earnings factors in order to receive a score. Relative Valuation
The Relative Valuation Rating is based on a combination of three component
● Earnings Surprises - The number of positive and negative surprises within the factors: Price to Sales, Trailing P/E, and Forward P/E. Each factor is equally
last 4 periods (quarters or years). weighted. Equal deciles are then used to rank each stock across the market on a
● Estimate Revisions - The number of up and down revisions and the average scale of 1 to 10, with 10 being most favorable. These common valuation metrics are
percentage change of those revisions within a 4 week period. evaluated against the overall market, the index, and the company's own historic 5-
● Recommendation Changes - The number of broker upgrades and downgrades in year averages. A stock needs to have at least one of the three relative valuation
the last 120 days. factors in order to receive a score.

Price Target ● Price to Sales: Close Price / (Sales for 4 Quarters or 1 Year / Shares
The price target is based on the predictions of analysts covering the stock and Outstanding)
shows the high, low and mean price expected within the next 12 months. ● Trailing P/E: Close Price / Most Recent 4 Quarters or 1 Year of Earnings
● Forward P/E: Close Price / Upcoming 4 Quarters or 1 Year of Earnings
Earnings Per Share
The quarterly and annual earnings per share are presented when available, along Valuation Averages
with the mean, high and low. Quarterly data is displayed for the past 4 quarters Negative values are excluded when calculating the averages. A maximum value of
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2 100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on
years (actual) and the next 2 years (estimated). Forward PEG, and a maximum value of 20 is placed on Price to Sales when

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SIKA (SIKA-EB)
Chemicals / Chemicals / Specialty Chemicals DETAILED STOCK REPORT
Report Date: 2023-Jun-25

calculating the averages. Higher values are rounded down to the maximum for the
averages.

Valuation Multiples
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and
Price to Sales for the company and the S&P 500 index average. In addition, a
comparison of the current company’s values to its 5-year average and an industry
average are presented. A discount occurs when the company’s ratio is valued
more favorably (lower) than that to which it is compared.

Risk
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the
least risky stocks. It is derived by looking at a series of long-term (5-year) and
short-term (90-day) stock performance measures including volatility, magnitude of
returns, beta, and correlation. Each factor is equally weighted. Then, equal deciles
are used to rank each stock across the market. A stock needs to have at least two
of the four risk factors in order to receive a score.

● Magnitude of Returns – The best / worst daily returns in the past 90 days and the
best / worst monthly returns in the past 60 months.
● Volatility – The standard deviation of the stock price over the last 90 days and
last 60 months, along with the average and largest intra-day stock swing.
● Beta – Measures the tendency of a security’s returns to respond to swings in the
market, based on the beta of the company versus the relevant index.
● Correlation – Determines how closely the returns of the stock and the relevant
index move together, measured over the last 90 days and last 60 months.

Risk Analysis
Price analysis for the company and the relevant index is provided over two time
periods. Daily analysis is provided for the last 90 days, whereas monthly statistics
are used for the last 60 months.

Price Momentum
The Price Momentum Rating is based on a combination of two technical
performance factors: relative strength and seasonality. The factors are equally
weighted. Equal deciles are then used to rank each stock across the market on a
scale of 1 to 10, with 10 being most favorable. A stock needs to have data for the
relative strength factor in order to receive a score.

● Relative Strength – The relative strength of the company for the last 10 days, 50
days, and 200 days on a scale of 1 to 100.
● Seasonality – The average monthly return (price performance) for the current
month and next 2 months for the company and industry, over the past 10 years.
A lower industry rank indicates a higher return.

Price Performance
Daily close prices are used to calculate the price performance of the stock. The
performance of the relevant index is also displayed as a means of comparison.

DISCLAIMER

© 2023 Refinitiv. Republication or redistribution of Refinitiv content, including by


framing or similar means, is prohibited without the prior written consent of Refinitiv.
All information in this report is assumed to be accurate to the best of our ability.
Refinitiv is not liable for any errors or delays in Refinitiv content, or for any actions
taken in reliance on such content.

Any forward-looking statements included in the Refinitiv content are based on


certain assumptions and are subject to a number of risks and uncertainties that
could cause actual results to differ materially from current expectations. There is no
assurance that any forward-looking statements will materialize.

The content in this Refinitiv report does not constitute investment advice or a
recommendation to buy or sell securities of any kind. Past performance is not a
guarantee of future results. Investors should consider this report as only a single
factor when making an investment decision.

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