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DOCCHECK AG (AJ91.DE) Stock Fundamental Analysis

FRA:AJ91 - Deutsche Boerse Ag - DE000A1A6WE6 - Common Stock - Currency: EUR

10.2  +0.1 (+0.99%)

Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to AJ91. AJ91 was compared to 13 industry peers in the Health Care Technology industry. Both the health and profitability get an excellent rating, making AJ91 a very profitable company, without any liquidiy or solvency issues. AJ91 is valued correctly, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

AJ91 had positive earnings in the past year.
In the past year AJ91 had a positive cash flow from operations.
In the past 5 years AJ91 has always been profitable.
AJ91 had a positive operating cash flow in each of the past 5 years.
AJ91.DE Yearly Net Income VS EBIT VS OCF VS FCFAJ91.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5M 10M 15M

1.2 Ratios

AJ91 has a better Return On Assets (4.38%) than 61.54% of its industry peers.
Looking at the Return On Equity, with a value of 6.65%, AJ91 is in the better half of the industry, outperforming 61.54% of the companies in the same industry.
With a decent Return On Invested Capital value of 5.26%, AJ91 is doing good in the industry, outperforming 69.23% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for AJ91 is above the industry average of 9.30%.
The last Return On Invested Capital (5.26%) for AJ91 is well below the 3 year average (13.43%), which needs to be investigated, but indicates that AJ91 had better years and this may not be a problem.
Industry RankSector Rank
ROA 4.38%
ROE 6.65%
ROIC 5.26%
ROA(3y)11.53%
ROA(5y)12.99%
ROE(3y)17.63%
ROE(5y)19.38%
ROIC(3y)13.43%
ROIC(5y)15.32%
AJ91.DE Yearly ROA, ROE, ROICAJ91.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 10 20 30

1.3 Margins

AJ91 has a better Profit Margin (4.73%) than 61.54% of its industry peers.
AJ91's Profit Margin has declined in the last couple of years.
AJ91's Operating Margin of 7.42% is fine compared to the rest of the industry. AJ91 outperforms 61.54% of its industry peers.
AJ91's Operating Margin has declined in the last couple of years.
The Gross Margin of AJ91 (79.98%) is better than 76.92% of its industry peers.
In the last couple of years the Gross Margin of AJ91 has remained more or less at the same level.
Industry RankSector Rank
OM 7.42%
PM (TTM) 4.73%
GM 79.98%
OM growth 3Y-31.98%
OM growth 5Y-12.53%
PM growth 3Y-33.68%
PM growth 5Y-11.9%
GM growth 3Y8.18%
GM growth 5Y0.31%
AJ91.DE Yearly Profit, Operating, Gross MarginsAJ91.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 20 40 60 80

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8

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), AJ91 is creating value.
AJ91 has more shares outstanding than it did 1 year ago.
AJ91 has more shares outstanding than it did 5 years ago.
AJ91 has a worse debt/assets ratio than last year.
AJ91.DE Yearly Shares OutstandingAJ91.DE Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 1M 2M 3M 4M 5M
AJ91.DE Yearly Total Debt VS Total AssetsAJ91.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M

2.2 Solvency

AJ91 has an Altman-Z score of 4.02. This indicates that AJ91 is financially healthy and has little risk of bankruptcy at the moment.
AJ91's Altman-Z score of 4.02 is amongst the best of the industry. AJ91 outperforms 84.62% of its industry peers.
There is no outstanding debt for AJ91. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
Industry RankSector Rank
Debt/Equity 0
Debt/FCF 0
Altman-Z 4.02
ROIC/WACC0.74
WACC7.15%
AJ91.DE Yearly LT Debt VS Equity VS FCFAJ91.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10M 20M 30M

2.3 Liquidity

A Current Ratio of 2.57 indicates that AJ91 has no problem at all paying its short term obligations.
AJ91 has a better Current ratio (2.57) than 84.62% of its industry peers.
AJ91 has a Quick Ratio of 2.34. This indicates that AJ91 is financially healthy and has no problem in meeting its short term obligations.
AJ91's Quick ratio of 2.34 is amongst the best of the industry. AJ91 outperforms 84.62% of its industry peers.
Industry RankSector Rank
Current Ratio 2.57
Quick Ratio 2.34
AJ91.DE Yearly Current Assets VS Current LiabilitesAJ91.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 10M 20M 30M

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1

3. Growth

3.1 Past

AJ91 shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -58.59%.
The Earnings Per Share has been decreasing by -0.08% on average over the past years.
AJ91 shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -10.26%.
The Revenue has been growing by 13.52% on average over the past years. This is quite good.
EPS 1Y (TTM)-58.59%
EPS 3Y-37.32%
EPS 5Y-0.08%
EPS Q2Q%10.24%
Revenue 1Y (TTM)-10.26%
Revenue growth 3Y-5.4%
Revenue growth 5Y13.52%
Sales Q2Q%-6.79%

3.2 Future

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
EPS Next YN/A
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next YearN/A
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
AJ91.DE Yearly Revenue VS EstimatesAJ91.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M 80M

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4

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 21.25 indicates a rather expensive valuation of AJ91.
Based on the Price/Earnings ratio, AJ91 is valued a bit cheaper than the industry average as 76.92% of the companies are valued more expensively.
AJ91 is valuated rather cheaply when we compare the Price/Earnings ratio to 28.22, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 21.25
Fwd PE N/A
AJ91.DE Price Earnings VS Forward Price EarningsAJ91.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 0 0 0 0

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, AJ91 is valued cheaper than 100.00% of the companies in the same industry.
100.00% of the companies in the same industry are more expensive than AJ91, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 6.51
EV/EBITDA 3.03
AJ91.DE Per share dataAJ91.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8 10

4.3 Compensation for Growth

The decent profitability rating of AJ91 may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2YN/A
EPS Next 3YN/A

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6

5. Dividend

5.1 Amount

AJ91 has a Yearly Dividend Yield of 7.50%, which is a nice return.
AJ91's Dividend Yield is rather good when compared to the industry average which is at 4.06. AJ91 pays more dividend than 92.31% of the companies in the same industry.
AJ91's Dividend Yield is rather good when compared to the S&P500 average which is at 2.44.
Industry RankSector Rank
Dividend Yield 7.5%

5.2 History

On average, the dividend of AJ91 grows each year by 13.35%, which is quite nice.
Dividend Growth(5Y)13.35%
Div Incr Years0
Div Non Decr Years0
AJ91.DE Yearly Dividends per shareAJ91.DE Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8

5.3 Sustainability

103.98% of the earnings are spent on dividend by AJ91. This is not a sustainable payout ratio.
AJ91's earnings are declining while the Dividend Rate has been growing. This means the dividend growth is most likely not sustainable.
DP103.98%
EPS Next 2YN/A
EPS Next 3YN/A
AJ91.DE Yearly Income VS Free CF VS DividendAJ91.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2M 4M 6M 8M 10M
AJ91.DE Dividend Payout.AJ91.DE Dividend Payout, showing the Payout Ratio.AJ91.DE Dividend Payout.PayoutRetained Earnings

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DOCCHECK AG

FRA:AJ91 (5/2/2025, 7:00:00 PM)

10.2

+0.1 (+0.99%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupHealth Care Equipment & Services
GICS IndustryHealth Care Technology
Earnings (Last)09-20 2024-09-20
Earnings (Next)N/A N/A
Inst Owners8.86%
Inst Owner ChangeN/A
Ins Owners71.92%
Ins Owner ChangeN/A
Market Cap51.71M
AnalystsN/A
Price TargetN/A
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 7.5%
Yearly Dividend0.75
Dividend Growth(5Y)13.35%
DP103.98%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)N/A
PT rev (3m)N/A
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)N/A
EPS NY rev (3m)N/A
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)N/A
Revenue NY rev (3m)N/A
Valuation
Industry RankSector Rank
PE 21.25
Fwd PE N/A
P/S 1
P/FCF 6.51
P/OCF 5.6
P/B 1.41
P/tB 1.41
EV/EBITDA 3.03
EPS(TTM)0.48
EY4.71%
EPS(NY)N/A
Fwd EYN/A
FCF(TTM)1.57
FCFY15.36%
OCF(TTM)1.82
OCFY17.87%
SpS10.18
BVpS7.23
TBVpS7.21
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 4.38%
ROE 6.65%
ROCE 9.09%
ROIC 5.26%
ROICexc 10.27%
ROICexgc 10.32%
OM 7.42%
PM (TTM) 4.73%
GM 79.98%
FCFM 15.38%
ROA(3y)11.53%
ROA(5y)12.99%
ROE(3y)17.63%
ROE(5y)19.38%
ROIC(3y)13.43%
ROIC(5y)15.32%
ROICexc(3y)24.61%
ROICexc(5y)32.31%
ROICexgc(3y)25.2%
ROICexgc(5y)34.1%
ROCE(3y)23.19%
ROCE(5y)26.45%
ROICexcg growth 3Y-50.74%
ROICexcg growth 5Y-17.09%
ROICexc growth 3Y-49.55%
ROICexc growth 5Y-16.39%
OM growth 3Y-31.98%
OM growth 5Y-12.53%
PM growth 3Y-33.68%
PM growth 5Y-11.9%
GM growth 3Y8.18%
GM growth 5Y0.31%
F-Score5
Asset Turnover0.93
Health
Industry RankSector Rank
Debt/Equity 0
Debt/FCF 0
Debt/EBITDA 0
Cap/Depr 27.51%
Cap/Sales 2.51%
Interest Coverage 250
Cash Conversion 108.14%
Profit Quality 325.54%
Current Ratio 2.57
Quick Ratio 2.34
Altman-Z 4.02
F-Score5
WACC7.15%
ROIC/WACC0.74
Cap/Depr(3y)141.51%
Cap/Depr(5y)134.78%
Cap/Sales(3y)6.27%
Cap/Sales(5y)5.5%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-58.59%
EPS 3Y-37.32%
EPS 5Y-0.08%
EPS Q2Q%10.24%
EPS Next YN/A
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-10.26%
Revenue growth 3Y-5.4%
Revenue growth 5Y13.52%
Sales Q2Q%-6.79%
Revenue Next YearN/A
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-52.95%
EBIT growth 3Y-35.65%
EBIT growth 5Y-0.7%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y359.94%
FCF growth 3Y-11.57%
FCF growth 5Y34.65%
OCF growth 1Y106.36%
OCF growth 3Y-13.35%
OCF growth 5Y12.23%