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Geberit AG GEBN

Morningstar Rating
CHF 540.20 −3.80 (0.70%)
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Company Report

Geberit Has Successfully Navigated a Challenging Environment and Is Reinvesting Into Its Moat

Geberit is the largest player in the European bathroom sanitary sector with a full range of capabilities on both sides of the wall. Exceptional and stable profitability is due to its brand reputation and close relationships with the key decision-makers for sanitary products, such as plumbers and retailers. While Geberit's brand reputation for reliability underpins its pricing power, its relationships with intermediaries is equally important to withstand competition. Geberit's end customer lacks meaningful expertise in behind-the-wall sanitary products and instead places complete reliance on specialized installers such as plumbers. Continuous product innovation and product range extension justify price increases, which are ultimately passed on to the end consumer, who lacks understanding on behind-the-wall sanitary matters and relies on support of the intermediary.

Price vs Fair Value

GEBN is trading at a 398% premium.
Price
CHF 544.00
Fair Value
CHF 668.00
Uncertainty
Medium
1-Star Price
CHF 299.90
5-Star Price
CHF 894.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Geberit's brand reputation and tight-knit relationships with price-agnostic intermediaries supports exceptional fundamentals, allowing the group to better navigate weaker construction spending and emerge in a stronger position than its mostly private (and smaller) peers.

Bears

A 20% decline in building permits in Europe may be a leading indicator of weak demand, restricting Geberit's ability to perform regular price increases.

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Trading Information

Previous Close Price
CHF 544.00
Day Range
CHF 539.00544.60
52-Week Range
CHF 409.00571.20
Bid/Ask
CHF 539.80 / CHF 540.20
Market Cap
CHF 17.99 Bil
Volume/Avg
31,451 / 80,693

Key Statistics

Price/Earnings (Normalized)
29.08
Price/Sales
5.93
Dividend Yield (Trailing)
2.33%
Dividend Yield (Forward)
2.33%
Total Yield
4.15%

Company Profile

Geberit is a leading manufacturer of sanitary products, which include flushing systems, piping systems and bathroom ceramics. Products are primarily sold through the wholesale channel. Geberit has an extensive history in sanitary products, having filed a patent for its first flushing mechanism in 1912. The company generates sales in 50 countries and operates 26 production plants, the majority of which are in Europe. Geberit shares are listed on the SIX Swiss Exchange. The majority of sales are generated from residential and renovation activities.
Sector
Industrials
Industry
Building Products & Equipment
Stock Style Box
Large Core
Total Number of Employees
10,947

Competitors

Valuation

Metric
GEBN
MAS
SHW
Price/Earnings (Normalized)
29.0817.5628.57
Price/Book Value
13.7221.72
Price/Sales
5.931.973.36
Price/Cash Flow
22.5912.9720.74
Price/Earnings
GEBN
MAS
SHW

Financial Strength

Metric
GEBN
MAS
SHW
Quick Ratio
0.911.020.40
Current Ratio
1.441.740.78
Interest Coverage
32.9412.988.56
Quick Ratio
GEBN
MAS
SHW

Profitability

Metric
GEBN
MAS
SHW
Return on Assets (Normalized)
17.66%16.54%11.01%
Return on Equity (Normalized)
45.78%71.59%
Return on Invested Capital (Normalized)
24.19%28.32%17.88%
Return on Assets
GEBN
MAS
SHW
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