Zur Rose

Zur Rose's net profit fell 64.3% yoy to CHF -17.6 mil in 4Q2019

By Helgi Analytics - August 3, 2020

Zur Rose made a net profit of CHF -17.6 mil with revenues of CHF 344 mil in 4Q2019, down by 64.3% and up by 13.7%, re...

Zur Rose's Total Cash From Operations fell 239% yoy to CHF -33.6 mil in 4Q2019

By Helgi Analytics - August 3, 2020

Zur Rose's operating cash flow stood at CHF -33.6 mil in 4Q2019, down 239% when compared to the previous year. Historica...

Zur Rose's Cash & Cash Equivalents fell 11.2% yoy to CHF 205 mil in 4Q2019

By Helgi Analytics - August 3, 2020

Zur Rose's total assets reached CHF 992 mil at the end of 4Q2019, up 36.5% compared to the previous year. Current assets a...

Profit Statement 2017 2018 2019
Sales CHF mil 983 1,207 1,356
EBITDA CHF mil -21.2 -14.0 -13.8
EBIT CHF mil -38.3 -32.9 -45.7
Financing Cost CHF mil 2.30 1.70 4.40
Pre-Tax Profit CHF mil -36.5 -38.5 -50.1
Net Profit CHF mil -36.2 -39.0 -52.4
Dividends CHF mil 0 0 0
Balance Sheet 2017 2018 2019
Total Assets CHF mil 462 727 992
Non-Current Assets CHF mil 188 310 564
Current Assets CHF mil 273 417 428
Working Capital CHF mil 68.0 78.6 105
Shareholders' Equity CHF mil 294 444 406
Liabilities CHF mil 168 283 586
Total Debt CHF mil 13.2 148 438
Net Debt CHF mil -94.7 -82.6 233
Ratios 2017 2018 2019
ROE % -18.2 -10.6 -12.3
ROCE % -17.8 -12.1 -9.90
EBITDA Margin % -2.16 -1.16 -1.02
EBIT Margin % -3.90 -2.72 -3.37
Net Margin % -3.69 -3.23 -3.86
Net Debt/EBITDA 4.47 5.90 -16.8
Net Debt/Equity % -32.2 -18.6 57.4
Cost of Financing % 6.73 2.10 1.50
Valuation 2017 2018 2019
Market Capitalisation USD mil 832 758 961
Enterprise Value (EV) USD mil 735 674 1,202
Number Of Shares mil 5.22 6.35 8.66
Share Price CHF 131 89.7 107
EV/EBITDA -34.6 -47.2 -84.8
EV/Sales 0.745 0.547 0.866
Price/Earnings (P/E) -18.9 -14.6 -17.7
Price/Book Value (P/BV) 2.32 1.28 2.29
Dividend Yield % 0 0 0

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overview Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                      
Sales CHF mil         911 916 834 880 983    
EBIT CHF mil         -11.3 8.21 8.44 -7.09 -38.3    
Net Profit CHF mil         -15.5 7.15 3.45 -12.8 -36.2    
                         
ROE % ...       -19.4 9.49 4.59 -14.5 -18.2    
EBIT Margin %         -1.24 0.897 1.01 -0.806 -3.90    
Net Margin %         -1.70 0.781 0.413 -1.45 -3.69    
Employees         736 702 716 752 1,106    
balance sheet                      
Total Assets CHF mil         225 228 233 262 462    
Non-Current Assets CHF mil         75.5 83.0 91.1 102 188    
Current Assets CHF mil         150 145 142 160 273    
                         
Shareholders' Equity CHF mil         73.4 77.4 72.8 104 294    
Liabilities CHF mil         152 151 161 158 168    
Non-Current Liabilities CHF mil         64.9 66.7 72.0 19.5 48.5    
Current Liabilities CHF mil         86.8 84.1 88.7 138 119    
                         
Net Debt/EBITDA         5.80 2.12 2.05 13.9 4.47    
Net Debt/Equity %         36.9 47.5 44.5 28.5 -32.2    
Cost of Financing % ...       3.61 4.05 4.25 4.40 6.73    
cash flow                      
Total Cash From Operations CHF mil         2.00 7.20 18.9 -13.8 -22.2    
Total Cash From Investing CHF mil         -11.1 -16.0 -16.4 -23.1 -62.2    
Total Cash From Financing CHF mil         -14.9 -1.06 2.50 37.0 166    
Net Change In Cash CHF mil         -23.7 -10.1 3.97 0.136 82.5    
valuation                      
Market Capitalisation USD mil         90.2 77.1 72.3 320 832    
Enterprise Value (EV) USD mil         116 113 104 349 735    
Number Of Shares mil         3.07 3.21 3.21 3.55 5.22    
Share Price CHF         25.0 23.9 22.5 75.7 131    
Price/Earnings (P/E)         -4.96 10.7 21.0 -21.0 -18.9    
Price/Cash Earnings (P/CE)         -6.09 8.17 12.5 -28.2 -21.1    
EV/EBITDA         23.2 6.12 6.54 165 -34.6    
Price/Book Value (P/BV)         1.05 0.993 0.992 2.59 2.32    
Dividend Yield %         0 0 0 0 0    
income statement Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                      
Sales CHF mil         911 916 834 880 983    
Selling, General & Admin CHF mil         49.7 40.7 34.1 43.7 61.1    
Research & Development CHF mil         0 0 0 0 0    
Other Operating Expense CHF mil         871 863 791 839 958    
Staff Cost CHF mil         60.5 57.8 53.7 60.2 78.3    
Other Operating Cost (Income) CHF mil         6.94 5.30 6.33 5.40 9.74    
EBITDA CHF mil         4.66 17.3 15.8 2.12 -21.2    
Depreciation CHF mil         2.86 2.25 2.33 3.25 3.85    
EBIT CHF mil         -11.3 8.21 8.44 -7.09 -38.3    
Net Financing Cost CHF mil         2.35 2.36 2.30 2.47 2.30    
Financing Cost CHF mil         2.47 2.37 2.47 2.48 2.30    
Financing Income CHF mil         0.122 0.008 0.165 0.013 0    
FX (Gain) Loss CHF mil         -0.429 0.265 1.47 0.404 -4.28    
(Income) / Loss from Affiliates CHF mil         0.200 -0.044 0.716 0.630 -0.134    
Extraordinary Cost CHF mil         0 0 0 0 0    
Pre-Tax Profit CHF mil         -14.3 4.52 4.04 -12.7 -36.5    
Tax CHF mil         1.19 -2.64 0.598 0.053 -0.241    
Minorities CHF mil         0 0 0 0 -0.027    
Net Profit CHF mil         -15.5 7.15 3.45 -12.8 -36.2    
Net Profit Avail. to Common CHF mil         -15.5 7.15 3.45 -12.8 -36.2    
Dividends CHF mil         0 0 0 0 0    
growth rates                      
Total Revenue Growth % ...       74.0 0.543 -8.86 5.41 11.8    
Operating Cost Growth % ...       73.3 -1.74 -8.80 7.17 15.6    
Staff Cost Growth % ...       106 -4.38 -7.08 12.0 30.2    
EBITDA Growth % ...       -80.6 272 -8.88 -86.6 -1,098    
EBIT Growth % ...       -250 -173 2.81 -184 440    
Pre-Tax Profit Growth % ...       -318 -132 -10.5 -415 187    
Net Profit Growth % ...       -352 -146 -51.8 -471 184    
ratios                      
ROE % ...       -19.4 9.49 4.59 -14.5 -18.2    
ROA % ...       -6.30 3.16 1.49 -5.16 -10.0    
ROCE % ...       -12.3 5.56 2.63 -9.22 -17.8    
EBITDA Margin %         0.512 1.89 1.89 0.241 -2.16    
EBIT Margin %         -1.24 0.897 1.01 -0.806 -3.90    
Net Margin %         -1.70 0.781 0.413 -1.45 -3.69    
Payout Ratio %         0 0 0 0 0    
Cost of Financing % ...       3.61 4.05 4.25 4.40 6.73    
Net Debt/EBITDA         5.80 2.12 2.05 13.9 4.47    
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                      
Cash & Cash Equivalents CHF mil         31.6 21.5 25.5 25.4 108    
Receivables CHF mil         73.8 80.5 72.5 71.4 84.0    
Unbilled Revenues CHF mil ... ... ... ... ... ... ... ... 4.72    
Inventories CHF mil         34.4 36.1 34.8 48.3 59.3    
Other ST Assets CHF mil         9.90 7.09 9.49 14.6 17.5    
Current Assets CHF mil         150 145 142 160 273    
Property, Plant & Equipment CHF mil         19.1 23.6 26.2 26.2 29.7    
LT Investments & Receivables CHF mil         0.833 0.834 0.697 1.83 0.981    
Intangible Assets CHF mil         50.4 50.3 53.7 63.1 148    
Goodwill CHF mil         11.2 11.0 10.5 10.4 83.1    
Non-Current Assets CHF mil         75.5 83.0 91.1 102 188    
Total Assets CHF mil         225 228 233 262 462    
                         
Trade Payables CHF mil         62.6 63.3 72.2 70.7 75.3    
Short-Term Debt CHF mil         0.500 0.500 0.500 50.0 10.4    
Other ST Liabilities CHF mil         6.00 4.21 3.06 3.75 13.0    
Current Liabilities CHF mil         86.8 84.1 88.7 138 119    
Long-Term Debt CHF mil         58.1 57.8 57.4 5.00 2.85    
Other LT Liabilities CHF mil         6.78 8.93 14.6 14.5 45.6    
Non-Current Liabilities CHF mil         64.9 66.7 72.0 19.5 48.5    
Liabilities CHF mil         152 151 161 158 168    
Preferred Equity and Hybrid Capital CHF mil         0 0 0 0 0    
Share Capital CHF mil         18.7 18.7 18.7 24.9 35.8    
Treasury Stock CHF mil         1.34 1.31 1.03 0.903 1.22    
Equity Before Minority Interest CHF mil         73.4 77.4 72.8 104 294    
Minority Interest CHF mil         0 0 0 0 0.219    
Equity CHF mil         73.4 77.4 72.8 104 294    
growth rates                      
Total Asset Growth % ...       -15.3 1.33 2.33 12.0 76.6    
Shareholders' Equity Growth % ...       -14.9 5.41 -5.91 42.6 183    
Net Debt Growth % ...       17.0 36.0 -11.9 -8.72 -420    
Total Debt Growth % ...       -25.2 -0.595 -0.601 -5.09 -75.9    
ratios                      
Total Debt CHF mil         58.6 58.3 57.9 55.0 13.2    
Net Debt CHF mil         27.0 36.8 32.4 29.6 -94.7    
Working Capital CHF mil         45.6 53.2 35.1 48.9 68.0    
Capital Employed CHF mil         121 136 126 151 256    
Net Debt/Equity %         36.9 47.5 44.5 28.5 -32.2    
Current Ratio         1.72 1.73 1.60 1.16 2.30    
Quick Ratio         1.21 1.21 1.11 0.700 1.61    
cash flow Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                      
Net Profit CHF mil         -15.5 7.15 3.45 -12.8 -36.2    
Depreciation CHF mil         2.86 2.25 2.33 3.25 3.85    
Non-Cash Items CHF mil         -1.04 -4.12 0.631 4.67 2.62    
Change in Working Capital CHF mil         2.58 -4.97 7.43 -14.9 -5.73    
Total Cash From Operations CHF mil         2.00 7.20 18.9 -13.8 -22.2    
                         
Capital Expenditures CHF mil         -10.5 -15.8 -15.2 -19.9 -21.6    
Net Change in LT Investment CHF mil         0.470 0.005 -0.272 -1.28 -0.121    
Net Cash From Acquisitions CHF mil         -1.03 -0.165 -0.904 -2.15 -40.9    
Other Investing Activities CHF mil         0 0 0 0.261 0.432    
Total Cash From Investing CHF mil         -11.1 -16.0 -16.4 -23.1 -62.2    
                         
Dividends Paid CHF mil         0 0 0 0 0    
Issuance Of Shares CHF mil         4.33 -0.555 0.034 42.5 222    
Issuance Of Debt CHF mil         -17.7 -0.500 4.39 -3.87 -56.1    
Other Financing Activities CHF mil         -1.51 0 -1.92 -1.64 0    
Total Cash From Financing CHF mil         -14.9 -1.06 2.50 37.0 166    
                         
Effect of FX Rates CHF mil         0.331 -0.223 -0.999 0.037 1.07    
Net Change In Cash CHF mil         -23.7 -10.1 3.97 0.136 82.5    
ratios                      
Days Sales Outstanding days         29.6 32.1 31.7 29.6 31.2    
Cash Earnings CHF mil         -12.6 9.40 5.78 -9.52 -32.4    
Free Cash Flow CHF mil         -9.09 -8.79 2.47 -36.9 -84.4    
Capital Expenditures (As % of Sales) %         1.16 1.73 1.82 2.27 2.20    
other ratios Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                       
Employees         736 702 716 752 1,106    
Cost Per Employee USD per month         7,389 7,294 6,299 6,634 5,923    
Cost Per Employee (Local Currency) CHF per month         6,848 6,866 6,255 6,667 5,903    
Operating Cost (As % of Sales) %         102 99.7 99.7 101 105    
Research & Development (As % of Sales) %         0 0 0 0 0    
Staff Cost (As % of Sales) %         6.64 6.32 6.44 6.84 7.97    
Effective Tax Rate %         -8.31 -58.3 14.8 -0.417 0.660    
Total Revenue Growth (5-year average) % ... ... ... ... ... 11.6 11.3 12.5 13.4    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...  
Customers mil ... ... ... ... ... ... ... ... ...    
valuation Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                       
Market Capitalisation USD mil         90.2 77.1 72.3 320 832    
Enterprise Value (EV) USD mil         116 113 104 349 735    
Number Of Shares mil         3.07 3.21 3.21 3.55 5.22    
Share Price CHF         25.0 23.9 22.5 75.7 131    
EV/EBITDA         23.2 6.12 6.54 165 -34.6    
Price/Earnings (P/E)         -4.96 10.7 21.0 -21.0 -18.9    
Price/Cash Earnings (P/CE)         -6.09 8.17 12.5 -28.2 -21.1    
P/FCF         -8.44 -8.74 29.2 -7.27 -8.09    
Price/Book Value (P/BV)         1.05 0.993 0.992 2.59 2.32    
Dividend Yield %         0 0 0 0 0    
Free Cash Flow Yield %         -10.9 -12.1 3.44 -11.5 -10.2    
Earnings Per Share (EPS) CHF         -5.04 2.23 1.07 -3.60 -6.94    
Cash Earnings Per Share CHF         -4.10 2.93 1.80 -2.68 -6.21    
Free Cash Flow Per Share CHF         -2.96 -2.74 0.770 -10.4 -16.2    
Book Value Per Share CHF         23.9 24.1 22.7 29.3 56.4    
Dividend Per Share CHF         0 0 0 0 0    
EV/Sales         0.119 0.116 0.124 0.398 0.745    
EV/EBIT         -9.59 12.9 12.2 -49.4 -19.1    
EV/Free Cash Flow         -11.9 -12.1 41.8 -9.49 -8.67    
EV/Capital Employed         0.989 0.852 0.843 2.36 2.79    
Earnings Per Share Growth % ...       -348 -144 -52.0 -436 92.8    
Cash Earnings Per Share Growth % ...       -240 -171 -38.5 -249 131    
Book Value Per Share Growth % ...       -16.3 0.691 -5.77 29.0 92.6    
Market Value per Customer USD ... ... ... ... ... ... ... ... ...    
Sales per Customer USD ... ... ... ... ... ... ... ... ...    
EBITDA per Customer USD ... ... ... ... ... ... ... ... ...    
Net Profit per Customer USD ... ... ... ... ... ... ... ... ...    
clients & arpu Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                       
Customers mil ... ... ... ... ... ... ... ... ...    
Basket Size (USD) USD ... ... ... ... ... ... ... ... ...    
Order Frequency ... ... ... ... ... ... ... ... ...    
Repeat Order Rate % ... ... ... ... ... ... ... 84.0 87.0    
Site Visits mil ... ... ... ... ... ... ... ... ...    
Marketing Expenses CHF mil ... ... ... ... ... ... ... 22.2 33.7    
Marketing Expenses (As % of Sales) % ... ... ... ... ... ... ... 2.53 3.43    

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Zur Rose's net profit fell 34.4% yoy to CHF -52.4 mil in 2019

By Helgi Analytics - August 2, 2020

Zur Rose made a net profit of CHF -52.4 mil with revenues of CHF 1,356 mil in 2019, down by 34.4% and up by 12.3%, respectively, compared to the previous year. This translates into a net margin of -3.86%. Historically, between 2009 - 2019, the fi...

Zur Rose's employees rose 30.1% yoy to 1,710 in 2019

By Helgi Analytics - August 2, 2020

Zur Rose employed 1,710 employees in 2019, up 30.1% compared to the previous year. Historically, between 2009 and 2019, the firm's workforce hit a high of 1,710 employees in 2019 and a low of 321 employees in 2010. Average personnel cost stood at USD...

Zur Rose's price/earnings (P/E) fell 21.3% yoy to -17.7 in 2019

By Helgi Analytics - August 2, 2020

Zur Rose stock traded at CHF 107 per share at the end 2019 translating into a market capitalization of USD 961 mil. Since the end of 2014, stock has appreciated by 348% representing an annual average growth of 35.0%. In absolute terms, the value of the ...

Zur Rose's Net Debt/EBITDA fell 385% yoy to -16.8 in 2019

By Helgi Analytics - August 2, 2020

Zur Rose's net debt stood at CHF 233 mil and accounted for 57.4% of equity at the end of 2019. The ratio is up 76.0 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 57.4% in 2019 and a low of -32...

Zur Rose's Capital Expenditures fell 31.8% yoy to CHF 41.5 mil in 2019

By Helgi Analytics - August 2, 2020

Zur Rose invested a total of CHF 41.5 mil in 2019, up 31.8% compared to the previous year. Historically, between 2009 - 2019, the company's investments stood at a high of CHF 41.5 mil in 2019 and a low of CHF 1.73 mil in 2009. As a pe...

Zur Rose's Net Margin fell 19.6% yoy to -3.86% in 2019

By Helgi Analytics - August 2, 2020

Zur Rose made a net profit of CHF -52.4 mil with revenues of CHF 1,356 mil in 2019, down by 34.4% and up by 12.3%, respectively, compared to the previous year. This translates into a net margin of -3.86%. Historically, between 2009 and 2019, the fir...

Zur Rose's Share Price rose 19.3% yoy to CHF 107 in 2019

By Helgi Analytics - August 2, 2020

Zur Rose stock traded at CHF 107 per share at the end 2019 implying a market capitalization of USD 961 mil. Since the end of 2014, stock has appreciated by 348% implying an annual average growth of 35.0% In absolute terms, the value of the company rose ...

Zur Rose's ROCE rose 18.1% yoy to -9.90% in 2019

By Helgi Analytics - August 2, 2020

Zur Rose made a net profit of CHF -52.4 mil in 2019, down 34.4% compared to the previous year. Historically, between 2009 and 2019, the company's net profit reached a high of CHF 40.6 mil in 2009 and a low of CHF -52.4 mil in 2019. The result implies a re...

Zur Rose's P/FCF fell 25.1% yoy to -4.11 in 2019

By Helgi Analytics - August 2, 2020

Zur Rose stock traded at CHF 107 per share at the end 2019 translating into a market capitalization of USD 961 mil. Since the end of 2014, the stock has appreciated by 348% representing an annual average growth of 35.0%. At the end of 2019, the firm trad...

More News

The Swiss Zur Rose Group is Europe’s largest e-commerce pharmacy and one of the leading medical wholesalers in Switzerland. The Company also operates the leading marketplace in southern Europe for consumer health, beauty and personal care products commonly sold in pharmacies. The company is internationally present with strong brands, including Germany’s best-known pharmacy brand DocMorris. Zur Rose employs more than 1,800 people at sites in Switzerland, Germany, the Netherlands, Spain and France. The Company's activities are divided into two business segments: Zur Rose and DocMorris. The Zur Rose division includes wholesale business and provides drugs to medical doctors, health insurance companies, hospitals and healthcare companies, among others. The DocMorris division manages the mail-order business for drug retail. The Company operates in Switzerland, Germany and the Netherlands through a number of subsidiaries, such as Zur Rose Suisse AG, Zur Rose Pharma GmbH, BlueCare AG, DocMorris NV, Eurapon Pharmahandel GmbH and Vitalsana BV.

Zur Rose Logo

Finance

Zur Rose has been growing its sales by 8.16% a year on average in the last 5 years. EBITDA has fallen by 180% during that time to total of CHF -13.8 mil in 2019, or -1.02% of sales. That’s compared to -0.440% average margin seen in last five years.

The company netted CHF -52.4 mil in 2019 implying ROE of -12.3% and ROCE of -9.90%. Again, the average figures were -10.2% and -9.28%, respectively when looking at the previous 5 years.

Zur Rose’s net debt amounted to CHF 233 mil at the end of 2019, or 57.4% of equity. When compared to EBITDA, net debt was -16.8x, down when compared to average of 1.91x seen in the last 5 years.

Valuation

Zur Rose stock traded at CHF 107 per share at the end of 2019 resulting in a market capitalization of USD 961 mil. Over the previous five years, stock price grew by 348% or 35.0% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of -84.8x and price to earnings (PE) of -17.7x as of 2019.