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Zur Rose

Zur Rose's employees rose 8.72% yoy to 2,131 in 2021

By Helgi Analytics - October 8, 2022

Zur Rose employed 2,131 employees in 2021, up 8.72% compared to the previous year. Historically, between 2009 and 2021,...

Zur Rose's net profit fell 66.4% yoy to CHF -226 mil in 2021

By Helgi Analytics - October 8, 2022

Zur Rose made a net profit of CHF -226 mil with revenues of CHF 1,727 mil in 2021, down by 66.4% and up by 16.9%, r...

Zur Rose's price/earnings (P/E) rose 46.8% yoy to -10.1 in 2021

By Helgi Analytics - October 8, 2022

Zur Rose stock traded at CHF 236 per share at the end 2021 translating into a market capitalization of USD 2,648 mil. Since the e...

Profit Statement 2019 2020 2021
Sales CHF mil 1,356 1,477 1,727
Gross Profit CHF mil 209 251 263
EBITDA CHF mil -13.8 -78.4 -143
EBIT CHF mil -45.7 -118 -194
Financing Cost CHF mil 4.40 13.5 14.9
Pre-Tax Profit CHF mil -50.1 -133 -227
Net Profit CHF mil -52.4 -136 -226
Dividends CHF mil 0 0 0
Balance Sheet 2019 2020 2021
Total Assets CHF mil 992 1,278 1,269
Non-Current Assets CHF mil 564 739 732
Current Assets CHF mil 428 539 537
Working Capital CHF mil 105 115 92.3
Shareholders' Equity CHF mil 406 532 485
Liabilities CHF mil 586 747 784
Total Debt CHF mil 438 571 569
Net Debt CHF mil 233 270 291
Ratios 2019 2020 2021
ROE % -12.3 -29.0 -44.4
ROCE % -9.90 -17.8 -26.9
Gross Margin % 15.4 17.0 15.2
EBITDA Margin % -1.02 -5.31 -8.26
EBIT Margin % -3.37 -7.96 -11.2
Net Margin % -3.86 -9.19 -13.1
Net Debt/EBITDA -16.8 -3.44 -2.04
Net Debt/Equity % 57.4 50.7 60.0
Cost of Financing % 1.50 2.67 2.62
Valuation 2019 2020 2021
Market Capitalisation USD mil 961 3,060 2,648
Enterprise Value (EV) USD mil 1,202 3,365 2,966
Number Of Shares mil 8.66 9.08 9.65
Share Price CHF 107 283 236
EV/EBITDA -84.8 -39.7 -18.7
EV/Sales 0.866 2.11 1.54
Price/Earnings (P/E) -17.7 -18.9 -10.1
Price/Book Value (P/BV) 2.29 4.83 4.68
Dividend Yield % 0 0 0

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overview Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
income statement                                      
Sales CHF mil             834 880 983 1,207 1,356                
Gross Profit CHF mil             125 132 147 181 209                
EBIT CHF mil             8.44 -7.09 -38.3 -32.9 -45.7                
Net Profit CHF mil             3.45 -12.8 -36.2 -39.0 -52.4                
                                         
ROE % ...           4.59 -14.5 -18.2 -10.6 -12.3                
EBIT Margin %             1.01 -0.806 -3.90 -2.72 -3.37                
Net Margin %             0.413 -1.45 -3.69 -3.23 -3.86                
Employees             716 752 1,106 1,314 1,710     ... ... ... ... ... ...
balance sheet                                      
Total Assets CHF mil             233 262 462 727 992                
Non-Current Assets CHF mil             91.1 102 188 310 564                
Current Assets CHF mil             142 160 273 417 428                
                                         
Shareholders' Equity CHF mil             72.8 104 294 444 406                
Liabilities CHF mil             161 158 168 283 586                
Non-Current Liabilities CHF mil             72.0 19.5 48.5 164 374                
Current Liabilities CHF mil             88.7 138 119 119 213                
                                         
Net Debt/EBITDA             2.05 13.9 4.47 5.90 -16.8                
Net Debt/Equity %             44.5 28.5 -32.2 -18.6 57.4                
Cost of Financing % ...           4.25 4.40 6.73 2.10 1.50                
cash flow                                      
Total Cash From Operations CHF mil             18.9 -13.8 -22.2 -33.2 -82.6                
Total Cash From Investing CHF mil             -16.4 -23.1 -62.2 -140 -143                
Total Cash From Financing CHF mil             2.50 37.0 166 297 200                
Net Change In Cash CHF mil             3.97 0.136 82.5 123 -26.0                
valuation                                      
Market Capitalisation USD mil             72.3 320 832 758 961                
Enterprise Value (EV) USD mil             104 349 735 674 1,202                
Number Of Shares mil             3.21 3.55 5.51 6.35 8.66                
Share Price CHF             22.5 75.7 131 89.7 107                
Price/Earnings (P/E)             21.0 -21.0 -18.9 -14.6 -17.7                
Price/Cash Earnings (P/CE)             12.5 -28.2 -22.3 -16.7 -19.6                
EV/EBITDA             6.54 165 -34.5 -47.2 -84.8                
Price/Book Value (P/BV)             0.992 2.59 2.45 1.28 2.29                
Dividend Yield %             0 0 0 0 0                
income statement Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
income statement                                      
Sales CHF mil             834 880 983 1,207 1,356                
Cost of Goods & Services CHF mil             709 748 835 1,026 1,147                
Gross Profit CHF mil             125 132 147 181 209                
Selling, General & Admin CHF mil             34.1 43.7 61.1 66.2 88.1     ... ... ... ... ... ...
Research & Development CHF mil             0 0 0 0 0     ... ... ... ... ... ...
Other Operating Expense CHF mil             666 707 810 977 1,120     ... ... ... ... ... ...
Staff Cost CHF mil             53.7 60.2 78.3 93.7 117     ... ... ... ... ... ...
Other Operating Cost (Income) CHF mil             6.33 5.40 9.74 3.07 42.0     ... ... ... ... ... ...
EBITDA CHF mil             15.8 2.12 -21.2 -14.0 -13.8                
Depreciation CHF mil             2.33 3.25 3.85 4.92 5.10                
EBIT CHF mil             8.44 -7.09 -38.3 -32.9 -45.7                
Net Financing Cost CHF mil             2.30 2.47 2.30 1.46 4.35                
Financing Cost CHF mil             2.47 2.48 2.30 1.70 4.40                
Financing Income CHF mil             0.165 0.013 0 0.237 0.051                
FX (Gain) Loss CHF mil             1.47 0.404 -4.28 3.89 -1.34                
(Income) / Loss from Affiliates CHF mil             0.716 0.630 -0.134 -0.173 -0.031     ... ... ... ... ... ...
Extraordinary Cost CHF mil             0 0 0 0 0                
Pre-Tax Profit CHF mil             4.04 -12.7 -36.5 -38.5 -50.1                
Tax CHF mil             0.598 0.053 -0.241 0.553 2.27                
Minorities CHF mil             0 0 -0.027 -0.129 -0.018                
Net Profit CHF mil             3.45 -12.8 -36.2 -39.0 -52.4                
Net Profit Avail. to Common CHF mil             3.45 -12.8 -36.2 -39.0 -52.4                
Dividends CHF mil             0 0 0 0 0                
growth rates                                      
Total Revenue Growth % ...           -8.86 5.41 11.8 22.8 12.3                
Operating Cost Growth % ...           -8.80 7.17 15.6 20.6 16.1     ... ... ... ... ... ...
Staff Cost Growth % ...           -7.08 12.0 30.2 19.6 25.4     ... ... ... ... ... ...
EBITDA Growth % ...           -8.88 -86.6 -1,098 -33.9 -1.16                
EBIT Growth % ...           2.81 -184 440 -14.2 39.1                
Pre-Tax Profit Growth % ...           -10.5 -415 187 5.59 30.0                
Net Profit Growth % ...           -51.8 -471 184 7.54 34.4                
ratios                                      
ROE % ...           4.59 -14.5 -18.2 -10.6 -12.3                
ROA % ...           1.49 -5.16 -10.0 -6.56 -6.09                
ROCE % ...           2.63 -9.22 -17.8 -12.1 -9.90                
Gross Margin %             15.0 15.0 15.0 15.0 15.4                
EBITDA Margin %             1.89 0.241 -2.16 -1.16 -1.02                
EBIT Margin %             1.01 -0.806 -3.90 -2.72 -3.37                
Net Margin %             0.413 -1.45 -3.69 -3.23 -3.86                
Payout Ratio %             0 0 0 0 0                
Cost of Financing % ...           4.25 4.40 6.73 2.10 1.50                
Net Debt/EBITDA             2.05 13.9 4.47 5.90 -16.8                
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
balance sheet                                      
Cash & Cash Equivalents CHF mil             25.5 25.4 108 231 205                
Receivables CHF mil             72.5 71.4 84.0 92.3 127                
Unbilled Revenues CHF mil ... ... ... ... ... ... ... ... 4.72 3.93 0.415                
Inventories CHF mil             34.8 48.3 59.3 69.4 70.6                
Other ST Assets CHF mil             9.49 14.6 17.5 20.3 25.4                
Current Assets CHF mil             142 160 273 417 428                
Property, Plant & Equipment CHF mil             26.2 26.2 29.7 34.3 77.1                
LT Investments & Receivables CHF mil             0.697 1.83 0.981 1.08 6.16                
Intangible Assets CHF mil             53.7 63.1 148 265 465                
Goodwill CHF mil             10.5 10.4 83.1 172 335                
Non-Current Assets CHF mil             91.1 102 188 310 564                
Total Assets CHF mil             233 262 462 727 992                
                                         
Trade Payables CHF mil             72.2 70.7 75.3 83.1 92.1                
Short-Term Debt CHF mil             0.500 50.0 10.4 3.52 87.4                
Other ST Liabilities CHF mil             3.06 3.75 13.0 9.53 6.92                
Current Liabilities CHF mil             88.7 138 119 119 213                
Long-Term Debt CHF mil             57.4 5.00 2.85 145 350                
Other LT Liabilities CHF mil             14.6 14.5 45.6 19.2 23.4                
Non-Current Liabilities CHF mil             72.0 19.5 48.5 164 374                
Liabilities CHF mil             161 158 168 283 586                
Preferred Equity and Hybrid Capital CHF mil             0 0 0 0 0                
Share Capital CHF mil             18.7 24.9 35.8 48.1 262                
Treasury Stock CHF mil             1.03 0.903 1.22 5.45 5.22                
Equity Before Minority Interest CHF mil             72.8 104 294 444 406                
Minority Interest CHF mil             0 0 0.219 0.030 -0.110                
Equity CHF mil             72.8 104 294 444 406                
growth rates                                      
Total Asset Growth % ...           2.33 12.0 76.6 57.3 36.5                
Shareholders' Equity Growth % ...           -5.91 42.6 183 50.8 -8.58                
Net Debt Growth % ...           -11.9 -8.72 -420 -12.8 -382                
Total Debt Growth % ...           -0.601 -5.09 -75.9 1,019 195                
ratios                                      
Total Debt CHF mil             57.9 55.0 13.2 148 438                
Net Debt CHF mil             32.4 29.6 -94.7 -82.6 233                
Working Capital CHF mil             35.1 48.9 68.0 78.6 105                
Capital Employed CHF mil             126 151 256 388 669                
Net Debt/Equity %             44.5 28.5 -32.2 -18.6 57.4                
Current Ratio             1.60 1.16 2.30 3.50 2.01                
Quick Ratio             1.11 0.700 1.61 2.72 1.56                
cash flow Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
cash flow                                      
Net Profit CHF mil             3.45 -12.8 -36.2 -39.0 -52.4                
Depreciation CHF mil             2.33 3.25 3.85 4.92 5.10                
Non-Cash Items CHF mil             0.631 4.67 2.62 5.26 -34.9                
Change in Working Capital CHF mil             7.43 -14.9 -5.73 -18.4 -27.2                
Total Cash From Operations CHF mil             18.9 -13.8 -22.2 -33.2 -82.6                
                                         
Capital Expenditures CHF mil             -15.2 -19.9 -21.6 -31.5 -41.5                
Net Change in LT Investment CHF mil             -0.272 -1.28 -0.121 -0.450 -3.21                
Net Cash From Acquisitions CHF mil             -0.904 -2.15 -40.9 -109 -103                
Other Investing Activities CHF mil             0 0.261 0.432 0.244 4.62                
Total Cash From Investing CHF mil             -16.4 -23.1 -62.2 -140 -143                
                                         
Dividends Paid CHF mil             0 0 0 0 0                
Issuance Of Shares CHF mil             0.034 42.5 222 185 0.495                
Issuance Of Debt CHF mil             4.39 -3.87 -56.1 112 200                
Other Financing Activities CHF mil             -1.92 -1.64 0 0 -0.314                
Total Cash From Financing CHF mil             2.50 37.0 166 297 200                
                                         
Effect of FX Rates CHF mil             -0.999 0.037 1.07 -0.624 -0.450                
Net Change In Cash CHF mil             3.97 0.136 82.5 123 -26.0                
ratios                                      
Days Sales Outstanding days             31.7 29.6 31.2 27.9 34.1                
Days Sales Of Inventory days             17.9 23.6 25.9 24.7 22.5                
Days Payable Outstanding days             37.1 34.5 32.9 29.6 29.3                
Cash Conversion Cycle days             12.5 18.7 24.2 23.0 27.3                
Cash Earnings CHF mil             5.78 -9.52 -32.4 -34.1 -47.3                
Free Cash Flow CHF mil             2.47 -36.9 -84.4 -174 -226                
Capital Expenditures (As % of Sales) %             1.82 2.27 2.20 2.61 3.06                
other ratios Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
                                       
Employees             716 752 1,106 1,314 1,710     ... ... ... ... ... ...
Cost Per Employee USD per month             6,299 6,640 5,928 6,062 5,863     ... ... ... ... ... ...
Cost Per Employee (Local Currency) CHF per month             6,255 6,667 5,903 5,942 5,726     ... ... ... ... ... ...
Women (As % of Workforce) % ... ... ... ... ... ... ... ... ... ... ... ...   ... ... ... ... ... ...
Women (As % of Management) % ... ... ... ... ... ... ... ... ... ... ...   ... ... ... ... ... ... ...
Operating Cost (As % of Sales) %             99.7 101 105 103 106     ... ... ... ... ... ...
Research & Development (As % of Sales) %             0 0 0 0 0     ... ... ... ... ... ...
Staff Cost (As % of Sales) %             6.44 6.84 7.97 7.76 8.67     ... ... ... ... ... ...
Effective Tax Rate %             14.8 -0.417 0.660 -1.43 -4.52                
Total Revenue Growth (5-year average) % ... ... ... ... ...   11.3 12.5 13.4 5.80 8.16                
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... 9.89                
Customers mil ... ... ... ... ... ... ... ... ... 6.00 7.08                
valuation Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
                                       
Market Capitalisation USD mil             72.3 320 832 758 961                
Enterprise Value (EV) USD mil             104 349 735 674 1,202                
Number Of Shares mil             3.21 3.55 5.51 6.35 8.66                
Share Price CHF             22.5 75.7 131 89.7 107                
EV/EBITDA             6.54 165 -34.5 -47.2 -84.8                
Price/Earnings (P/E)             21.0 -21.0 -18.9 -14.6 -17.7                
Price/Cash Earnings (P/CE)             12.5 -28.2 -22.3 -16.7 -19.6                
P/FCF             29.2 -7.27 -8.55 -3.28 -4.11             ...  
Price/Book Value (P/BV)             0.992 2.59 2.45 1.28 2.29                
Dividend Yield %             0 0 0 0 0                
Free Cash Flow Yield %             3.44 -11.5 -10.2 -23.3 -24.0                
Earnings Per Share (EPS) CHF             1.07 -3.60 -6.94 -6.14 -6.04                
Cash Earnings Per Share CHF             1.80 -2.68 -5.88 -5.36 -5.45                
Free Cash Flow Per Share CHF             0.770 -10.4 -15.3 -27.3 -26.1                
Book Value Per Share CHF             22.7 29.3 53.4 69.9 46.8                
Dividend Per Share CHF             0 0 0 0 0                
EV/Sales             0.124 0.398 0.744 0.548 0.866                
EV/EBIT             12.2 -49.4 -19.1 -20.1 -25.7                
EV/Free Cash Flow             41.8 -9.48 -8.67 -3.81 -5.20             ...  
EV/Capital Employed             0.843 2.36 2.80 1.71 1.74                
Earnings Per Share Growth % ...           -52.0 -436 92.8 -11.5 -1.63                
Cash Earnings Per Share Growth % ...           -38.5 -249 119 -8.75 1.68                
Book Value Per Share Growth % ...           -5.77 29.0 82.4 30.9 -33.0                
Market Value per Customer USD ... ... ... ... ... ... ... ... ... 126 136                
Sales per Customer USD ... ... ... ... ... ... ... ... ... 205 196                
EBITDA per Customer USD ... ... ... ... ... ... ... ... ... -2.38 -2.00                
Net Profit per Customer USD ... ... ... ... ... ... ... ... ... -6.63 -7.58                
clients & arpu Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
                                       
Customers mil ... ... ... ... ... ... ... ... ... 6.00 7.08                
Basket Size (USD) USD ... ... ... ... ... ... ... ... ... 71.5 64.6     ... ... ... ... ... ...
Order Frequency ... ... ... ... ... ... ... ... ... 2.60 2.40     ... ... ... ... ... ...
Repeat Order Rate % ... ... ... ... ... ... ... 84.0 87.0 81.0 79.0     ... ... ... ... ... ...
Site Visits mil ... ... ... ... ... ... ... ... ... 146 216     ... ... ... ... ... ...
Marketing Expenses CHF mil ... ... ... ... ... ... ... 22.2 33.7 41.3 53.2     ... ... ... ... ... ...
Marketing Expenses (As % of Sales) % ... ... ... ... ... ... ... 2.53 ... ... ... ... ... ... ... ... ... ... ...

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Zur Rose's Net Profit per Customer fell 45.2% yoy to USD -20.3 in 2021

By Helgi Analytics - October 8, 2022

Zur Rose made a net profit of CHF -226 mil with revenues of CHF 1,727 mil in 2021, down by 66.4% and up by 16.9%, respectively, compared to the previous year. This translates into a net margin of -13.1%. On the operating level, EBITDA reached CHF -143 mil, ...

Zur Rose's Capital Expenditures fell 6.10% yoy to CHF 63.5 mil in 2021

By Helgi Analytics - October 8, 2022

Zur Rose invested a total of CHF 63.5 mil in 2021, up 6.1% compared to the previous year. Historically, between 2009 - 2021, the company's investments stood at a high of CHF 63.5 mil in 2021 and a low of CHF 1.73 mil in 2009. As a per...

Zur Rose's ROCE fell 50.9% yoy to -26.9% in 2021

By Helgi Analytics - October 8, 2022

Zur Rose made a net profit of CHF -226 mil in 2021, down 66.4% compared to the previous year. Historically, between 2009 and 2021, the company's net profit reached a high of CHF 40.6 mil in 2009 and a low of CHF -226 mil in 2021. The result implies a retu...

Zur Rose's Share Price fell 16.8% yoy to CHF 236 in 2021

By Helgi Analytics - October 8, 2022

Zur Rose stock traded at CHF 236 per share at the end 2021 implying a market capitalization of USD 2,648 mil. Since the end of 2016, stock has appreciated by 211% implying an annual average growth of 25.5% In absolute terms, the value of the company rose...

Zur Rose's Net Margin fell 42.3% yoy to -13.1% in 2021

By Helgi Analytics - October 8, 2022

Zur Rose made a net profit of CHF -226 mil with revenues of CHF 1,727 mil in 2021, down by 66.4% and up by 16.9%, respectively, compared to the previous year. This translates into a net margin of -13.1%. Historically, between 2009 and 2021, the firm...

Zur Rose's Net Debt/EBITDA rose 40.7% yoy to -2.04 in 2021

By Helgi Analytics - October 8, 2022

Zur Rose's net debt stood at CHF 291 mil and accounted for 60.0% of equity at the end of 2021. The ratio is up 9.29 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 60.0% in 2021 and a low of -32...

Zur Rose's P/FCF fell 19.4% yoy to -11.5 in 2021

By Helgi Analytics - October 8, 2022

Zur Rose stock traded at CHF 236 per share at the end 2021 translating into a market capitalization of USD 2,648 mil. Since the end of 2016, the stock has appreciated by 211% representing an annual average growth of 25.5%. At the end of 2021, the firm tr...

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%, respectively, compared to the previous year. This translates into a net margin of -5.13%. On the operating level, EBITDA reached CHF -5.69 m...

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. Historically, between 1Q2009 - 4Q2019, the firm’s operating cash flow reached a high of CHF 5.23 mil in 3Q2012 and a low of CHF -33.6 mil ...

Zur Rose's Cash & Cash Equivalents remain unchanged yoy at CHF mil in 4Q2019

By Helgi Analytics - October 12, 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 amounted to CHF 428 mil, or 43.2% of total assets while cash stood at CHF 205 mil at the end of 4Q2019. ...

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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.

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Finance

Zur Rose has been growing its sales by 13.1% a year on average in the last 5 years. EBITDA has grown by 305% during that time to total of CHF 182 mil in 2027, or 5.98% of sales. That’s compared to 3.04% average margin seen in last five years.

The company netted CHF 67.2 mil in 2027 implying ROE of 29.6% and ROCE of 6.43%. Again, the average figures were -3.92% and -1.68%, respectively when looking at the previous 5 years.

Zur Rose’s net debt amounted to CHF 575 mil at the end of 2027, or 221% of equity. When compared to EBITDA, net debt was 3.17x, up when compared to average of -0.589x seen in the last 5 years.

Valuation

Zur Rose stock traded at CHF 27.1 per share at the end of 2027 resulting in a market capitalization of USD 298 mil. Over the previous five years, stock price grew by 0% or 0% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 4.67x and price to earnings (PE) of 4.05x as of 2027.