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Kuoni Reisen Holding AG (XSWX:KUNN) Owner Earnings per Share (TTM) : 0.00 (As of Dec. 2015)


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What is Kuoni Reisen Holding AG Owner Earnings per Share (TTM)?

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

Kuoni Reisen Holding AG's Owner Earnings per Share (TTM) ended in Dec. 2015 was CHF0.00. It's Price-to-Owner-Earnings ratio for today is 0.


The historical rank and industry rank for Kuoni Reisen Holding AG's Owner Earnings per Share (TTM) or its related term are showing as below:



XSWX:KUNN's Price-to-Owner-Earnings is not ranked *
in the Travel & Leisure industry.
Industry Median: 14.67
* Ranked among companies with meaningful Price-to-Owner-Earnings only.

Kuoni Reisen Holding AG's Earnings per Share (Diluted) for the three months ended in Dec. 2015 was CHF-0.28. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Dec. 2015 was CHF-79.26. It's PE Ratio ratio for today is At Loss.

Kuoni Reisen Holding AG's EPS without NRI for the three months ended in Dec. 2015 was CHF11.69. Its EPS without NRI for the trailing twelve months (TTM) ended in Dec. 2015 was CHF13.69. It's PE Ratio without NRI ratio for today is 27.01.


Kuoni Reisen Holding AG Owner Earnings per Share (TTM) Historical Data

The historical data trend for Kuoni Reisen Holding AG's Owner Earnings per Share (TTM) can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Kuoni Reisen Holding AG Owner Earnings per Share (TTM) Chart

Kuoni Reisen Holding AG Annual Data
Trend Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15
Owner Earnings per Share (TTM)
Get a 7-Day Free Trial Premium Member Only Premium Member Only - - 11.55 -1.54 -51.88

Kuoni Reisen Holding AG Quarterly Data
Sep09 Dec09 Jun10 Sep10 Dec10 Jun11 Sep11 Dec11 Jun12 Sep12 Dec12 Jun13 Sep13 Dec13 Jun14 Sep14 Dec14 Jun15 Sep15 Dec15
Owner Earnings per Share (TTM) Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.17 -1.54 -5.01 -50.20 -51.88

Competitive Comparison of Kuoni Reisen Holding AG's Owner Earnings per Share (TTM)

For the Leisure subindustry, Kuoni Reisen Holding AG's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Kuoni Reisen Holding AG's Price-to-Owner-Earnings Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Kuoni Reisen Holding AG's Price-to-Owner-Earnings distribution charts can be found below:

* The bar in red indicates where Kuoni Reisen Holding AG's Price-to-Owner-Earnings falls into.



Kuoni Reisen Holding AG Owner Earnings per Share (TTM) Calculation

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

To make it simple, then you will have:

Owner Earnings per Share (TTM) = (Net Income + Depreciation, Depletion and Amortization + Change In Deferred Tax - 5Y Average of Maintenance Capital Expenditure + Change In Working Capital) / Shares Outstanding (Diluted Average)

Kuoni Reisen Holding AG's Owner Earnings per Share (TTM) Calculation:

TTM / Last Quarter Average of Last 20 Quarters
Net Income -310
Depreciation, Depletion and Amortization 39
Change In Deferred Tax 12
5Y Average of Maintenance Capital Expenditure 32
Change In Working Capital 87
Shares Outstanding (Diluted Average) 4

1. Start with "Net Income" from income statement. Kuoni Reisen Holding AG's Net Income for the trailing twelve months (TTM) ended in Dec. 2015 was CHF-310 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. Kuoni Reisen Holding AG's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Dec. 2015 was CHF39 Mil. This needs to be added back because company does not actually need to pay cash for it. It is a non-cash item.

3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income. Kuoni Reisen Holding AG's Change In Deferred Tax for the trailing twelve months (TTM) ended in Dec. 2015 was CHF12 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = CHF32 Mil

It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.

The following shows how to get maintenance capital expenditure.

First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.

Kuoni Reisen Holding AG's 5-Year Average Maintenance Capital Expenditure = CHF32 Mil

5. "Change In Working Capital" is from cashflow statement. Kuoni Reisen Holding AG's Change In Working Capital for the trailing twelve months (TTM) ended in Dec. 2015 was CHF87 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.

6. Kuoni Reisen Holding AG's Shares Outstanding (Diluted Average) for the months ended in Dec. 2015 was 3.908 Mil.

Kuoni Reisen Holding AG's Onwer Earnings Per Share for Dec. 2015 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( -309.7 +39.3+12.3
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-31.733333333333+87.1)/3.908
=0.00

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=369.75/0.00
=0

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Be Aware

Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.

Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.


Kuoni Reisen Holding AG Owner Earnings per Share (TTM) Related Terms

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Kuoni Reisen Holding AG (XSWX:KUNN) Business Description

Traded in Other Exchanges
N/A
Address
Kuoni Reisen Holding AG was established in 1906. The Company operates travel agencies and provides travel planning services. It provides leisure travel services as well as offers tours and support services for overseas travelers in Europe. The Company's business activities are split into three different areas: Destination Management, Tour operating and Visa services. Destination & Accommodation services involve procurement and supply of services as a specialized wholesaler and supplier. It provides accommodation and land components to online & offline travel agencies, tour operators and aggregators via its efficient, online distribution system. Tour Operating activities focus on outbound leisure travel from European and Asian source markets and offer a variety of tailor-made, individual and packaged holidays to end consumers and online & offline travel agencies. Visa Processing Services offers administrative parts of the visa application, and other consular processes.

Kuoni Reisen Holding AG (XSWX:KUNN) Headlines

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