Additional information on valuation
2018 | 2017 | |||||
Invested capital1 | CHF million | 4 273.0 | 4 040.4 | |||
Average invested capital | CHF million | 4 156.7 | 3 846.7 | |||
Return on invested capital (ROIC)2 | % | 4.2% | 4.3 | |||
Average investment real estate portfolio | CHF million | 4 058.3 | 3 765.6 | |||
Interest coverage ratio3 | 6.1 | 6.0 | ||||
Payout ratio4 | % | 94.6 | 98.7 | |||
Overall performance5 | % | –3.3 | 12.7 | |||
Absolute performance6 | % | –7.1 | 8.9 | |||
Relative performance7 | % | 1.5 | –11.0 | |||
Earnings yield8 | % | 6.6% | 4.9 | |||
Price/earnings ratio (P/E ratio)9 | 15.1 | 20.3 | ||||
Market to book value10 | 109.6 | 121.9 | ||||
Average EV/EBITDA excl. earnings from revaluation | 25.5 | 25.6 | ||||
EV / invested capital | % | 104.5 | 111.3 | |||
Free float11 | % | 89.4 | 89.4 |
1 All assets minus non-interest bearing liabilities and deferred tax credits
2 EBIT excl. revaluation gains in percent of average invested capital
3 EBITDA excl. revaluation gains divided by net financial expense
4 Payout to shareholders in percent of net profit excl. revaluation effect
5 Payout to shareholders plus price change in percent of price as at 1 January
6 Change in price in percent of price 1 January
7 Absolute performance minus percentage change in SPI since 1 January
8 Net profit divided by market capitalisation
9 Market price on 31 December divided by earnings per share incl. revaluation effect
10Market capitalisation divided by equity
11With effect from 31.12.2017: issued shares minus the shares committed under the pool agreement; with effect from 31.12.2018: minus the shares held by Helvetia Group