Additional information on valuation
2019 | 2018 | |||||
Invested capital1 | CHF million | 4 397.1 | 4 273.0 | |||
Average invested capital | CHF million | 4 335.1 | 4 156.7 | |||
Return on invested capital (ROIC)2 | % | 4.4 | 4.2 | |||
Average investment real estate portfolio | CHF million | 4 267.9 | 4 058.3 | |||
Interest coverage ratio3 | 7.3 | 6.1 | ||||
Payout ratio4 | % | 90.5 | 94.6 | |||
Overall performance5 | % | 29.9 | –3.3 | |||
Absolute performance6 | % | 25.7 | –7.1 | |||
Relative performance7 | % | –4.9 | 1.5 | |||
Earnings yield8 | % | 7.7 | 0.1 | |||
Price/earnings ratio (P/E ratio)9 | 13.0 | 15.1 | ||||
Market to book value10 | 129.3 | 109.6 | ||||
Average EV/EBITDA excl. revaluation gains | 25.8 | 25.5 | ||||
EV/invested capital | % | 114.5 | 104.5 | |||
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 of Real Estate division 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 on 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
10 Market capitalisation divided by equity
11 Total shares minus shares held by Helvetia Group (10.6%)