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Bank für Tirol und Vorarlberg

WBAG:BTS
Snowflake Description

Adequate balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BTS
WBAG
€931M
Market Cap
  1. Home
  2. AT
  3. Banks
Company description

Bank für Tirol und Vorarlberg Aktiengesellschaft, together with its subsidiaries, provides various corporate and retail banking products and services in Western Austria, Southern Germany, Vienna, Bavaria, Baden-Wuerttemberg, Eastern Switzerland, and Northern Italy. The last earnings update was 49 days ago. More info.


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BTS Share Price and Events
7 Day Returns
4.5%
WBAG:BTS
-1.8%
AT Banks
-0.1%
AT Market
1 Year Returns
6.2%
WBAG:BTS
-13.7%
AT Banks
-10.1%
AT Market
BTS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bank für Tirol und Vorarlberg (BTS) 4.5% 7% - 6.2% 32.7% 31.4%
AT Banks -1.8% -8.5% -0.1% -13.7% 50.2% 20.3%
AT Market -0.1% -6.1% -0.3% -10.1% 39.5% 22.8%
1 Year Return vs Industry and Market
  • BTS outperformed the Banks industry which returned -13.7% over the past year.
  • BTS outperformed the Market in Austria which returned -10.1% over the past year.
Price Volatility
BTS
Industry
5yr Volatility vs Market

BTS Value

 Is Bank für Tirol und Vorarlberg undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Bank für Tirol und Vorarlberg to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bank für Tirol und Vorarlberg.

WBAG:BTS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= €43.09 * 5.8%
€2.50
Book Value of Equity per Share Median Book Value from the past 5 years. €43.09
Discount Rate (Cost of Equity) See below 11.2%
Perpetual Growth Rate 10-Year AT Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for WBAG:BTS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AT Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6.5%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.586 (1 + (1- 25%) (311.21%))
1.639
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.64
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.51% + (1.639 * 6.51%)
11.18%

Discounted Cash Flow Calculation for WBAG:BTS using Excess Returns Model Model

The calculations below outline how an intrinsic value for Bank für Tirol und Vorarlberg is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

WBAG:BTS Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (5.8% – 11.18%) * €43.09)
€-2.31
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €-2.31 / (11.18% - 0.51%)
€-21.70
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €43.09 + €-21.70
€21.4
WBAG:BTS Discount to Share Price
Calculation Result
Value per share (EUR) From above. €21.40
Current discount Discount to share price of €27.60
= -1 x (€27.60 - €21.40) / €21.40
-29%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Bank für Tirol und Vorarlberg is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bank für Tirol und Vorarlberg's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bank für Tirol und Vorarlberg's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WBAG:BTS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €3.31
WBAG:BTS Share Price ** WBAG (2019-05-21) in EUR €27.6
Austria Banks Industry PE Ratio Median Figure of 7 Publicly-Listed Banks Companies 8.33x
Austria Market PE Ratio Median Figure of 54 Publicly-Listed Companies 14.69x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bank für Tirol und Vorarlberg.

WBAG:BTS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= WBAG:BTS Share Price ÷ EPS (both in EUR)

= 27.6 ÷ 3.31

8.33x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bank für Tirol und Vorarlberg is good value based on earnings compared to the AT Banks industry average.
  • Bank für Tirol und Vorarlberg is good value based on earnings compared to the Austria market.
Price based on expected Growth
Does Bank für Tirol und Vorarlberg's expected growth come at a high price?
Raw Data
WBAG:BTS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.33x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
10.5%per year
Europe Banks Industry PEG Ratio Median Figure of 114 Publicly-Listed Banks Companies 0.77x
Austria Market PEG Ratio Median Figure of 32 Publicly-Listed Companies 1.12x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Bank für Tirol und Vorarlberg, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Bank für Tirol und Vorarlberg's assets?
Raw Data
WBAG:BTS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €47.07
WBAG:BTS Share Price * WBAG (2019-05-21) in EUR €27.6
Austria Banks Industry PB Ratio Median Figure of 7 Publicly-Listed Banks Companies 0.6x
Austria Market PB Ratio Median Figure of 61 Publicly-Listed Companies 1.2x
WBAG:BTS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= WBAG:BTS Share Price ÷ Book Value per Share (both in EUR)

= 27.6 ÷ 47.07

0.59x

* Primary Listing of Bank für Tirol und Vorarlberg.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bank für Tirol und Vorarlberg is good value based on assets compared to the AT Banks industry average.
X
Value checks
We assess Bank für Tirol und Vorarlberg's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Bank für Tirol und Vorarlberg has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

BTS Future Performance

 How is Bank für Tirol und Vorarlberg expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Bank für Tirol und Vorarlberg, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bank für Tirol und Vorarlberg expected to grow at an attractive rate?
  • Bank für Tirol und Vorarlberg's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Bank für Tirol und Vorarlberg's earnings growth is expected to exceed the Austria market average.
  • Unable to compare Bank für Tirol und Vorarlberg's revenue growth to the Austria market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
WBAG:BTS Future Growth Rates Data Sources
Data Point Source Value (per year)
WBAG:BTS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 10.5%
Austria Banks Industry Earnings Growth Rate Market Cap Weighted Average 3.5%
Europe Banks Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
Austria Market Earnings Growth Rate Market Cap Weighted Average 9.1%
Austria Market Revenue Growth Rate Market Cap Weighted Average 2.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
WBAG:BTS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WBAG:BTS Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 240 104
2018-09-30 215 -69 93
2018-06-30 204 214 85
2018-03-31 196 65 75
2017-12-31 194 -316 74
2017-09-30 195 -97 73
2017-06-30 193 -139 68
2017-03-31 182 -18 66
2016-12-31 179 51 62
2016-09-30 170 86 48
2016-06-30 244 58 120
2016-03-31 268 28 131

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bank für Tirol und Vorarlberg's earnings are expected to grow by 10.5% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Bank für Tirol und Vorarlberg is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
WBAG:BTS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Bank für Tirol und Vorarlberg Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WBAG:BTS Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 3.31
2018-09-30 3.04
2018-06-30 2.80
2018-03-31 2.48
2017-12-31 2.49
2017-09-30 2.50
2017-06-30 2.37
2017-03-31 2.41
2016-12-31 2.25
2016-09-30 1.78
2016-06-30 4.53
2016-03-31 5.09

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Bank für Tirol und Vorarlberg will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Bank für Tirol und Vorarlberg's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Austria market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bank für Tirol und Vorarlberg has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

BTS Past Performance

  How has Bank für Tirol und Vorarlberg performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Bank für Tirol und Vorarlberg's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Bank für Tirol und Vorarlberg's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Bank für Tirol und Vorarlberg's 1-year earnings growth exceeds its 5-year average (41.5% vs -0.6%)
  • Bank für Tirol und Vorarlberg's earnings growth has exceeded the AT Banks industry average in the past year (41.5% vs 12.4%).
Earnings and Revenue History
Bank für Tirol und Vorarlberg's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Bank für Tirol und Vorarlberg Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WBAG:BTS Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 239.73 103.98 181.05
2018-09-30 214.70 92.87 176.67
2018-06-30 203.56 84.53 175.16
2018-03-31 196.19 75.05 174.39
2017-12-31 193.61 73.51 173.49
2017-09-30 195.01 72.53 171.95
2017-06-30 193.31 67.57 169.90
2017-03-31 181.52 66.14 189.37
2016-12-31 179.20 61.79 169.18
2016-09-30 170.29 48.22 295.14
2016-06-30 243.93 119.64 168.63
2016-03-31 267.89 131.29 164.43
2015-12-31 273.87 137.42 163.27
2015-09-30 282.06 158.33 56.74
2015-06-30 215.33 93.40 178.23
2015-03-31 205.40 84.80 165.28
2014-12-31 197.26 75.42 163.06
2014-09-30 197.43 78.75 156.33
2014-06-30 186.17 72.62 124.00
2014-03-31 188.56 70.53 91.67
2013-12-31 183.15 73.06 142.90
2013-09-30 178.31 67.41 68.75
2013-06-30 173.47 66.68 93.83
2013-03-31 166.84 61.98 116.30
2012-12-31 165.36 60.68 92.84
2012-09-30 167.20 56.71 0.68
2012-06-30 162.53 53.76 1.02

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Bank für Tirol und Vorarlberg has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Bank für Tirol und Vorarlberg used its assets more efficiently than the AT Banks industry average last year based on Return on Assets.
  • Unable to establish if Bank für Tirol und Vorarlberg improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Bank für Tirol und Vorarlberg's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bank für Tirol und Vorarlberg has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

BTS Health

 How is Bank für Tirol und Vorarlberg's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Bank für Tirol und Vorarlberg's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Bank für Tirol und Vorarlberg Company Filings, last reported 4 months ago.

WBAG:BTS Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,638.98 2,897.21 106.92
2018-09-30 1,546.00 1,418.15 698.97
2018-06-30 1,511.34 1,876.16 795.52
2018-03-31 1,464.66 1,881.93 616.12
2017-12-31 1,367.33 2,555.05 92.63
2017-09-30 1,368.32 2,792.21 348.69
2017-06-30 1,346.78 2,767.71 181.13
2017-03-31 1,258.86 2,790.96 212.38
2016-12-31 1,219.43 2,620.78 104.30
2016-09-30 1,211.03 2,694.14 351.83
2016-06-30 1,195.62 2,552.89 234.51
2016-03-31 1,190.03 2,422.04 156.73
2015-12-31 1,148.73 2,396.38 114.96
2015-09-30 1,095.03 2,704.30 215.16
2015-06-30 1,038.22 3,002.18 107.16
2015-03-31 1,024.05 2,987.72 108.09
2014-12-31 1,024.03 2,840.26 147.92
2014-09-30 976.66 2,816.05 91.41
2014-06-30 956.83 3,085.29 61.79
2014-03-31 936.50 2,997.84 119.81
2013-12-31 954.16 3,038.43 257.03
2013-09-30 874.53 2,907.41 67.11
2013-06-30 867.16 3,109.96 71.02
2013-03-31 860.58 3,072.59 129.89
2012-12-31 845.52 3,105.62 144.84
2012-09-30 823.34 3,079.70 64.89
2012-06-30 803.40 3,064.32 160.14
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Bank für Tirol und Vorarlberg has an acceptable proportion of non-loan assets held.
  • Bank für Tirol und Vorarlberg's liabilities are made up of primarily low risk sources of funding.
  • Loans at Bank für Tirol und Vorarlberg are broadly funded by customer deposits.
  • Bank für Tirol und Vorarlberg's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • Unable to establish if Bank für Tirol und Vorarlberg has a sufficient allowance for bad loans without relevant financial data.
  • Unable to establish if Bank für Tirol und Vorarlberg has an acceptable level of bad loans without bad loans data.
X
Financial health checks
We assess Bank für Tirol und Vorarlberg's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Bank für Tirol und Vorarlberg has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

BTS Dividends

 What is Bank für Tirol und Vorarlberg's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.09%
Current annual income from Bank für Tirol und Vorarlberg dividends.
If you bought €2,000 of Bank für Tirol und Vorarlberg shares you are expected to receive €22 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Bank für Tirol und Vorarlberg's pays a lower dividend yield than the bottom 25% of dividend payers in Austria (1.36%).
  • Bank für Tirol und Vorarlberg's dividend is below the markets top 25% of dividend payers in Austria (4.44%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
WBAG:BTS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Austria Banks Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 3.9%
Austria Market Average Dividend Yield Market Cap Weighted Average of 51 Stocks 3.5%
Austria Minimum Threshold Dividend Yield 10th Percentile 1%
Austria Bottom 25% Dividend Yield 25th Percentile 1.4%
Austria Top 25% Dividend Yield 75th Percentile 4.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

WBAG:BTS Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-04-03 0.300 1.130
2018-04-04 0.300 1.208
2017-05-23 0.300 1.284
2016-04-08 0.300 1.389
2015-05-11 0.300 1.413
2014-03-31 0.300 1.394
2013-03-07 0.300 1.599
2012-04-20 0.300 1.802
2011-03-30 0.300 1.533
2010-03-31 0.300 1.592

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Bank für Tirol und Vorarlberg has been paying a dividend for less than 10 years.
  • Bank für Tirol und Vorarlberg has only been paying a dividend for 9 years, and since then there has been no growth.
Current Payout to shareholders
What portion of Bank für Tirol und Vorarlberg's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (11x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Bank für Tirol und Vorarlberg's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Bank für Tirol und Vorarlberg afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bank für Tirol und Vorarlberg has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

BTS Management

 What is the CEO of Bank für Tirol und Vorarlberg's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Gerhard Burtscher
AGE 51
TENURE AS CEO 3.3 years
CEO Bio

Mr. Gerhard Burtscher has been the Chairman of Executive Board and Chief Executive Officer of Bank für Tirol und Vorarlberg Aktiengesellschaft since January 1, 2016. Mr. Burtscher has been second Deputy Chairman of Supervisory Board at Oberbank AG since May 18, 2016. He has been a Member of the Board of Directors at Bank für Tirol und Vorarlberg Aktiengesellschaft since June 1, 2013. He is responsible for the client business.

CEO Compensation
  • Insufficient data for Gerhard to compare compensation growth.
  • Insufficient data for Gerhard to establish whether their remuneration is reasonable compared to companies of similar size in Austria.
Management Team Tenure

Average tenure of the Bank für Tirol und Vorarlberg management team in years:

3.3
Average Tenure
  • The tenure for the Bank für Tirol und Vorarlberg management team is about average.
Management Team

Gerhard Burtscher

TITLE
Chairman of Executive Board & CEO
AGE
51
TENURE
3.3 yrs

Manuela Bauer

TITLE
Head of Finance & Controlling

Michael Perger

TITLE
Member of the Executive Board
TENURE
3.3 yrs

Mario Pabst

TITLE
Director of the Finance & Controlling Division and Member of the Executive Board
TENURE
3.3 yrs

Barbara Riesner

TITLE
Marketing & Communication

Daniel Stöckl-Leitner

TITLE
Head of Marketing
Board of Directors Tenure

Average tenure and age of the Bank für Tirol und Vorarlberg board of directors in years:

13
Average Tenure
58
Average Age
  • The average tenure for the Bank für Tirol und Vorarlberg board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Franz Gasselsberger

TITLE
Chairman of the Supervisory Board
COMPENSATION
€30K
AGE
59
TENURE
13 yrs

Herta Stockbauer

TITLE
Supervisory Board Deputy Chairman
AGE
58
TENURE
5 yrs

Hermann Bell

TITLE
Honorary President of Supervisory Board

Johannes Collini

TITLE
Member of the Supervisory Board
COMPENSATION
€11K
AGE
65
TENURE
19.1 yrs

Karl Samstag

TITLE
Supervisory Board Member
COMPENSATION
€11K
AGE
74
TENURE
17.1 yrs

Stefan Abenthung

TITLE
Employee representative Supervisory Board Member
AGE
57
TENURE
17.2 yrs

Birgit Fritsche

TITLE
Employee representative Supervisory Board Member
AGE
46
TENURE
13.1 yrs

Andreas König

TITLE
Member of Supervisory Board
COMPENSATION
€22K
AGE
58
TENURE
13 yrs

Harald Gapp

TITLE
Employee representative Supervisory Board Member
AGE
47
TENURE
11.3 yrs

Pascal Broschek

TITLE
Supervisory Board Member
COMPENSATION
€11K
AGE
49
TENURE
13 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Bank für Tirol und Vorarlberg's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Bank für Tirol und Vorarlberg has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

BTS News

Simply Wall St News

Does Bank für Tirol und Vorarlberg's (VIE:BTS) Share Price Gain of 23% Match Its Business Performance?

For example, the Bank für Tirol und Vorarlberg Aktiengesellschaft (VIE:BTS) share price is 23% higher than it was five years ago, which is more than the market average. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During five years of share price growth, Bank für Tirol und Vorarlberg achieved compound earnings per share (EPS) growth of 2.4% per year.

Simply Wall St -

Three Understated Metrics For Bank für Tirol und Vorarlberg Aktiengesellschaft (VIE:BTS) You Should Know

As a small-cap finance stock with a market capitalisation of €754m, the risk and profitability of Bank für Tirol und Vorarlberg Aktiengesellschaft (VIE:BTS) are largely tied to the underlying economic growth of the region it operates in AT. … The Basel III reforms are aimed at banking regulations to improve financial institutions’ ability to absorb shocks caused by economic stress which could expose banks like Bank für Tirol und Vorarlberg to vulnerabilities. … View our latest analysis for Bank für Tirol und Vorarlberg

Simply Wall St -

Three Understated Metrics For Bank für Tirol und Vorarlberg Aktiengesellschaft (VIE:BTS) You Should Know

Bank für Tirol und Vorarlberg Aktiengesellschaft’s (VIE:BTS) profitability and risk are largely affected by the underlying economic growth for the region it operates in AT given it is a small-cap stock with a market capitalisation of €756m. … We can gauge Bank für Tirol und Vorarlberg’s risk-taking behaviour by analysing three metrics for leverage and liquidity which I will take you through now. … Check out our latest analysis for Bank für Tirol und Vorarlberg

Simply Wall St -

Is Bank für Tirol und Vorarlberg Aktiengesellschaft (VIE:BTS) A Top Dividend Stock?

Historically, Bank für Tirol und Vorarlberg Aktiengesellschaft (VIE:BTS) has been paying a dividend to shareholders. … Does Bank für Tirol und Vorarlberg tick all the boxes of a great dividend stock? … Check out our latest analysis for Bank für Tirol und Vorarlberg

Simply Wall St -

With An ROE Of 5.34%, Has Bank für Tirol und Vorarlberg Aktiengesellschaft's (VIE:BTS) Management Done Well?

and want to begin learning the link between Bank für Tirol und Vorarlberg Aktiengesellschaft (VIE:BTS)’s return fundamentals and stock market performance. … Bank für Tirol und Vorarlberg Aktiengesellschaft (VIE:BTS) delivered a less impressive 5.34% ROE over the past year, compared to the 8.43% return generated by its industry. … Though BTS's recent performance is underwhelming, it is useful to understand what ROE is made up of and how it should be interpreted.

Simply Wall St -

Should You Buy Bank für Tirol und Vorarlberg Aktiengesellschaft (VIE:BTS) At This PE Ratio?

It compares a stock’s price per share to the stock’s earnings per share. … Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for BTS Price per share = €25.8 Earnings per share = €2.495 ∴ Price-Earnings Ratio = €25.8 ÷ €2.495 = 10.3x The P/E ratio isn’t a metric you view in isolation and only becomes useful when you compare it against other similar companies. … BTS’s P/E of 10.3x is lower than its industry peers (12.4x), which implies that each dollar of BTS’s earnings is being undervalued by investors.

Simply Wall St -

What Are The Drivers Of Bank für Tirol und Vorarlberg Aktiengesellschaft's (VIE:BTS) Risks?

Every stock in the market is exposed to this risk, which arises from macroeconomic factors such as economic growth and geo-political tussles just to name a few. … Based on this beta value, BTS appears to be a stock that an investor with a high-beta portfolio would look for to reduce risk exposure to the market. … BTS, with its market capitalisation of €691.26M, is a small-cap stock, which generally have higher beta than similar companies of larger size.

Simply Wall St -

Why Bank für Tirol und Vorarlberg Aktiengesellschaft (VIE:BTS) Delivered An Inferior ROE Compared To The Industry

See our latest analysis for Bank für Tirol und Vorarlberg Breaking down Return on Equity Return on Equity (ROE) weighs Bank für Tirol und Vorarlberg’s profit against the level of its shareholders’ equity. … Bank für Tirol und Vorarlberg’s cost of equity is 11.56%. … This means Bank für Tirol und Vorarlberg’s returns actually do not cover its own cost of equity, with a discrepancy of -6.09%.

Simply Wall St -

Financial Metrics For Bank für Tirol und Vorarlberg Aktiengesellschaft (VIE:BTS)

High liquidity and low leverage could position Bank für Tirol und Vorarlberg favourably at the face of macro headwinds. … See our latest analysis for Bank für Tirol und Vorarlberg WBAG:BTS Historical Debt Mar 20th 18 Is BTS's Leverage Level Appropriate? … Relative to the prudent industry loan to deposit level of 90%, Bank für Tirol und Vorarlberg’s ratio of over 117.64% is higher, which positions the bank in a risky spot given the adverse liquidity disparity between loan and deposit levels.

Simply Wall St -

Want To Invest In Bank für Tirol und Vorarlberg Aktiengesellschaft (VIE:BTS)? Here's How It Performed Lately

The two benchmarks I used were Bank für Tirol und Vorarlberg's average earnings over the past couple of years, and its industry performance. … See our latest analysis for Bank für Tirol und Vorarlberg Did BTS's recent earnings growth beat the long-term trend and the industry? … Given that these figures may be relatively short-term, I have estimated an annualized five-year value for Bank für Tirol und Vorarlberg's earnings, which stands at €75.68M This suggests that, despite the fact that earnings increased from last year's level, over a longer period of time, Bank für Tirol und Vorarlberg's earnings have been diminishing on average.

Simply Wall St -

BTS Company Info

Description

Bank für Tirol und Vorarlberg Aktiengesellschaft, together with its subsidiaries, provides various corporate and retail banking products and services in Western Austria, Southern Germany, Vienna, Bavaria, Baden-Wuerttemberg, Eastern Switzerland, and Northern Italy. It operates through five segments: Corporate Client, Retail Client, Institutional Clients and Banks, Leasing, and Cable Cars. The company offers savings products and custody accounts, as well as asset management services; financial investments; residential construction financing; and leasing and insurance services. It also provides fixed-interest securities, business guarantees, currency risk hedging, development loans, and payment transaction services; and bonds, equity, and mixed funds. In addition, the company engages in treasury and trading activities; finance and controlling, legal and investments, marketing, communications, board matters, group auditing, etc.; and provision of funicular railways and other tourism operations. It serves small, medium, and large business clients, as well as chartered accountants and auditors; and retail clients, freelance professionals, and micro-companies markets. Bank für Tirol und Vorarlberg Aktiengesellschaft was founded in 1904 and is headquartered in Innsbruck, Austria.

Details
Name: Bank für Tirol und Vorarlberg Aktiengesellschaft
BTS
Exchange: WBAG
Founded: 1904
€930,958,996
33,943,242
Website: http://www.btv.at
Address: Bank für Tirol und Vorarlberg Aktiengesellschaft
Stadtforum 1,
Innsbruck,
Tyrol, 6020,
Austria
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WBAG BTS Ordinary Shares Wiener Boerse AG AT EUR 02. Jan 1992
LSE 0D20 Ordinary Shares London Stock Exchange GB EUR 02. Jan 1992
WBAG BTV Preferred Shares Wiener Boerse AG AT EUR 30. Nov 1993
LSE 0D21 Preferred Shares London Stock Exchange GB EUR 30. Nov 1993
Number of employees
Current staff
Staff numbers
1,438
Bank für Tirol und Vorarlberg employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/22 20:58
End of day share price update: 2019/05/21 00:00
Last earnings filing: 2019/04/03
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.