SWX:LLBN

Stock Analysis Report

Liechtensteinische Landesbank

Executive Summary

Liechtensteinische Landesbank Aktiengesellschaft provides banking products and services in Liechtenstein, Switzerland, Austria, Germany, Central and Eastern Europe, the Middle East, and internationally.

Snowflake

Fundamentals

Excellent balance sheet with moderate growth potential.


Similar Companies

Share Price & News

How has Liechtensteinische Landesbank's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

3.4%

LLBN

1.0%

CH Banks

1.7%

CH Market


1 Year Return

3.7%

LLBN

0.9%

CH Banks

11.8%

CH Market

Return vs Industry: LLBN exceeded the Swiss Banks industry which returned 0.9% over the past year.

Return vs Market: LLBN underperformed the Swiss Market which returned 11.8% over the past year.


Share holder returns

LLBNIndustryMarket
7 Day3.4%1.0%1.7%
30 Day3.9%0.6%-0.3%
90 Day5.2%-0.4%2.8%
1 Year6.9%3.7%4.4%0.9%17.8%11.8%
3 Yearn/a23.7%11.5%34.1%20.7%
5 Yearn/a49.1%24.7%43.5%21.0%

Price Volatility Vs. Market

How volatile is Liechtensteinische Landesbank's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Liechtensteinische Landesbank undervalued based on future cash flows and its price relative to the stock market?

21.12x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Undervalued: LLBN (CHF64.3) is trading above our estimate of fair value (CHF19.16)

Significantly Undervalued: LLBN is trading above our estimate of fair value.


Price Based on Earnings

PE vs Industry: LLBN is poor value based on its PE Ratio (21.1x) compared to the Banks industry average (15.6x).

PE vs Market: LLBN is poor value based on its PE Ratio (21.1x) compared to the Swiss market (18.7x).


Price Based on Expected Growth

Low PEG Ratio: LLBN is poor value based on its PEG Ratio (1.2x)


Price Based on Value of Assets

PB vs Industry: LLBN is overvalued based on its PB Ratio (1x) compared to the CH Banks industry average (0.9x).


Next Steps

Future Growth

How is Liechtensteinische Landesbank expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

17.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Earnings vs Savings Rate: LLBN's forecast earnings growth (17% per year) is above the savings rate (3.3%).

Earnings vs Market: LLBN's earnings (17% per year) are forecast to grow faster than the Swiss market (10.4% per year).

High Growth Earnings: LLBN's earnings are forecast to grow, but not significantly.

Revenue vs Market: LLBN's revenue (4.9% per year) is forecast to grow faster than the Swiss market (3.6% per year).

High Growth Revenue: LLBN's revenue (4.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Estimates


Future Return on Equity

High Future ROE: LLBN's Return on Equity is forecast to be low in 3 years time (6.6%).


Next Steps

Past Performance

How has Liechtensteinische Landesbank performed over the past 5 years?

5.4%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: LLBN's earnings have grown by 5.4% per year over the past 5 years.

Accelerating Growth: LLBN's earnings growth over the past year (3.1%) is below its 5-year average (5.4% per year).

Earnings vs Industry: LLBN earnings growth over the past year (3.1%) exceeded the Banks industry 2.4%.


Return on Equity

High ROE: LLBN's Return on Equity (5%) is considered low.


Return on Assets

ROA vs Industry: LLBN's Return on Assets is below or equal to the Banks industry average last year.


Return on Capital Employed

ROCE Improving: Insufficient data to calculate LLBN's Return on Capital Employed to determine if it has improved over the past 3 years.


Next Steps

Financial Health

How is Liechtensteinische Landesbank's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: LLBN has a low level of unsold assets or inventory.

Debt Coverage by Assets: LLBN's debt is covered by short term assets (assets are 3.235200x debt).


Financial Institutions Analysis

Asset Level: LLBN's level of assets compared to its equity is moderate.

Allowance for Bad Loans: LLBN has a low allowance for bad loans.

Low Risk Liabilities: LLBN's liabilities are made up of primarily low risk sources of funding.

Loan Level: LLBN has an acceptable proportion of non-loan assets held.

Low Risk Deposits: LLBN's loans are broadly funded by customer deposits.

Level of Bad Loans: LLBN has an appropriate level of bad loans (1.54%)


Next Steps

Dividend

What is Liechtensteinische Landesbank's current dividend yield, its reliability and sustainability?

3.79%

Expected Dividend Yield


Dividend Yield vs Market

company3.3%marketbottom25%1.9%markettop25%3.7%industryaverage3.4%forecastin3Years3.8%

Current dividend yield vs market & industry


Dividend Yield and Payments Analysis

Notable Dividend: LLBN's dividend (3.27%) is higher than the bottom 25% of dividend payers in the Swiss market (1.93%).

High Dividend: LLBN's dividend (3.27%) is low compared to the top 25% of dividend payers in the Swiss market (3.69%).

Stable Dividend: LLBN has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: LLBN's dividend payments have increased, but the company has only paid a dividend for 2 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (69%), LLBN's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: LLBN's dividends in 3 years are forecast to be covered by earnings (51.4% payout ratio).


Next Steps

Management

What is the CEO of Liechtensteinische Landesbank's salary, the management and board of directors tenure and is there insider trading?

7.0yrs

Average management tenure


CEO

Roland Matt (49yo)

7.8yrs

Tenure

CHF1,379,000

Compensation

Liechtensteinische Landesbank (Österreich) AG - Education: • Business economist FH, 1995. • Federally qualified financial analyst and asset manager, 1999. • Federally qualified finance and investme ...


CEO Compensation Analysis

Compensation vs. Market: Insufficient data to establish whether Roland's total compensation is reasonable compared to companies of similar size in the Swiss market.

Compensation vs Earnings: Roland's compensation has been consistent with company performance over the past year.


Management Age and Tenure

7.0yrs

Average Tenure

47.5yo

Average Age

Experienced Management: LLBN's management team is seasoned and experienced (7 years average tenure).


Board Age and Tenure

1.4yrs

Average Tenure

56yo

Average Age

Experienced Board: LLBN's board of directors are not considered experienced ( 1.4 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown


Management Team

  • Urs Müller (57yo)

    Head of Retail & Corporate Banking Division

    • Tenure: 8.5yrs
  • Roland Matt (49yo)

    Group CEO & Group Chairman of Executive Board

    • Tenure: 7.8yrs
    • Compensation: CHF1.38m
  • Cyrill Sele

    Head of Group Corporate Communications & General Secretary

    • Tenure: 0yrs
  • Christoph Reich (45yo)

    Group CFO & Member of Executive Board

    • Tenure: 7.3yrs
  • Gabriel Brenna (46yo)

    Division Head of Private Banking & Member of Management Board

    • Tenure: 7yrs
  • Patrick Fürer (54yo)

    Group COO & Member of Executive Board

    • Tenure: 0.8yrs
  • Natalie Epp (42yo)

    Head of Institutional Clients Division & Member of Executive Board

    • Tenure: 3.3yrs
  • Michaela Alt

    Head of Group Marketing

    • Tenure: 0yrs
  • Roger Dornier

    Head of Group Legal & Compliance

    • Tenure: 2.6yrs
  • Jan-Friedrich Brünings

    Group Corporate Development

    • Tenure: 0yrs

Board Members

  • Karl Sevelda (69yo)

    Director

    • Tenure: 0.4yrs
  • Urs Leinhäuser (60yo)

    Director

    • Tenure: 5.4yrs
    • Compensation: CHF99.00k
  • Georg Wohlwend (56yo)

    Chairman of the Board

    • Tenure: 2.4yrs
    • Compensation: CHF420.00k
  • Patrizia Holenstein (62yo)

    Director

    • Tenure: 6.4yrs
    • Compensation: CHF97.00k
  • Gabriela Nagel-Jungo (50yo)

    Vice-Chairwoman of the Board

    • Tenure: 1.4yrs
    • Compensation: CHF140.00k
  • Richard Senti (54yo)

    Director

    • Tenure: 1.4yrs
    • Compensation: CHF66.00k
  • Thomas Russenberger (43yo)

    Director

    • Tenure: 1.4yrs
    • Compensation: CHF57.00k

Company Information

Liechtensteinische Landesbank Aktiengesellschaft's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Liechtensteinische Landesbank Aktiengesellschaft
  • Ticker: LLBN
  • Exchange: SWX
  • Founded: 1861
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: CHF1.966b
  • Shares outstanding: 30.58m
  • Website: https://www.llb.li

Number of Employees


Location

  • Liechtensteinische Landesbank Aktiengesellschaft
  • Städtle 44
  • PO Box 384
  • Vaduz
  • 9490
  • Liechtenstein

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
0RP8LSE (London Stock Exchange)YesRegistered SharesGBCHFMay 2017
LLBNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFMay 2017
LLS1BST (Boerse-Stuttgart)YesRegistered SharesDEEURMay 2017
LLBNZBATS-CHIXE (BATS 'Chi-X Europe')YesRegistered SharesGBCHFMay 2017

Biography

Liechtensteinische Landesbank Aktiengesellschaft provides banking products and services in Liechtenstein, Switzerland, Austria, Germany, Central and Eastern Europe, the Middle East, and internationally. It ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/11 22:50
End of Day Share Price2019/10/11 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.

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