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VATN

Valiant Holding SWX:VATN Stock Report

Last Price

CHF85.50

Market Cap

CHF1.4b

7D

1.9%

1Y

-5.9%

Updated

27 Jun, 2022

Data

Company Financials +
VATN fundamental analysis
Snowflake Score
Valuation4/6
Future Growth2/6
Past Performance3/6
Financial Health4/6
Dividends6/6

VATN Stock Overview

Valiant Holding AG, together with its subsidiaries, provides financial services to private retail clients, affluent private clients, self-employed individuals, and small and medium-sized companies.

Valiant Holding Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Valiant Holding
Historical stock prices
Current Share PriceCHF85.50
52 Week HighCHF99.60
52 Week LowCHF82.50
Beta0.70
1 Month Change-5.21%
3 Month Change-13.20%
1 Year Change-5.94%
3 Year Change-19.34%
5 Year Change-23.52%
Change since IPO68.31%

Recent News & Updates

Shareholder Returns

VATNCH BanksCH Market
7D1.9%0.1%3.8%
1Y-5.9%-0.05%-11.8%

Return vs Industry: VATN underperformed the Swiss Banks industry which returned -0.8% over the past year.

Return vs Market: VATN exceeded the Swiss Market which returned -12.4% over the past year.

Price Volatility

Is VATN's price volatile compared to industry and market?
VATN volatility
VATN Average Weekly Movement3.0%
Banks Industry Average Movement2.5%
Market Average Movement4.6%
10% most volatile stocks in CH Market7.6%
10% least volatile stocks in CH Market2.4%

Stable Share Price: VATN is less volatile than 75% of Swiss stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: VATN's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1824910Ewald Burgenerhttps://www.valiant.ch

Valiant Holding AG, together with its subsidiaries, provides financial services to private retail clients, affluent private clients, self-employed individuals, and small and medium-sized companies. The company offers savings; real estate financing; loans for working capital and other basic services for businesses; unsecured and consumer loans; payment transaction services through its mobile banking app; and retirement planning and investment solutions, as well as electronic banking services. It operates 14 cantons in Switzerland.

Valiant Holding Fundamentals Summary

How do Valiant Holding's earnings and revenue compare to its market cap?
VATN fundamental statistics
Market CapCHF1.35b
Earnings (TTM)CHF124.12m
Revenue (TTM)CHF436.73m

10.9x

P/E Ratio

0.6x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
VATN income statement (TTM)
RevenueCHF436.73m
Cost of RevenueCHF0
Gross ProfitCHF436.73m
Other ExpensesCHF312.61m
EarningsCHF124.12m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 04, 2022

Earnings per share (EPS)7.86
Gross Margin100.00%
Net Profit Margin28.42%
Debt/Equity Ratio459.9%

How did VATN perform over the long term?

See historical performance and comparison

Dividends

5.8%

Current Dividend Yield

64%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is VATN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for VATN?

Other financial metrics that can be useful for relative valuation.

VATN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio1.7x

Price to Earnings Ratio vs Peers

How does VATN's PE Ratio compare to its peers?

VATN PE Ratio vs Peers
The above table shows the PE ratio for VATN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average17x
BCGE Banque Cantonale de Genève
9.7xn/aCHF1.2b
WKBN Walliser Kantonalbank
17.2xn/aCHF1.8b
BLKB Basellandschaftliche Kantonalbank
13.8xn/aCHF1.9b
ZUGER Zuger Kantonalbank
27.3xn/aCHF2.1b
VATN Valiant Holding
10.9x6.3%CHF1.4b

Price-To-Earnings vs Peers: VATN is good value based on its Price-To-Earnings Ratio (10.9x) compared to the peer average (17x).


Price to Earnings Ratio vs Industry

How does VATN's PE Ratio compare vs other companies in the European Banks Industry?

Price-To-Earnings vs Industry: VATN is good value based on its Price-To-Earnings Ratio (10.9x) compared to the Swiss Banks industry average (15.6x)


Price to Earnings Ratio vs Fair Ratio

What is VATN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

VATN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.9x
Fair PE Ratio16.5x

Price-To-Earnings vs Fair Ratio: VATN is good value based on its Price-To-Earnings Ratio (10.9x) compared to the estimated Fair Price-To-Earnings Ratio (16.5x).


Share Price vs Fair Value

What is the Fair Price of VATN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: VATN (CHF85.5) is trading below our estimate of fair value (CHF102.23)

Significantly Below Fair Value: VATN is trading below fair value, but not by a significant amount.


Price to Earnings Growth Ratio

PEG Ratio: VATN is poor value based on its PEG Ratio (1.7x)


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Future Growth

How is Valiant Holding forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


6.3%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VATN's forecast earnings growth (6.3% per year) is above the savings rate (-0.3%).

Earnings vs Market: VATN's earnings (6.3% per year) are forecast to grow faster than the Swiss market (6.1% per year).

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

Revenue vs Market: VATN's revenue (2.9% per year) is forecast to grow slower than the Swiss market (4.2% per year).

High Growth Revenue: VATN's revenue (2.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: VATN's Return on Equity is forecast to be low in 3 years time (5.4%).


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Past Performance

How has Valiant Holding performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


0.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: VATN has high quality earnings.

Growing Profit Margin: VATN's current net profit margins (28.4%) are lower than last year (29.2%).


Past Earnings Growth Analysis

Earnings Trend: VATN's earnings have grown by 0.6% per year over the past 5 years.

Accelerating Growth: VATN's earnings growth over the past year (1.5%) exceeds its 5-year average (0.6% per year).

Earnings vs Industry: VATN earnings growth over the past year (1.5%) underperformed the Banks industry 7.2%.


Return on Equity

High ROE: VATN's Return on Equity (5.1%) is considered low.


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Financial Health

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

Financial Health Score

4/6

Financial Health Score 4/6

  • Asset Level

  • Allowance for Bad Loans

  • Low Risk Liabilities

  • Loan Level

  • Low Risk Deposits

  • Level of Bad Loans

Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: VATN's Assets to Equity ratio (15x) is moderate.

Allowance for Bad Loans: Insufficient data to determine if VATN has a sufficient allowance for bad loans.

Low Risk Liabilities: 66% of VATN's liabilities are made up of primarily low risk sources of funding.

Loan Level: VATN has an appropriate level of Loans to Assets ratio (76%).

Low Risk Deposits: VATN's Loans to Deposits ratio (123%) is appropriate.

Level of Bad Loans: Insufficient data to determine if VATN has an appropriate level of bad loans.


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Dividend

What is Valiant Holding current dividend yield, its reliability and sustainability?

Dividend Score

6/6

Dividend Score 6/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


5.85%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: VATN's dividend (5.85%) is higher than the bottom 25% of dividend payers in the Swiss market (1.99%).

High Dividend: VATN's dividend (5.85%) is in the top 25% of dividend payers in the Swiss market (4.14%)


Stability and Growth of Payments

Stable Dividend: VATN's dividends per share have been stable in the past 10 years.

Growing Dividend: VATN's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (64.1%), VATN's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: VATN's dividends in 3 years are forecast to be covered by earnings (61.2% payout ratio).


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

7.2yrs

Average management tenure


CEO

Ewald Burgener (55 yo)

3.08yrs

Tenure

CHF1,203,000

Compensation

Mr. Ewald Burgener has been Chief Executive Officer of Valiant Holding AG since May 17, 2019. Mr. Burgener served as the Chief Financial Officer, Deputy Chief Executive Officer and Head of Finance & Infras...


CEO Compensation Analysis

Compensation vs Market: Ewald's total compensation ($USD1.26M) is about average for companies of similar size in the Swiss market ($USD1.36M).

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


Leadership Team

Experienced Management: VATN's management team is seasoned and experienced (7.2 years average tenure).


Board Members

Experienced Board: VATN's board of directors are considered experienced (3.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

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


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Valiant Holding AG's employee growth, exchange listings and data sources


Key Information

  • Name: Valiant Holding AG
  • Ticker: VATN
  • Exchange: SWX
  • Founded: 1824
  • Industry: Regional Banks
  • Sector: Banks
  • Implied Market Cap: CHF1.350b
  • Shares outstanding: 15.79m
  • Website: https://www.valiant.ch

Number of Employees


Location

  • Valiant Holding AG
  • Pilatusstrasse 39
  • Lucerne
  • Lucerne
  • 6003
  • Switzerland

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/06/27 00:00
End of Day Share Price2022/06/27 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


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.