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Julius Baer Group

SWX:BAER
Snowflake Description

Average dividend payer and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BAER
SWX
CHF10B
Market Cap
  1. Home
  2. CH
  3. Diversified Financials
Company description

Julius Baer Group Ltd. provides private banking products and services to private clients, family offices, and external asset managers primarily in Switzerland, rest of Europe, Asia, and South America. The last earnings update was 72 days ago. More info.


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BAER Share Price and Events
7 Day Returns
8%
SWX:BAER
5.9%
CH Capital Markets
0.2%
CH Market
1 Year Returns
-18.5%
SWX:BAER
-18.9%
CH Capital Markets
3%
CH Market
BAER Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Julius Baer Group (BAER) 8% 6% 18.1% -18.5% 15.2% 16%
CH Capital Markets 5.9% 7.4% 4% -18.9% -9% -33.8%
CH Market 0.2% -0.3% 6.6% 3% 12% 11.6%
1 Year Return vs Industry and Market
  • BAER underperformed the Market in Switzerland which returned 3% over the past year.
Price Volatility
BAER
Industry
5yr Volatility vs Market

Value

 Is Julius Baer Group 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 Julius Baer Group 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 Julius Baer Group.

SWX:BAER Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 9 analysts.
= Stable Book Value * Return on Equity
= CHF31.52 * 13.2%
CHF4.15
Book Value of Equity per Share Weighted future Book Value estimates from 13 analysts. CHF31.52
Discount Rate (Cost of Equity) See below 13.8%
Perpetual Growth Rate 10-Year CH Government Bond Rate 3.3%

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 SWX:BAER
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate 3.3%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.734 (1 + (1- 18%) (232.3%))
1.759
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.76
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 3.28% + (1.759 * 5.96%)
13.76%

Discounted Cash Flow Calculation for SWX:BAER using Excess Returns Model Model

The calculations below outline how an intrinsic value for Julius Baer Group 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.

SWX:BAER Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (13.2% – 13.76%) * CHF31.52)
CHF-0.19
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CHF-0.19 / (13.76% - 3.28%)
CHF-1.81
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CHF31.52 + CHF-1.81
CHF29.7
SWX:BAER Discount to Share Price
Calculation Result
Value per share (CHF) From above. CHF29.70
Current discount Discount to share price of CHF47.04
= -1 x (CHF47.04 - CHF29.70) / CHF29.70
-58.4%

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

  • The current share price of Julius Baer Group 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 Julius Baer Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Julius Baer Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:BAER PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CHF CHF3.37
SWX:BAER Share Price ** SWX (2019-04-17) in CHF CHF47.04
Switzerland Capital Markets Industry PE Ratio Median Figure of 13 Publicly-Listed Capital Markets Companies 14.68x
Switzerland Market PE Ratio Median Figure of 174 Publicly-Listed Companies 18.3x

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

** Primary Listing of Julius Baer Group.

SWX:BAER PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SWX:BAER Share Price ÷ EPS (both in CHF)

= 47.04 ÷ 3.37

13.94x

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

  • Julius Baer Group is good value based on earnings compared to the CH Capital Markets industry average.
  • Julius Baer Group is good value based on earnings compared to the Switzerland market.
Price based on expected Growth
Does Julius Baer Group's expected growth come at a high price?
Raw Data
SWX:BAER PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.94x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts
8%per year
Switzerland Capital Markets Industry PEG Ratio Median Figure of 8 Publicly-Listed Capital Markets Companies 1.34x
Switzerland Market PEG Ratio Median Figure of 120 Publicly-Listed Companies 2.21x

*Line of best fit is calculated by linear regression .

SWX:BAER PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.94x ÷ 8%

1.74x

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

  • Julius Baer Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Julius Baer Group's assets?
Raw Data
SWX:BAER PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CHF CHF27.71
SWX:BAER Share Price * SWX (2019-04-17) in CHF CHF47.04
Switzerland Capital Markets Industry PB Ratio Median Figure of 15 Publicly-Listed Capital Markets Companies 1.25x
Switzerland Market PB Ratio Median Figure of 210 Publicly-Listed Companies 1.68x
SWX:BAER PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SWX:BAER Share Price ÷ Book Value per Share (both in CHF)

= 47.04 ÷ 27.71

1.7x

* Primary Listing of Julius Baer Group.

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

  • Julius Baer Group is overvalued based on assets compared to the CH Capital Markets industry average.
X
Value checks
We assess Julius Baer Group'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 Capital Markets 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 Capital Markets industry average (and greater than 0)? (1 check)
  5. Julius Baer Group has a total score of 2/6, 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.

Future Performance

 How is Julius Baer Group expected to perform in the next 1 to 3 years based on estimates from 16 analysts?

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
8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Julius Baer Group expected to grow at an attractive rate?
  • Julius Baer Group's earnings growth is expected to exceed the low risk savings rate of 3.3%.
Growth vs Market Checks
  • Julius Baer Group's earnings growth is positive but not above the Switzerland market average.
  • Julius Baer Group's revenue growth is expected to exceed the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:BAER Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:BAER Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts 8%
SWX:BAER Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 16 Analysts 4.7%
Switzerland Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 13.1%
Switzerland Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 2.6%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 9.4%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 3.4%

*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
SWX:BAER Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:BAER Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 4,572 1,143 1
2022-12-31 4,304 1,068 1
2021-12-31 3,798 908 12
2020-12-31 3,629 865 15
2019-12-31 3,397 755 15
SWX:BAER Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2018-12-31 3,368 9,176 735
2018-09-30 3,409 6,321 765
2018-06-30 3,449 3,466 795
2018-03-31 3,351 -4,014 750
2017-12-31 3,252 -11,495 705
2017-09-30 3,136 -5,845 658
2017-06-30 3,020 -196 611
2017-03-31 2,936 5,057 615
2016-12-31 2,852 10,309 619
2016-09-30 2,782 6,301 532
2016-06-30 2,711 2,293 444
2016-03-31 2,703 -170 283

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Julius Baer Group's earnings are expected to grow by 8% yearly, however this is not considered high growth (20% yearly).
  • Julius Baer Group's revenue is expected to grow by 4.7% yearly, however this is not considered high growth (20% yearly).
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
SWX:BAER Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below

All data from Julius Baer Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:BAER Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 5.20 5.20 5.20 1.00
2022-12-31 4.90 4.90 4.90 1.00
2021-12-31 4.12 4.50 3.69 8.00
2020-12-31 3.85 4.22 3.47 9.00
2019-12-31 3.30 3.66 2.90 8.00
SWX:BAER Past Financials Data
Date (Data in CHF Millions) EPS *
2018-12-31 3.37
2018-09-30 3.52
2018-06-30 3.66
2018-03-31 3.45
2017-12-31 3.25
2017-09-30 3.03
2017-06-30 2.82
2017-03-31 2.83
2016-12-31 2.85
2016-09-30 2.44
2016-06-30 2.03
2016-03-31 1.29

*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.
  • Julius Baer Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Julius Baer Group'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 Switzerland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Switzerland 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.
Julius Baer Group 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.

Past Performance

  How has Julius Baer Group 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 Julius Baer Group's growth in the last year to its industry (Capital Markets).
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.
  • Julius Baer Group has delivered over 20% year on year earnings growth in the past 5 years.
  • Julius Baer Group's 1-year earnings growth is less than its 5-year average (4.3% vs 29.1%)
  • Julius Baer Group's earnings growth has not exceeded the CH Capital Markets industry average in the past year (4.3% vs 9.5%).
Earnings and Revenue History
Julius Baer Group'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 Julius Baer Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:BAER Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 3,367.80 735.40 2,348.40
2018-09-30 3,408.60 765.40 2,343.30
2018-06-30 3,449.40 795.40 2,338.20
2018-03-31 3,350.85 750.10 2,292.95
2017-12-31 3,252.30 704.80 2,247.70
2017-09-30 3,135.95 657.80 2,201.15
2017-06-30 3,019.60 610.80 2,154.60
2017-03-31 2,935.95 615.10 2,075.65
2016-12-31 2,852.30 619.40 1,996.70
2016-09-30 2,781.70 531.70 2,022.10
2016-06-30 2,711.10 444.00 2,047.50
2016-03-31 2,702.80 282.60 2,223.10
2015-12-31 2,694.50 121.20 2,398.70
2015-09-30 2,706.65 174.05 2,334.50
2015-06-30 2,718.80 226.90 2,270.30
2015-03-31 2,632.70 296.55 2,084.65
2014-12-31 2,546.60 366.20 1,899.00
2014-09-30 2,450.22 309.01 1,869.09
2014-06-30 2,353.83 251.83 1,839.17
2014-03-31 2,274.28 219.68 1,807.82
2013-12-31 2,194.73 187.53 1,776.47
2013-09-30 2,072.88 203.64 1,645.95
2013-06-30 1,951.02 219.76 1,515.42
2013-03-31 1,844.22 243.86 1,386.62
2012-12-31 1,737.42 267.96 1,257.82
2012-09-30 1,727.65 278.44 1,378.92
2012-06-30 1,717.89 272.82 1,379.91

*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.
  • Julius Baer Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Julius Baer Group used its assets less efficiently than the CH Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if Julius Baer Group 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 Julius Baer Group'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 Capital Markets 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.
Julius Baer Group has a total score of 1/6, 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.

Health

 How is Julius Baer Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Julius Baer Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Julius Baer Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Julius Baer Group's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Julius Baer Group'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.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.6x debt.
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 Julius Baer Group Company Filings, last reported 3 months ago.

SWX:BAER Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 6,041.80 23,818.40 35,187.60
2018-09-30 6,041.80 23,818.40 35,187.60
2018-06-30 5,788.70 25,470.40 36,350.10
2018-03-31 5,788.70 25,470.40 36,350.10
2017-12-31 5,854.00 22,882.40 33,710.60
2017-09-30 5,854.00 22,882.40 33,710.60
2017-06-30 5,427.50 20,768.20 33,947.10
2017-03-31 5,427.50 20,768.20 33,947.10
2016-12-31 5,353.80 22,020.00 38,622.50
2016-09-30 5,353.80 22,020.00 38,622.50
2016-06-30 5,171.60 16,659.60 21,394.10
2016-03-31 5,171.60 16,659.60 21,394.10
2015-12-31 4,942.00 12,479.20 29,301.90
2015-09-30 4,942.00 12,479.20 29,301.90
2015-06-30 4,879.60 13,530.20 20,870.60
2015-03-31 4,879.60 13,530.20 20,870.60
2014-12-31 5,337.80 13,664.20 32,719.40
2014-09-30 5,337.80 13,664.20 32,719.40
2014-06-30 5,217.20 12,600.50 17,077.60
2014-03-31 5,217.20 12,600.50 17,077.60
2013-12-31 5,038.55 14,710.82 30,443.07
2013-09-30 5,038.55 14,710.82 30,443.07
2013-06-30 4,745.70 14,931.60 17,103.80
2013-03-31 4,745.70 14,931.60 17,103.80
2012-12-31 4,697.63 9,316.69 21,296.86
2012-09-30 4,874.05 9,316.69 21,296.86
2012-06-30 4,204.10 10,533.30 10,949.00
  • Julius Baer Group's level of debt (394.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (291.4% vs 394.2% today).
  • Debt is well covered by operating cash flow (38.5%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on Julius Baer Group's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Julius Baer Group'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. Julius Baer Group has a total score of 2/6, 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.

Dividends

 What is Julius Baer Group'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
3.19%
Current annual income from Julius Baer Group dividends. Estimated to be 3.75% next year.
If you bought CHF2,000 of Julius Baer Group shares you are expected to receive CHF64 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?
  • Julius Baer Group's pays a higher dividend yield than the bottom 25% of dividend payers in Switzerland (1.92%).
  • Julius Baer Group's dividend is below the markets top 25% of dividend payers in Switzerland (3.55%).
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
SWX:BAER 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 16 Analyst Estimates (S&P Global) See Below
Switzerland Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 3.9%
Switzerland Market Average Dividend Yield Market Cap Weighted Average of 167 Stocks 3.1%
Switzerland Minimum Threshold Dividend Yield 10th Percentile 1.3%
Switzerland Bottom 25% Dividend Yield 25th Percentile 1.9%
Switzerland Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

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

SWX:BAER Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 2.30 2.00
2022-12-31 2.10 2.00
2021-12-31 1.85 15.00
2020-12-31 1.75 18.00
2019-12-31 1.61 18.00
SWX:BAER Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2019-02-04 1.500 3.556
2018-04-11 1.400 2.871
2017-03-20 1.200 2.158
2017-02-01 1.200 2.474
2016-02-01 1.100 2.639
2015-02-02 1.000 2.089
2014-02-03 0.600 1.481
2013-02-04 0.600 1.499
2012-02-06 0.600 1.777
2011-02-07 0.600 1.713
2010-02-05 0.400 1.077
2009-10-01 0.500 1.366

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Julius Baer Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.4x coverage).
X
Income/ dividend checks
We assess Julius Baer Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - 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 Julius Baer Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Julius Baer Group has a total score of 4/6, see the detailed checks below.


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

Management

 What is the CEO of Julius Baer Group'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
Bernhard Hodler
COMPENSATION CHF6,157,000
AGE 58
TENURE AS CEO 1.4 years
CEO Bio

Education: • 2004 The Wharton School, University of Pennsylvania Advanced Executive Program • 2000 Swiss Finance Institute Advanced Executive Program • 1997 Global Association of Risk Professionals Financial Risk Manager (FRM) • 1984 – 1987 University of Applied Sciences (HWV), Berne B.Sc. in Business Administration. - Professional history: • Since 10/2009 Julius Baer Group Ltd. - Since November 27, 2017 Chief Executive Officer and Member of the Executive Board - 02/2013 – 11/2017 Chief Risk Officer and Member of the Executive Board - 01/2013 – 02/2013 Chief Risk Officer, Chief Operating Officer a.i. and Member of the Executive Board - October 1, 2009 – November 16, 2017 Chief Risk Officer and Member of the Executive Board. • Since 1998: Bank Julius Baer & Co. Ltd. as - Since November 27, 2017 Chief Executive Officer and Member of the Executive Board - February 1, 2013 – November 26, 2017 Chief Risk Officer - 01/2013 – 02/2013 Chief Risk Officer and Chief Operating Officer a.i. - April 1 2011 – December 31 2012 Chief Operating Officer - 2009 – March 31, 2011 Head Risk, Legal & Compliance - Since November 15, 2007 Member of the Executive Board - 2001 – 2009 Chief Risk Officer - 1998 – 2001 Head of Global Risk Management. • 2001 – 2009 GAM Holding AG (Formerly known as Julius Baer Holding Ltd.) - 2007 – 2009 Group Chief Risk Officer and Member of the Executive Board - December 3, 2005 – November 14, 2007 Chief Risk Officer and Head Corporate Centre - 2001 – December 2, 2005 Chief Risk Officer; Member of the Extended Group Executive Board. • 1994 – 1998 Credit Suisse Group, London and Zurich - 1997 – 1998 Head of European Risk Management at Credit Suisse First Boston - 1994 – 1996 Head of Global Market & Credit Risk; Global Controlling Trading & Sales. • 1990 – 1994 Swiss Bank Corporation, Tokyo and Zurich - 1993 – 1994 Head Risk Control Asia Pacific Region - 1990 – 1993 Deputy Head Global Risk Control • 1987 – 1990 Credit Suisse First Boston, Zug as Business Audit, Senior Corporate Auditor • 1982 – 1984 Union Bank of Switzerland as Credit Analyst - Various Functions. • Other activities and functions: Ifb AG, Cologne, Germany- Member of the Board of Directors.

CEO Compensation
  • Bernhard's compensation has been consistent with company performance over the past year.
  • Bernhard's remuneration is higher than average for companies of similar size in Switzerland.
Management Team Tenure

Average tenure and age of the Julius Baer Group management team in years:

2.3
Average Tenure
54
Average Age
  • The tenure for the Julius Baer Group management team is about average.
Management Team

Bernhard Hodler

TITLE
CEO & Member of Executive Board
COMPENSATION
CHF6M
AGE
58
TENURE
1.4 yrs

Dieter Enkelmann

TITLE
CFO & Member of Executive Board
AGE
59
TENURE
9.5 yrs

Christoph Hiestand

TITLE
Group General Counsel & Member of Executive Board
AGE
49
TENURE
9.5 yrs

Nic Dreckmann

TITLE
COO & Member of Executive Board
AGE
44
TENURE
2.3 yrs

Larissa Rubner

TITLE
Chief Communications Officer & Member of Executive Board
AGE
48
TENURE
1.8 yrs

Oliver Bartholet

TITLE
Chief Risk Officer & Member of Executive Board
AGE
52
TENURE
1.1 yrs

Jimmy Lee

TITLE
Member of the Executive Board & Head of Asia Pacific
AGE
56

Bhaskar Laxminarayan

TITLE
Chief Investment Officer for Asia & Head of Asia IM Division
TENURE
2.6 yrs

Urs Monstein

TITLE
Chief Information Officer
AGE
56

Alexander van Leeuwen

TITLE
Head Investor Relations
Board of Directors Tenure

Average tenure and age of the Julius Baer Group board of directors in years:

5.5
Average Tenure
60
Average Age
  • The tenure for the Julius Baer Group board of directors is about average.
Board of Directors

Romeo Lacher

TITLE
Non-Executive Chairman
AGE
58

Charles Thoroton Stonehill

TITLE
Vice Chairman of the Board
COMPENSATION
CHF351K
AGE
60
TENURE
2.3 yrs

Raymond Baer

TITLE
Honorary Chairman
COMPENSATION
CHF5K
AGE
59
TENURE
7 yrs

Heinrich Baumann

TITLE
Director
COMPENSATION
CHF323K
AGE
67
TENURE
8 yrs

Richard Campbell-Breeden

TITLE
Director
COMPENSATION
CHF285K
TENURE
1 yrs

Claire Giraut

TITLE
Non-Executive Director
COMPENSATION
CHF264K
AGE
62
TENURE
9 yrs

Gilbert Achermann

TITLE
Director
COMPENSATION
CHF274K
AGE
54
TENURE
7 yrs

Paul Chow

TITLE
Director
COMPENSATION
CHF256K
AGE
72
TENURE
4 yrs

Ivo Furrer

TITLE
Director
COMPENSATION
CHF321K
AGE
61
TENURE
2 yrs

Olga Zoutendijk

TITLE
Director
AGE
57
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 (CHF) Value (CHF)
X
Management checks
We assess Julius Baer Group'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. Julius Baer Group 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.

News

Simply Wall St News

Is Julius Baer Group Ltd. (VTX:BAER) A Smart Choice For Dividend Investors?

A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. … Let's dig deeper into whether Julius Baer Group should have a place in your portfolio. … View our latest analysis for Julius Baer Group?

Simply Wall St -

Julius Baer Group Ltd. (VTX:BAER): What Does The Future Look Like?

In June 2018, Julius Baer Group Ltd. … (VTX:BAER) released its earnings update. … the higher past 5-year average growth rate of 30%

Simply Wall St -

What Value Should You Place On Julius Baer Group Ltd (VTX:BAER)?

Pricing capital market stocks such as BAER is particularly challenging. … Given that these companies adhere to a different set of rules relative to other companies, their cash flows should also be valued differently. … For example, capital market businesses are required to hold more capital to reduce the risk to shareholders.

Simply Wall St -

Does Julius Baer Group Ltd's (VTX:BAER) PE Ratio Warrant A Buy?

Julius Baer Group Ltd (VTX:BAER) is currently trading at a trailing P/E of 14.7, which is lower than the industry average of 16.6. … While BAER might seem like an attractive stock to buy, it is important to understand the assumptions behind the P/E ratio before you make any investment decisions. … See our latest analysis for Julius Baer Group

Simply Wall St -

Is Julius Baer Group Ltd's (VTX:BAER) Growth Strong Enough To Justify Its August Share Price?

Growth expectations for Julius Baer Group Ltd (VTX:BAER) are high, but many investors are starting to ask whether its last close at CHF55.08 can still be rationalized by the future potential. … What can we expect from Julius Baer Group in the future. … Investors in Julius Baer Group have been patiently waiting for the uptick in earnings.

Simply Wall St -

Is Julius Baer Group Ltd (VTX:BAER) Worth CHF56.86 Based On Intrinsic Value?

Valuing BAER, a financial stock, can be daunting since these capital market firms generally have cash flows that are impacted by regulations that are not imposed upon other industries. … For instance, these businesses must hold a certain level of cash reserves on the books as a safety precaution.

Simply Wall St -

At CHF059.04, Is It Time To Buy Julius Baer Group Ltd (VTX:BAER)?

Julius Baer Group Ltd (VTX:BAER). … A question to answer is whether Julius Baer Group's current trading price of CHF59.04 reflective of the actual value of the? … Let’s take a look at Julius Baer Group’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

Where Julius Baer Group Ltd (SWX:BAER) Stands In Terms Of Earnings Growth Against Its Industry

Assessing Julius Baer Group Ltd's (SWX:BAER) past track record of performance is an insightful exercise for investors. … How BAER fared against its long-term earnings performance and its industry. … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 16.64%, indicating the rate at which BAER is growing has slowed down

Simply Wall St -

Julius Baer Group Ltd (VTX:BAER) Investors Are Paying Above The Intrinsic Value

SWX:BAER Intrinsic Value May 23rd 18 Calculating BAER's Value The key assumption for Excess Returns is that equity value is how much the firm can earn, over and above its cost of equity, given the level of equity it has in the company at the moment. … The returns above the cost of equity is known as excess returns: Excess Return Per Share = (Stable Return On Equity – Cost Of Equity) (Book Value Of Equity Per Share) = (16.17% – 12.33%) * CHF31.34 = CHF1.2 Excess Return Per Share is used to calculate the terminal value of BAER, which is how much the business is expected to continue to generate over the upcoming years, in perpetuity. … This is a common component of discounted cash flow models: Terminal Value Per Share = Excess Return Per Share / (Cost of Equity – Expected Growth Rate) = CHF1.2 / (12.33% – 0.06%) = CHF9.78 Putting this all together, we get the value of BAER’s share: Value Per Share = Book Value of Equity Per Share + Terminal Value Per Share = CHF31.34 + CHF9.78 = CHF41.12 Relative to today's price of CHF62.3, BAER is priced higher than its intrinsic value.

Simply Wall St -

Is It Too Late To Buy Julius Baer Group Ltd (VTX:BAER) At Its May Price?

Analysts are predicting good growth prospects for Julius Baer Group over the next couple of years. … But, seeing as Julius Baer Group is perceived as a high-growth stock, we must also account for its earnings growth, which is captured in the PEG ratio. … A PE ratio of 19.35x and expected year-on-year earnings growth of 12.60% give Julius Baer Group a higher PEG ratio of 1.54x.

Simply Wall St -

Company Info

Description

Julius Baer Group Ltd. provides private banking products and services to private clients, family offices, and external asset managers primarily in Switzerland, rest of Europe, Asia, and South America. The company offers various structured products; and discretionary mandate, investment advisory, Lombard lending, real estate advisory and financing, custody, online trading, and wealth planning, as well as securities, foreign exchange, and precious metals trading and advisory services. It also operates an open product and service platform. The company was founded in 1890 and is headquartered in Zurich, Switzerland.

Details
Name: Julius Baer Group Ltd.
BAER
Exchange: SWX
Founded: 1890
CHF10,253,324,699
217,970,338
Website: http://www.juliusbaer.com
Address: Julius Baer Group Ltd.
Bahnhofstrasse 36,
Zurich,
Zurich, 8010,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX BAER Registered Shares SIX Swiss Exchange CH CHF 01. Oct 2009
OTCPK JBAR.F Registered Shares Pink Sheets LLC US USD 01. Oct 2009
DB JGE Registered Shares Deutsche Boerse AG DE EUR 01. Oct 2009
LSE 0QO6 Registered Shares London Stock Exchange GB CHF 01. Oct 2009
BMV BAER N Registered Shares Bolsa Mexicana de Valores MX MXN 01. Oct 2009
BATS-CHIXE BAERZ Registered Shares BATS 'Chi-X Europe' GB CHF 01. Oct 2009
OTCPK JBAX.Y ADR Pink Sheets LLC US USD 12. Nov 2009
Number of employees
Current staff
Staff numbers
6,693
Julius Baer Group employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/17 22:12
End of day share price update: 2019/04/17 00:00
Last estimates confirmation: 2019/04/16
Last earnings filing: 2019/02/04
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.