SWX:GAM

Stock Analysis Report

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Executive Summary

GAM Holding AG is a publicly owned asset management holding company. More Details


Snowflake Analysis

Flawless balance sheet with reasonable growth potential.


Similar Companies

Share Price & News

How has GAM Holding's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: GAM's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-5.0%

GAM

-6.1%

CH Capital Markets

-1.5%

CH Market


1 Year Return

-57.3%

GAM

-8.5%

CH Capital Markets

2.9%

CH Market

Return vs Industry: GAM underperformed the Swiss Capital Markets industry which returned -8.5% over the past year.

Return vs Market: GAM underperformed the Swiss Market which returned 2.9% over the past year.


Shareholder returns

GAMIndustryMarket
7 Day-5.0%-6.1%-1.5%
30 Day-23.1%-9.2%0.7%
90 Day-20.2%-4.4%3.6%
1 Year-57.3%-57.3%-5.7%-8.5%6.5%2.9%
3 Year-88.1%-88.6%-20.4%-27.7%21.1%6.5%
5 Year-88.7%-90.2%-19.9%-34.6%42.8%18.9%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is GAM Holding undervalued compared to its fair value and its price relative to the market?

0.59x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate GAM's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate GAM's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: GAM is unprofitable, so we can't compare its PE Ratio to the CH Capital Markets industry average.

PE vs Market: GAM is unprofitable, so we can't compare its PE Ratio to the Swiss market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate GAM's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: GAM is good value based on its PB Ratio (0.6x) compared to the CH Capital Markets industry average (1x).


Next Steps

Future Growth

How is GAM Holding forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

117.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: GAM is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (-0.2%).

Earnings vs Market: GAM is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: GAM's is expected to become profitable in the next 3 years.

Revenue vs Market: GAM's revenue (6.9% per year) is forecast to grow faster than the Swiss market (4.5% per year).

High Growth Revenue: GAM's revenue (6.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: GAM's Return on Equity is forecast to be low in 3 years time (3.9%).


Next Steps

Past Performance

How has GAM Holding performed over the past 5 years?

-57.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: GAM is currently unprofitable.

Growing Profit Margin: GAM is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: GAM is unprofitable, and losses have increased over the past 5 years at a rate of 57.5% per year.

Accelerating Growth: Unable to compare GAM's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: GAM is unprofitable, making it difficult to compare its past year earnings growth to the Capital Markets industry (12.2%).


Return on Equity

High ROE: GAM has a negative Return on Equity (-75.2%), as it is currently unprofitable.


Next Steps

Financial Health

How is GAM Holding's financial position?


Financial Position Analysis

Short Term Liabilities: GAM's short term assets (CHF414.9M) exceed its short term liabilities (CHF196.5M).

Long Term Liabilities: GAM's short term assets (CHF414.9M) exceed its long term liabilities (CHF159.5M).


Debt to Equity History and Analysis

Debt Level: GAM is debt free.

Reducing Debt: GAM has not had any debt for past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable GAM has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: GAM is unprofitable but has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by 26.2% per year.


Next Steps

Dividend

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

4.39%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate GAM's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate GAM's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if GAM's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if GAM's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: GAM is not paying a notable dividend for the Swiss market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of GAM's dividend in 3 years as they are not forecast to pay a notable one for the Swiss market.


Next Steps

Management

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

2.0yrs

Average management tenure


CEO

Pete Sanderson (42 yo)

1

Tenure

CHF1,578,337

Compensation

Mr. Peter Sanderson, also known as Pete, serves as the Group Chief Executive Officer and Chairman of Management Board at GAM Holding AG since September 01, 2019. He most recently served as BlackRock’s head ...


CEO Compensation Analysis

Compensation vs Market: Pete's total compensation ($USD1.70M) is above average for companies of similar size in the Swiss market ($USD739.30K).

Compensation vs Earnings: Insufficient data to compare Pete's compensation with company performance.


Leadership Team

NamePositionTenureCompensationOwnership
Peter Sanderson
Group CEO & Chairman of Management Board1yrCHF1.58mno data
Richard McNamara
Group CFO & Member of Group Management Board4.92yrsno data0.040%
CHF 106.3k
Elmar Zumbuehl
Group Chief Risk Officer & Member of Group Management Board3.58yrsno data0.0067%
CHF 18.0k
Steve Rafferty
Group COO & Member of Management Board0.83yrno datano data
Charles Naylor
Global Head of Corporate Communications & Investor Relations0.58yrno datano data
Rachel Wheeler
Group General Counsel2yrsno datano data
David Kemp
Group Head of Compliance1.92yrsno datano data
Timothy Dana
Group Head of Corporate Development4.92yrsno datano data
Adam Brown
Global Head of Marketing3.17yrsno datano data
Teresa Riggin
Group Head of Human Resourcesno datano datano data
Scott Sullivan
Group Vice Chairman and Senior Adviser to Group Management Board & Board of Directors14.42yrsno datano data
Martin Jufer
Group Head Private Labelling & Region Head Continental Europe0.42yrno data0.0070%
CHF 18.8k

2.0yrs

Average Tenure

52yo

Average Age

Experienced Management: GAM's management team is considered experienced (2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Benjamin Meuli
Vice Chairman of the Boardno dataCHF306.44k0.021%
CHF 56.4k
Nancy Mistretta
Director4.42yrsCHF250.00k0.011%
CHF 29.2k
David Jacob
Chairman of the Board0.92yrCHF354.38k0.0066%
CHF 17.7k
Monika Machon
Director1.33yrsCHF234.25kno data
Jacqui Irvine
Director1.33yrsCHF211.40kno data
Katia Coudray
Director1.33yrsCHF207.14kno data
Thomas Schneider
Director0.42yrno datano data

1.3yrs

Average Tenure

56yo

Average Age

Experienced Board: GAM's board of directors are not considered experienced ( 1.3 years average tenure), which suggests a new board.


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

GAM Holding AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: GAM Holding AG
  • Ticker: GAM
  • Exchange: SWX
  • Founded:
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Market Cap: CHF267.986m
  • Shares outstanding: 156.72m
  • Website: https://www.gam.com

Number of Employees


Location

  • GAM Holding AG
  • Hardstrasse 201
  • PO Box
  • Zurich
  • Zurich
  • 8037
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
GMHL.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDJan 1992
0QN3LSE (London Stock Exchange)YesRegistered SharesGBCHFJan 1992
GAMSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFJan 1992
GADDB (Deutsche Boerse AG)YesRegistered SharesDEEURJan 1992
GMHL.YOTCPK (Pink Sheets LLC)ADRUSUSDOct 2008

Biography

GAM Holding AG is a publicly owned asset management holding company. The firm provides its services to institutions, financial intermediaries and private investors. Through its subsidiaries, the firm manag ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/09/25 03:49
End of Day Share Price2020/09/24 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


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.