SWX:VONN

Stock Analysis Report

Executive Summary

Vontobel Holding AG provides various financial services to private and institutional clients.

Snowflake

Fundamentals

Established dividend payer with adequate balance sheet.


Similar Companies

Share Price & News

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


Latest Share Price and Events


Market Performance


7 Day Return

8.1%

VONN

4.0%

CH Capital Markets

0.4%

CH Market


1 Year Return

-13.7%

VONN

-14.9%

CH Capital Markets

11.4%

CH Market

Return vs Industry: VONN exceeded the Swiss Capital Markets industry which returned -14.9% over the past year.

Return vs Market: VONN underperformed the Swiss Market which returned 11.4% over the past year.


Shareholder returns

VONNIndustryMarket
7 Day8.1%4.0%0.4%
30 Day-0.09%-5.5%-0.3%
90 Day-0.7%-4.8%1.8%
1 Year-10.3%-13.7%-11.4%-14.9%17.4%11.4%
3 Year29.8%16.7%4.4%-7.3%34.9%21.3%
5 Year103.7%68.8%-15.2%-31.7%42.2%19.9%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

16.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: VONN (CHF55.55) is trading below our estimate of fair value (CHF66.23)

Significantly Undervalued: VONN is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: VONN is good value based on its PE Ratio (14.2x) compared to the Capital Markets industry average (14.9x).

PE vs Market: VONN is good value based on its PE Ratio (14.2x) compared to the Swiss market (18.6x).


Price to Earnings Growth Ratio

Low PEG Ratio: VONN is poor value based on its PEG Ratio (1.4x)


Price to Book Ratio

PB vs Industry: VONN is overvalued based on its PB Ratio (1.8x) compared to the CH Capital Markets industry average (1x).


Next Steps

Future Growth

How is Vontobel Holding forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

10.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VONN's forecast earnings growth (10.2% per year) is above the savings rate (3.3%).

Earnings vs Market: VONN's earnings (10.2% per year) are forecast to grow slower than the Swiss market (10.3% per year).

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

Revenue vs Market: VONN's revenue (5.8% per year) is forecast to grow faster than the Swiss market (3.5% per year).

High Growth Revenue: VONN's revenue (5.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: VONN's Return on Equity is forecast to be low in 3 years time (15.6%).


Next Steps

Past Performance

How has Vontobel Holding performed over the past 5 years?

11.0%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: VONN's earnings have grown by 11% per year over the past 5 years.

Accelerating Growth: VONN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: VONN had negative earnings growth (-5.9%) over the past year, making it difficult to compare to the Capital Markets industry average (-4.5%).


Return on Equity

High ROE: VONN's Return on Equity (13.3%) is considered low.


Return on Assets

ROA vs Industry: VONN has a higher Return on Assets than the Capital Markets industry average last year.


Return on Capital Employed

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


Next Steps

Financial Health

How is Vontobel Holding'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: VONN has a low level of unsold assets or inventory.

Debt Coverage by Assets: VONN's debt is covered by short term assets (assets are 6.057110x debt).


Financial Institutions Analysis

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

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

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

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

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

Level of Bad Loans: VONN has an appropriate level of bad loans (0.76%)


Next Steps

Dividend

What is Vontobel Holding's current dividend yield, its reliability and sustainability?

3.78%

Current Dividend Yield


Dividend Yield vs Market

company3.8%marketbottom25%1.9%markettop25%3.7%industryaverage4.4%forecastin3Years4.7%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: VONN's dividend (3.78%) is higher than the bottom 25% of dividend payers in the Swiss market (1.9%).

High Dividend: VONN's dividend (3.78%) is in the top 25% of dividend payers in the Swiss market (3.75%)

Stable Dividend: VONN's dividend payments have been volatile in the past 10 years.

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


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (53.8%), VONN's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: VONN's dividends in 3 years are forecast to be covered by earnings (50.5% payout ratio).


Next Steps

Management

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

8.6yrs

Average management tenure


CEO

Zeno Staub (50yo)

8.4yrs

Tenure

CHF3,721,900

Compensation

Dr. Zeno Markus Staub, Ph.D., serves as the Chief Executive Officer and Member of Executive Management at Bank Vontobel AG. Dr. Staub has been the Chief Executive Officer at Vontobel Holding AG since May 4 ...


CEO Compensation Analysis

Compensation vs. Market: Zeno's total compensation ($USD3.73M) is about average for companies of similar size in the Swiss market ($USD1.65M).

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


Management Age and Tenure

8.6yrs

Average Tenure

53yo

Average Age

Experienced Management: VONN's management team is seasoned and experienced (8.6 years average tenure).


Board Age and Tenure

4.5yrs

Average Tenure

53.5yo

Average Age

Experienced Board: VONN's board of directors are considered experienced (4.5 years average tenure).


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

  • Zeno Staub (50yo)

    CEO & Member of the Executive Board

    • Tenure: 8.4yrs
    • Compensation: CHF3.72m
  • Georg Franz Schubiger (51yo)

    Head of Wealth Management & Member of the Executive Board

    • Tenure: 0yrs
  • Axel Schwarzer (61yo)

    Head of Asset Management & Member of the Executive Board

    • Tenure: 0yrs
  • Roger Studer (52yo)

    Head of Investment Banking & Member of the Executive Board

    • Tenure: 0yrs
    • Compensation: CHF2.41m
  • Martin Castagnola (54yo)

    CFO & Member of the Executive Board

    • Tenure: 10.9yrs
  • Christophe Bernard

    Chief Strategist & Head of The Balanced/Multi Asset Class Boutique

    • Tenure: 7.6yrs
  • Felix Lenhard (54yo)

    COO & Member of the Executive Board

    • Tenure: 0yrs
  • Ramzi Charaf

    Regional Head for Private Clients Business

    • Tenure: 8.8yrs
  • Peter Dietlmaier

    Head of Corporate Communications

    • Tenure: 0yrs
  • Michele Schnyder

    Head of Investor Relations

    • Tenure: 0yrs

Board Members

  • Frank Schnewlin (68yo)

    Independent Vice Chairman of the Board

    • Tenure: 7.5yrs
    • Compensation: CHF270.40k
  • Herbert Scheidt (68yo)

    Independent Chairman of the Board

    • Tenure: 8.4yrs
    • Compensation: CHF2.62m
  • Vittorio Volpi (80yo)

    Member of Advisory Council

    • Tenure: 0yrs
  • David Cole (58yo)

    Independent Director

    • Tenure: 3.5yrs
    • Compensation: CHF193.00k
  • Bruno Basler (56yo)

    Independent Director

    • Tenure: 14.5yrs
    • Compensation: CHF222.80k
  • Stefan Loacker (50yo)

    Director

    • Tenure: 1.5yrs
    • Compensation: CHF150.10k
  • Clara-Christina F. Streit (51yo)

    Independent Director

    • Tenure: 8.4yrs
    • Compensation: CHF193.80k
  • Elisabeth Bourqui (44yo)

    Non-Executive Independent Member

    • Tenure: 4.5yrs
    • Compensation: CHF195.30k
  • Maja Baumann (42yo)

    Independent Director

    • Tenure: 3.5yrs
    • Compensation: CHF199.90k
  • Björn Wettergren (38yo)

    Independent Director

    • Tenure: 3.5yrs
    • Compensation: CHF193.80k

Company Information

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


Key Information

  • Name: Vontobel Holding AG
  • Ticker: VONN
  • Exchange: SWX
  • Founded: 1924
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Market Cap: CHF3.125b
  • Shares outstanding: 56.25m
  • Website: https://www.vontobel.com

Number of Employees


Location

  • Vontobel Holding AG
  • Gotthardstrasse 43
  • Zurich
  • Zurich
  • 8022
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VONH.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDJan 1992
VTLNDB (Deutsche Boerse AG)YesRegistered SharesDEEURJan 1992
VONNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFJan 1992
0QKELSE (London Stock Exchange)YesRegistered SharesGBCHFJan 1992

Biography

Vontobel Holding AG provides various financial services to private and institutional clients. The company operates through Wealth Management, Asset Management, and Investment Banking segments. The Wealth M ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/14 20:41
End of Day Share Price2019/10/14 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.