SWX:BALN

Stock Analysis Report

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Executive Summary

Bâloise Holding AG, together with its subsidiaries, primarily engages in the insurance and banking businesses. More Details


Snowflake Analysis

6 star dividend payer and good value.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: BALN is not significantly more volatile than the rest of Swiss stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: BALN's weekly volatility (4%) has been stable over the past year.


Market Performance


7 Day Return

0.7%

BALN

3.4%

CH Insurance

-0.2%

CH Market


1 Year Return

-7.5%

BALN

-12.1%

CH Insurance

-0.9%

CH Market

Return vs Industry: BALN exceeded the Swiss Insurance industry which returned -12.1% over the past year.

Return vs Market: BALN underperformed the Swiss Market which returned -0.9% over the past year.


Shareholder returns

BALNIndustryMarket
7 Day0.7%3.4%-0.2%
30 Day31.1%24.7%5.0%
90 Day10.9%11.6%2.4%
1 Year-3.2%-7.5%-6.3%-12.1%2.6%-0.9%
3 Year20.2%7.0%33.1%12.6%18.7%4.0%
5 Year55.4%27.9%61.2%21.8%37.5%14.7%

Long-Term Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

35.6%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BALN (CHF160.8) is trading below our estimate of fair value (CHF249.84)

Significantly Below Fair Value: BALN is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: BALN is good value based on its PE Ratio (15.4x) compared to the CH Insurance industry average (15.5x).

PE vs Market: BALN is good value based on its PE Ratio (15.4x) compared to the Swiss market (22.7x).


Price to Earnings Growth Ratio

PEG Ratio: BALN is poor value based on its PEG Ratio (1.6x)


Price to Book Ratio

PB vs Industry: BALN is overvalued based on its PB Ratio (1.2x) compared to the CH Insurance industry average (0.9x).


Next Steps

Future Growth

How is Bâloise Holding forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

9.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BALN's forecast earnings growth (9.7% per year) is above the savings rate (-0.2%).

Earnings vs Market: BALN's earnings (9.7% per year) are forecast to grow slower than the Swiss market (13.3% per year).

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

Revenue vs Market: BALN's revenue (4.5% per year) is forecast to grow slower than the Swiss market (4.8% per year).

High Growth Revenue: BALN's revenue (4.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BALN's Return on Equity is forecast to be low in 3 years time (9.3%).


Next Steps

Past Performance

How has Bâloise Holding performed over the past 5 years?

2.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BALN has high quality earnings.

Growing Profit Margin: BALN's current net profit margins (5.8%) are lower than last year (7.3%).


Past Earnings Growth Analysis

Earnings Trend: BALN's earnings have grown by 2.3% per year over the past 5 years.

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

Earnings vs Industry: BALN had negative earnings growth (-26.5%) over the past year, making it difficult to compare to the Insurance industry average (-17.1%).


Return on Equity

High ROE: BALN's Return on Equity (7.6%) is considered low.


Next Steps

Financial Health

How is Bâloise Holding's financial position?


Financial Position Analysis

Short Term Liabilities: BALN's short term assets (CHF20.5B) exceed its short term liabilities (CHF647.9M).

Long Term Liabilities: BALN's short term assets (CHF20.5B) do not cover its long term liabilities (CHF79.7B).


Debt to Equity History and Analysis

Debt Level: BALN's debt to equity ratio (37.3%) is considered satisfactory.

Reducing Debt: BALN's debt to equity ratio has increased from 32.4% to 37.3% over the past 5 years.

Debt Coverage: BALN's debt is well covered by operating cash flow (24.4%).

Interest Coverage: BALN's interest payments on its debt are well covered by EBIT (4x coverage).


Balance Sheet


Next Steps

Dividend

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

3.98%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BALN's dividend (3.98%) is higher than the bottom 25% of dividend payers in the Swiss market (1.91%).

High Dividend: BALN's dividend (3.98%) is in the top 25% of dividend payers in the Swiss market (3.72%)


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (61.1%), BALN's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BALN's dividends in 3 years are forecast to be covered by earnings (52.1% payout ratio).


Next Steps

Management

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

3.5yrs

Average management tenure


CEO

Gert Winter (54 yo)

4.83yrs

Tenure

CHF2,210,578

Compensation

Mr. Gert De Winter, M.Sc., has been Group Chief Executive Officer of Bâloise Holding AG since January 1, 2016. He studied applied economics at the University of Antwerp. From 1988 to 2004 he performed vari...


CEO Compensation Analysis

Compensation vs Market: Gert's total compensation ($USD2.44M) is about average for companies of similar size in the Swiss market ($USD2.22M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Gert Winter
Group Chief Executive Officer4.83yrsCHF2.21m0.067%
CHF 4.8m
Carsten Stolz
Head of Corporate Finance Division & CFO3.5yrsCHF1.16m0.016%
CHF 1.1m
Alexander Bockelmann
Chief Information Technology Officer & CTO1.75yrsCHF1.43mno data
Michael Müller
Head of Corporate Division Switzerland & CEO of Basler Switzerlandno dataCHF1.67m0.066%
CHF 4.8m
Matthias Henny
Head of Corporate Division Asset Management3.5yrsCHF1.24m0.063%
CHF 4.5m
Clemens Markstein
Head of Operations & IT - Switzerlandno datano datano data
Pierre Girard
Head of Group Accounting & Reportingno datano datano data
Marc Kaiser
Head of Corporate Communications & Investor Relationsno datano datano data
Markus Holtz
Head of Investor Relations1.83yrsno datano data
Peter Kalberer
Head of Group Complianceno datano datano data
Andreas Burki
Head of Group Legal and Tax6.83yrsno datano data
Mathias Zingg
Head of Sales & Marketing0.83yrno datano data

3.5yrs

Average Tenure

49yo

Average Age

Experienced Management: BALN's management team is considered experienced (3.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Christoph Maeder
Independent Non-Executive Director1.58yrsCHF122.32k0.0039%
CHF 278.7k
Markus Neuhaus
Independent Non-Executive Director1.58yrsCHF122.32k0.0022%
CHF 161.0k
Andreas Beerli
Independent Vice-Chairman2.58yrsCHF295.00k0.012%
CHF 846.2k
Thomas Pleines
Independent Non-Executive Director8.58yrsCHF254.48k0.010%
CHF 736.4k
Andreas Burckhardt
Chairman of the Board9.58yrsCHF1.32m0.13%
CHF 9.7m
Thomas von Planta
Independent Non-Executive Director3.58yrsCHF231.00k0.0051%
CHF 369.7k
Belgian Hugo R. Lasat
Independent Non-Executive Director4.58yrsCHF175.00k0.0045%
CHF 325.6k
Christoph Gloor
Independent Non-Executive Director6.58yrsCHF231.00k0.023%
CHF 1.7m
Hans-Jörg Schmidt-Trenz
Independent Non-Executive Director2.58yrsCHF175.00k0.0030%
CHF 215.2k
Marie-Noëlle Venturi - Zen-Ruffinen
Independent Non-Executive Director4.58yrsCHF214.34k0.0045%
CHF 325.6k

4.1yrs

Average Tenure

61yo

Average Age

Experienced Board: BALN's board of directors are considered experienced (4.1 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

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


Key Information

  • Name: Bâloise Holding AG
  • Ticker: BALN
  • Exchange: SWX
  • Founded: 1863
  • Industry: Multi-line Insurance
  • Sector: Insurance
  • Market Cap: CHF7.220b
  • Shares outstanding: 44.90m
  • Website: https://www.baloise.com

Number of Employees


Location

  • Bâloise Holding AG
  • Aeschengraben 21
  • Basel
  • Basel-Stadt
  • 4002
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BLHE.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDJan 1992
BALNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFJan 1992
BLONDB (Deutsche Boerse AG)YesRegistered SharesDEEURJan 1992
0QQ3LSE (London Stock Exchange)YesRegistered SharesGBCHFJan 1992
BLHE.YOTCPK (Pink Sheets LLC)ADRUSUSDOct 2008

Biography

Bâloise Holding AG, together with its subsidiaries, primarily engages in the insurance and banking businesses. It operates through Non-Life, Life, Banking, and Other Activities segments. The company offers...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/27 18:16
End of Day Share Price2020/11/26 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.