SWX:VAHN

Stock Analysis Report

Vaudoise Assurances Holding

Executive Summary

Vaudoise Assurances Holding SA provides insurance products and services to individuals and SMEs primarily in Switzerland.


Snowflake Analysis

Average dividend payer and fair value.


Similar Companies

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

9.5%

VAHN

11.3%

CH Insurance

5.2%

CH Market


1 Year Return

-10.6%

VAHN

-12.3%

CH Insurance

-4.7%

CH Market

Return vs Industry: VAHN exceeded the Swiss Insurance industry which returned -15.2% over the past year.

Return vs Market: VAHN underperformed the Swiss Market which returned -5.9% over the past year.


Shareholder returns

VAHNIndustryMarket
7 Day9.5%11.3%5.2%
30 Day-16.2%-14.7%-6.3%
90 Day-21.5%-22.9%-12.7%
1 Year-8.2%-10.6%-7.7%-12.3%0.08%-4.7%
3 Year-7.2%-13.6%21.2%6.6%15.8%4.0%
5 Year4.1%-7.5%27.9%-0.4%18.3%-0.9%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: VAHN (CHF449) is trading below our estimate of fair value (CHF1044.18)

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


Price To Earnings Ratio

PE vs Industry: VAHN is poor value based on its PE Ratio (10.3x) compared to the Insurance industry average (9.5x).

PE vs Market: VAHN is good value based on its PE Ratio (10.3x) compared to the Swiss market (16.6x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: VAHN is overvalued based on its PB Ratio (0.7x) compared to the CH Insurance industry average (0.7x).


Next Steps

Future Growth

How is Vaudoise Assurances Holding forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

9.1%

Forecasted Insurance industry annual growth in earnings


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if VAHN's forecast earnings growth is above the savings rate (-0.6%).

Earnings vs Market: Insufficient data to determine if VAHN's earnings are forecast to grow faster than the Swiss market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: Insufficient data to determine if VAHN's revenue is forecast to grow faster than the Swiss market.

High Growth Revenue: Insufficient data to determine if VAHN's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if VAHN's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Vaudoise Assurances Holding performed over the past 5 years?

-3.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: VAHN has high quality earnings.

Growing Profit Margin: VAHN's current net profit margins (9.8%) are lower than last year (10.4%).


Past Earnings Growth Analysis

Earnings Trend: VAHN's earnings have declined by -3.8% per year over the past 5 years.

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

Earnings vs Industry: VAHN had negative earnings growth (-6.1%) over the past year, making it difficult to compare to the Insurance industry average (18.6%).


Return on Equity

High ROE: VAHN's Return on Equity (6.9%) is considered low.


Next Steps

Financial Health

How is Vaudoise Assurances 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: VAHN has a low level of unsold assets or inventory.

Debt Coverage by Assets: Insufficient data to determine if VAHN's debt is covered by short term assets.


Financial Institutions Analysis

Asset Level: VAHN's level of assets compared to its equity is low.

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

Low Risk Liabilities: VAHN reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if VAHN has an acceptable proportion of non-loan assets held.

Low Risk Deposits: VAHN has advanced significantly more loans than the customer deposits it holds.

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


Next Steps

Dividend

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

2.90%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: VAHN's dividend (2.9%) is higher than the bottom 25% of dividend payers in the Swiss market (2.11%).

High Dividend: VAHN's dividend (2.9%) is low compared to the top 25% of dividend payers in the Swiss market (4.26%).


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (29.8%), VAHN's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

5.8yrs

Average management tenure


CEO

Philippe Hebeisen (64yo)

11.17s

Tenure

CHF2,112,343

Compensation

Mr. Philippe Hebeisen has been Chairman of the Management Board at Vaudoise Assurances Holding SA since 2009 and has been its Member of the Management Board since 1999. Mr. Hebeisen has been the Chief Exec ...


CEO Compensation Analysis

Compensation vs Market: Philippe's total compensation ($USD2.20M) is above average for companies of similar size in the Swiss market ($USD1.33M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Philippe Hebeisen
Chairman of the Management Board11.17yrsCHF2.11mno data
Jean-Daniel Laffely
Vice Chairman of Mgmt. Board8.17yrsno datano data
Reto Kuhn
Chief Investment Officerno datano datano data
Christian Lagger
Directorno datano datano data
Jacques Marmier
Director of the Insurance Department for People & Member of the Management Boardno datano datano data
Karim Abdelatif
Head of the Human Resources Department & Member of the Management Board5.83yrsno datano data
Nathalie Follonier-Kehrli
Director of General Secretary and Head of Institutional Communicationno datano datano data
Frédéric Traimond
Head of Maths/Reinsurance Dept2.17yrsno datano data
Grégoire Fracheboud
Director2.17yrsno datano data
Jan Ellerbrock
Head of IT & Digital Transformationno datano datano data

5.8yrs

Average Tenure

52.5yo

Average Age

Experienced Management: VAHN's management team is seasoned and experienced (5.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Martin Albers
Director3.83yrsCHF137.33kno data
Jean-Philippe Rochat
Director10.83yrsCHF131.66kno data
Paul-André Sanglard
Non-Executive Chairman10.83yrsCHF460.01kno data
Eftychia Fischer
Director3.83yrsCHF154.25kno data
Peter Kofmel
Director21.17yrsCHF154.25kno data
Chantal Emery
Vice-Chairman7.83yrsCHF185.55kno data
Javier Fernandez-Cid
Director7.83yrsCHF100.00kno data

7.8yrs

Average Tenure

63yo

Average Age

Experienced Board: VAHN's board of directors are considered experienced (7.8 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

Vaudoise Assurances Holding SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Vaudoise Assurances Holding SA
  • Ticker: VAHN
  • Exchange: SWX
  • Founded: 1895
  • Industry: Multi-line Insurance
  • Sector: Insurance
  • Market Cap: CHF1.292b
  • Shares outstanding: 2.94m
  • Website: https://www.vaudoise.ch

Number of Employees


Location

  • Vaudoise Assurances Holding SA
  • Place de Milan
  • Case postale 120
  • Lausanne
  • Vaud
  • 1001
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VAHNSWX (SIX Swiss Exchange)YesClass B Registered SharesCHCHFJan 1992
0QN7LSE (London Stock Exchange)YesClass B Registered SharesGBCHFJan 1992
VAHBDB (Deutsche Boerse AG)YesClass B Registered SharesDEEURJan 1992

Biography

Vaudoise Assurances Holding SA provides insurance products and services to individuals and SMEs primarily in Switzerland. The company offers vehicle, household, public liability, foresight, and mortgage insurance. It serves customers through its network of agencies. The company was founded in 1895 and is headquartered in Lausanne, Switzerland. Vaudoise Assurances Holding SA is a subsidiary of Mutuelle Vaudoise, Société Coopérative. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/31 20:49
End of Day Share Price2020/03/31 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.