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Banque Cantonale Vaudoise

DB:B1V
Snowflake Description

Excellent balance sheet with proven track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
B1V
DB
CHF7B
Market Cap
  1. Home
  2. DE
  3. Banks
Company description

Banque Cantonale Vaudoise provides a range of financial services in Vaud Canton and rest of Switzerland, and internationally. The last earnings update was 83 days ago. More info.


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B1V Share Price and Events
7 Day Returns
1.2%
DB:B1V
1.7%
DE Banks
1.6%
DE Market
1 Year Returns
7.5%
DB:B1V
-26.1%
DE Banks
-7.4%
DE Market
B1V Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Banque Cantonale Vaudoise (B1V) 1.2% 1.3% -2.3% 7.5% 15.9% 72.1%
DE Banks 1.7% -5.8% -7.8% -26.1% 5.3% -33.1%
DE Market 1.6% 1.5% 3% -7.4% 14.7% 9.4%
1 Year Return vs Industry and Market
  • B1V outperformed the Banks industry which returned -26.1% over the past year.
  • B1V outperformed the Market in Germany which returned -7.4% over the past year.
Price Volatility
B1V
Industry
5yr Volatility vs Market

Value

 Is Banque Cantonale Vaudoise 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 Banque Cantonale Vaudoise 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 Banque Cantonale Vaudoise.

DB:B1V Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= CHF421.78 * 9.4%
CHF39.75
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. CHF421.78
Discount Rate (Cost of Equity) See below 8.3%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

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 DB:B1V
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.592 (1 + (1- 18%) (195.34%))
1.361
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.36
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.361 * 5.96%)
8.34%

Discounted Cash Flow Calculation for DB:B1V using Excess Returns Model Model

The calculations below outline how an intrinsic value for Banque Cantonale Vaudoise 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.

DB:B1V Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (9.4% – 8.34%) * CHF421.78)
CHF4.57
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CHF4.57 / (8.34% - 0.23%)
CHF56.38
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CHF421.78 + CHF56.38
CHF478.16
DB:B1V Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:B1V represents 0.9025x of SWX:BCVN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.9025x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CHF) x Listing Adjustment Factor
= CHF 478.16 x 0.9025
€431.54
Value per share (EUR) From above. €431.54
Current discount Discount to share price of €685.00
= -1 x (€685.00 - €431.54) / €431.54
-58.7%

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

  • The current share price of Banque Cantonale Vaudoise 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 Banque Cantonale Vaudoise's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Banque Cantonale Vaudoise's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:B1V PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CHF CHF40.63
SWX:BCVN Share Price ** SWX (2019-06-24) in CHF CHF759
Germany Banks Industry PE Ratio Median Figure of 6 Publicly-Listed Banks Companies 15.72x
Germany Market PE Ratio Median Figure of 425 Publicly-Listed Companies 20.07x

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

** Primary Listing of Banque Cantonale Vaudoise.

DB:B1V PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 759 ÷ 40.63

18.68x

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

  • Banque Cantonale Vaudoise is overvalued based on earnings compared to the DE Banks industry average.
  • Banque Cantonale Vaudoise is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Banque Cantonale Vaudoise's expected growth come at a high price?
Raw Data
DB:B1V PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.68x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
2.4%per year
Europe Banks Industry PEG Ratio Median Figure of 113 Publicly-Listed Banks Companies 0.82x
Germany Market PEG Ratio Median Figure of 272 Publicly-Listed Companies 1.46x

*Line of best fit is calculated by linear regression .

DB:B1V PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 18.68x ÷ 2.4%

7.85x

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

  • Banque Cantonale Vaudoise is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Banque Cantonale Vaudoise's assets?
Raw Data
DB:B1V PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CHF CHF410.61
SWX:BCVN Share Price * SWX (2019-06-24) in CHF CHF759
Germany Banks Industry PB Ratio Median Figure of 6 Publicly-Listed Banks Companies 0.91x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.8x
DB:B1V PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 759 ÷ 410.61

1.85x

* Primary Listing of Banque Cantonale Vaudoise.

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

  • Banque Cantonale Vaudoise is overvalued based on assets compared to the DE Banks industry average.
X
Value checks
We assess Banque Cantonale Vaudoise'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 Banks 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 Banks industry average (and greater than 0)? (1 check)
  5. Banque Cantonale Vaudoise has a total score of 1/6, 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 Banque Cantonale Vaudoise expected to perform in the next 1 to 3 years based on estimates from 2 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
2.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Banque Cantonale Vaudoise expected to grow at an attractive rate?
  • Banque Cantonale Vaudoise's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Banque Cantonale Vaudoise's earnings growth is positive but not above the Germany market average.
  • Banque Cantonale Vaudoise's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:B1V Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:B1V Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 2.4%
DB:B1V Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 1.3%
Germany Banks Industry Earnings Growth Rate Market Cap Weighted Average 12.6%
Germany Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.4%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*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
DB:B1V Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:B1V Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 1,018 379 1
2020-12-31 1,000 361 2
2019-12-31 988 355 2
DB:B1V Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2018-12-31 977 -175 350
2018-09-30 970 347
2018-06-30 963 344
2018-03-31 965 332
2017-12-31 967 -9 320
2017-09-30 968 318
2017-06-30 970 317
2017-03-31 969 313
2016-12-31 967 294 310
2016-09-30 980 312
2016-06-30 993 314
2016-03-31 1,010 325

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Banque Cantonale Vaudoise's earnings are expected to grow by 2.4% yearly, however this is not considered high growth (20% yearly).
  • Banque Cantonale Vaudoise's revenue is expected to grow by 1.3% 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
DB:B1V Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Banque Cantonale Vaudoise Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:B1V Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 43.75 44.08 43.42 2.00
2020-12-31 42.33 42.79 41.88 2.00
2019-12-31 41.36 41.82 40.90 2.00
DB:B1V Past Financials Data
Date (Data in CHF Millions) EPS *
2018-12-31 40.63
2018-09-30 40.44
2018-06-30
2018-03-31
2017-12-31 37.21
2017-09-30 37.13
2017-06-30
2017-03-31
2016-12-31 35.97
2016-09-30 36.34
2016-06-30
2016-03-31

*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.
  • Banque Cantonale Vaudoise is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Banque Cantonale Vaudoise'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 Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany 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.
Banque Cantonale Vaudoise has a total score of 1/6, 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 Banque Cantonale Vaudoise 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 Banque Cantonale Vaudoise's growth in the last year to its industry (Banks).
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.
  • Banque Cantonale Vaudoise's year on year earnings growth rate has been positive over the past 5 years.
  • Banque Cantonale Vaudoise's 1-year earnings growth exceeds its 5-year average (9.2% vs 5.2%)
  • Banque Cantonale Vaudoise's earnings growth has exceeded the DE Banks industry average in the past year (9.2% vs 4.7%).
Earnings and Revenue History
Banque Cantonale Vaudoise'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 Banque Cantonale Vaudoise Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:B1V Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 976.70 349.70 424.10
2018-09-30 969.80 346.85 426.45
2018-06-30 962.90 344.00 428.80
2018-03-31 964.75 332.10 429.60
2017-12-31 966.60 320.20 430.40
2017-09-30 968.25 318.45 431.05
2017-06-30 969.90 316.70 431.70
2017-03-31 968.55 313.15 432.60
2016-12-31 967.20 309.60 433.50
2016-09-30 980.30 311.60 434.45
2016-06-30 993.40 313.60 435.40
2016-03-31 1,009.50 324.95 435.75
2015-12-31 1,025.60 336.30 436.10
2015-09-30 1,033.35 329.10 437.15
2015-06-30 1,041.10 321.90 438.20
2015-03-31 1,025.55 309.00 440.30
2014-12-31 1,010.00 296.10 442.40
2014-09-30 957.20 153.65 522.80
2014-06-30 952.70 283.00 447.40
2014-03-31 950.30 281.55 446.15
2013-12-31 947.90 280.10 444.90
2013-09-30 989.30 298.00 442.90
2013-06-30 988.90 305.20 440.10
2013-03-31 997.40 308.10 442.05
2012-12-31 1,005.90 311.00 444.00
2012-09-30 997.00 306.60 458.00
2012-06-30 1,004.00 304.60 446.20

*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.
  • Banque Cantonale Vaudoise has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Banque Cantonale Vaudoise used its assets more efficiently than the DE Banks industry average last year based on Return on Assets.
  • Unable to establish if Banque Cantonale Vaudoise 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 Banque Cantonale Vaudoise'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 Banks 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.
Banque Cantonale Vaudoise has a total score of 4/6, 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 Banque Cantonale Vaudoise's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Banque Cantonale Vaudoise'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.
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 Banque Cantonale Vaudoise Company Filings, last reported 5 months ago.

DB:B1V Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 3,522.00 12,717.00 9,151.00
2018-09-30 3,522.00 12,717.00 9,151.00
2018-06-30 3,361.00 11,224.00 8,235.00
2018-03-31 3,361.00 11,224.00 8,235.00
2017-12-31 3,457.00 11,172.00 9,011.00
2017-09-30 3,457.00 11,172.00 9,011.00
2017-06-30 3,299.00 11,986.00 8,336.00
2017-03-31 3,299.00 11,986.00 8,336.00
2016-12-31 3,420.00 11,164.00 8,236.00
2016-09-30 3,420.00 11,164.00 8,236.00
2016-06-30 3,270.00 12,738.00 8,243.00
2016-03-31 3,270.00 12,738.00 8,243.00
2015-12-31 3,397.00 10,872.00 7,639.00
2015-09-30 3,397.00 10,872.00 7,639.00
2015-06-30 3,243.00 10,594.00 7,633.00
2015-03-31 3,243.00 10,594.00 7,633.00
2014-12-31 3,341.00 9,622.00 6,002.00
2014-09-30 3,341.00 9,622.00 6,002.00
2014-06-30 3,200.00 8,996.00 5,931.00
2014-03-31 3,200.00 8,996.00 5,931.00
2013-12-31 3,322.00 8,412.00 5,840.00
2013-09-30 3,041.00 8,677.00 5,644.00
2013-06-30 3,193.00 8,367.00 6,066.00
2013-03-31 3,193.00 8,367.00 6,066.00
2012-12-31 3,315.00 8,793.00 5,648.00
2012-09-30 3,026.00 10,386.00 6,406.00
2012-06-30 3,183.00 9,340.00 5,110.00
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Banque Cantonale Vaudoise has an acceptable proportion of non-loan assets held.
  • Banque Cantonale Vaudoise's liabilities are made up of primarily low risk sources of funding.
  • Loans at Banque Cantonale Vaudoise are broadly funded by customer deposits.
  • Banque Cantonale Vaudoise's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Banque Cantonale Vaudoise has a low allowance for bad loans.
  • Banque Cantonale Vaudoise has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Banque Cantonale Vaudoise'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. Banque Cantonale Vaudoise has a total score of 5/6, 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 Banque Cantonale Vaudoise'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
4.61%
Current annual income from Banque Cantonale Vaudoise dividends. Estimated to be 4.86% next year.
If you bought €2,000 of Banque Cantonale Vaudoise shares you are expected to receive €92 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?
  • Banque Cantonale Vaudoise's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.45%).
  • Banque Cantonale Vaudoise's dividend is above the markets top 25% of dividend payers in Germany (3.87%).
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
DB:B1V 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 2 Analyst Estimates (S&P Global) See Below
Germany Banks Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 3.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 328 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

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

DB:B1V Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 38.00 2.00
2020-12-31 37.00 3.00
2019-12-31 36.00 3.00
DB:B1V Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2019-04-02 35.000 4.524
2019-02-21 35.000 4.362
2018-03-27 33.000 4.380
2018-02-15 33.000 4.188
2017-02-16 33.000 4.621
2016-02-19 33.000 5.048
2015-04-02 32.000 5.439
2015-02-19 32.000 5.823
2014-04-10 32.000 6.294
2014-02-20 32.000 6.227
2013-04-10 32.000 6.492
2012-04-05 32.000 6.403
2012-02-16 32.000 6.682
2011-03-15 32.000 6.740
2011-02-24 32.000 6.292
2010-01-04 31.000 6.534

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

  • Whilst dividend payments have been stable, Banque Cantonale Vaudoise has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Banque Cantonale Vaudoise only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Banque Cantonale Vaudoise's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess Banque Cantonale Vaudoise's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Banque Cantonale Vaudoise afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Banque Cantonale Vaudoise 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 Banque Cantonale Vaudoise'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
Pascal Kiener
COMPENSATION CHF2,027,218
AGE 56
TENURE AS CEO 11.1 years
CEO Bio

Career experience: Between 1985 and 1991, Mr. Kiener worked as an Engineer for Fides Informatics in Zurich and Hewlett Packard in Geneva. In 1993, he joined the consulting firm McKinsey & Company. In 2000, he was made Partner of McKinsey Switzerland. He acquired experience in financial services, and in banking in particular, during these years as an Advisor for leading financial institutions in Switzerland and other European countries. He managed large projects involving strategy, risk management, controlling, and business process re-engineering. Other activities and business relations: • Member of the Board of Directors of the Swiss Bankers Association. • Member of the Board of Directors of the Union of Swiss Cantonal Banks. • Member of the Board of Directors of the Vaud Chamber of Commerce and Industry. • Chairman of the “Fonds de prévoyance en faveur du personnel de la BCV”. • Member of the Board of the BCV Foundation. • Member of the Board of the Geneva Financial Center Foundation. • Member of the Strategic Advisory Board of the Swiss Federal Institute of Technology in Lausanne (EFPL) and member of the Foundation Board of EPFL Plus. • Member of the Board of Directors of Foot Avenir, Paudex Education: • MSc in Mechanical Engineering from the Swiss Federal Institute of Technology in Lausanne (EPFL) in 1985 • MBA from INSEAD in Fontainebleau (1992).

CEO Compensation
  • Pascal's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Pascal's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Banque Cantonale Vaudoise management team in years:

9.6
Average Tenure
55.5
Average Age
  • The average tenure for the Banque Cantonale Vaudoise management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Pascal Kiener

TITLE
CEO & Member of Management Board
COMPENSATION
CHF2M
AGE
56
TENURE
11.1 yrs

Thomas Paulsen

TITLE
CFO, Head of Finance & Risks and Member of the Executive Board
AGE
53
TENURE
10.4 yrs

Bertrand Sager

TITLE
Chief Credit Officer
AGE
52
TENURE
9.3 yrs

Stefan Bichsel

TITLE
Head of Asset Management & Trading Division and Member of the Executive Board
AGE
63
TENURE
10.1 yrs

Gérard Haeberli

TITLE
Head of Private Banking Division & Member of the Executive Board
AGE
57
TENURE
9.9 yrs

José Sierdo

TITLE
Head of the Retail Banking Division & Member of Executive Board
AGE
55
TENURE
5.3 yrs

Christian Meixenberger

TITLE
Head of the Business Support Division & Member of Executive Board
AGE
58
TENURE
2.4 yrs

Andreas Diemant

TITLE
Head of Corporate Banking Division & Member of Executive Board
AGE
50
TENURE
1.8 yrs

Gregory Duong

TITLE
Investor Relations Officer

Christian Jacot-Descombes

TITLE
Head of Media Relations & Press Officer
Board of Directors Tenure

Average tenure and age of the Banque Cantonale Vaudoise board of directors in years:

2.2
Average Tenure
62
Average Age
  • The average tenure for the Banque Cantonale Vaudoise board of directors is less than 3 years, this suggests a new board.
Board of Directors

Jacques de Watteville

TITLE
Chairman of the Board
COMPENSATION
CHF675K
AGE
67
TENURE
1.4 yrs

Reto Donatsch

TITLE
Vice Chairman of Board
COMPENSATION
CHF138K
AGE
68

Peter Ochsner

TITLE
Director
COMPENSATION
CHF166K
AGE
62
TENURE
2.9 yrs

Jean-François Schwarz

TITLE
Director
AGE
63
TENURE
0.4 yrs

Ingrid Deltenre

TITLE
Director
COMPENSATION
CHF129K
AGE
58
TENURE
5.1 yrs

Jack Clemons

TITLE
Director
COMPENSATION
CHF137K
AGE
52
TENURE
3.2 yrs

Fabienne Cantone

TITLE
Director
COMPENSATION
CHF81K
AGE
55
TENURE
1.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Banque Cantonale Vaudoise'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. Banque Cantonale Vaudoise 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

Company Info

Description

Banque Cantonale Vaudoise provides a range of financial services in Vaud Canton and rest of Switzerland, and internationally. The company offers current, savings, and retirement accounts; credit and payment cards; mortgage, home, and construction loans; and production equipment financing products, and working capital and international trade finance products. It also provides a range of banking products, such as investments, financial planning services, and trading through its online platform; cash management services, as well as instruments for hedging exchange-rate and interest-rate risk; asset management services; and investment and hedging products, such as currencies, equities, bonds, derivatives, and structured products. In addition, the company engages in market transactions in equities, fixed-income instruments, forex, and precious metals on behalf of clients. Further, it provides life and disability insurance products, and online banking services; manages finances and investments of high-net-worth individuals; and advices on issues, such as tax planning, estate planning, life insurance, and disability coverage. The company operates through a network of approximately 60 branches and 230 ATMs. It primarily serves retail and business customers, and public sector institutions. Banque Cantonale Vaudoise was founded in 1845 and is headquartered in Lausanne, Switzerland.

Details
Name: Banque Cantonale Vaudoise
B1V
Exchange: DB
Founded: 1845
CHF5,879,360,228
8,577,416
Website: http://www.bcv.ch
Address: Banque Cantonale Vaudoise
Place St-François 14,
Case postale 300,
Lausanne,
1001,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX BCVN Registered Shares SIX Swiss Exchange CH CHF 27. Nov 1992
OTCPK BQCN.F Registered Shares Pink Sheets LLC US USD 27. Nov 1992
DB B1V Registered Shares Deutsche Boerse AG DE EUR 27. Nov 1992
LSE 0QP8 Registered Shares London Stock Exchange GB CHF 27. Nov 1992
BATS-CHIXE BCVNZ Registered Shares BATS 'Chi-X Europe' GB CHF 27. Nov 1992
XQMH 037031019 0% NTS 22/06/2020 CHF SIX Structured Products Exchange AG CH CHF 07. Jun 2019
Number of employees
Current staff
Staff numbers
1,896
Banque Cantonale Vaudoise employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/24 21:22
End of day share price update: 2019/06/24 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/04/02
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.