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Credito Valtellinese

DB:VA92
Snowflake Description

Adequate balance sheet with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VA92
DB
€495M
Market Cap
  1. Home
  2. DE
  3. Banks
Company description

Credito Valtellinese S.p.A., together with its subsidiaries, provides various banking services to families, trades, professionals, and small and medium-sized companies in Italy. The last earnings update was 42 days ago. More info.


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VA92 Share Price and Events
7 Day Returns
1.8%
DB:VA92
4.8%
DE Banks
2.1%
DE Market
1 Year Returns
-
DB:VA92
-33.6%
DE Banks
-7.6%
DE Market
VA92 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Credito Valtellinese (VA92) 1.8% 11.8% 1.8% - -99.9% -100%
DE Banks 4.8% 6.8% 11.9% -33.6% -5.5% -21.2%
DE Market 2.1% 3.6% 8.1% -7.6% 9.8% 12.4%
1 Year Return vs Industry and Market
  • No trading data on VA92.
  • No trading data on VA92.
Price Volatility
VA92
Industry
5yr Volatility vs Market

VA92 Value

 Is Credito Valtellinese 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 Credito Valtellinese 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 Credito Valtellinese.

DB:VA92 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 5 analysts.
= Stable Book Value * Return on Equity
= €0.24 * 4.9%
€0.01
Book Value of Equity per Share Weighted future Book Value estimates from 4 analysts. €0.24
Discount Rate (Cost of Equity) See below 18.3%
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:VA92
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 9%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.6
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.598 (1 + (1- 24%) (854.27%))
3.33
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (2 * 9.02%)
18.27%

Discounted Cash Flow Calculation for DB:VA92 using Excess Returns Model Model

The calculations below outline how an intrinsic value for Credito Valtellinese 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:VA92 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (4.9% – 18.27%) * €0.24)
€-0.03
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €-0.03 / (18.27% - 0.23%)
€-0.18
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €0.24 + €-0.18
€0.06
DB:VA92 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:VA92 represents 0.80736x of BIT:CVAL
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.80736x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 0.06 x 0.80736
€0.05
Value per share (EUR) From above. €0.05
Current discount Discount to share price of €0.06
= -1 x (€0.06 - €0.05) / €0.05
-11.1%

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

  • The current share price of Credito Valtellinese 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 Credito Valtellinese's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Credito Valtellinese's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:VA92 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €-0.07
BIT:CVAL Share Price ** BIT (2019-03-20) in EUR €0.07
Germany Banks Industry PE Ratio Median Figure of 6 Publicly-Listed Banks Companies 14.62x
Germany Market PE Ratio Median Figure of 423 Publicly-Listed Companies 18.91x

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

** Primary Listing of Credito Valtellinese.

DB:VA92 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BIT:CVAL Share Price ÷ EPS (both in EUR)

= 0.07 ÷ -0.07

-1.02x

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

  • Credito Valtellinese is loss making, we can't compare its value to the DE Banks industry average.
  • Credito Valtellinese is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does Credito Valtellinese's expected growth come at a high price?
Raw Data
DB:VA92 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -1.02x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
29.8%per year
Europe Banks Industry PEG Ratio Median Figure of 108 Publicly-Listed Banks Companies 0.74x
Germany Market PEG Ratio Median Figure of 276 Publicly-Listed Companies 1.44x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Credito Valtellinese, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Credito Valtellinese's assets?
Raw Data
DB:VA92 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €0.21
BIT:CVAL Share Price * BIT (2019-03-20) in EUR €0.07
Germany Banks Industry PB Ratio Median Figure of 6 Publicly-Listed Banks Companies 0.89x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.79x
DB:VA92 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BIT:CVAL Share Price ÷ Book Value per Share (both in EUR)

= 0.07 ÷ 0.21

0.33x

* Primary Listing of Credito Valtellinese.

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

  • Credito Valtellinese is good value based on assets compared to the DE Banks industry average.
X
Value checks
We assess Credito Valtellinese'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. Credito Valtellinese 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.

VA92 Future Performance

 How is Credito Valtellinese expected to perform in the next 1 to 3 years based on estimates from 5 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
29.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Credito Valtellinese expected to grow at an attractive rate?
  • Credito Valtellinese's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Credito Valtellinese's earnings growth is expected to exceed the Germany market average.
  • Credito Valtellinese's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:VA92 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:VA92 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 29.8%
DB:VA92 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 16.6%
Germany Banks Industry Earnings Growth Rate Market Cap Weighted Average 12.3%
Europe Banks Industry Revenue Growth Rate Market Cap Weighted Average 5.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.4%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.9%

*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:VA92 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:VA92 Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 704 96 2
2020-12-31 700 88 5
2019-12-31 669 94 2
DB:VA92 Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 437 32
2018-09-30 577 82
2018-06-30 320 941 -136
2018-03-31 153 -364
2017-12-31 151 1,606 -332
2017-09-30 6 -279 -600
2017-06-30 60 39 -547
2017-03-31 200 -336
2016-12-31 197 -385 -333
2016-09-30 113 -82
2016-06-30 326 -1,362 85
2016-03-31 362 78

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Credito Valtellinese's earnings are expected to grow significantly at over 20% yearly.
  • Credito Valtellinese's revenue is expected to grow by 16.6% 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:VA92 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Credito Valtellinese Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:VA92 Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.01 0.01 0.01 2.00
2020-12-31 0.01 0.02 0.01 5.00
2019-12-31 0.01 0.01 0.01 4.00
DB:VA92 Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31
2018-09-30
2018-06-30 -0.07
2018-03-31
2017-12-31 -29.93
2017-09-30 -54.08
2017-06-30 -49.34
2017-03-31
2016-12-31 -30.04
2016-09-30 -7.41
2016-06-30 7.65
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.
  • Credito Valtellinese is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Credito Valtellinese'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 Europe 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.
Credito Valtellinese has a total score of 4/6, 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.

VA92 Past Performance

  How has Credito Valtellinese 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 Credito Valtellinese'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.
  • Credito Valtellinese's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Credito Valtellinese has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Credito Valtellinese has become profitable in the last year making it difficult to compare the DE Banks industry average.
Earnings and Revenue History
Credito Valtellinese'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 Credito Valtellinese Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:VA92 Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 437.08 31.72 459.42
2018-09-30 577.36 82.18 440.81
2018-06-30 320.02 -136.20 454.66
2018-03-31 152.63 -364.29 467.58
2017-12-31 151.01 -331.85 476.43
2017-09-30 5.62 -599.67 561.98
2017-06-30 59.58 -547.07 568.31
2017-03-31 199.61 -335.81 509.74
2016-12-31 197.34 -333.10 573.18
2016-09-30 113.22 -82.21 513.16
2016-06-30 325.67 84.85 516.78
2016-03-31 362.45 77.92 584.02
2015-12-31 385.65 96.51 514.54
2015-09-30 245.50 -289.35 539.36
2015-06-30 241.07 -296.77 543.88
2015-03-31 253.40 -301.36 546.91
2014-12-31 222.84 -323.96 549.86
2014-09-30 496.20 10.70 538.00
2014-06-30 513.47 13.47 540.08
2014-03-31 522.10 13.47 534.54
2013-12-31 519.17 12.70 543.52
2013-09-30 374.51 -343.52 547.16
2013-06-30 378.36 -348.06 553.59
2013-03-31 363.84 -341.38 566.46
2012-12-31 410.01 -322.44 565.10
2012-09-30 593.71 20.09 564.82
2012-06-30 613.26 29.39 570.39
2012-03-31 646.81 30.04 578.35

*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.
  • Credito Valtellinese has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Credito Valtellinese used its assets less efficiently than the DE Banks industry average last year based on Return on Assets.
  • Unable to establish if Credito Valtellinese 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 Credito Valtellinese'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.
Credito Valtellinese has a total score of 0/6, 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.

VA92 Health

 How is Credito Valtellinese'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 Credito Valtellinese'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 Credito Valtellinese Company Filings, last reported 2 months ago.

DB:VA92 Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,566.26 4,230.84 2,373.06
2018-09-30 1,492.41 6,218.89 2,437.12
2018-06-30 1,493.57 10,011.89 517.23
2018-03-31 1,528.09 5,640.69 3,847.39
2017-12-31 1,447.45 9,592.55 2,131.30
2017-09-30 1,363.87 7,924.19 903.99
2017-06-30 1,551.92 7,878.62 932.23
2017-03-31 1,710.74 5,921.18 173.43
2016-12-31 1,757.47 7,763.76 359.19
2016-09-30 1,968.35 7,625.95 472.79
2016-06-30 2,111.13 8,582.77 705.34
2016-03-31 2,181.30 7,837.59 1,021.79
2015-12-31 2,187.73 8,847.83 1,019.35
2015-09-30 2,108.18 8,645.57 894.73
2015-06-30 2,015.20 9,093.85 419.56
2015-03-31 2,135.51 11,044.34 571.51
2014-12-31 2,024.56 10,623.70 1,075.65
2014-09-30 2,378.85 9,529.00 229.63
2014-06-30 2,366.70 8,193.53 821.01
2014-03-31 1,964.81 8,323.03 513.27
2013-12-31 1,913.26 9,505.13 464.87
2013-09-30 1,857.21 4,283.36 278.84
2013-06-30 1,825.22 12,085.06 331.74
2013-03-31 1,970.41 10,325.76 426.59
2012-12-31 1,987.08 11,348.36 529.50
2012-09-30 2,305.18 4,480.26 827.24
2012-06-30 2,252.06 10,674.30 394.53
2012-03-31 2,251.70 4,658.65 286.16
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.
  • Credito Valtellinese has an acceptable proportion of non-loan assets held.
  • Credito Valtellinese's liabilities are made up of primarily low risk sources of funding.
  • Loans at Credito Valtellinese are broadly funded by customer deposits.
  • Credito Valtellinese's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Credito Valtellinese has a low allowance for bad loans.
  • Credito Valtellinese has a high level of bad loans (greater than 2%).
X
Financial health checks
We assess Credito Valtellinese'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. Credito Valtellinese has a total score of 4/6, 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.

VA92 Dividends

 What is Credito Valtellinese'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
0%
Current annual income from Credito Valtellinese dividends. Estimated to be 3.97% next year.
If you bought €2,000 of Credito Valtellinese shares you are expected to receive €0 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?
  • Unable to evaluate Credito Valtellinese's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Credito Valtellinese's dividend against the top 25% market benchmark as the company has not reported any payouts.
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:VA92 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 5 Analyst Estimates (S&P Global) See Below
Germany Banks Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 331 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 3.8%

Industry and Market average data is calculated daily.

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

DB:VA92 Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.01 1.00
2020-12-31 0.00 4.00
2019-12-31 0.00 3.00
DB:VA92 Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2016-03-18 3.000 7.688
2016-02-08 3.000 4.561
2012-03-13 5.000 4.595
2011-03-31 12.000 5.116
2011-03-15 12.000 3.523
2010-03-31 12.000 3.267
2010-03-16 12.000 2.477
2009-03-31 25.000 4.146
2009-03-23 25.000 4.079

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

  • Unable to perform a dividend volatility check as Credito Valtellinese has not reported any payouts.
  • Unable to verify if Credito Valtellinese's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Credito Valtellinese's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Credito Valtellinese has not reported any payouts.
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess Credito Valtellinese'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 Credito Valtellinese afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Credito Valtellinese has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

VA92 Management

 What is the CEO of Credito Valtellinese'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
Luigi Lovaglio
AGE 63
TENURE AS CEO 0.1 years
CEO Bio

Mr. Luigi Lovaglio has been a Director at Credito Valtellinese SpA since October 12, 2018 and its Chief Executive Officer and General Manager since February 2019. Mr. Lovaglio was Chairman of Credito Valtellinese SpA since October 2018 until February 2019. Mr. Lovaglio served as the Chief Executive Officer at Bank Pekao SA (a/k/a, Bank Polska Kasa Opieki Spolka Akcyjna) until July 2017. Mr. Lovaglio served as President of the Management Board at Bank Pekao SA from May 1, 2011 to until July 2017 and as its Member of the Management Board from December 1, 2004 to until July 2017. He served as a Country Chairman of Poland at UniCredit S.p.A. until June 29, 2017 and served as its Senior Executive Vice President. Mr. Lovaglio served as Executive Vice President of Poland Operations of UniCredit S.p.A. In 2000, he was appointed as Deputy Director-General of UniCredito Group in Milan and he then became Vice-President of the Management Board and Chief Operating Officer at Bulbank AD in October 2000. He served as First Vice President of the Management Board and General Manager of Bank Pekao SA since November 2007 and also served as its General Director. He served as Deputy President of the Management Board of Bank Pekao SA since December 1, 2004 and Vice President of the Management Board since September 2003. Mr. Lovaglio joined UniCredito Italiano in 1973, where he was progressing proceeded through a number of important positions in the area of foreign business, loans, marketing, internal audit and organization, with more than 10 years as a Branch Manager in a succession of branches in the Group of increasing size and importance. He served as General Manager of Unicredito since 2003. In 1997, he served as Head of Group Planning Department in the Head Office, responsible for budgeting and monitoring of all banks in the UCI Group. He served as a Head of Foreign Banks Group Planning Department of Bank Pekao S.A. In 1998, he participated in the integration of Credito Italiano and the savings banks of UniCredito Group, following the merger and in 1999 managed the integration into the Group of Caritro. He served as the Chairman of the Management Board of Bulbank AD until September 2001. Mr. Lovaglio serves as Vice Chairman of the Supervisory Board of UniCredit Ltd. Ukraine. He served as a Deputy Chairman and Member of the Supervisory Board at UniCredit Bank since May 2010. He served as a Deputy Chairman of the Management Board since 2000. He served as Second Deputy Chairperson of Supervisory Board at Bank BPH SA from June 20, 2006 to January 16, 2008. He serves as a Member of the Supervisory Board of Pirelli Pekao Real Estate, BPH Bank Hipoteczny SA. He served as Member of Supervisory Board at Pekao Bank Hipoteczny S.A. since October 2006. He served as an Executive Director of Bulbank AD, the largest Bulgarian bank since 2000. He served as a Member of the Supervisory Board of Public Joint Stock Company Ukrsotsbank (alternate name, Ukrsotsbank). He served as a Member of supervisory board at Bank BPH SA from June 20, 2006 to January 16, 2008. He serves as a member of CEE & PM Management Committee of UniCredit Group. Mr. Lovaglio holds a Degree in Economics and Commerce at the University of Bologna.

CEO Compensation
  • Insufficient data for Luigi to compare compensation growth.
  • Insufficient data for Luigi to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Credito Valtellinese management team in years:

1.2
Average Tenure
54.5
Average Age
  • The average tenure for the Credito Valtellinese management team is less than 2 years, this suggests a new team.
Management Team

Umberto Colli

TITLE
Deputy GM
COMPENSATION
€315K
AGE
54

Enzo Rocca

TITLE
Deputy GM and Head of Compliance & Anti-Money Laundering Function
COMPENSATION
€306K
AGE
55
TENURE
1.2 yrs

Luigi Lovaglio

TITLE
GM, CEO & Director
AGE
63
TENURE
0.1 yrs

Ugo Colombo

TITLE
Chief Financial Officer

Tiziana Camozzi

TITLE
Head of Investor Relations

Roberto Tarricone

TITLE
Chief Commercial Officer
TENURE
2.8 yrs

Vittorio Pellegatta

TITLE
Chief Lending Officer & Deputy GM
AGE
53

Alberto Penna

TITLE
Head of Internal Auditing Department

Luigi Persico

TITLE
Head of Planning & Control Department

Pietro Fumagalli

TITLE
Head of Finance Department
Board of Directors Tenure

Average tenure and age of the Credito Valtellinese board of directors in years:

0.4
Average Tenure
60
Average Age
  • The average tenure for the Credito Valtellinese board of directors is less than 3 years, this suggests a new board.
Board of Directors

Alessandro Trotter

TITLE
Chairman of the Board
TENURE
0.1 yrs

Luigi Lovaglio

TITLE
GM, CEO & Director
AGE
63
TENURE
0.4 yrs

Stefano Caselli

TITLE
Deputy Chairman
TENURE
0.4 yrs

Angelo Garavaglia

TITLE
Chairman of Statutory Auditors
COMPENSATION
€160K
AGE
71

Teresa Naddeo

TITLE
Director
TENURE
0.4 yrs

Paola Bruno

TITLE
Director
TENURE
0.4 yrs

Stefano Gatti

TITLE
Director
TENURE
0.4 yrs

Elena Beccalli

TITLE
Director
AGE
45
TENURE
2.9 yrs

Fausto Galmarini

TITLE
Director
TENURE
0.4 yrs

Amidani Livia

TITLE
Director
AGE
57
TENURE
0.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Credito Valtellinese'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. Credito Valtellinese 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.

VA92 News

Simply Wall St News

VA92 Company Info

Description

Credito Valtellinese S.p.A., together with its subsidiaries, provides various banking services to families, trades, professionals, and small and medium-sized companies in Italy. The company operates through Market and Specialised Company segments. It offers lending products and services; and investment and transfer services. The company is also involved in the distribution of bancassurance and factoring products; and management and development of information and communication technology. The company’s primary products and services include current accounts, savings deposits, and certificates of deposit; mortgage loans; investment products; money products and payment systems; international products; and insurance products and services. It operates through a network of 412 branches; 558 ATMs; and 27,162 POS terminals. Credito Valtellinese S.p.A. was founded in 1908 and is based in Sondrio, Italy.

Details
Name: Credito Valtellinese S.p.A.
VA92
Exchange: DB
Founded: 1908
€495,256,800
7,014,968,846
Website: http://www.gruppocreval.com
Address: Credito Valtellinese S.p.A.
Piazza Quadrivio 8,
Sondrio,
Sondrio, Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT CVAL Nominal Shares Borsa Italiana IT EUR 02. Jan 1992
DB VA92 Nominal Shares Deutsche Boerse AG DE EUR 02. Jan 1992
BST VA92 Nominal Shares Boerse-Stuttgart DE EUR 02. Jan 1992
LSE 0MIL Nominal Shares London Stock Exchange GB EUR 02. Jan 1992
BIT CVAL Nominal Shares Borsa Italiana IT EUR 02. Jan 1992
BATS-CHIXE CVALM Nominal Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
Number of employees
Current staff
Staff numbers
3,902
Credito Valtellinese employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/20 21:24
End of day share price update: 2019/03/20 00:00
Last estimates confirmation: 2019/02/25
Last earnings filing: 2019/02/06
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.