DB:VA92

Stock Analysis Report

Credito Valtellinese

Executive Summary

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.

Snowflake

Fundamentals

Good value with mediocre balance sheet.


Similar Companies

Share Price & News

How has Credito Valtellinese's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

4.7%

VA92

4.2%

DE Banks

1.7%

DE Market


1 Year Return

-35.3%

VA92

-26.4%

DE Banks

7.2%

DE Market

Return vs Industry: VA92 underperformed the German Banks industry which returned -26.4% over the past year.

Return vs Market: VA92 underperformed the German Market which returned 7.2% over the past year.


Shareholder returns

VA92IndustryMarket
7 Day4.7%4.2%1.7%
30 Day-18.0%-0.6%2.4%
90 Day17.1%-7.4%2.3%
1 Year-35.3%-35.3%-24.1%-26.4%10.6%7.2%
3 Year-90.4%-99.9%-4.2%-8.9%18.4%8.1%
5 Year-95.9%-99.9%-10.2%-32.1%42.3%22.9%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

Is Credito Valtellinese undervalued compared to its fair value and its price relative to the market?

8.34x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate VA92's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate VA92's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: VA92 is good value based on its PE Ratio (8.3x) compared to the Banks industry average (16x).

PE vs Market: VA92 is good value based on its PE Ratio (8.3x) compared to the German market (19x).


Price to Earnings Growth Ratio

PEG Ratio: VA92 is good value based on its PEG Ratio (0.7x)


Price to Book Ratio

PB vs Industry: VA92 is good value based on its PB Ratio (0.3x) compared to the DE Banks industry average (0.8x).


Next Steps

Future Growth

How is Credito Valtellinese forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

11.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VA92's forecast earnings growth (11.2% per year) is above the savings rate (0.2%).

Earnings vs Market: VA92's earnings (11.2% per year) are forecast to grow slower than the German market (12.7% per year).

High Growth Earnings: VA92's earnings are forecast to grow, but not significantly.

Revenue vs Market: VA92's revenue (5.9% per year) is forecast to grow faster than the German market (5% per year).

High Growth Revenue: VA92's revenue (5.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: VA92's Return on Equity is forecast to be low in 3 years time (3.5%).


Next Steps

Past Performance

How has Credito Valtellinese performed over the past 5 years?

4.4%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: VA92's earnings have grown by 4.4% per year over the past 5 years.

Accelerating Growth: VA92 has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: VA92 has become profitable in the last year, making it difficult to compare its past year earnings growth to the Banks industry (-11.7%).


Return on Equity

High ROE: VA92's Return on Equity (3.5%) is considered low.


Return on Assets

ROA vs Industry: VA92's Return on Assets is below or equal to the Banks industry average last year.


Return on Capital Employed

ROCE Improving: Insufficient data to calculate VA92's Return on Capital Employed to determine if it has improved over the past 3 years.


Next Steps

Financial Health

How is Credito Valtellinese'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: VA92 has a low level of unsold assets or inventory.

Debt Coverage by Assets: VA92's debt is not covered by short term assets (assets are 0.2x debt).


Financial Institutions Analysis

Asset Level: VA92's level of assets compared to its equity is moderate.

Allowance for Bad Loans: VA92 has a low allowance for bad loans.

Low Risk Liabilities: VA92's liabilities are made up of primarily low risk sources of funding.

Loan Level: VA92 has an acceptable proportion of non-loan assets held.

Low Risk Deposits: VA92 has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: VA92 has a high level of bad loans (9.19%)


Next Steps

Dividend

What is Credito Valtellinese's current dividend yield, its reliability and sustainability?

3.68%

Forecast Dividend Yield


Dividend Yield vs Market

company0%marketbottom25%1.5%markettop25%3.8%industryaverage3.6%forecastin3Years3.7%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: Unable to evaluate VA92's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate VA92's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.

Stable Dividend: Insufficient data to determine if VA92's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if VA92's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: VA92 is not paying a notable dividend for the German market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of VA92's dividend in 3 years as they are not forecast to pay a notable one for the German market.


Next Steps

Management

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

0.3yrs

Average management tenure


CEO

Luigi Lovaglio (64yo)

0.7yrs

Tenure

0

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 and serves as its Managing Director. Mr. Lo ...


Management Age and Tenure

0.3yrs

Average Tenure

55.5yo

Average Age

Experienced Management: VA92's management team is not considered experienced ( 0.3 years average tenure), which suggests a new team.


Board Age and Tenure

1.0yrs

Average Tenure

53yo

Average Age

Experienced Board: VA92's board of directors are not considered experienced ( 1 years average tenure), which suggests a new board.


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

  • Luigi Lovaglio (64yo)

    GM, CEO

    • Tenure: 0.7yrs
  • Enzo Rocca (56yo)

    Deputy GM and Head of Compliance & Anti-Money Laundering Function

    • Tenure: 1.8yrs
    • Compensation: €305.68k
  • Umberto Colli (55yo)

    Deputy GM

    • Tenure: 0.3yrs
    • Compensation: €314.72k
  • Vittorio Pellegatta (54yo)

    Chief Lending Officer & Deputy GM

    • Tenure: 0yrs
  • Alberto Penna

    Head of Internal Auditing Department

    • Tenure: 0yrs
  • Luigi Persico

    Head of Planning & Control Department

    • Tenure: 0yrs
  • Pietro Fumagalli

    Head of Finance Department

    • Tenure: 0yrs
  • Tiziana Camozzi

    Head of Investor Relations

    • Tenure: 0yrs
  • Mauro Danesino

    Head of Legal & Regulatory Affairs area

    • Tenure: 0.3yrs
  • Federico Ascari

    Head of Corporate Identity

    • Tenure: 0.3yrs

Board Members

  • Luigi Lovaglio (64yo)

    GM, CEO

    • Tenure: 0.7yrs
  • Amidani Livia (58yo)

    Independent Director

    • Tenure: 1yrs
  • Elena Beccalli (46yo)

    Independent Director

    • Tenure: 3.5yrs
  • Alessandro Trotter

    Independent Chairman of the Board

    • Tenure: 0.7yrs
  • Stefano Caselli

    Independent Deputy Chairman

    • Tenure: 1yrs
  • Fausto Galmarini

    Independent Director

    • Tenure: 1yrs
  • Teresa Naddeo

    Independent Director

    • Tenure: 1yrs
  • Paola Bruno

    Independent Director

    • Tenure: 1yrs
  • Stefano Gatti

    Independent Director

    • Tenure: 1yrs
  • Francesca Maurelli (48yo)

    Chairman of the Board of Statutory Auditors

    • Tenure: 0.5yrs

Company Information

Credito Valtellinese S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Credito Valtellinese S.p.A.
  • Ticker: VA92
  • Exchange: DB
  • Founded: 1908
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: €453.167m
  • Shares outstanding: 7.01b
  • Website: https://www.gruppocreval.com

Number of Employees


Location

  • Credito Valtellinese S.p.A.
  • Piazza Quadrivio 8
  • Sondrio
  • Sondrio
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CVALBIT (Borsa Italiana)YesNominal SharesITEURJan 1992
0MILLSE (London Stock Exchange)YesNominal SharesGBEURJan 1992
VA92DB (Deutsche Boerse AG)YesNominal SharesDEEURJan 1992
CVALMBATS-CHIXE (BATS 'Chi-X Europe')YesNominal SharesGBEURJan 1992
CVALBIT (Borsa Italiana)YesNominal SharesITEURJan 1992

Biography

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 throug ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/23 21:06
End of Day Share Price2019/10/23 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.