DB:ZYE1

Stock Analysis Report

Executive Summary

Addiko Bank AG provides various banking products and services in Croatia, Slovenia, Serbia, Bosnia and Herzegovina, Montenegro, Austria, and Germany.


Snowflake Analysis

Very undervalued with excellent balance sheet.

Share Price & News

How has Addiko Bank's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ZYE1's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-4.1%

ZYE1

0.7%

DE Banks

2.1%

DE Market


1 Year Return

n/a

ZYE1

-39.0%

DE Banks

-16.6%

DE Market

Return vs Industry: Insufficient data to determine how ZYE1 performed against the German Banks industry.

Return vs Market: Insufficient data to determine how ZYE1 performed against the German Market.


Shareholder returns

ZYE1IndustryMarket
7 Day-4.1%0.7%2.1%
30 Day-42.2%-15.1%-12.6%
90 Day-45.0%-28.5%-22.9%
1 Yearn/a-37.0%-39.0%-14.2%-16.6%
3 Yearn/a-43.2%-46.0%-14.8%-21.9%
5 Yearn/a-43.5%-54.9%-16.6%-27.8%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

Is Addiko Bank 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: ZYE1 (€7.86) is trading below our estimate of fair value (€38.9)

Significantly Below Fair Value: ZYE1 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: ZYE1 is good value based on its PE Ratio (4.6x) compared to the Banks industry average (15x).

PE vs Market: ZYE1 is good value based on its PE Ratio (4.6x) compared to the German market (16.5x).


Price to Earnings Growth Ratio

PEG Ratio: ZYE1 is good value based on its PEG Ratio (0.3x)


Price to Book Ratio

PB vs Industry: ZYE1 is good value based on its PB Ratio (0.2x) compared to the DE Banks industry average (0.8x).


Next Steps

Future Growth

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

18.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ZYE1's forecast earnings growth (18% per year) is above the savings rate (-0.4%).

Earnings vs Market: ZYE1's earnings (18% per year) are forecast to grow faster than the German market (14.1% per year).

High Growth Earnings: ZYE1's earnings are forecast to grow, but not significantly.

Revenue vs Market: ZYE1's revenue (7.8% per year) is forecast to grow faster than the German market (4% per year).

High Growth Revenue: ZYE1's revenue (7.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ZYE1's Return on Equity is forecast to be low in 3 years time (7.4%).


Next Steps

Past Performance

How has Addiko Bank performed over the past 5 years?

66.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ZYE1 has a high level of non-cash earnings.

Growing Profit Margin: ZYE1's current net profit margins (13.9%) are lower than last year (35%).


Past Earnings Growth Analysis

Earnings Trend: ZYE1 has become profitable over the past 5 years, growing earnings by 66.9% per year.

Accelerating Growth: ZYE1's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: ZYE1 had negative earnings growth (-66.3%) over the past year, making it difficult to compare to the Banks industry average (0.7%).


Return on Equity

High ROE: ZYE1's Return on Equity (4.1%) is considered low.


Next Steps

Financial Health

How is Addiko Bank'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


Financial Institutions Analysis

Asset Level: ZYE1's level of assets compared to its equity is low.

Allowance for Bad Loans: ZYE1 has a sufficient allowance for bad loans.

Low Risk Liabilities: ZYE1's liabilities are made up of primarily low risk sources of funding.

Loan Level: ZYE1 has an acceptable proportion of non-loan assets held.

Low Risk Deposits: ZYE1's loans are broadly funded by customer deposits.

Level of Bad Loans: ZYE1 has a high level of bad loans (6.33%)


Next Steps

Dividend

What is Addiko Bank's current dividend yield, its reliability and sustainability?

24.70%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: ZYE1's dividend (24.7%) is higher than the bottom 25% of dividend payers in the German market (1.69%).

High Dividend: ZYE1's dividend (24.7%) is in the top 25% of dividend payers in the German market (4.85%)


Stability and Growth of Payments

Stable Dividend: Too early to tell whether ZYE1's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if ZYE1's dividend payments are increasing as they only just started paying a dividend.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (113.9%), ZYE1's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ZYE1's dividends in 3 years are forecast to be covered by earnings (59.9% payout ratio).


Next Steps

Management

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

0.8yrs

Average board tenure


CEO

Razvan Munteanu (53yo)

2s

Tenure

Mr. Razvan Munteanu has been Chief Executive Officer of Addiko Bank AG since April 1, 2018 and serves as its Chairman of Management Board. Mr. Munteanu serves as Member of Supervisory Board since March 07, ...


Board Members

NamePositionTenureCompensationOwnership
Hermann-Josef Lamberti
Supervisory Board Chairman4.33yrsno datano data
Henning Herbert Giesecke
Deputy Chairman of Supervisory Boardno datano datano data
Hans Lotter
Deputy Chairman of Supervisory Boardno datano datano data
Dragica Pilipovic Chaffey
Member of Supervisory Boardno datano datano data
Christian Lobner
Employee Representative Supervisory Board Memberno datano datano data
Sebastian Prinz Schoenaich-Carolath
Supervisory Board Member0.83yrno datano data
Thomas Wieser
Employee Representative Supervisory Board Member0.75yrno datano data

0.8yrs

Average Tenure

59yo

Average Age

Experienced Board: ZYE1's board of directors are not considered experienced ( 0.8 years average tenure), which suggests a new board.


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: ZYE1 only recently listed within the past 12 months, with total shares outstanding growing by 0% in the past year..


Top Shareholders

Company Information

Addiko Bank AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Addiko Bank AG
  • Ticker: ZYE1
  • Exchange: DB
  • Founded:
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: €161.850m
  • Shares outstanding: 19.50m
  • Website: https://www.addiko.com

Number of Employees


Location

  • Addiko Bank AG
  • Wipplingerstrasse 34/4 OG
  • Vienna
  • Vienna
  • 1010
  • Austria

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ADKOWBAG (Wiener Boerse AG)YesBearer SharesATEURJul 2019
ZYE1DB (Deutsche Boerse AG)YesBearer SharesDEEURJul 2019
ADBK.FOTCPK (Pink Sheets LLC)YesBearer SharesUSUSDJul 2019
ADKOVBATS-CHIXE (BATS 'Chi-X Europe')YesBearer SharesGBEURJul 2019

Biography

Addiko Bank AG provides various banking products and services in Croatia, Slovenia, Serbia, Bosnia and Herzegovina, Montenegro, Austria, and Germany. It offers deposit products; daily banking services; consumer finance; mortgage loans relating to real estate purchase or leveraging private real estate as collateral; public finance; working capital and investment loans, and trade finance products; online deposit services; and online and mobile banking services. As of December 31, 2018, the company operated 198 branches. It serves private individuals, small and medium-sized enterprises, entrepreneurs, legal entities, and public institutions. The company is headquartered in Vienna, Austria. Addiko Bank AG is a subsidiary of AI Lake (Luxembourg) S.à r.l. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/07 02:42
End of Day Share Price2020/04/06 00:00
Earnings2019/12/31
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.