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VZ Holding

DB:IHJ
Snowflake Description

Established dividend payer with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
IHJ
DB
CHF2B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

VZ Holding AG, through its subsidiaries, provides financial services in Switzerland and Germany. The last earnings update was 53 days ago. More info.


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IHJ Share Price and Events
7 Day Returns
-1.1%
DB:IHJ
2.9%
DE Capital Markets
1.5%
DE Market
1 Year Returns
-1.3%
DB:IHJ
-13.4%
DE Capital Markets
-6.2%
DE Market
IHJ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
VZ Holding (IHJ) -1.1% 1.8% -0.4% -1.3% -7.5% 92.5%
DE Capital Markets 2.9% 5.6% 6% -13.4% -17.1% -46.6%
DE Market 1.5% 6% 8.5% -6.2% 10.7% 15.3%
1 Year Return vs Industry and Market
  • IHJ outperformed the Capital Markets industry which returned -13.4% over the past year.
  • IHJ outperformed the Market in Germany which returned -6.2% over the past year.
Price Volatility
IHJ
Industry
5yr Volatility vs Market

Value

 Is VZ Holding 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 VZ Holding 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 VZ Holding.

DB:IHJ 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
= CHF80.94 * 20.7%
CHF16.72
Book Value of Equity per Share Weighted future Book Value estimates from 4 analysts. CHF80.94
Discount Rate (Cost of Equity) See below 5.4%
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:IHJ
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.733 (1 + (1- 18%) (11.17%))
0.866
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.866 * 5.96%)
5.39%

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

The calculations below outline how an intrinsic value for VZ Holding 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:IHJ Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (20.7% – 5.39%) * CHF80.94)
CHF12.35
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CHF12.35 / (5.39% - 0.23%)
CHF239.21
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CHF80.94 + CHF239.21
CHF320.15
DB:IHJ Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:IHJ represents 0.89453x of SWX:VZN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.89453x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CHF) x Listing Adjustment Factor
= CHF 320.15 x 0.89453
€286.39
Value per share (EUR) From above. €286.39
Current discount Discount to share price of €229.00
= -1 x (€229.00 - €286.39) / €286.39
20%

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

Current Discount
Amount off the current price VZ Holding is available for.
Intrinsic value
20%
Share price is €229 vs Future cash flow value of €286.39
Current Discount Checks
For VZ Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • VZ Holding's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • VZ Holding's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 VZ Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are VZ Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:IHJ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CHF CHF12.37
SWX:VZN Share Price ** SWX (2019-04-23) in CHF CHF256
Germany Capital Markets Industry PE Ratio Median Figure of 17 Publicly-Listed Capital Markets Companies 16.26x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.6x

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

** Primary Listing of VZ Holding.

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

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

= 256 ÷ 12.37

20.69x

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

  • VZ Holding is overvalued based on earnings compared to the DE Capital Markets industry average.
  • VZ Holding is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does VZ Holding's expected growth come at a high price?
Raw Data
DB:IHJ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 20.69x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
8.2%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 7 Publicly-Listed Capital Markets Companies 1.27x
Germany Market PEG Ratio Median Figure of 269 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 20.69x ÷ 8.2%

2.52x

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

  • VZ Holding is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on VZ Holding's assets?
Raw Data
DB:IHJ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CHF CHF64.69
SWX:VZN Share Price * SWX (2019-04-23) in CHF CHF256
Germany Capital Markets Industry PB Ratio Median Figure of 30 Publicly-Listed Capital Markets Companies 1.94x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.84x
DB:IHJ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 256 ÷ 64.69

3.96x

* Primary Listing of VZ Holding.

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

  • VZ Holding is overvalued based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess VZ Holding'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 Capital Markets 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 Capital Markets industry average (and greater than 0)? (1 check)
  5. VZ Holding 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 VZ Holding expected to perform in the next 1 to 3 years based on estimates from 3 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
8.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is VZ Holding expected to grow at an attractive rate?
  • VZ Holding's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • VZ Holding's earnings growth is positive but not above the Germany market average.
  • VZ Holding's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:IHJ Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:IHJ Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 8.2%
DB:IHJ Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 7.1%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 28.2%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 3.2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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:IHJ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:IHJ Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 416 1
2022-12-31 386 1
2021-12-31 355 125 2
2020-12-31 328 114 3
2019-12-31 303 104 3
DB:IHJ Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2018-12-31 289 48 98
2018-09-30 283 199 95
2018-06-30 274 351 91
2018-03-31 267 212 89
2017-12-31 263 74 87
2017-09-30 258 -13 87
2017-06-30 252 -100 88
2017-03-31 244 90 86
2016-12-31 235 281 84
2016-09-30 231 230 83
2016-06-30 227 179 82
2016-03-31 227 122 83

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • VZ Holding's earnings are expected to grow by 8.2% yearly, however this is not considered high growth (20% yearly).
  • VZ Holding's revenue is expected to grow by 7.1% 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:IHJ Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from VZ Holding Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:IHJ Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 15.98 16.35 15.75 3.00
2020-12-31 14.46 14.70 14.14 3.00
2019-12-31 12.96 13.38 12.73 3.00
DB:IHJ Past Financials Data
Date (Data in CHF Millions) EPS *
2018-12-31 12.37
2018-09-30 11.92
2018-06-30 11.48
2018-03-31 11.20
2017-12-31 10.92
2017-09-30 10.97
2017-06-30 11.03
2017-03-31 10.79
2016-12-31 10.56
2016-09-30 10.42
2016-06-30 10.28
2016-03-31 10.45

*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.
  • VZ Holding is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess VZ Holding'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.
VZ Holding has a total score of 2/6, 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 VZ Holding 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 VZ Holding's growth in the last year to its industry (Capital Markets).
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.
  • VZ Holding's year on year earnings growth rate has been positive over the past 5 years.
  • VZ Holding's 1-year earnings growth exceeds its 5-year average (13.1% vs 8.1%)
  • VZ Holding's earnings growth has not exceeded the DE Capital Markets industry average in the past year (13.1% vs 20.3%).
Earnings and Revenue History
VZ Holding'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 VZ Holding Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:IHJ Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 289.15 98.14 8.93
2018-09-30 283.20 94.70 8.66
2018-06-30 273.59 91.27 8.39
2018-03-31 266.68 89.01 8.27
2017-12-31 263.44 86.75 8.14
2017-09-30 257.64 87.29 8.18
2017-06-30 251.85 87.82 8.22
2017-03-31 243.62 85.95 8.05
2016-12-31 235.39 84.09 7.87
2016-09-30 231.34 82.95 62.12
2016-06-30 227.28 81.82 116.37
2016-03-31 226.59 83.05 116.05
2015-12-31 225.90 84.28 115.73
2015-09-30 220.12 82.34 63.24
2015-06-30 214.34 80.41 10.75
2015-03-31 205.64 75.42 8.97
2014-12-31 196.94 70.43 7.19
2014-09-30 189.19 66.77 7.03
2014-06-30 181.45 63.12 6.87
2014-03-31 176.28 61.56 6.87
2013-12-31 171.11 60.01 6.87
2013-09-30 168.63 60.15 6.55
2013-06-30 166.15 60.30 6.23
2013-03-31 159.65 57.30 6.23
2012-12-31 153.15 54.30 6.23
2012-09-30 148.54 52.02 6.16
2012-06-30 143.93 49.73 6.09

*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.
  • VZ Holding has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • VZ Holding used its assets less efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • VZ Holding's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess VZ Holding'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 Capital Markets 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.
VZ Holding has a total score of 2/6, 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 VZ Holding's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up VZ Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • VZ Holding's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • VZ Holding's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of VZ Holding'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.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 4.7x debt.
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 VZ Holding Company Filings, last reported 3 months ago.

DB:IHJ Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 512.27 226.41 1,002.51
2018-09-30 512.27 226.41 1,002.51
2018-06-30 467.45 171.39 1,047.23
2018-03-31 467.45 171.39 1,047.23
2017-12-31 459.47 138.24 911.11
2017-09-30 459.47 138.24 911.11
2017-06-30 420.38 127.15 690.30
2017-03-31 420.38 127.15 690.30
2016-12-31 420.06 118.85 915.75
2016-09-30 420.06 118.85 915.75
2016-06-30 383.64 118.11 902.40
2016-03-31 383.64 118.11 902.40
2015-12-31 377.17 114.27 690.96
2015-09-30 377.17 114.27 690.96
2015-06-30 337.53 116.87 894.36
2015-03-31 337.53 116.87 894.36
2014-12-31 318.89 106.52 1,047.67
2014-09-30 318.89 106.52 1,047.67
2014-06-30 281.18 99.27 616.77
2014-03-31 281.18 99.27 616.77
2013-12-31 277.97 75.26 699.25
2013-09-30 277.97 75.26 699.25
2013-06-30 245.14 69.27 512.29
2013-03-31 245.14 69.27 512.29
2012-12-31 233.56 29.87 453.27
2012-09-30 235.00 29.87 453.27
2012-06-30 203.02 4.43 511.97
  • VZ Holding's level of debt (44.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (27.2% vs 44.2% today).
  • Debt is well covered by operating cash flow (21.1%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 21.8x coverage).
X
Financial health checks
We assess VZ Holding'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. VZ Holding has a total score of 3/6, 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 VZ Holding'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
1.91%
Current annual income from VZ Holding dividends. Estimated to be 2.2% next year.
If you bought €2,000 of VZ Holding shares you are expected to receive €38 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?
  • VZ Holding's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.43%).
  • VZ Holding's dividend is below the markets top 25% of dividend payers in Germany (3.71%).
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:IHJ 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 3 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 2.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

DB:IHJ Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 6.25 3.00
2020-12-31 5.65 4.00
2019-12-31 5.14 4.00
DB:IHJ Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2019-03-01 4.900 1.852
2018-03-01 4.350 1.543
2017-04-06 4.200 1.370
2016-02-26 4.200 1.462
2015-03-02 3.500 1.432
2014-03-04 3.000 1.924
2013-03-05 2.650 1.827
2012-03-06 2.400 2.347
2012-02-24 2.400 2.417
2011-03-08 2.300 2.146
2010-03-09 1.700 1.739
2009-04-24 1.500 2.286

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of VZ Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.6x coverage).
X
Income/ dividend checks
We assess VZ Holding'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 VZ Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. VZ Holding has a total score of 5/6, 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 VZ Holding'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
Matthias Reinhart
COMPENSATION CHF832,000
AGE 58
CEO Bio

Mr. Matthias Reinhart serves as the Chief Executive Officer of VZ VermoegensZentrum. Mr. Reinhart serves as Chief Executive Officer of VZ Group. Mr. Reinhart has been the Chairman of the Executive Board at VZ Holding AG since 1992. He serves as the Chief Executive Officer at VZ Holding AG and has been its Member of the Executive Board since 1992. He founded VZ Vermögenszentrum AG in 1992 and deputy until 2008. He worked for five years as an Associate And Engagement Manager at McKinsey & Co. in Zurich and Chicago. He serves as the Chairman of the Board of Directors of all Swiss VZ Group companies. He serves as the Chairman of Madarex AG, Zug and VZ Holding AG. He serves as a member on the foundation Board of VZ Freizügigkeitsstiftung, VZ Sammelstiftung and VZ Immobilien-Anlagestiftung. He serves as a Member of the Board of Directors of Familie Ernst Basler AG. He served as a Director of VZ Holding AG since 1992 until 2014. He holds a Master's Degree in Business Administration from the University of St. Gallen (HSG) where he graduated in 1986.

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

Average tenure and age of the VZ Holding management team in years:

14.3
Average Tenure
47
Average Age
  • The average tenure for the VZ Holding management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Matthias Reinhart

TITLE
Chairman of the Executive Board & CEO
COMPENSATION
CHF832K
AGE
58

Rafael Pfaffen

TITLE
CFO & Member of Executive Board
AGE
41
TENURE
1.5 yrs

Urs Feldmann

TITLE
Member of Executive Board & MD of People Development & Recruiting & Business-Unit Pension Plan
AGE
51
TENURE
19.3 yrs

Lorenz Heim

TITLE
Member of Executive Board
AGE
50
TENURE
20.3 yrs

Giulio Vitarelli

TITLE
Member of Executive Board
AGE
47
TENURE
17.3 yrs

Tom Friess

TITLE
Member of Executive Board
AGE
50
TENURE
19.3 yrs

Marc Weber

TITLE
Member of Executive Board
AGE
42
TENURE
11.3 yrs

Thomas Schönbucher

TITLE
Member of Executive Board
AGE
45
TENURE
7.3 yrs

Manuel Rütsche

TITLE
Member of Executive Board & MD of Asset Management
AGE
34
TENURE
0.6 yrs

Petra Maerk

TITLE
Head of Investor Relations
Board of Directors Tenure

Average tenure and age of the VZ Holding board of directors in years:

5.3
Average Tenure
57
Average Age
  • The tenure for the VZ Holding board of directors is about average.
Board of Directors

Fred Kindle

TITLE
Chairman
COMPENSATION
CHF106K
AGE
59

Roland Iff

TITLE
Vice-Chairman
COMPENSATION
CHF63K
AGE
57

Albrecht Langhart

TITLE
Director
COMPENSATION
CHF48K
AGE
57
TENURE
19.3 yrs

Olivier de Perregaux

TITLE
Director
COMPENSATION
CHF48K
AGE
53
TENURE
5.3 yrs

Roland Ledergerber

TITLE
Director
COMPENSATION
CHF48K
AGE
57
TENURE
5.3 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 VZ Holding'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. VZ Holding 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

VZ Holding AG, through its subsidiaries, provides financial services in Switzerland and Germany. The company offers retirement, investment and asset management, mortgage and real estate, will and inheritance, tax, pension benefits and insurance, and account and deposit services to individuals. It also provides occupational and executive benefit, business insurance, pension funds and foundation, and succession services to corporates. In addition, the company offers financial consulting and wealth management, securities accounts, securities and currency transactions, portfolio advisory and management, and mortgage credits provision and purchasing services, as well as sureties and guarantees for clients. Further, it provides investment research services, as well as consulting and management mandates; mortgage management and transfer services; property and casualty insurance products; and management services of investment foundations, pension funds, and other institutions offering occupational benefit schemes. The company focuses on serving individuals and couples aged 50 or over, who lives in their own homes. It also offers its services through VZ Finanzportal, an online portal, which enables customers to manage their transactions online; and a-la-carte support services. The company was founded in 1992 and is based in Zurich, Switzerland. VZ Holding AG is a subsidiary of Madarex Ltd.

Details
Name: VZ Holding AG
IHJ
Exchange: DB
Founded: 1992
CHF1,769,122,131
7,915,401
Website: http://www.vermoegenszentrum.ch
Address: VZ Holding AG
Beethovenstrasse 24,
Zurich,
8002,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX VZN Registered Shares SIX Swiss Exchange CH CHF 23. Mar 2007
OTCPK VZHG.F Registered Shares Pink Sheets LLC US USD 23. Mar 2007
DB IHJ Registered Shares Deutsche Boerse AG DE EUR 23. Mar 2007
LSE 0QLH Registered Shares London Stock Exchange GB CHF 23. Mar 2007
BATS-CHIXE VZNZ Registered Shares BATS 'Chi-X Europe' GB CHF 23. Mar 2007
Number of employees
Current staff
Staff numbers
898
VZ Holding employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/23 21:07
End of day share price update: 2019/04/23 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/03/01
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.