DB:IHJ

Stock Analysis Report

Executive Summary

VZ Holding AG, through its subsidiaries, provides financial services in Switzerland and Germany.


Snowflake Analysis

Solid track record established dividend payer.

Share Price & News

How has VZ Holding's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: IHJ has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

IHJ

0.9%

DE Capital Markets

-0.6%

DE Market


1 Year Return

-6.8%

IHJ

-10.3%

DE Capital Markets

-20.9%

DE Market

Return vs Industry: IHJ underperformed the German Capital Markets industry which returned 18.1% over the past year.

Return vs Market: IHJ underperformed the German Market which returned 17.1% over the past year.


Shareholder returns

IHJIndustryMarket
7 Day0%0.9%-0.6%
30 Day0%-20.9%-20.0%
90 Day2.4%-16.9%-26.3%
1 Year-5.0%-6.8%-8.1%-10.3%-18.6%-20.9%
3 Year2.1%-3.1%-22.3%-26.2%-19.0%-25.8%
5 Year99.5%82.7%-48.1%-56.2%-21.1%-31.8%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

Is VZ Holding undervalued compared to its fair value and its price relative to the market?

23.52x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: IHJ (€239.5) is trading above our estimate of fair value (€195.45)

Significantly Below Fair Value: IHJ is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: IHJ is good value based on its PE Ratio (23.5x) compared to the Capital Markets industry average (26x).

PE vs Market: IHJ is poor value based on its PE Ratio (23.5x) compared to the German market (20.6x).


Price to Earnings Growth Ratio

PEG Ratio: IHJ is poor value based on its PEG Ratio (2.2x)


Price to Book Ratio

PB vs Industry: IHJ is overvalued based on its PB Ratio (4.5x) compared to the DE Capital Markets industry average (1.8x).


Next Steps

Future Growth

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

10.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: IHJ's forecast earnings growth (10.6% per year) is above the savings rate (0.2%).

Earnings vs Market: IHJ's earnings (10.6% per year) are forecast to grow slower than the German market (13.2% per year).

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

Revenue vs Market: IHJ's revenue (7.4% per year) is forecast to grow faster than the German market (4.8% per year).

High Growth Revenue: IHJ's revenue (7.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: IHJ's Return on Equity is forecast to be low in 3 years time (18.8%).


Next Steps

Past Performance

How has VZ Holding performed over the past 5 years?

6.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: IHJ has high quality earnings.

Growing Profit Margin: IHJ's current net profit margins (33.1%) are higher than last year (32.9%).


Past Earnings Growth Analysis

Earnings Trend: IHJ's earnings have grown by 6.9% per year over the past 5 years.

Accelerating Growth: IHJ's earnings growth over the past year (7.5%) exceeds its 5-year average (6.9% per year).

Earnings vs Industry: IHJ earnings growth over the past year (7.5%) exceeded the Capital Markets industry -2.7%.


Return on Equity

High ROE: IHJ's Return on Equity (19.2%) is considered low.


Next Steps

Financial Health

How is VZ Holding'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: IHJ has a low level of unsold assets or inventory.

Debt Coverage by Assets: IHJ's debt is covered by short term assets (assets are 3.7x debt).


Financial Institutions Analysis

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

Allowance for Bad Loans: Insufficient data to determine if IHJ has a sufficient allowance for bad loans.

Low Risk Liabilities: IHJ reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if IHJ has an acceptable proportion of non-loan assets held.

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

Level of Bad Loans: Insufficient data to determine if IHJ has an appropriate level of bad loans.


Next Steps

Dividend

What is VZ Holding's current dividend yield, its reliability and sustainability?

1.68%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: IHJ's dividend (1.68%) is higher than the bottom 25% of dividend payers in the German market (1.38%).

High Dividend: IHJ's dividend (1.68%) is low compared to the top 25% of dividend payers in the German market (3.53%).


Stability and Growth of Payments

Stable Dividend: IHJ's dividends per share have been stable in the past 10 years.

Growing Dividend: IHJ's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (39.5%), IHJ's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: IHJ's dividends in 3 years are forecast to be well covered by earnings (38.8% payout ratio).


Next Steps

Management

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

11.7yrs

Average management tenure


CEO

Matthias Reinhart (59yo)

no data

Tenure

CHF832,000

Compensation

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 ...


CEO Compensation Analysis

Compensation vs Market: Matthias's total compensation ($USD840.31K) is below average for companies of similar size in the German market ($USD1.50M).

Compensation vs Earnings: Matthias's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Matthias Reinhart
Chairman of the Executive Board & CEOno dataCHF832.00k5.96% CHF126.7m
Rafael Pfaffen
CFO & Member of Executive Board1.92yrsno data0.026% CHF545.0k
Lorenz Heim
Member of Executive Board20.67yrsno data0.67% CHF14.3m
Giulio Vitarelli
Member of Executive Board17.67yrsno data0.33% CHF7.0m
Thomas Friess
Member of Executive Board19.67yrsno data0.57% CHF12.2m
Marc Weber
Member of Executive Board11.67yrsno data0.18% CHF3.8m
Thomas Schönbucher
Member of Executive Board7.67yrsno data0.046% CHF986.4k
Manuel Rütsche
Member of Executive Board & MD of Asset Management1yrno data0.040% CHF859.8k
Petra Maerk
Head of Investor Relationsno datano datano data
Adriano Pavone
Head of Media Communicationsno datano datano data

11.7yrs

Average Tenure

47yo

Average Age

Experienced Management: IHJ's management team is seasoned and experienced (11.7 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Manfred Kindle
Chairmanno dataCHF106.00k1.25% CHF26.7m
Olivier de Perregaux
Director5.67yrsCHF48.00k0.0087% CHF185.0k
Roland Iff
Vice-Chairman no dataCHF63.00k0.079% CHF1.7m
Roland Ledergerber
Director5.67yrsCHF48.00k0.028% CHF589.0k
Albrecht Langhart
Director19.67yrsCHF48.00k0.077% CHF1.6m

5.7yrs

Average Tenure

58yo

Average Age

Experienced Board: IHJ's board of directors are considered experienced (5.7 years average tenure).


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: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

VZ Holding AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: VZ Holding AG
  • Ticker: IHJ
  • Exchange: DB
  • Founded: 1992
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Market Cap: CHF2.306b
  • Listing Market Cap: CHF2.126b
  • Shares outstanding: 7.90m
  • Website: https://www.vermoegenszentrum.ch

Number of Employees


Location

  • VZ Holding AG
  • Beethovenstrasse 24
  • Zurich
  • 8002
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VZNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFMar 2007
IHJDB (Deutsche Boerse AG)YesRegistered SharesDEEURMar 2007
VZHG.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDMar 2007
0QLHLSE (London Stock Exchange)YesRegistered SharesGBCHFMar 2007

Biography

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. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/09/25 21:19
End of Day Share Price2019/06/28 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.