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Bellevue Group

DB:SJZN
Snowflake Description

Excellent balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SJZN
DB
CHF274M
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Bellevue Group AG provides asset management and wealth management services for private, corporate, and institutional clients in Switzerland and internationally. The last earnings update was 88 days ago. More info.


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SJZN Share Price and Events
7 Day Returns
1.4%
DB:SJZN
-1.3%
DE Capital Markets
-2.3%
DE Market
1 Year Returns
-14.4%
DB:SJZN
-12.9%
DE Capital Markets
-11.5%
DE Market
SJZN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bellevue Group (SJZN) 1.4% 1.4% -6.5% -14.4% 34.8% 61%
DE Capital Markets -1.3% -3.4% 1.4% -12.9% -22.4% -47.2%
DE Market -2.3% -4.9% 0.8% -11.5% 5.7% 6.6%
1 Year Return vs Industry and Market
  • SJZN underperformed the Capital Markets industry which returned -12.9% over the past year.
  • SJZN underperformed the Market in Germany which returned -11.5% over the past year.
Price Volatility
SJZN
Industry
5yr Volatility vs Market

Value

 Is Bellevue Group 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 Bellevue Group 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 Bellevue Group.

DB:SJZN 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
= CHF12.72 * 8.5%
CHF1.08
Book Value of Equity per Share Median Book Value from the past 5 years. CHF12.72
Discount Rate (Cost of Equity) See below 5%
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:SJZN
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 0.7
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.701 (1 + (1- 18%) (1.26%))
0.805
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.805 * 5.96%)
5.02%

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

The calculations below outline how an intrinsic value for Bellevue Group 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:SJZN Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (8.5% – 5.02%) * CHF12.72)
CHF0.44
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CHF0.44 / (5.02% - 0.23%)
CHF9.11
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CHF12.72 + CHF9.11
CHF21.83
DB:SJZN Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:SJZN represents 0.87317x of SWX:BBN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.87317x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CHF) x Listing Adjustment Factor
= CHF 21.83 x 0.87317
€19.06
Value per share (EUR) From above. €19.06
Current discount Discount to share price of €17.90
= -1 x (€17.90 - €19.06) / €19.06
6.1%

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

Current Discount
Amount off the current price Bellevue Group is available for.
Intrinsic value
6%
Share price is €17.9 vs Future cash flow value of €19.06
Current Discount Checks
For Bellevue Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Bellevue Group's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Bellevue Group'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 Bellevue Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bellevue Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:SJZN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CHF CHF1.49
SWX:BBN Share Price ** SWX (2019-05-24) in CHF CHF20.5
Germany Capital Markets Industry PE Ratio Median Figure of 19 Publicly-Listed Capital Markets Companies 18.99x
Germany Market PE Ratio Median Figure of 421 Publicly-Listed Companies 20.2x

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

** Primary Listing of Bellevue Group.

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

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

= 20.5 ÷ 1.49

13.75x

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

  • Bellevue Group is good value based on earnings compared to the DE Capital Markets industry average.
  • Bellevue Group is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Bellevue Group's expected growth come at a high price?
Raw Data
DB:SJZN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.75x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
10.2%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 8 Publicly-Listed Capital Markets Companies 2.55x
Germany Market PEG Ratio Median Figure of 271 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.75x ÷ 10.2%

1.35x

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

  • Bellevue Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Bellevue Group's assets?
Raw Data
DB:SJZN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CHF CHF14.71
SWX:BBN Share Price * SWX (2019-05-24) in CHF CHF20.5
Germany Capital Markets Industry PB Ratio Median Figure of 31 Publicly-Listed Capital Markets Companies 1.98x
Germany Market PB Ratio Median Figure of 577 Publicly-Listed Companies 1.77x
DB:SJZN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 20.5 ÷ 14.71

1.39x

* Primary Listing of Bellevue Group.

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

  • Bellevue Group is good value based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess Bellevue Group'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. Bellevue Group has a total score of 3/6, 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 Bellevue Group expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

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
10.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bellevue Group expected to grow at an attractive rate?
  • Bellevue Group's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Bellevue Group's earnings growth is positive but not above the Germany market average.
  • Bellevue Group's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:SJZN Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:SJZN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 10.2%
DB:SJZN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 4.6%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 23.9%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 4.2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 13.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*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:SJZN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:SJZN Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 130 35 1
2022-12-31 124 33 1
2021-12-31 117 30 1
2020-12-31 111 27 1
2019-12-31 105 25 1
DB:SJZN Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2018-12-31 106 41 20
2018-09-30 106 16 22
2018-06-30 106 -9 23
2018-03-31 105 7 22
2017-12-31 103 24 22
2017-09-30 100 57 14
2017-06-30 96 91 6
2017-03-31 85 62 3
2016-12-31 74 33 -1
2016-09-30 72 3 9
2016-06-30 71 -28 18
2016-03-31 76 -33 9

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bellevue Group's earnings are expected to grow by 10.2% yearly, however this is not considered high growth (20% yearly).
  • Bellevue Group's revenue is expected to grow by 4.6% 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:SJZN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Bellevue Group Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:SJZN Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 2.63 2.63 2.63 1.00
2022-12-31 2.43 2.43 2.43 1.00
2021-12-31 2.22 2.22 2.22 1.00
2020-12-31 2.02 2.02 2.02 1.00
2019-12-31 1.88 1.88 1.88 1.00
DB:SJZN Past Financials Data
Date (Data in CHF Millions) EPS *
2018-12-31 1.49
2018-09-30 1.61
2018-06-30 1.73
2018-03-31 1.67
2017-12-31 1.60
2017-09-30 1.02
2017-06-30 0.44
2017-03-31 0.20
2016-12-31 -0.05
2016-09-30 0.73
2016-06-30 1.63
2016-03-31 0.80

*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.
  • Bellevue Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Bellevue Group'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.
Bellevue Group has a total score of 1/6, 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 Bellevue Group 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 Bellevue Group'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.
  • Bellevue Group has delivered over 20% year on year earnings growth in the past 5 years.
  • Bellevue Group's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Bellevue Group's 1-year earnings growth is negative, it can't be compared to the DE Capital Markets industry average.
Earnings and Revenue History
Bellevue Group'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 Bellevue Group Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:SJZN Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 105.53 19.97 73.38
2018-09-30 105.77 21.59 70.89
2018-06-30 106.01 23.21 65.04
2018-03-31 104.66 22.36 65.46
2017-12-31 103.32 21.52 69.23
2017-09-30 99.58 13.69 65.14
2017-06-30 95.83 5.86 61.05
2017-03-31 84.81 2.61 59.35
2016-12-31 73.79 -0.65 57.65
2016-09-30 72.35 8.69 50.43
2016-06-30 70.92 18.02 43.20
2016-03-31 76.08 8.60 40.91
2015-12-31 81.25 -0.82 38.62
2015-09-30 75.20 -6.09 42.74
2015-06-30 69.14 -11.35 46.86
2015-03-31 63.12 -0.13 43.18
2014-12-31 57.10 11.10 39.49
2014-09-30 52.07 9.00 37.67
2014-06-30 47.04 6.90 35.84
2014-03-31 45.70 6.69 35.85
2013-12-31 44.37 6.48 35.85
2013-09-30 43.63 5.54 37.07
2013-06-30 42.89 4.60 38.29
2013-03-31 42.78 5.40 37.97
2012-12-31 42.68 6.21 37.66
2012-09-30 36.69 1.61 39.02
2012-06-30 33.40 -3.09 40.54

*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.
  • Bellevue Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Bellevue Group used its assets more efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if Bellevue Group 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 Bellevue Group'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.
Bellevue Group 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 Bellevue Group'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 Bellevue Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bellevue Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Bellevue Group's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Bellevue Group'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 112x 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 Bellevue Group Company Filings, last reported 4 months ago.

DB:SJZN Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 196.88 3.44 263.55
2018-09-30 196.88 3.44 263.55
2018-06-30 170.42 21.87 182.04
2018-03-31 170.42 21.87 182.04
2017-12-31 177.20 24.93 236.50
2017-09-30 177.20 24.93 236.50
2017-06-30 157.71 52.01 236.90
2017-03-31 157.71 52.01 236.90
2016-12-31 158.88 44.05 240.46
2016-09-30 158.88 44.05 240.46
2016-06-30 161.84 60.27 155.75
2016-03-31 161.84 60.27 155.75
2015-12-31 135.96 19.20 167.73
2015-09-30 135.96 19.20 167.73
2015-06-30 123.22 24.72 169.85
2015-03-31 123.22 24.72 169.85
2014-12-31 149.61 27.87 206.68
2014-09-30 149.61 27.87 206.68
2014-06-30 146.60 23.63 201.91
2014-03-31 146.60 23.63 201.91
2013-12-31 149.45 13.22 214.42
2013-09-30 149.45 13.22 214.42
2013-06-30 147.79 140.26 286.42
2013-03-31 147.79 140.26 286.42
2012-12-31 159.95 21.80 278.45
2012-09-30 161.21 21.80 278.45
2012-06-30 160.59 14.83 218.42
  • Bellevue Group's level of debt (1.7%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (8.9% vs 1.7% today).
  • Debt is well covered by operating cash flow (1179.4%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on Bellevue Group's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Bellevue Group'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. Bellevue Group has a total score of 5/6, 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 Bellevue Group'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
5.37%
Current annual income from Bellevue Group dividends. Estimated to be 8.1% next year.
If you bought €2,000 of Bellevue Group shares you are expected to receive €107 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?
  • Bellevue Group's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.45%).
  • Bellevue Group's dividend is above the markets top 25% of dividend payers in Germany (3.89%).
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:SJZN 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 1 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 2.5%
Germany Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 3.2%
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 3.9%

Industry and Market average data is calculated daily.

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

DB:SJZN Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 2.10 1.00
2022-12-31 1.95 1.00
2021-12-31 1.65 1.00
2020-12-31 1.40 1.00
2019-12-31 1.20 1.00
DB:SJZN Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2019-03-19 1.100 5.405
2018-03-01 1.100 4.818
2018-02-27 1.100 4.258
2017-03-10 1.000 4.833
2016-02-29 1.000 6.738
2015-02-23 1.000 7.021
2014-02-24 1.000 7.449
2013-03-18 2.000 16.482
2012-07-27 3.330 34.996
2012-02-27 3.330 29.476
2011-02-25 4.000 24.504
2010-03-29 4.000 11.741

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

  • Bellevue Group has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Bellevue Group has only been paying a dividend for 9 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Bellevue Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.3x coverage).
X
Income/ dividend checks
We assess Bellevue Group'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 Bellevue Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bellevue Group has a total score of 4/6, 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 Bellevue Group'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
André Rüegg
COMPENSATION CHF1,668,601
AGE 50
TENURE AS CEO 4 years
CEO Bio

Mr. André Rüegg has been Group Chief Executive Officer at Bellevue Group AG since January 1, 2016 and also serves as its Member of Management Board. Mr. Rüegg has been the Chief Executive Officer at Bellevue Asset Management AG at Bellevue Group AG since January 01, 2012. Mr. Rüegg previously served as the Interim Chief Executive Officer at Bellevue Group AG since April 30, 2015. Mr. Rüegg joined Bellevue Group AG as its Head of Sales and Marketing in 2009 and served as Deputy Chief Executive Officer from 2009 to 2012. From 1995 to 2008, Mr. Rüegg served at Bank Julius Baer, where he served as a Member of Extended Management Committee, Member of Management Committee of the Asset Management Division and served as its Head of Global Sales & Marketing. From 1992 to 1995, he served as a Business Consultant at a Arthur Andersen & Co. He holds a Master’s degree in Business Economics following studies at the University of Zurich and Columbia University.

CEO Compensation
  • André's compensation has been consistent with company performance over the past year, both up more than 20%.
  • André's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure of the Bellevue Group management team in years:

1.3
Average Tenure
  • The average tenure for the Bellevue Group management team is less than 2 years, this suggests a new team.
Management Team

André Rüegg

TITLE
Group CEO & Member of Group Executive Board
COMPENSATION
CHF2M
AGE
50
TENURE
4 yrs

Michael Hutter

TITLE
Interim Group CFO & Member of Group Executive Board
TENURE
0.2 yrs

Holger Schultes

TITLE
Chief Operating Officer
TENURE
1.3 yrs

Thomas Pixner

TITLE
Member of the Executive Board
AGE
56
TENURE
1.3 yrs
Board of Directors Tenure

Average tenure and age of the Bellevue Group board of directors in years:

0.2
Average Tenure
60.5
Average Age
  • The average tenure for the Bellevue Group board of directors is less than 3 years, this suggests a new board.
Board of Directors

Veit de Maddalena

TITLE
Chairman
COMPENSATION
CHF719K
AGE
51
TENURE
0.2 yrs

Daniel Sigg

TITLE
Independent Director
COMPENSATION
CHF190K
AGE
62
TENURE
12.3 yrs

Rupert Hengster

TITLE
Independent Director
COMPENSATION
CHF135K
AGE
60
TENURE
2.2 yrs

Katrin Wehr-Seiter

TITLE
Director
TENURE
0.2 yrs

Urs Schenker

TITLE
Director
AGE
61
TENURE
0.2 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 Bellevue Group'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. Bellevue Group 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

Bellevue Group AG provides asset management and wealth management services for private, corporate, and institutional clients in Switzerland and internationally. The company operates through two segments, Bank am Bellevue and Asset Management. It offers investment funds; investment trusts; institutional mandates, such as healthcare, global, and specialized equity strategies; private equity; bonds; absolute return strategies; global bond strategies, and multi-asset solutions. The company also provides wealth management and investment office services; and trading execution, market making, custody, and credit facilities. In addition, it offers research and equity sales/investment advisory services; employee share programs; technical analysis, market-making, and order execution services, as well as equity securities, discrete block, and flow analysis trading services; and structured products, as well as manages treasury shares for third parties. Bellevue Group AG was founded in 1993 and is based in Küsnacht, Switzerland.

Details
Name: Bellevue Group AG
SJZN
Exchange: DB
Founded: 1993
CHF244,370,771
13,379,928
Website: http://www.bellevue.ch
Address: Bellevue Group AG
Seestrasse 16,
Küsnacht,
Zurich, 8700,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX BBN Bearer Shares SIX Swiss Exchange CH CHF 10. Nov 1999
DB SJZN Bearer Shares Deutsche Boerse AG DE EUR 10. Nov 1999
LSE 0QLZ Bearer Shares London Stock Exchange GB CHF 10. Nov 1999
BATS-CHIXE BBNZ Bearer Shares BATS 'Chi-X Europe' GB CHF 10. Nov 1999
Number of employees
Current staff
Staff numbers
112
Bellevue Group employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/26 21:37
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/06
Last earnings filing: 2019/02/27
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.