DB:HVXA

Stock Analysis Report

Executive Summary

Helvetia Holding AG, through its subsidiaries, provides life and non-life insurance, and reinsurance products in Switzerland, Germany, Austria, Spain, Italy, France, and internationally.


Snowflake Analysis

6 star dividend payer with solid track record.


Similar Companies

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

0%

HVXA

1.9%

DE Insurance

2.0%

DE Market


1 Year Return

4.2%

HVXA

30.2%

DE Insurance

15.1%

DE Market

Return vs Industry: HVXA underperformed the German Insurance industry which returned 29.2% over the past year.

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


Shareholder returns

HVXAIndustryMarket
7 Day0%1.9%2.0%
30 Day0%5.7%1.0%
90 Day-1.3%8.5%3.8%
1 Year8.3%4.2%35.9%30.2%18.6%15.1%
3 Year35.8%20.9%69.1%48.7%16.8%6.6%
5 Year71.9%42.5%103.9%63.3%23.7%6.7%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

47.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: HVXA (€109.4) is trading below our estimate of fair value (€207.31)

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


Price To Earnings Ratio

PE vs Industry: HVXA is poor value based on its PE Ratio (13.9x) compared to the Insurance industry average (11.9x).

PE vs Market: HVXA is good value based on its PE Ratio (13.9x) compared to the German market (20.6x).


Price to Earnings Growth Ratio

PEG Ratio: HVXA is poor value based on its PEG Ratio (12.5x)


Price to Book Ratio

PB vs Industry: HVXA is overvalued based on its PB Ratio (1.3x) compared to the DE Insurance industry average (1.1x).


Next Steps

Future Growth

How is Helvetia Holding forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

1.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: HVXA's forecast earnings growth (1.1% per year) is above the savings rate (0.2%).

Earnings vs Market: HVXA's earnings (1.1% per year) are forecast to grow slower than the German market (13.2% per year).

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

Revenue vs Market: HVXA's revenue (0% per year) is forecast to grow slower than the German market (4.8% per year).

High Growth Revenue: HVXA's revenue (0% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: HVXA's Return on Equity is forecast to be low in 3 years time (10.9%).


Next Steps

Past Performance

How has Helvetia Holding performed over the past 5 years?

5.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: HVXA has high quality earnings.

Growing Profit Margin: HVXA's current net profit margins (5%) are higher than last year (4.1%).


Past Earnings Growth Analysis

Earnings Trend: HVXA's earnings have grown by 5.5% per year over the past 5 years.

Accelerating Growth: HVXA's earnings growth over the past year (19.7%) exceeds its 5-year average (5.5% per year).

Earnings vs Industry: HVXA earnings growth over the past year (19.7%) exceeded the Insurance industry 7.8%.


Return on Equity

High ROE: HVXA's Return on Equity (7.9%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Helvetia 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: HVXA has a low level of unsold assets or inventory.

Debt Coverage by Assets: HVXA's debt is covered by short term assets (assets are 2.7x debt).


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

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

3.55%

Current Dividend Yield


Dividend Yield vs Market

company3.5%marketbottom25%1.3%markettop25%3.6%industryaverage3.5%forecastin3Years3.9%

Current dividend yield vs market & industry

Notable Dividend: HVXA's dividend (3.55%) is higher than the bottom 25% of dividend payers in the German market (1.38%).

High Dividend: HVXA's dividend (3.55%) is in the top 25% of dividend payers in the German market (3.53%)


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (49.3%), HVXA's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: HVXA's dividends in 3 years are forecast to be well covered by earnings (49.8% payout ratio).


Next Steps

Management

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

2.8yrs

Average management tenure


CEO

Philipp Gmür (56yo)

3yrs

Tenure

CHF2,192,749

Compensation

Mr. Philipp Gmür serves as Chief Executive Officer of Helvetia Schweizerische Versicherungsgesellschaft AG. He is a Director of Allreal Holding AG since 2019. He serves as Chief Executive Officer (Group CE ...


CEO Compensation Analysis

Compensation vs Market: Philipp's total compensation ($USD2.21M) is below average for companies of similar size in the German market ($USD3.59M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Philipp Gmür
Chief Executive Officer3yrsCHF2.19m0.037% CHF2.3m
Paul Norton
Chief Financial Officer12.2yrsno data0.015% CHF923.5k
André Keller
Chief Investment Officer0.4yrsno datano data
Achim Baumstark
Head of IT & Group CTO2.4yrsno data0.0020% CHF124.6k
Susanne Tengler
Head of Investor Relations0yrsno datano data
Claudia Sauter
Head of Corporate Communications & PR0yrsno datano data
Martin Tschopp
Head of Corporate Development0yrsno datano data
Roland Bentele
Group Human Resources0yrsno datano data
Donald Desax
Head of Ocupational Pensions Switzerland2.7yrsno data0.027% CHF1.7m
Markus Gemperle
Chief Executive Officer of Europe4.7yrsno data0.0099% CHF613.2k

2.8yrs

Average Tenure

58yo

Average Age

Experienced Management: HVXA's management team is considered experienced (2.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Andreas von Planta
Director4.9yrsCHF209.38k0.0075% CHF463.3k
Christoph Lechner
Director13yrsCHF209.38k0.0070% CHF434.9k
Thomas Schmuckli-Grob
Vice Chairman1.4yrsCHF158.68k0.00020% CHF12.3k
Hans Künzle
Vice-Chairman of the Board4.7yrsCHF270.41k0.0032% CHF200.5k
Ivo Furrer
Director2.4yrsCHF209.38k0.0015% CHF90.1k
Gabriela Payer
Director4.9yrsCHF223.39k0.0023% CHF139.4k
Doris Schurter
Chairwoman of the Board1.8yrsCHF724.75k0.014% CHF868.6k
Beat Fellmann
Director1.4yrsCHF127.60k0.0010% CHF62.3k
Jean-René Fournier
Director8.3yrsCHF144.12k0.0027% CHF169.0k
Regula Wallimann
Director1.4yrsCHF127.60k0.00051% CHF31.5k

3.5yrs

Average Tenure

57.5yo

Average Age

Experienced Board: HVXA's board of directors are considered experienced (3.5 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

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


Key Information

  • Name: Helvetia Holding AG
  • Ticker: HVXA
  • Exchange: DB
  • Founded: 1858
  • Industry: Multi-line Insurance
  • Sector: Insurance
  • Market Cap: CHF6.690b
  • Listing Market Cap: CHF6.169b
  • Shares outstanding: 49.45m
  • Website: https://www.helvetia.com

Number of Employees


Location

  • Helvetia Holding AG
  • Dufourstrasse 40
  • Sankt Gallen
  • St. Gallen
  • 9001
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
HELNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFJul 1996
HVXADB (Deutsche Boerse AG)YesRegistered SharesDEEURJul 1996
HLVT.YOTCPK (Pink Sheets LLC)UNSPONSORD ADRUSUSDAug 2017

Biography

Helvetia Holding AG, through its subsidiaries, provides life and non-life insurance, and reinsurance products in Switzerland, Germany, Austria, Spain, Italy, France, and internationally. It offers life insurance, pension plans, and annuity insurance products; and non-life insurance products, such as property, motor vehicle, liability, transport, art, health, and accident insurance. The company was founded in 1858 and is headquartered in Sankt Gallen, Switzerland. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/09/25 20:55
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.