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Liberbank

BME:LBK
Snowflake Description

Good value with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
LBK
BME
€1B
Market Cap
  1. Home
  2. ES
  3. Banks
Company description

Liberbank, S.A. provides various banking products and services for households, SMEs, and self-employed customers in Spain and internationally. The last earnings update was 25 days ago. More info.


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LBK Share Price and Events
7 Day Returns
0%
BME:LBK
1%
ES Banks
1.6%
ES Market
1 Year Returns
-14%
BME:LBK
-24.1%
ES Banks
-7%
ES Market
LBK Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Liberbank (LBK) 0% -5.9% -1.2% -14% -57.9% -84.8%
ES Banks 1% -7.9% -0.7% -24.1% -5.1% -44.5%
ES Market 1.6% -2.4% 2.3% -7% 8.9% -14%
1 Year Return vs Industry and Market
  • LBK outperformed the Banks industry which returned -24.1% over the past year.
  • LBK underperformed the Market in Spain which returned -7% over the past year.
Price Volatility
LBK
Industry
5yr Volatility vs Market

LBK Value

 Is Liberbank 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 Liberbank 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 Liberbank.

BME:LBK Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 8 analysts.
= Stable Book Value * Return on Equity
= €1.00 * 5.7%
€0.06
Book Value of Equity per Share Weighted future Book Value estimates from 6 analysts. €1.00
Discount Rate (Cost of Equity) See below 9.3%
Perpetual Growth Rate 10-Year ES Government Bond Rate 1.5%

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 BME:LBK
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year ES Govt Bond Rate 1.5%
Equity Risk Premium S&P Global 8.2%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.58
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.584 (1 + (1- 25%) (76.72%))
0.947
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.95
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.53% + (0.947 * 8.18%)
9.27%

Discounted Cash Flow Calculation for BME:LBK using Excess Returns Model Model

The calculations below outline how an intrinsic value for Liberbank 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.

BME:LBK Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (5.7% – 9.27%) * €1.00)
€-0.04
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €-0.04 / (9.27% - 1.53%)
€-0.46
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €1.00 + €-0.46
€0.54
BME:LBK Discount to Share Price
Calculation Result
Value per share (EUR) From above. €0.54
Current discount Discount to share price of €0.40
= -1 x (€0.40 - €0.54) / €0.54
26.9%

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

Current Discount
Amount off the current price Liberbank is available for.
Intrinsic value
27%
Share price is €0.3954 vs Future cash flow value of €0.54096
Current Discount Checks
For Liberbank to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Liberbank's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Liberbank'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 Liberbank's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Liberbank's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BME:LBK PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €0.03
BME:LBK Share Price ** BME (2019-05-17) in EUR €0.4
Spain Banks Industry PE Ratio Median Figure of 8 Publicly-Listed Banks Companies 10.64x
Spain Market PE Ratio Median Figure of 135 Publicly-Listed Companies 18.43x

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

** Primary Listing of Liberbank.

BME:LBK PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BME:LBK Share Price ÷ EPS (both in EUR)

= 0.4 ÷ 0.03

12.1x

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

  • Liberbank is overvalued based on earnings compared to the ES Banks industry average.
  • Liberbank is good value based on earnings compared to the Spain market.
Price based on expected Growth
Does Liberbank's expected growth come at a high price?
Raw Data
BME:LBK PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.1x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
14.2%per year
Spain Banks Industry PEG Ratio Median Figure of 8 Publicly-Listed Banks Companies 1.49x
Spain Market PEG Ratio Median Figure of 77 Publicly-Listed Companies 1.55x

*Line of best fit is calculated by linear regression .

BME:LBK PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.1x ÷ 14.2%

0.85x

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

  • Liberbank is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Liberbank's assets?
Raw Data
BME:LBK PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €0.97
BME:LBK Share Price * BME (2019-05-17) in EUR €0.4
Spain Banks Industry PB Ratio Median Figure of 8 Publicly-Listed Banks Companies 0.61x
Spain Market PB Ratio Median Figure of 179 Publicly-Listed Companies 1.72x
BME:LBK PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BME:LBK Share Price ÷ Book Value per Share (both in EUR)

= 0.4 ÷ 0.97

0.41x

* Primary Listing of Liberbank.

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

  • Liberbank is good value based on assets compared to the ES Banks industry average.
X
Value checks
We assess Liberbank'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 Banks 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 Banks industry average (and greater than 0)? (1 check)
  5. Liberbank has a total score of 4/6, 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.

LBK Future Performance

 How is Liberbank expected to perform in the next 1 to 3 years based on estimates from 8 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
14.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Liberbank expected to grow at an attractive rate?
  • Liberbank's earnings growth is expected to exceed the low risk savings rate of 1.5%.
Growth vs Market Checks
  • Liberbank's earnings growth is expected to exceed the Spain market average.
  • Liberbank's revenue growth is expected to exceed the Spain market average.
Annual Growth Rates Comparison
Raw Data
BME:LBK Future Growth Rates Data Sources
Data Point Source Value (per year)
BME:LBK Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 14.2%
BME:LBK Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 5.5%
Spain Banks Industry Earnings Growth Rate Market Cap Weighted Average 6.6%
Spain Banks Industry Revenue Growth Rate Market Cap Weighted Average 4%
Spain Market Earnings Growth Rate Market Cap Weighted Average 8.2%
Spain Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*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
BME:LBK Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BME:LBK Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 784 211 1
2021-12-31 712 175 4
2020-12-31 696 170 8
2019-12-31 671 143 8
BME:LBK Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 535 100
2018-12-31 550 -1,318 108
2018-09-30 98 121
2018-06-30 -48 39 -242
2018-03-31 -108 -262
2017-12-31 -114 542 -259
2017-09-30 13 779 -241
2017-06-30 691 416 123
2017-03-31 632 123
2016-12-31 742 868 129
2016-09-30 483 62
2016-06-30 500 380 77

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Liberbank's earnings are expected to grow by 14.2% yearly, however this is not considered high growth (20% yearly).
  • Liberbank's revenue is expected to grow by 5.5% 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
BME:LBK Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Liberbank Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BME:LBK Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 0.07 0.07 0.07 1.00
2021-12-31 0.06 0.06 0.05 4.00
2020-12-31 0.06 0.06 0.05 8.00
2019-12-31 0.05 0.05 0.05 1.00
BME:LBK Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 0.03
2018-12-31 0.04
2018-09-30
2018-06-30 -0.11
2018-03-31
2017-12-31 -0.23
2017-09-30 -0.27
2017-06-30 0.24
2017-03-31 0.14
2016-12-31 0.26
2016-09-30 0.07
2016-06-30 0.09

*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.
  • Liberbank is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Liberbank'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 Spain market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Spain 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.
Liberbank has a total score of 3/6, 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.

LBK Past Performance

  How has Liberbank 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 Liberbank's growth in the last year to its industry (Banks).
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.
  • Liberbank's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Liberbank has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Liberbank has become profitable in the last year making it difficult to compare the ES Banks industry average.
Earnings and Revenue History
Liberbank'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 Liberbank Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BME:LBK Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 535.31 99.94 354.56
2018-12-31 550.31 107.94 356.56
2018-09-30 98.43 121.29 399.93
2018-06-30 -48.41 -241.84 409.25
2018-03-31 -107.78 -261.62 415.98
2017-12-31 -113.58 -258.71 387.36
2017-09-30 12.82 -241.05 385.01
2017-06-30 690.90 123.13 425.94
2017-03-31 632.25 122.93 393.03
2016-12-31 742.33 128.81 428.30
2016-09-30 483.07 61.55 366.62
2016-06-30 500.23 76.51 414.31
2016-03-31 736.88 109.64 433.69
2015-12-31 668.73 128.55 396.92
2015-09-30 704.27 160.96 437.71
2015-06-30 639.60 119.15 439.77
2015-03-31 457.70 48.10 444.41
2014-12-31 568.27 116.96 438.71
2014-09-30 492.11 132.17 384.51
2014-06-30 462.39 92.86 436.94
2014-03-31 471.15 114.26 442.38
2013-12-31 313.82 21.71 463.34
2013-09-30 -501.95 -196.64 463.25
2013-06-30 -2,210.16 -1,802.32 456.20
2013-03-31 -2,273.84 -1,861.19 482.22
2012-12-31 -2,186.51 -1,833.64 512.25
2012-09-30 -1,704.96 -1,528.00 537.87
2012-06-30 659.52 177.11 569.26

*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.
  • Liberbank has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Liberbank used its assets less efficiently than the ES Banks industry average last year based on Return on Assets.
  • Unable to establish if Liberbank 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 Liberbank'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 Banks 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.
Liberbank has a total score of 0/6, 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.

LBK Health

 How is Liberbank's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Liberbank'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.
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 Liberbank Company Filings, last reported 1 month ago.

BME:LBK Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,956.00 928.00 1,144.00
2018-12-31 2,830.62 5,396.24 1,060.57
2018-09-30 2,836.00 510.00 1,048.00
2018-06-30 2,770.84 675.86 1,752.53
2018-03-31 2,700.06 143.24 1,497.06
2017-12-31 2,682.68 2,018.25 735.30
2017-09-30 2,236.70 636.58 671.10
2017-06-30 2,570.95 775.24 1,208.09
2017-03-31 2,547.33 41.14 2,232.28
2016-12-31 2,552.22 1,800.30 906.35
2016-09-30 2,660.35 253.16 1,206.46
2016-06-30 2,591.94 726.96 891.38
2016-03-31 2,509.96 621.54 1,244.78
2015-12-31 2,632.16 4,932.39 811.31
2015-09-30 2,567.00 624.00 1,024.00
2015-06-30 2,549.00 507.00 1,051.00
2015-03-31 2,734.00 593.00 1,150.00
2014-12-31 2,615.20 2,992.28 923.50
2014-09-30 2,603.00 875.00 855.00
2014-06-30 2,510.38 873.20 615.40
2014-03-31 1,789.45 49.47 515.08
2013-12-31 1,522.95 3,496.54 1,100.22
2013-09-30 1,587.00 2,298.00 852.00
2013-06-30 1,580.43 2,498.44 747.87
2013-03-31 1,126.00 3,286.00 1,111.00
2012-12-31 1,099.34 3,815.33 629.07
2012-09-30 1,154.66 3,587.84 773.13
2012-06-30 2,752.93 3,789.30 977.84
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Liberbank has an acceptable proportion of non-loan assets held.
  • Liberbank's liabilities are made up of primarily low risk sources of funding.
  • Loans at Liberbank are broadly funded by customer deposits.
  • Liberbank's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Liberbank has a low allowance for bad loans.
  • Liberbank has a high level of bad loans (greater than 2%).
X
Financial health checks
We assess Liberbank'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. Liberbank has a total score of 4/6, 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.

LBK Dividends

 What is Liberbank'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
0%
Current annual income from Liberbank dividends. Estimated to be 4.25% next year.
If you bought €2,000 of Liberbank shares you are expected to receive €0 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?
  • Unable to evaluate Liberbank's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Liberbank's dividend against the top 25% market benchmark as the company has not reported any payouts.
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
BME:LBK 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 8 Analyst Estimates (S&P Global) See Below
Spain Banks Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 4.9%
Spain Market Average Dividend Yield Market Cap Weighted Average of 76 Stocks 4.4%
Spain Minimum Threshold Dividend Yield 10th Percentile 1.3%
Spain Bottom 25% Dividend Yield 25th Percentile 2.2%
Spain Top 25% Dividend Yield 75th Percentile 5.1%

Industry and Market average data is calculated daily.

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

BME:LBK Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.03 1.00
2021-12-31 0.02 5.00
2020-12-31 0.02 9.00
2019-12-31 0.01 9.00
BME:LBK Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2017-10-24 0.000 0.000
2017-07-03 0.000 0.000
2016-02-24 0.000 0.000

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

  • Unable to perform a dividend volatility check as Liberbank has not reported any payouts.
  • Unable to verify if Liberbank's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Liberbank's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Liberbank has not reported any payouts.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.5x coverage).
X
Income/ dividend checks
We assess Liberbank's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - 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 Liberbank afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Liberbank has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

LBK Management

 What is the CEO of Liberbank'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
Manuel Menéndez Menéndez
COMPENSATION €441,000
AGE 59
CEO Bio

Mr. Manuel Menéndez Menéndez has been Chief Executive Officer of Liberbank, SA since 2014 and also serves as its Director since May 5, 2011. Mr. Menéndez serves as the President of the Board of Directors at CAJA DE AHORROS DE ASTURIAS and HIDROCANTÁBRICO. Mr. Menéndez Menéndez serves as the Chairman of NATURGAS ENERGÍA Grupo, S.A. and CajaAstur. He serves as Chairman of Hidroeléctrica del Cantábrico, S.A. and Liberbank SA. He served as an Executive Chairman of the Sociedad de Garantías Recíprocas de Asturias (Asturgar). He served as Vice-Chairman of SEDES, S.A. He was Executive Director of Banco de Castilla-La Mancha, S.A. from May 01, 2010 to 2018. He has been a Director of EDP Renewables North America, LLC since June 21, 2011. He has been a Non-Executive Director of EDP Renováveis S.A. since June 4, 2008. He serves as a board member of Neo Energia, of the Spanish Confederation of Savings Banks and of UNESA (Spanish Association for Electricity Industry) and a member of the Official Registry of Auditors of Accounts. He serves as a Director of CONFEDERACION ESPAÑOLA DE CAJAS DE AHORROS, S.A (CECA). He served as a Director of Banco CAM S.A.U. Mr. Menéndez Menéndez served as a Member of The Board of Directors at EDP-Energias de Portugal since January 2005 and EDP Renewables Europe SLU. He was previously a board member of CajAstur, HidroCantábrico and AIRTEL (now Vodafone). He served as a board member of ENCE and LICO Corporación. Mr. Menéndez Menéndez served as a Director at Enagas SA since April 30, 2004 and Representative of Peña Rueda. He served as a Member of General and Supervisory Board of EDP-Energias de Portugal, S.A. (formerly known as Electricidade De Portugal Sa (EDP) since April 10, 2008 and previously served the same position from 2006 to February 29, 2008 and also served as its Member of Supervisory Board since 2006. He had been a professor in the Department of Business Administration and Accountancy at the University of Oviedo, where he earned his Phd in economic sciences in 1985 (cum laude and with a Special Mention from the Board of Examiners). He holds BSc in Economics and Business Administration from the University of Oviedo in 1982. He also serves as Director of EDP Renewables North America LLC.

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

Manuel Menéndez Menéndez

TITLE
CEO & Director
COMPENSATION
€441K
AGE
59

Víctor Manuel Cañadas

TITLE
First Executive Deputy Chairman of the Board
COMPENSATION
€110K

Jesús Alcalde Barrio

TITLE
Secretary
COMPENSATION
€110K

Jesús Mochales

TITLE
Chief Corporate & Financial Officer
COMPENSATION
€18K

Juan López

TITLE
Head of Corporate Development and Investor Relations

Javier Basarte Albertos

TITLE
Director of the Area of Organs Management & Compliance

Severino Jesús Suárez

TITLE
Director General of People & Media

Miguel Barra Quesada

TITLE
Chief Risk Management Officer
COMPENSATION
€14K

Jorge Fernández

TITLE
Chief Risks Officer

Jose Martin Sariego

TITLE
Director of General Secretariat
Board of Directors Tenure

Average tenure and age of the Liberbank board of directors in years:

6.8
Average Tenure
64
Average Age
  • The tenure for the Liberbank board of directors is about average.
Board of Directors

Pedro Manuel Torre

TITLE
President of the Board
COMPENSATION
€190K
TENURE
4.6 yrs

Manuel Menéndez Menéndez

TITLE
CEO & Director
COMPENSATION
€441K
AGE
59
TENURE
8 yrs

Víctor Manuel Cañadas

TITLE
First Executive Deputy Chairman of the Board
COMPENSATION
€110K
TENURE
8 yrs

Davida Marston

TITLE
Director
COMPENSATION
€140K
AGE
64
TENURE
7.3 yrs

Jorge Bravo

TITLE
Director
COMPENSATION
€140K
TENURE
7.4 yrs

Maria Garaña Corces

TITLE
Director
COMPENSATION
€140K
TENURE
4.1 yrs

Felipe Fernández

TITLE
Director
COMPENSATION
€110K
AGE
66
TENURE
8 yrs

María Encarnación Rodriguez

TITLE
Director
TENURE
6.3 yrs

Ernesto Tinajero Flores

TITLE
Director
COMPENSATION
€110K
TENURE
4.1 yrs

Luis Herrero

TITLE
Director
COMPENSATION
€110K
TENURE
4.1 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 (€)
21. Sep 18 Sell Jorge Bravo Individual 20. Sep 18 20. Sep 18 -100,000 €0.50 €-50,000
X
Management checks
We assess Liberbank'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. Liberbank 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.

LBK News

Simply Wall St News

What You Should Know About Liberbank, S.A.’s (BME:LBK) Liquidity

Post-GFC recovery brought about a new set of reforms, Basel III, which was created to improve regulation, supervision and risk management in the financial services industry. … Unpredictable macro events such as political instability could weaken its financial position which is why it is important to understand how well the bank manages its risk levels. … Today we will be measuring Liberbank’s financial risk position by looking at three leverage and liquidity metrics.

Simply Wall St -

What Kind Of Share Price Volatility Should You Expect For Liberbank, S.A. (BME:LBK)?

Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one.

Simply Wall St -

Liberbank, S.A. (BME:LBK): Will The Growth Last?

The most recent earnings announcement Liberbank, S.A.'s (BME:LBK) released in December 2018 … negative earnings

Simply Wall St -

Liberbank, S.A. (BME:LBK): What Are The Future Prospects?

After Liberbank, S.A.'s (BME:LBK) earnings announcement on 31 December 2018, … as a 38% increase in profits is expected in the upcoming year, … the past 5-year average growth rate of -33%.

Simply Wall St -

What Kind Of Investor Owns Most Of Liberbank, S.A. (BME:LBK)?

Generally speaking, as a company grows, institutions will increase their ownership. … As Nassim Nicholas Taleb said, 'Don’t tell me what you think, tell me what you have in your portfolio.'. … Our analysis of the ownership of the company, below, shows that.

Simply Wall St -

Some Liberbank Shareholders Have Taken A Painful 85% Share Price Drop

(BME:LBK) share price managed to fall 85% over five long years. … By comparing earnings per share (EPS) and and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … Arguably, the revenue drop of 14% a year for half a decade suggests that the company can't grow in the long term

Simply Wall St -

At €0.44, Is It Time To Put Liberbank, S.A. (BME:LBK) On Your Watch List?

(BME:LBK), operating in the financial services industry based in Spain,. … As a stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Let’s take a look at Liberbank’s outlook and value based on the most recent financial data to see if the opportunity still exists

Simply Wall St -

What You Should Know About Liberbank, S.A.’s (BME:LBK) Liquidity

Post-GFC recovery brought about a new set of reforms, Basel III, which was created to improve regulation, supervision and risk management in the financial services industry. … These reforms target bank level regulation and aims to improve the banking sector’s ability to absorb shocks arising from economic stress which could expose financial institutions to vulnerabilities. … Strong management of leverage and liquidity could place the bank in a protected position at the face of macro headwinds.

Simply Wall St -

One Thing To Remember About The Liberbank, S.A. (BME:LBK) Share Price

Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market.

Simply Wall St -

Are You Considering All The Risks For Liberbank SA’s (BME:LBK)?

Credit risk is one of the biggest risk Liberbank SA (BME:LBK) faces as a small cap company operating in a heavily regulated financial services sector. … This is because bad debt is written off as an expense and impacts Liberbank’s bottom line and shareholders’ value. … I will take you through some useful measures of bad debt and liabilities in order to properly analyse Liberbank’s risk level before you invest in the stock.

Simply Wall St -

LBK Company Info

Description

Liberbank, S.A. provides various banking products and services for households, SMEs, and self-employed customers in Spain and internationally. The company offers deposits and accounts; cards; mortgages and loans; investment and savings products; pension plans; annuities; and insurance products. The company was formerly known as Effibank and changed its name to Liberbank, S.A. in August 2011. The company was founded in 2011 and is based in Madrid, Spain.

Details
Name: Liberbank, S.A.
LBK
Exchange: BME
Founded: 2011
€1,209,567,122
3,059,097,426
Website: http://www.liberbank.es
Address: Liberbank, S.A.
Camino Fuente de la Mora, 5,
Madrid,
Madrid, 28050,
Spain
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BME LBK Ordinary Shares Bolsas y Mercados Espanoles ES EUR 16. May 2013
OTCPK LBBR.F Ordinary Shares Pink Sheets LLC US USD 16. May 2013
DB L6BA Ordinary Shares Deutsche Boerse AG DE EUR 16. May 2013
LSE 0RE4 Ordinary Shares London Stock Exchange GB EUR 16. May 2013
BATS-CHIXE LBKE Ordinary Shares BATS 'Chi-X Europe' GB EUR 16. May 2013
Number of employees
Current staff
Staff numbers
2,715
Liberbank employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/19 22:16
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/15
Last earnings filing: 2019/04/24
Last earnings reported: 2019/03/31
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.