LSE:0QP8

Stock Analysis Report

Banque Cantonale Vaudoise

Executive Summary

Banque Cantonale Vaudoise provides a range of financial services in Vaud Canton and rest of Switzerland, the European Union, North America, and internationally.


Snowflake Analysis

Excellent balance sheet with proven track record and pays a dividend.

Share Price & News

How has Banque Cantonale Vaudoise's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 0QP8 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

0QP8

-14.8%

GB Banks

-2.2%

GB Market


1 Year Return

-1.4%

0QP8

-45.4%

GB Banks

-25.9%

GB Market

Return vs Industry: 0QP8 exceeded the UK Banks industry which returned -44% over the past year.

Return vs Market: 0QP8 exceeded the UK Market which returned -25% over the past year.


Shareholder returns

0QP8IndustryMarket
7 Day0%-14.8%-2.2%
30 Day-3.4%-31.0%-21.7%
90 Day-0.1%-44.2%-29.6%
1 Year3.2%-1.4%-43.4%-45.4%-22.2%-25.9%
3 Yearn/a-42.9%-49.1%-16.1%-26.6%
5 Yearn/a-43.0%-53.2%-4.6%-26.2%

Price Volatility Vs. Market

How volatile is Banque Cantonale Vaudoise's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Banque Cantonale Vaudoise undervalued compared to its fair value and its price relative to the market?

19.42x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: 0QP8 (CHF791) is trading above our estimate of fair value (CHF594.06)

Significantly Below Fair Value: 0QP8 is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: 0QP8 is poor value based on its PE Ratio (19.5x) compared to the Banks industry average (4.7x).

PE vs Market: 0QP8 is poor value based on its PE Ratio (19.5x) compared to the UK market (12.5x).


Price to Earnings Growth Ratio

PEG Ratio: 0QP8's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: 0QP8 is overvalued based on its PB Ratio (1.9x) compared to the GB Banks industry average (0.4x).


Next Steps

Future Growth

How is Banque Cantonale Vaudoise forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

-0.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 0QP8's earnings are forecast to decline over the next 3 years (-0.2% per year).

Earnings vs Market: 0QP8's earnings are forecast to decline over the next 3 years (-0.2% per year).

High Growth Earnings: 0QP8's earnings are forecast to decline over the next 3 years.

Revenue vs Market: 0QP8's revenue (0.09% per year) is forecast to grow slower than the UK market (2.4% per year).

High Growth Revenue: 0QP8's revenue (0.09% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 0QP8's Return on Equity is forecast to be low in 3 years time (9.8%).


Next Steps

Past Performance

How has Banque Cantonale Vaudoise performed over the past 5 years?

2.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 0QP8 has high quality earnings.

Growing Profit Margin: 0QP8's current net profit margins (36.2%) are higher than last year (35.8%).


Past Earnings Growth Analysis

Earnings Trend: 0QP8's earnings have grown by 2.8% per year over the past 5 years.

Accelerating Growth: 0QP8's earnings growth over the past year (3.8%) exceeds its 5-year average (2.8% per year).

Earnings vs Industry: 0QP8 earnings growth over the past year (3.8%) underperformed the Banks industry 29.6%.


Return on Equity

High ROE: 0QP8's Return on Equity (10.1%) is considered low.


Next Steps

Financial Health

How is Banque Cantonale Vaudoise'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: 0QP8 has a low level of unsold assets or inventory.

Debt Coverage by Assets: 0QP8's debt is not covered by short term assets (assets are 0.9x debt).


Financial Institutions Analysis

Asset Level: 0QP8's level of assets compared to its equity is moderate.

Allowance for Bad Loans: 0QP8 has a low allowance for bad loans.

Low Risk Liabilities: 0QP8's liabilities are made up of primarily low risk sources of funding.

Loan Level: 0QP8 has an acceptable proportion of non-loan assets held.

Low Risk Deposits: 0QP8's loans are broadly funded by customer deposits.

Level of Bad Loans: 0QP8 has an appropriate level of bad loans (0.74%)


Next Steps

Dividend

What is Banque Cantonale Vaudoise's current dividend yield, its reliability and sustainability?

4.56%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: 0QP8's dividend (4.53%) is higher than the bottom 25% of dividend payers in the UK market (2.67%).

High Dividend: 0QP8's dividend (4.53%) is low compared to the top 25% of dividend payers in the UK market (7.36%).


Stability and Growth of Payments

Stable Dividend: 0QP8's dividends per share have been stable in the past 10 years.

Growing Dividend: 0QP8's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (88.6%), 0QP8's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 0QP8's dividends in 3 years are not forecast to be well covered by earnings (91.6% payout ratio).


Next Steps

Management

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

10.5yrs

Average management tenure


CEO

Pascal Kiener (57yo)

11.92s

Tenure

CHF2,027,218

Compensation

Career experience: Between 1985 and 1991, Mr. Kiener worked as an Engineer for Fides Informatics in Zurich and Hewlett Packard in Geneva. In 1993, he joined the consulting firm McKinsey & Company. In 2000 ...


CEO Compensation Analysis

Compensation vs Market: Pascal's total compensation ($USD2.09M) is below average for companies of similar size in the UK market ($USD3.39M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Pascal Kiener
CEO & Member of Management Board11.92yrsCHF2.03m0.032% CHF2.2m
Thomas Paulsen
CFO, Head of Finance & Risks and Member of the Executive Board11.25yrsno data0.011% CHF739.4k
Bertrand Sager
Chief Credit Officer10.17yrsno data0.044% CHF3.0m
Stefan Bichsel
Head of Asset Management & Trading Division and Member of the Executive Board 10.92yrsno data0.054% CHF3.6m
Gérard Haeberli
Head of Private Banking Division & Member of the Executive Board 10.75yrsno data0.023% CHF1.6m
José Sierdo
Head of the Retail Banking Division & Member of Executive Board6.08yrsno data0.022% CHF1.5m
Christian Meixenberger
Head of the Business Support Division & Member of Executive Board3.25yrsno data0.0024% CHF165.9k
Andreas Diemant
Head of Corporate Banking Division & Member of Executive Board2.58yrsno data0.0021% CHF138.8k
Gregory Duong
Investor Relations Officerno datano datano data
Christian Jacot-Descombes
Head of Media Relations & Press Officerno datano datano data

10.5yrs

Average Tenure

56.5yo

Average Age

Experienced Management: 0QP8's management team is seasoned and experienced (10.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
George Nigel Clemons
Director4yrsCHF136.86k0.0012% CHF79.2k
Reto Donatsch
Vice Chairman of Boardno dataCHF137.85k0.0012% CHF79.2k
Jean-François Schwarz
Former Vice Chairman1.25yrsno datano data
Ingrid Deltenre
Director5.92yrsCHF129.11k0.0020% CHF137.4k
Peter Ochsner
Independent Director3.75yrsCHF166.04k0.0035% CHF237.0k
Jacques de Watteville
Chairman of the Board2.25yrsCHF674.61k0.0023% CHF157.8k
Fabienne Cantone
Independent Director2yrsCHF81.27k0.00029% CHF19.6k

3.0yrs

Average Tenure

63yo

Average Age

Experienced Board: 0QP8's board of directors are considered experienced (3 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

Banque Cantonale Vaudoise's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Banque Cantonale Vaudoise
  • Ticker: 0QP8
  • Exchange: LSE
  • Founded: 1845
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: CHF6.771b
  • Shares outstanding: 8.58m
  • Website: https://www.bcv.ch

Number of Employees


Location

  • Banque Cantonale Vaudoise
  • Place St-François 14
  • Case postale 300
  • Lausanne
  • 1001
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BCVNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFNov 1992
BQCN.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDNov 1992
B1VDB (Deutsche Boerse AG)YesRegistered SharesDEEURNov 1992
0QP8LSE (London Stock Exchange)YesRegistered SharesGBCHFNov 1992
37031019XQMH (SIX Structured Products Exchange AG)0% NTS 22/06/2020 CHFCHCHFJun 2019

Biography

Banque Cantonale Vaudoise provides a range of financial services in Vaud Canton and rest of Switzerland, the European Union, North America, and internationally. The company offers current, savings, and retirement accounts; credit and payment cards; mortgage, personal, home, business, and construction loans; and production equipment financing products, and working capital and international trade finance products. It also provides a range of banking products, such as investments, financial planning services, and trading through its online platform; and cash management services, as well as instruments for hedging exchange-rate and interest-rate risk; asset management services; and investment and hedging products, such as currencies, equities, bonds, derivatives, and structured products. In addition, the company engages in the market transactions in equities, fixed-income instruments, forex, and precious metals on behalf of clients. Further, it provides life and disability insurance products, and online banking services; manages finances and investments of high-net-worth individuals; tax planning, estate planning, and financial planning; and retirement, life insurance, and disability coverages. The company operates through a network of approximately 63 branches and 220 ATMs. It primarily serves retail and business customers, and public sector institutions. Banque Cantonale Vaudoise was founded in 1845 and is headquartered in Lausanne, Switzerland. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/03 22:54
End of Day Share Price2020/04/03 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.