LSE:0QS4

Stock Analysis Report

Thurgauer Kantonalbank

Executive Summary

Thurgauer Kantonalbank provides banking products and services for private, corporate, commercial, and public sectors in Switzerland.


Snowflake Analysis

Adequate balance sheet with acceptable track record.

Share Price & News

How has Thurgauer Kantonalbank's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 0QS4 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

0QS4

-4.1%

GB Banks

-4.4%

GB Market


1 Year Return

n/a

0QS4

-11.3%

GB Banks

1.4%

GB Market

Return vs Industry: Insufficient data to determine how 0QS4 performed against the UK Banks industry.

Return vs Market: Insufficient data to determine how 0QS4 performed against the UK Market.


Shareholder returns

0QS4IndustryMarket
7 Day0%-4.1%-4.4%
30 Day0%-8.0%-6.3%
90 Dayn/a-9.1%-2.7%
1 Yearn/a-6.8%-11.3%6.7%1.4%
3 Yearn/a-10.1%-20.4%12.6%-1.5%
5 Yearn/a-6.7%-24.6%28.8%-0.7%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

Is Thurgauer Kantonalbank undervalued compared to its fair value and its price relative to the market?

15.99x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: 0QS4 (CHF108) is trading above our estimate of fair value (CHF89.35)

Significantly Below Fair Value: 0QS4 is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: 0QS4 is poor value based on its PE Ratio (16x) compared to the Banks industry average (8.9x).

PE vs Market: 0QS4 is good value based on its PE Ratio (16x) compared to the UK market (17.7x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate 0QS4's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: 0QS4 is overvalued based on its PB Ratio (0.9x) compared to the GB Banks industry average (0.8x).


Next Steps

Future Growth

How is Thurgauer Kantonalbank forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

0.2%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if 0QS4's forecast earnings growth is above the savings rate (0.5%).

Earnings vs Market: Insufficient data to determine if 0QS4's earnings are forecast to grow faster than the UK market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: 0QS4's revenue (0.2% per year) is forecast to grow slower than the UK market (3.8% per year).

High Growth Revenue: 0QS4's revenue (0.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 0QS4's Return on Equity is forecast to be low in 3 years time (5.5%).


Next Steps

Past Performance

How has Thurgauer Kantonalbank performed over the past 5 years?

2.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 0QS4 has high quality earnings.

Growing Profit Margin: 0QS4's current net profit margins (39.6%) are higher than last year (39.1%).


Past Earnings Growth Analysis

Earnings Trend: 0QS4's earnings have grown by 2.6% per year over the past 5 years.

Accelerating Growth: 0QS4's earnings growth over the past year (0.7%) is below its 5-year average (2.6% per year).

Earnings vs Industry: 0QS4 earnings growth over the past year (0.7%) underperformed the Banks industry 26.6%.


Return on Equity

High ROE: 0QS4's Return on Equity (5.9%) is considered low.


Next Steps

Financial Health

How is Thurgauer Kantonalbank'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: 0QS4 has a low level of unsold assets or inventory.

Debt Coverage by Assets: 0QS4's debt is not covered by short term assets (assets are 0.4x debt).


Financial Institutions Analysis

Asset Level: 0QS4's level of assets compared to its equity is moderate.

Allowance for Bad Loans: 0QS4 has a low allowance for bad loans.

Low Risk Liabilities: 0QS4's liabilities are made up of primarily low risk sources of funding.

Loan Level: 0QS4 has an acceptable proportion of non-loan assets held.

Low Risk Deposits: 0QS4 has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: 0QS4 has an appropriate level of bad loans (0.44%)


Next Steps

Dividend

What is Thurgauer Kantonalbank's current dividend yield, its reliability and sustainability?

2.59%

Current Dividend Yield


Upcoming Dividend Payment

TodayFeb 26 2020Ex Dividend DateJun 08 2020Dividend Pay DateJun 10 20202 days from Ex DividendBuy in the next 102 days to receive upcoming dividend

Dividend Yield vs Market

Notable Dividend: 0QS4's dividend (2.59%) is higher than the bottom 25% of dividend payers in the UK market (1.9%).

High Dividend: 0QS4's dividend (2.59%) is low compared to the top 25% of dividend payers in the UK market (5.34%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, 0QS4 has been paying a dividend for less than 10 years.

Growing Dividend: 0QS4's dividend payments have increased, but the company has only paid a dividend for 5 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (41.5%), 0QS4's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 0QS4's dividends in 3 years are forecast to be well covered by earnings (43.1% payout ratio).


Next Steps

Management

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

4.5yrs

Average management tenure


CEO

Thomas Koller (50yo)

1.2yrs

Tenure

CHF653,440

Compensation

Mr. Thomas Koller has been Chairman of Management Board, Head of Bank Management & Private Customers ad Interim Business Unit at Thurgauer Kantonalbank since January 1, 2019. He served as Chief Executive O ...


CEO Compensation Analysis

Compensation vs Market: Thomas's total compensation ($USD669.58K) is below average for companies of similar size in the UK market ($USD1.85M).

Compensation vs Earnings: Insufficient data to compare Thomas's compensation with company performance.


Leadership Team

NamePositionTenureCompensationOwnership
Thomas Koller
Chairman of Management Board1.2yrsCHF653.44kno data
Hanspeter Hutter
Chief Financial Officer0yrsno datano data
Rolf Brunner
Head of Business Unit Services & Member of the Management Board8.8yrsno datano data
David Strebel
Head of the Market Services Division & Member of the Management Board4.6yrsno datano data
Remo Lobsiger
Head of Business Customers Division & Member of Management Board4.5yrsno datano data

4.5yrs

Average Tenure

53yo

Average Age

Experienced Management: 0QS4's management team is considered experienced (4.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
René Bock
President of the Bank Council11.5yrsCHF233.26kno data
Max Soller
Member of the Bank Council11.5yrsCHF77.54kno data
Daniela Lutz Muller
Member of the Bank Council7.7yrsCHF63.74kno data
Urs Saxer
Vice President of the Bank Council4.6yrsCHF111.54kno data
Axel Vietze
Member of the Bank Council8.7yrsCHF63.74kno data
Susanne Brandenberger
Member of the Bank Council3.7yrsCHF84.98kno data
Christoph Kohler
Member of the Bank Council4.6yrsCHF69.05kno data
Mike Franz
Member of the Bank Council2.7yrsCHF53.11kno data
Roman Giuliani
Member of the Bank Council3.8yrsCHF56.30kno data

4.6yrs

Average Tenure

55yo

Average Age

Experienced Board: 0QS4's board of directors are considered experienced (4.6 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

Thurgauer Kantonalbank's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Thurgauer Kantonalbank
  • Ticker: 0QS4
  • Exchange: LSE
  • Founded: 1871
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: CHF2.190b
  • Shares outstanding: 20.00m
  • Website: https://www.tkb.ch

Number of Employees


Location

  • Thurgauer Kantonalbank
  • bench 1
  • Postfach
  • Weinfelden
  • Thurgau
  • 8570
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TKBPSWX (SIX Swiss Exchange)YesParticipation CertificatesCHCHFApr 2014
0QS4LSE (London Stock Exchange)YesParticipation CertificatesGBCHFApr 2014
TK2ADB (Deutsche Boerse AG)YesParticipation CertificatesDEEURApr 2014

Biography

Thurgauer Kantonalbank provides banking products and services for private, corporate, commercial, and public sectors in Switzerland. It offers accounts, home and personal loans, property mortgages, asset management, financial planning, guarantees, cards, mobile payment, and online banking services. The company also provides finance investment and real estate services. It operates through a network of 28 branches and 77 ATMs. Thurgauer Kantonalbank was founded in 1871 and is headquartered in Weinfelden, Switzerland. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/25 22:41
End of Day Share Price2019/12/27 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.