LSE:0RP8

Stock Analysis Report

Liechtensteinische Landesbank

Executive Summary

Liechtensteinische Landesbank Aktiengesellschaft provides banking products and services in Liechtenstein, Switzerland, Austria, Germany, Central and Eastern Europe, the Middle East, and internationally.


Snowflake Analysis

Excellent balance sheet with moderate growth potential.


Similar Companies

Share Price & News

How has Liechtensteinische Landesbank's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 0RP8 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-7.9%

0RP8

-3.6%

GB Banks

0.05%

GB Market


1 Year Return

-5.2%

0RP8

-6.0%

GB Banks

7.1%

GB Market

Return vs Industry: 0RP8 matched the UK Banks industry which returned -6% over the past year.

Return vs Market: 0RP8 underperformed the UK Market which returned 7.1% over the past year.


Shareholder returns

0RP8IndustryMarket
7 Day-7.9%-3.6%0.05%
30 Day0.2%-3.6%-1.7%
90 Day-3.1%-2.3%4.1%
1 Year-2.3%-5.2%-1.2%-6.0%12.6%7.1%
3 Yearn/a-6.7%-17.4%18.4%3.6%
5 Yearn/a-2.6%-21.1%35.2%4.2%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

Is Liechtensteinische Landesbank undervalued compared to its fair value and its price relative to the market?

22.27x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: 0RP8 (CHF61.6) is trading above our estimate of fair value (CHF43.81)

Significantly Below Fair Value: 0RP8 is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: 0RP8 is poor value based on its PE Ratio (22.3x) compared to the Banks industry average (9.2x).

PE vs Market: 0RP8 is poor value based on its PE Ratio (22.3x) compared to the UK market (18.5x).


Price to Earnings Growth Ratio

PEG Ratio: 0RP8 is poor value based on its PEG Ratio (1.3x)


Price to Book Ratio

PB vs Industry: 0RP8 is overvalued based on its PB Ratio (1.1x) compared to the GB Banks industry average (0.6x).


Next Steps

Future Growth

How is Liechtensteinische Landesbank forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

17.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 0RP8's forecast earnings growth (17% per year) is above the savings rate (0.5%).

Earnings vs Market: 0RP8's earnings (17% per year) are forecast to grow faster than the UK market (13% per year).

High Growth Earnings: 0RP8's earnings are forecast to grow, but not significantly.

Revenue vs Market: 0RP8's revenue (4.9% per year) is forecast to grow faster than the UK market (3.5% per year).

High Growth Revenue: 0RP8's revenue (4.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 0RP8's Return on Equity is forecast to be low in 3 years time (6.6%).


Next Steps

Past Performance

How has Liechtensteinische Landesbank performed over the past 5 years?

5.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 0RP8 has high quality earnings.

Growing Profit Margin: 0RP8's current net profit margins (21.5%) are lower than last year (22.9%).


Past Earnings Growth Analysis

Earnings Trend: 0RP8's earnings have grown by 5.4% per year over the past 5 years.

Accelerating Growth: 0RP8's earnings growth over the past year (3.1%) is below its 5-year average (5.4% per year).

Earnings vs Industry: 0RP8 earnings growth over the past year (3.1%) underperformed the Banks industry 28.3%.


Return on Equity

High ROE: 0RP8's Return on Equity (5%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Liechtensteinische Landesbank'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: 0RP8 has a low level of unsold assets or inventory.

Debt Coverage by Assets: 0RP8's debt is covered by short term assets (assets are 3.2x debt).


Financial Institutions Analysis

Asset Level: 0RP8's level of assets compared to its equity is moderate.

Allowance for Bad Loans: 0RP8 has a low allowance for bad loans.

Low Risk Liabilities: 0RP8's liabilities are made up of primarily low risk sources of funding.

Loan Level: 0RP8 has an acceptable proportion of non-loan assets held.

Low Risk Deposits: 0RP8's loans are broadly funded by customer deposits.

Level of Bad Loans: 0RP8 has an appropriate level of bad loans (1.54%)


Next Steps

Dividend

What is Liechtensteinische Landesbank's current dividend yield, its reliability and sustainability?

3.10%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: 0RP8's dividend (3.1%) is higher than the bottom 25% of dividend payers in the UK market (1.79%).

High Dividend: 0RP8's dividend (3.1%) is low compared to the top 25% of dividend payers in the UK market (5.09%).


Stability and Growth of Payments

Stable Dividend: 0RP8 has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: 0RP8's dividend payments have increased, but the company has only paid a dividend for 3 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (69%), 0RP8's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 0RP8's dividends in 3 years are forecast to be covered by earnings (51.4% payout ratio).


Next Steps

Management

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

7.3yrs

Average management tenure


CEO

Roland Matt (49yo)

8.1yrs

Tenure

CHF1,379,000

Compensation

Liechtensteinische Landesbank (Österreich) AG - Education: • Business economist FH, 1995. • Federally qualified financial analyst and asset manager, 1999. • Federally qualified finance and investme ...


CEO Compensation Analysis

Compensation vs Market: Roland's total compensation ($USD1.40M) is about average for companies of similar size in the UK market ($USD1.83M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Roland Matt
Group CEO & Group Chairman of Executive Board8.1yrsCHF1.38m0.054% CHF1.1m
Christoph Reich
Group CFO & Member of Executive Board7.6yrsno data0.032% CHF668.0k
Urs Müller
8.8yrsno data0.062% CHF1.3m
Gabriel Brenna
Division Head of Private Banking Division & Member of Management Board7.3yrsno data0.065% CHF1.4m
Natalie Flatz
Head of Institutional Clients Division & Member of Executive Board3.6yrsno data0.0039% CHF80.9k
Patrick Fürer
Head of the Group COO Division & Member of Executive Board1.1yrsno datano data
Roger Dornier
Head of Group Legal & Compliance2.9yrsno datano data
Cyrill Sele
Head of Group Corporate Communications & General Secretary0yrsno datano data
Michaela Alt
Head of Group Marketing0yrsno datano data
Jan-Friedrich Brünings
Group Corporate Development0yrsno datano data

7.3yrs

Average Tenure

47.5yo

Average Age

Experienced Management: 0RP8's management team is seasoned and experienced (7.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Karl Sevelda
Director0.8yrsno datano data
Urs Leinhäuser
Independent Director5.8yrsCHF99.00k0.0019% CHF39.4k
Georg Wohlwend
Independent Chairman of the Board2.8yrsCHF420.00k0.0021% CHF43.3k
Patrizia Holenstein
Independent Director6.8yrsCHF97.00k0.0028% CHF58.9k
Gabriela Nagel-Jungo
Independent Vice-Chairwoman of the Board1.8yrsCHF140.00k0.0019% CHF38.4k
Richard Senti
Independent Director1.8yrsCHF66.00kno data
Thomas Russenberger
Independent Director1.8yrsCHF57.00kno data

1.8yrs

Average Tenure

56yo

Average Age

Experienced Board: 0RP8's board of directors are not considered experienced ( 1.8 years average tenure), which suggests a new board.


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 been diluted in the past year, with total shares outstanding growing by 6.1%.


Top Shareholders

Company Information

Liechtensteinische Landesbank Aktiengesellschaft's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Liechtensteinische Landesbank Aktiengesellschaft
  • Ticker: 0RP8
  • Exchange: LSE
  • Founded: 1861
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: CHF2.073b
  • Shares outstanding: 30.58m
  • Website: https://www.llb.li

Number of Employees


Location

  • Liechtensteinische Landesbank Aktiengesellschaft
  • Städtle 44
  • PO Box 384
  • Vaduz
  • 9490
  • Liechtenstein

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
0RP8LSE (London Stock Exchange)YesRegistered SharesGBCHFMay 2017
LLBNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFMay 2017
LLS1BST (Boerse-Stuttgart)YesRegistered SharesDEEURMay 2017
LLBNZBATS-CHIXE (BATS 'Chi-X Europe')YesRegistered SharesGBCHFMay 2017

Biography

Liechtensteinische Landesbank Aktiengesellschaft provides banking products and services in Liechtenstein, Switzerland, Austria, Germany, Central and Eastern Europe, the Middle East, and internationally. It operates through three segments: Retail & Corporate Banking, Private Banking, and Institutional Clients. The company accepts various deposits, including savings, private, current, and custody accounts, as well as time deposits. Its loan products comprise mortgages, Lombard loans, advances, business loans, real estate financing, and guarantees and sureties. The company also offers cards; securities safe custody, investment counselling, investment advice, asset management, and asset structuring services; and financial and retirement planning, and brokering fiduciary investment services. In addition, it provides money market and interbank services; securities trading services; and payment, foreign exchange transaction, and online and mobile banking services. The company operates through 3 branches and 23 ATM locations in Liechtenstein; and 19 branches and 30 ATM locations in the Swiss cantons of Zurich, St. Gallen, Schwyz, and Glarus. Liechtensteinische Landesbank Aktiengesellschaft was founded in 1861 and is headquartered in Vaduz, Liechtenstein. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/20 23:21
End of Day Share Price2020/02/20 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.