LSE:VTBR

Stock Analysis Report

Executive Summary

VTB Bank (public joint-stock company), together with its subsidiaries, provides various banking products and services in Russia, OECD, and internationally.

Snowflake

Fundamentals

Very undervalued with excellent balance sheet.


Similar Companies

Share Price & News

How has VTB Bank's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

5.2%

VTBR

3.0%

GB Banks

0.2%

GB Market


1 Year Return

9.0%

VTBR

-0.3%

GB Banks

1.7%

GB Market

Return vs Industry: VTBR exceeded the UK Banks industry which returned -0.3% over the past year.

Return vs Market: VTBR exceeded the UK Market which returned 1.7% over the past year.


Shareholder returns

VTBRIndustryMarket
7 Day5.2%3.0%0.2%
30 Day5.6%2.9%-1.7%
90 Day0%-4.2%-3.1%
1 Year11.2%9.0%6.0%-0.3%6.7%1.7%
3 Year-30.7%-36.8%12.1%-2.0%17.7%3.1%
5 Year-17.5%-26.8%3.7%-16.5%36.1%5.5%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is VTB Bank undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: VTBR ($1.37) is trading below our estimate of fair value ($2.96)

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


Price To Earnings Ratio

PE vs Industry: VTBR is good value based on its PE Ratio (3.9x) compared to the Banks industry average (8.8x).

PE vs Market: VTBR is good value based on its PE Ratio (3.9x) compared to the UK market (16.6x).


Price to Earnings Growth Ratio

PEG Ratio: VTBR is good value based on its PEG Ratio (0.3x)


Price to Book Ratio

PB vs Industry: VTBR is good value based on its PB Ratio (0.4x) compared to the GB Banks industry average (0.8x).


Next Steps

Future Growth

How is VTB Bank forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

15.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VTBR's forecast earnings growth (15.3% per year) is above the savings rate (1.2%).

Earnings vs Market: VTBR's earnings (15.3% per year) are forecast to grow faster than the UK market (12.4% per year).

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

Revenue vs Market: VTBR's revenue (9.9% per year) is forecast to grow faster than the UK market (3.9% per year).

High Growth Revenue: VTBR's revenue (9.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: VTBR's Return on Equity is forecast to be low in 3 years time (12.7%).


Next Steps

Past Performance

How has VTB Bank performed over the past 5 years?

47.1%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: VTBR's earnings have grown significantly by 47.1% per year over the past 5 years.

Accelerating Growth: VTBR's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: VTBR had negative earnings growth (-2.2%) over the past year, making it difficult to compare to the Banks industry average (31%).


Return on Equity

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


Return on Assets

ROA vs Industry: VTBR has a higher Return on Assets than the Banks industry average last year.


Return on Capital Employed

ROCE Improving: Insufficient data to calculate VTBR's Return on Capital Employed to determine if it has improved over the past 3 years.


Next Steps

Financial Health

How is VTB Bank'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: VTBR has a low level of unsold assets or inventory.

Debt Coverage by Assets: VTBR's debt is covered by short term assets (assets are 1.334240x debt).


Financial Institutions Analysis

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

Allowance for Bad Loans: VTBR has a sufficient allowance for bad loans.

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

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

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

Level of Bad Loans: VTBR has a high level of bad loans (5.85%)


Next Steps

Dividend

What is VTB Bank's current dividend yield, its reliability and sustainability?

2.53%

Current Dividend Yield


Dividend Yield vs Market

company2.5%marketbottom25%2.0%markettop25%5.4%industryaverage5.7%forecastin3Years8.0%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: VTBR's dividend (2.53%) is higher than the bottom 25% of dividend payers in the UK market (1.99%).

High Dividend: VTBR's dividend (2.53%) is low compared to the top 25% of dividend payers in the UK market (5.37%).

Stable Dividend: VTBR's dividend payments have been volatile in the past 10 years.

Growing Dividend: VTBR's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (9.8%), VTBR's dividend payments are thoroughly covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: VTBR's dividends in 3 years are forecast to be well covered by earnings (34.5% payout ratio).


Next Steps

Management

What is the CEO of VTB Bank's salary, the management and board of directors tenure and is there insider trading?

5.9yrs

Average management tenure


CEO

Andrey Kostin (63yo)

17.3yrs

Tenure

0

Mr. Andrey Leonidovich Kostin serves as the President of VTB Capital plc. Mr. Kostin served as the President of VTB BANK at VTB Capital Inc. Mr. Kostin founded the Russian Investment and Finance Company (R ...


Management Age and Tenure

5.9yrs

Average Tenure

50.5yo

Average Age

Experienced Management: VTBR's management team is seasoned and experienced (5.9 years average tenure).


Board Age and Tenure

6.3yrs

Average Tenure

56yo

Average Age

Experienced Board: VTBR's board of directors are considered experienced (6.3 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown


Management Team

  • Yuri Soloviev (49yo)

    First Deputy President & Chairman of Management Board

    • Tenure: 8.4yrs
  • Andrey Kostin (63yo)

    President

    • Tenure: 17.3yrs
  • Olga Dergunova (54yo)

    Deputy President & Chairman of the Management Board

    • Tenure: 3.3yrs
  • Denis Bortnikov (45yo)

    Deputy President & Chairman of Management Board

    • Tenure: 7.9yrs
  • Andrey Puchkov (42yo)

    First Deputy President & Chairman of Management Board

    • Tenure: 10.8yrs
  • Erkin Norov (65yo)

    Member of Management Board

    • Tenure: 10.1yrs
  • Dmitry Olyunin (51yo)

    First Deputy President & Chairman of the Management Board

    • Tenure: 1.5yrs
  • Maxim Kondratenko (46yo)

    Member of Management Board

    • Tenure: 3.9yrs
  • Valery Lukyanenko (64yo)

    Deputy President & Chairman of Management Board

    • Tenure: 3.2yrs
  • Anatoly Pechatnikov (50yo)

    Deputy President & Chairman of Management Board

    • Tenure: 2.3yrs

Board Members

  • Yves-Thibault de Silguy (71yo)

    • Tenure: 6.3yrs
  • Sergey Konstantinovich Dubinin (69yo)

    Member of the Supervisory Council

    • Tenure: 8.3yrs
  • Andrey Kostin (63yo)

    President

    • Tenure: 17.3yrs
  • Mikhail Zadornov (56yo)

    Member of the Supervisory Council

    • Tenure: 1.4yrs
  • Arthur Warnig (64yo)

    Member of the Supervisory Council

    • Tenure: 12.5yrs
  • Igor Repin (53yo)

    Independent Member of the Supervisory Council

    • Tenure: 1.4yrs
  • Anton Siluanov (56yo)

    Chairman of the Supervisory Council

    • Tenure: 2.5yrs
  • Shahmar Arif Movsumov (47yo)

    Independent Member of Supervisory Council

    • Tenure: 6.3yrs
  • Vladimir Chistyukhin (46yo)

    Supervisory Board Member

    • Tenure: 5.3yrs
  • Sergei Platonov (53yo)

    Chairman of the Statutory Audit Commission

    • Tenure: 0yrs

Company Information

VTB Bank (public joint-stock company)'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: VTB Bank (public joint-stock company)
  • Ticker: VTBR
  • Exchange: LSE
  • Founded: 1990
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: US$8.845b
  • Shares outstanding: 6.47b
  • Website: https://www.vtb.com/o-banke

Number of Employees


Location

  • VTB Bank (public joint-stock company)
  • 43, Building.1
  • Vorontsovskaya Street
  • Moscow
  • Moskovskaya obl.
  • 109147
  • Russia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VTBRLSE (London Stock Exchange)YesGDR (EACH REPR 2000 ORDS)(REGS)GBUSDMay 2007
KYM1DB (Deutsche Boerse AG)YesGDR (EACH REPR 2000 ORDS)(REGS)DEEURMay 2007
VTBRLBATS-CHIXE (BATS 'Chi-X Europe')YesGDR (EACH REPR 2000 ORDS)(REGS)GBUSDMay 2007
VTBRWBAG (Wiener Boerse AG)YesGDR (EACH REPR 2000 ORDS)(REGS)ATEURMay 2007
VTBRMISX (Micex - Rts)Ordinary SharesRURUBMay 2007
RU_VTBRKAS (Kazakhstan Stock Exchange)Ordinary SharesKZKZTMay 2007

Biography

VTB Bank (public joint-stock company), together with its subsidiaries, provides various banking products and services in Russia, OECD, and internationally. The company operates five segments: Corporate-Inv ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/21 20:57
End of Day Share Price2019/10/21 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.