Stock Analysis Report

Executive Summary

Bâloise Holding AG, together with its subsidiaries, primarily engages in the insurance and banking businesses.


Trading at 39.9% below its fair value

Earnings grew by 25% over the past year

Pays a high and reliable dividend of 3.29%

Risk Analysis

No risks detected for 0QQ3 from our risk checks.

Snowflake Analysis

Undervalued established dividend payer.

Similar Companies

Share Price & News

How has Bâloise Holding's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: 0QQ3 has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




GB Insurance


GB Market

1 Year Return




GB Insurance


GB Market

Return vs Industry: 0QQ3 exceeded the UK Insurance industry which returned 2.1% over the past year.

Return vs Market: 0QQ3 exceeded the UK Market which returned 6.6% over the past year.

Shareholder returns

7 Day1.0%0.1%-0.9%
30 Day3.1%3.3%-3.1%
90 Day3.9%11.2%3.9%
1 Year20.3%16.2%12.6%1.3%11.9%6.2%
3 Year58.5%42.4%18.4%-2.8%17.3%2.4%
5 Year82.6%51.3%30.3%-3.2%34.1%3.2%

Price Volatility Vs. Market

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

Simply Wall St News

No news available


Is Bâloise Holding undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: 0QQ3 (CHF181.9) is trading below our estimate of fair value (CHF302.53)

Significantly Below Fair Value: 0QQ3 is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: 0QQ3 is good value based on its PE Ratio (13.1x) compared to the Insurance industry average (14.7x).

PE vs Market: 0QQ3 is good value based on its PE Ratio (13.1x) compared to the UK market (18.6x).

Price to Earnings Growth Ratio

PEG Ratio: 0QQ3 is poor value based on its PEG Ratio (302.5x)

Price to Book Ratio

PB vs Industry: 0QQ3 is good value based on its PB Ratio (1.3x) compared to the GB Insurance industry average (1.8x).

Next Steps

Future Growth

How is Bâloise Holding forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 0QQ3's forecast earnings growth (0.04% per year) is below the savings rate (0.5%).

Earnings vs Market: 0QQ3's earnings (0.04% per year) are forecast to grow slower than the UK market (12.1% per year).

High Growth Earnings: 0QQ3's earnings are forecast to grow, but not significantly.

Revenue vs Market: 0QQ3's revenue is expected to decline over the next 3 years (-0.08% per year).

High Growth Revenue: 0QQ3's revenue is forecast to decline over the next 3 years (-0.08% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 0QQ3's Return on Equity is forecast to be low in 3 years time (9.8%).

Next Steps

Past Performance

How has Bâloise Holding performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 0QQ3 has high quality earnings.

Growing Profit Margin: 0QQ3's current net profit margins (7.3%) are higher than last year (6%).

Past Earnings Growth Analysis

Earnings Trend: 0QQ3's earnings have declined by -1.8% per year over the past 5 years.

Accelerating Growth: 0QQ3's earnings growth over the past year (25%) exceeds its 5-year average (-1.8% per year).

Earnings vs Industry: 0QQ3 earnings growth over the past year (25%) exceeded the Insurance industry 23.4%.

Return on Equity

High ROE: 0QQ3's Return on Equity (9.8%) is considered low.

Return on Assets

Return on Capital Employed

Next Steps

Financial Health

How is Bâloise Holding'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: 0QQ3 has a low level of unsold assets or inventory.

Debt Coverage by Assets: 0QQ3's debt is covered by short term assets (assets are 11x debt).

Financial Institutions Analysis

Asset Level: 0QQ3's level of assets compared to its equity is moderate.

Allowance for Bad Loans: Insufficient data to determine if 0QQ3 has a sufficient allowance for bad loans.

Low Risk Liabilities: 0QQ3 reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if 0QQ3 has an acceptable proportion of non-loan assets held.

Low Risk Deposits: 0QQ3 has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if 0QQ3 has an appropriate level of bad loans.

Next Steps


What is Bâloise Holding's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market


Current dividend yield vs market & industry

Notable Dividend: 0QQ3's dividend (3.29%) is higher than the bottom 25% of dividend payers in the UK market (1.81%).

High Dividend: 0QQ3's dividend (3.29%) is low compared to the top 25% of dividend payers in the UK market (5.1%).

Stability and Growth of Payments

Stable Dividend: 0QQ3's dividends per share have been stable in the past 10 years.

Growing Dividend: 0QQ3's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (43.1%), 0QQ3's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: 0QQ3's dividends in 3 years are forecast to be covered by earnings (51.8% payout ratio).

Next Steps


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


Average management tenure


Gert Winter (53yo)





Mr. Gert De Winter, M.Sc., has been Group Chief Executive Officer of Bâloise Holding AG since January 1, 2016. He studied applied economics at the University of Antwerp. From 1988 to 2004 he performed vari ...

CEO Compensation Analysis

Compensation vs Market: Gert's total compensation ($USD2.14M) is below average for companies of similar size in the UK market ($USD3.35M).

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

Leadership Team

Gert Winter
Group Chief Executive Officer4.1yrsCHF2.09m0.054% CHF4.5m
Carsten Stolz
Head of Finance & CFO2.8yrsCHF1.20m0.012% CHF1.0m
Thomas Sieber
Head of Corporate Center12.2yrsCHF1.44m0.062% CHF5.2m
Michael Müller
Head of Corporate Division Switzerland & CEO of Basler Switzerland0yrsCHF1.58m0.058% CHF4.9m
Matthias Henny
Head of Corporate Division Asset Management2.8yrsCHF1.18m0.061% CHF5.2m
Clemens Markstein
Head of Operations & IT0yrsno datano data
Pierre Girard
Head of Group Accounting & Reporting0yrsno datano data
Alexander Bockelmann
Chief Information Technology Officer & CTO1yrsno datano data
Marc Kaiser
Head of Corporate Communications & Investor Relations0yrsno datano data
Markus Holtz
Head of Investor Relations1.1yrsno datano data


Average Tenure


Average Age

Experienced Management: 0QQ3's management team is considered experienced (2.8 years average tenure).

Board Members

Christoph Mäder
Independent Non-Executive Director0.8yrsno datano data
Markus Neuhaus
Independent Non-Executive Director0.8yrsno datano data
Andreas Beerli
Independent Vice-Chairman1.8yrsCHF271.67k0.010% CHF853.1k
Thomas Pleines
Independent Non-Executive Director7.8yrsCHF254.80k0.0089% CHF746.2k
Andreas Burckhardt
Chairman of the Board8.8yrsCHF1.32m0.13% CHF10.5m
Thomas von Planta
Independent Non-Executive Director2.8yrsCHF214.30k0.0038% CHF318.3k
Belgian Hugo R. Lasat
Independent Non-Executive Director3.8yrsCHF175.00k0.0036% CHF306.6k
Christoph Gloor
Independent Non-Executive Director5.8yrsCHF230.97k0.022% CHF1.8m
Hans-Jörg Schmidt-Trenz
Independent Non-Executive Director1.8yrsCHF116.67k0.0022% CHF181.9k
Marie-Noëlle Venturi - Zen-Ruffinen
Independent Non-Executive Director3.8yrsCHF180.97k0.0036% CHF306.6k


Average Tenure


Average Age

Experienced Board: 0QQ3's board of directors are considered experienced (3.3 years average tenure).


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

Bâloise Holding AG's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Bâloise Holding AG
  • Ticker: 0QQ3
  • Exchange: LSE
  • Founded: 1863
  • Industry: Multi-line Insurance
  • Sector: Insurance
  • Market Cap: CHF8.422b
  • Shares outstanding: 46.35m
  • Website:

Number of Employees


  • Bâloise Holding AG
  • Aeschengraben 21
  • Basel
  • Basel-Stadt
  • 4002
  • Switzerland


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BLHE.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDJan 1992
BALNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFJan 1992
BLONDB (Deutsche Boerse AG)YesRegistered SharesDEEURJan 1992
0QQ3LSE (London Stock Exchange)YesRegistered SharesGBCHFJan 1992
0R6NLSE (London Stock Exchange)CHF0.10(REGD (2ND BUY BACK LINE)GBCHFApr 2015


Bâloise Holding AG, together with its subsidiaries, primarily engages in the insurance and banking businesses. It operates through Non-Life, Life, Banking, and Other Activities segments. The company offers various non-life insurance products, including accident, health, general liability, motor, fire and other property, marine, credit protection, and legal expenses insurance. It also provides life insurance products, which include endowment policies, such as conventional and unit-linked life insurance; group life insurance products; term insurance; immediate and deferred annuities; and policy riders, such as premium waiver, accidental death, and disability. In addition, the company operates Baloise Bank SoBa, a bank in Switzerland; and offers asset management services. Further, it has interests in equity investment companies, real-estate firms, and financing companies. The company sells its products and services to individuals, small and medium sized enterprises, and industrial clients. It operates in Switzerland, Germany, Belgium, Luxembourg, Liechtenstein, Slovakia, and the Czech Republic. Bâloise Holding AG was founded in 1863 and is headquartered in Basel, Switzerland. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/18 21:11
End of Day Share Price2020/02/18 00:00
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.