ENXTAM:KA

Stock Analysis Report

Executive Summary

KAS BANK N.V. provides securities services for professional investors in the pensions and securities industries in the Netherlands, the United Kingdom, Germany, and Belgium.

Snowflake

Fundamentals

Moderate growth potential with imperfect balance sheet.

Share Price & News

How has KAS BANK's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

0.4%

KA

0.3%

NL Capital Markets

-0.06%

NL Market


1 Year Return

69.1%

KA

1.8%

NL Capital Markets

9.2%

NL Market

Return vs Industry: KA exceeded the Dutch Capital Markets industry which returned 1.8% over the past year.

Return vs Market: KA exceeded the Dutch Market which returned 9.2% over the past year.


Shareholder returns

KAIndustryMarket
7 Day0.4%0.3%-0.06%
30 Day0.8%-1.0%-0.6%
90 Day3.3%2.5%-2.4%
1 Year69.1%69.1%6.1%1.8%14.0%9.2%
3 Year85.7%60.2%21.5%7.1%40.7%25.0%
5 Year64.9%30.3%6.1%-13.8%67.1%33.2%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is KAS BANK undervalued compared to its fair value and its price relative to the market?

77.5x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: KA (€12.7) is trading above our estimate of fair value (€11.32)

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


Price To Earnings Ratio

PE vs Industry: KA is poor value based on its PE Ratio (77.5x) compared to the Capital Markets industry average (20.9x).

PE vs Market: KA is poor value based on its PE Ratio (77.5x) compared to the Dutch market (19.3x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: KA is good value based on its PB Ratio (0.9x) compared to the XE Capital Markets industry average (1.3x).


Next Steps

Future Growth

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

0.08%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if KA's forecast earnings growth is above the savings rate (0.4%).

Earnings vs Market: Insufficient data to determine if KA's earnings are forecast to grow faster than the Dutch market

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

Revenue vs Market: KA's revenue (0.08% per year) is forecast to grow slower than the Dutch market (6.1% per year).

High Growth Revenue: KA's revenue (0.08% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: KA's Return on Equity is forecast to be low in 3 years time (4%).


Next Steps

Past Performance

How has KAS BANK performed over the past 5 years?

-18.8%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: KA's earnings have declined by -18.8% per year over the past 5 years.

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

Earnings vs Industry: KA had negative earnings growth (-78.9%) over the past year, making it difficult to compare to the Capital Markets industry average (-1.7%).


Return on Equity

High ROE: KA's Return on Equity (1.1%) is considered low.


Return on Assets

ROA vs Industry: KA's Return on Assets is below or equal to the Capital Markets industry average last year.


Return on Capital Employed

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


Next Steps

Financial Health

How is KAS 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: KA has a low level of unsold assets or inventory.

Debt Coverage by Assets: KA's debt is covered by short term assets (assets are 6.766540x debt).


Financial Institutions Analysis

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

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

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

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

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

Level of Bad Loans: KA has an appropriate level of bad loans (1.96%)


Next Steps

Dividend

What is KAS BANK's current dividend yield, its reliability and sustainability?

2.68%

Forecast Dividend Yield


Dividend Yield vs Market

company0%marketbottom25%2.2%markettop25%5.9%industryaverage3.4%forecastin3Years2.7%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: Unable to evaluate KA's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate KA's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.

Stable Dividend: Insufficient data to determine if KA's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if KA's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: KA is not paying a notable dividend for the Dutch market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of KA's dividend in 3 years as they are not forecast to pay a notable one for the Dutch market.


Next Steps

Management

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

4.7yrs

Average management tenure


CEO

Sikko A. van Katwijk (56yo)

4.7yrs

Tenure

€542,000

Compensation

Mr. Sikko A. J. van Katwijk has been the Chairman of Management Board at KAS BANK N.V. since November 1, 2015. Mr. van Katwijk has also been the Chief Commercial Officer and Member of the Managing Board of ...


CEO Compensation Analysis

Compensation vs. Market: Sikko A.'s total compensation ($USD596.00K) is about average for companies of similar size in the Dutch market ($USD759.95K).

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


Management Age and Tenure

4.7yrs

Average Tenure

Experienced Management: KA's management team is considered experienced (4.7 years average tenure).


Board Age and Tenure

3.4yrs

Average Tenure

61yo

Average Age

Experienced Board: KA's board of directors are considered experienced (3.4 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.


Recent Insider Transactions

Sell€50,51502 Oct 19
Sikko A. van Katwijk
EntityIndividual
Role
Chief Executive Officer
Chairman of the Managing Board
Shares3,962
Max Price€12.75
Sell€19,38002 Oct 19
Mark Stoffels
EntityIndividual
Role
Chief Financial Officer
Chief Financial & Risk Officer and Member of the Managing Board
Shares1,520
Max Price€12.75
Sell€17,56923 Sep 19
Sikko A. van Katwijk
EntityIndividual
Role
Chief Executive Officer
Chairman of the Managing Board
Shares1,378
Max Price€12.75

Ownership Breakdown


Management Team

  • Sikko A. van Katwijk (56yo)

    Chairman of the Managing Board

    • Tenure: 4.7yrs
    • Compensation: €542.00k
  • Geert Kremer

    Head of Treasury

    • Tenure: 11.3yrs
  • Mark van Weezenbeek

    Managing Director

    • Tenure: 3.7yrs
  • Richard Roos

    Head of Architecture Design

    • Tenure: 9.7yrs
  • Pat Sharman

    Managing Director of UK

    • Tenure: 0yrs
  • Mark Stoffels (47yo)

    Chief Financial & Risk Officer and Member of the Managing Board

    • Tenure: 3.6yrs
    • Compensation: €443.00k
  • Anneke Tilma

    Managing Director of Finance

    • Tenure: 0yrs
  • Patricia Sherman

    Managing Director of UK

    • Tenure: 0yrs
  • Frank Lurling

    Managing Director of Compliance

    • Tenure: 0yrs
  • Monique Rabou

    Managing Director of Operations

    • Tenure: 0yrs

Board Members

  • Joe Saliba (62yo)

    Member of Supervisory Board

    • Tenure: 0yrs
  • Petronella Hofsté (58yo)

    Member of Supervisory Board

    • Tenure: 5.7yrs
  • Tanja Nagel (59yo)

    Supervisory Board Member

    • Tenure: 1.4yrs
  • Jean-François Abadie (63yo)

    Member of Supervisory Board

    • Tenure: 0yrs
  • Catherine Duvaud (55yo)

    Member of Supervisory Board

    • Tenure: 0yrs
  • Pauline J. Bieringa (60yo)

    Vice Chairman of Supervisory Board

    • Tenure: 3.4yrs
  • Peter J. Borgdorff (66yo)

    Chairman of the Supervisory Board

    • Tenure: 4.8yrs
  • J. Hans Snijders (63yo)

    Member of Supervisory Board

    • Tenure: 3yrs

Company Information

KAS BANK N.V.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: KAS BANK N.V.
  • Ticker: KA
  • Exchange: ENXTAM
  • Founded: 1806
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Market Cap: €187.740m
  • Shares outstanding: 14.78m
  • Website: https://www.kasbank.com

Number of Employees


Location

  • KAS BANK N.V.
  • De Entree 500
  • Amsterdam
  • Noord-Holland
  • 1101 EE
  • Netherlands

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
KAENXTAM (Euronext Amsterdam)YesOrdinary SharesNLEURJan 1992
0EYBLSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1992
KAABATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1992

Biography

KAS BANK N.V. provides securities services for professional investors in the pensions and securities industries in the Netherlands, the United Kingdom, Germany, and Belgium. It operates through Core, Treas ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/09/23 21:02
End of Day Share Price2019/09/23 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.