OTCPK:BKCY.F

Stock Analysis Report

Bank of Cyprus Holdings

Executive Summary

Bank of Cyprus Holdings Public Limited Company, through its subsidiaries, provides banking, financial, and insurance services to individuals, small and medium sized enterprises, and corporate customers.

Rewards

PE ratio (12.1x) is below the US market (18.3x)

Earnings are forecast to grow 20.11% per year

Became profitable this year

Risk Analysis

Large one-off items impacting financial results



Snowflake Analysis

Good value with adequate balance sheet.

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

0%

BKCY.F

-1.0%

US Banks

0.5%

US Market


1 Year Return

n/a

BKCY.F

10.6%

US Banks

20.3%

US Market

Return vs Industry: Insufficient data to determine how BKCY.F performed against the US Banks industry.

Return vs Market: Insufficient data to determine how BKCY.F performed against the US Market.


Shareholder returns

BKCY.FIndustryMarket
7 Day0%-1.0%0.5%
30 Day0%-1.2%2.0%
90 Day-13.0%0.4%9.4%
1 Yearn/a13.8%10.6%22.8%20.3%
3 Yearn/a23.5%14.6%50.1%40.4%
5 Yearn/a74.0%54.2%73.1%54.1%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

Is Bank of Cyprus Holdings undervalued compared to its fair value and its price relative to the market?

12.08x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate BKCY.F's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate BKCY.F's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: BKCY.F is good value based on its PE Ratio (12.1x) compared to the Banks industry average (12.6x).

PE vs Market: BKCY.F is good value based on its PE Ratio (12.1x) compared to the US market (18.3x).


Price to Earnings Growth Ratio

PEG Ratio: BKCY.F is good value based on its PEG Ratio (0.6x)


Price to Book Ratio

PB vs Industry: BKCY.F is good value based on its PB Ratio (0.2x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

How is Bank of Cyprus Holdings forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

20.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BKCY.F's forecast earnings growth (20.1% per year) is above the savings rate (1.7%).

Earnings vs Market: BKCY.F's earnings (20.1% per year) are forecast to grow faster than the US market (14.2% per year).

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

Revenue vs Market: BKCY.F's revenue (5.2% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: BKCY.F's revenue (5.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BKCY.F's Return on Equity is forecast to be low in 3 years time (5.9%).


Next Steps

Past Performance

How has Bank of Cyprus Holdings performed over the past 5 years?

-3.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BKCY.F has a large one-off loss of €25.3M impacting its September 30 2019 financial results.

Growing Profit Margin: BKCY.F became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: BKCY.F has become profitable over the past 5 years, growing earnings by -3.6% per year.

Accelerating Growth: BKCY.F has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: BKCY.F has become profitable in the last year, making it difficult to compare its past year earnings growth to the Banks industry (12.3%).


Return on Equity

High ROE: BKCY.F's Return on Equity (2.2%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Bank of Cyprus Holdings'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: BKCY.F has a low level of unsold assets or inventory.

Debt Coverage by Assets: BKCY.F's debt is covered by short term assets (assets are 11.5x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: BKCY.F is profitable, therefore cash runway is not a concern.

Forecast Cash Runway: BKCY.F is profitable, therefore cash runway is not a concern.


Financial Institutions Analysis

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

Allowance for Bad Loans: BKCY.F has a low allowance for bad loans.

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

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

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

Level of Bad Loans: BKCY.F has a high level of bad loans (30.48%)


Next Steps

Dividend

What is Bank of Cyprus Holdings's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%1.4%markettop25%3.7%industryaverage2.8%forecastin3Yearsn/a

Current dividend yield vs market & industry

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

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


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

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


Next Steps

Management

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

4.0yrs

Average management tenure


CEO

Panicos Nicolaou (45yo)

0.4yrs

Tenure

0

Mr. Panicos Nicolaou has been the Chief Executive Officer and Executive Director of Bank of Cyprus Holdings Public Limited Company since September 01, 2019. Mr. Nicolaou served as a Director of Corporate B ...


Leadership Team

NamePositionTenureCompensationOwnership
Christodoulos Patsalides
First Deputy CEO & Director5.6yrs€229.46k0.000040% 255.8
Panicos Nicolaou
CEO & Executive Director0.4yrsno datano data
Eliza Livadiotou
Executive Director of Finance3.8yrsno datano data
Solonas Matsias
Director of Operations & Chief Cost Officer0yrsno datano data
Nicolas Smith
Executive Director of Corporate Finance Solutions0yrsno datano data
Marios Skandalis
Director of Compliance6.1yrsno datano data
Katia Santis
Chief Legal Officer & Company Secretary0yrsno datano data
Irene Pavlidi
Acting Director of Human Resources0yrsno datano data
Charis Pouangare
Deputy Chief Executive Officer1.1yrsno datano data
Michalis Athanasiou
6.3yrsno datano data

4.0yrs

Average Tenure

48yo

Average Age

Experienced Management: BKCY.F's management team is considered experienced (4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Christodoulos Patsalides
First Deputy CEO & Director5.6yrs€229.46k0.000040% 255.8
Panicos Nicolaou
CEO & Executive Director0.4yrsno datano data
Paula Hadjisotiriou
Independent Non-Executive Director1.5yrs€36.52kno data
Efstratios-Georgios Arapoglou
Independent Chairman0.8yrs€7.00kno data
Arne Berggren
Independent Non-Executive Director3.3yrs€115.00k0.0056% 35.8k
Maksim Goldman
Vice Chairman of the Board0yrs€120.00k0.0016% 10.3k
Ioannis Zographakis
Senior Independent Director1yrs€135.00k0.00068% 4.3k
Lyn Grobler
Independent Non-Executive Director3yrs€90.00kno data
Michael Heger
Independent Non-Executive Director3.3yrs€110.00kno data
Anat Bar-­Gera
Independent Non-Executive Director2.3yrs€85.00kno data

2.3yrs

Average Tenure

59yo

Average Age

Experienced Board: BKCY.F's board of directors are not considered experienced ( 2.3 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.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Bank of Cyprus Holdings Public Limited Company's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Bank of Cyprus Holdings Public Limited Company
  • Ticker: BKCY.F
  • Exchange: OTCPK
  • Founded: 1899
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: €592.365m
  • Listing Market Cap: €639.496m
  • Shares outstanding: 446.06m
  • Website: https://www.bankofcyprus.com

Number of Employees


Location

  • Bank of Cyprus Holdings Public Limited Company
  • 51 Stassinos Street
  • Ayia Paraskevi
  • Nicosia
  • 2002
  • Cyprus

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BOCHCSE (Cyprus Stock Exchange)YesOrdinary SharesCYEURJan 2017
BOCHLSE (London Stock Exchange)YesOrdinary SharesGBEURJan 2017
BOCHLBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 2017
BKCY.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 2017

Biography

Bank of Cyprus Holdings Public Limited Company, through its subsidiaries, provides banking, financial, and insurance services to individuals, small and medium sized enterprises, and corporate customers. It offers current, savings, notice, and instant access accounts, as well as fixed term deposits; debit and credit cards; overdraft facilities; car, personal, student, and housing loans; life and general insurance products; and finance, factoring, investment banking, fund management, and private banking services. The company is also involved in property trading and development activities; asset management and brokerage business; land development and operation of a golf resort; management administration and safekeeping of UCITS units; administration of guarantees and holding of real estate properties; collection of the existing portfolio of receivables, including third party collections; and provision of auction, secretarial, and card processing transaction services. As of August 27, 2019, it operated through a network of 108 branches. The company was formerly known as Bank of Cyprus Public Company Ltd and changed its name to Bank of Cyprus Holdings Public Limited Company in January 2017. Bank of Cyprus Holdings Public Limited Company was founded in 1899 and is headquartered in Nicosia, Cyprus. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/20 03:07
End of Day Share Price2020/01/07 00:00
Earnings2019/09/30
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.