OTCPK:BQCN.F

Stock Analysis Report

Banque Cantonale Vaudoise

Executive Summary

Banque Cantonale Vaudoise provides a range of financial services in Vaud Canton and rest of Switzerland, and internationally.

Snowflake

Fundamentals

6 star dividend payer with excellent balance sheet.

Share Price & News

How has Banque Cantonale Vaudoise's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

0%

BQCN.F

-1.0%

US Banks

0.7%

US Market


1 Year Return

n/a

BQCN.F

8.9%

US Banks

12.9%

US Market

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

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


Shareholder returns

BQCN.FIndustryMarket
7 Day0%-1.0%0.7%
30 Day0%6.9%4.4%
90 Dayn/a16.7%7.0%
1 Yearn/a12.2%8.9%15.4%12.9%
3 Yearn/a39.2%29.5%49.1%39.5%
5 Yearn/a72.7%53.6%62.7%44.7%

Price Volatility Vs. Market

How volatile is Banque Cantonale Vaudoise's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Banque Cantonale Vaudoise undervalued compared to its fair value and its price relative to the market?

18.85x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BQCN.F ($751.74) is trading above our estimate of fair value ($364.68)

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


Price To Earnings Ratio

PE vs Industry: BQCN.F is poor value based on its PE Ratio (18.9x) compared to the Banks industry average (12.7x).

PE vs Market: BQCN.F is poor value based on its PE Ratio (18.9x) compared to the US market (18.2x).


Price to Earnings Growth Ratio

PEG Ratio: BQCN.F is poor value based on its PEG Ratio (6.4x)


Price to Book Ratio

PB vs Industry: BQCN.F is overvalued based on its PB Ratio (1.9x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

How is Banque Cantonale Vaudoise forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

2.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BQCN.F's forecast earnings growth (2.9% per year) is above the savings rate (2.7%).

Earnings vs Market: BQCN.F's earnings (2.9% per year) are forecast to grow slower than the US market (14.4% per year).

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

Revenue vs Market: BQCN.F's revenue (1.1% per year) is forecast to grow slower than the US market (7.3% per year).

High Growth Revenue: BQCN.F's revenue (1.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BQCN.F's Return on Equity is forecast to be low in 3 years time (10.1%).


Next Steps

Past Performance

How has Banque Cantonale Vaudoise performed over the past 5 years?

5.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BQCN.F has high quality earnings.

Growing Profit Margin: BQCN.F's current net profit margins (35%) are lower than last year (35.7%).


Past Earnings Growth Analysis

Earnings Trend: BQCN.F's earnings have grown by 5.1% per year over the past 5 years.

Accelerating Growth: BQCN.F's earnings growth over the past year (0.1%) is below its 5-year average (5.1% per year).

Earnings vs Industry: BQCN.F earnings growth over the past year (0.1%) underperformed the Banks industry 27.5%.


Return on Equity

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


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Banque Cantonale Vaudoise'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: BQCN.F has a low level of unsold assets or inventory.

Debt Coverage by Assets: BQCN.F's debt is not covered by short term assets (assets are 0.8x debt).


Financial Institutions Analysis

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

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

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

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

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

Level of Bad Loans: BQCN.F has an appropriate level of bad loans (0.74%)


Next Steps

Dividend

What is Banque Cantonale Vaudoise's current dividend yield, its reliability and sustainability?

4.57%

Current Dividend Yield


Dividend Yield vs Market

company4.6%marketbottom25%1.4%markettop25%3.6%industryaverage2.8%forecastin3Years4.8%

Current dividend yield vs market & industry

Notable Dividend: BQCN.F's dividend (4.57%) is higher than the bottom 25% of dividend payers in the US market (1.42%).

High Dividend: BQCN.F's dividend (4.57%) is in the top 25% of dividend payers in the US market (3.65%)


Stability and Growth of Payments

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

Growing Dividend: BQCN.F's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (86.1%), BQCN.F's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BQCN.F's dividends in 3 years are forecast to be covered by earnings (87.8% payout ratio).


Next Steps

Management

What is the CEO of Banque Cantonale Vaudoise's salary, the management and board of directors tenure and is there insider trading?

10.0yrs

Average management tenure


CEO

Pascal Kiener (57yo)

11.5yrs

Tenure

CHF2,027,218

Compensation

Career experience: Between 1985 and 1991, Mr. Kiener worked as an Engineer for Fides Informatics in Zurich and Hewlett Packard in Geneva. In 1993, he joined the consulting firm McKinsey & Company. In 2000 ...


CEO Compensation Analysis

Compensation vs Market: Pascal's total compensation ($USD2.05M) is below average for companies of similar size in the US market ($USD6.73M).

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


Management Age and Tenure

10.0yrs

Average Tenure

56.5yo

Average Age

Experienced Management: BQCN.F's management team is seasoned and experienced (10 years average tenure).


Board Age and Tenure

2.6yrs

Average Tenure

63yo

Average Age

Experienced Board: BQCN.F's board of directors are not considered experienced ( 2.6 years average tenure), which suggests a new board.


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

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


Management Team

  • Stefan Bichsel (64yo)

    Head of Asset Management & Trading Division and Member of the Executive Board

    • Tenure: 10.5yrs
  • Pascal Kiener (57yo)

    CEO & Member of Management Board

    • Tenure: 11.5yrs
    • Compensation: CHF2.03m
  • Thomas Paulsen (54yo)

    CFO, Head of Finance & Risks and Member of the Executive Board

    • Tenure: 10.8yrs
  • Bertrand Sager (53yo)

    Chief Credit Officer

    • Tenure: 9.8yrs
  • Gregory Duong

    Investor Relations Officer

    • Tenure: 0yrs
  • Gérard Haeberli (58yo)

    Head of Private Banking Division & Member of the Executive Board

    • Tenure: 10.3yrs
  • Christian Jacot-Descombes

    Head of Media Relations & Press Officer

    • Tenure: 0yrs
  • Andreas Diemant (51yo)

    Head of Corporate Banking Division & Member of Executive Board

    • Tenure: 2.2yrs
  • José Sierdo (56yo)

    Head of the Retail Banking Division & Member of Executive Board

    • Tenure: 5.7yrs
  • Christian Meixenberger (59yo)

    Head of the Business Support Division & Member of Executive Board

    • Tenure: 2.8yrs

Board Members

  • Jack Clemons (53yo)

    Director

    • Tenure: 3.6yrs
    • Compensation: CHF136.86k
  • Reto Donatsch (69yo)

    Vice Chairman of Board

    • Tenure: 0yrs
    • Compensation: CHF137.85k
  • Jean-François Schwarz (64yo)

    Director

    • Tenure: 0.8yrs
  • Ingrid Deltenre (59yo)

    Director

    • Tenure: 5.5yrs
    • Compensation: CHF129.11k
  • Peter Ochsner (63yo)

    Director

    • Tenure: 3.3yrs
    • Compensation: CHF166.04k
  • Jacques de Watteville (68yo)

    Chairman of the Board

    • Tenure: 1.8yrs
    • Compensation: CHF674.61k
  • Fabienne Cantone (56yo)

    Director

    • Tenure: 1.6yrs
    • Compensation: CHF81.27k

Company Information

Banque Cantonale Vaudoise's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Banque Cantonale Vaudoise
  • Ticker: BQCN.F
  • Exchange: OTCPK
  • Founded: 1845
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: CHF6.570b
  • Listing Market Cap: CHF6.631b
  • Shares outstanding: 8.58m
  • Website: https://www.bcv.ch

Number of Employees


Location

  • Banque Cantonale Vaudoise
  • Place St-François 14
  • Case postale 300
  • Lausanne
  • 1001
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BCVNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFNov 1992
BQCN.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDNov 1992
B1VDB (Deutsche Boerse AG)YesRegistered SharesDEEURNov 1992
0QP8LSE (London Stock Exchange)YesRegistered SharesGBCHFNov 1992
37031019XQMH (SIX Structured Products Exchange AG)0% NTS 22/06/2020 CHFCHCHFJun 2019

Biography

Banque Cantonale Vaudoise provides a range of financial services in Vaud Canton and rest of Switzerland, and internationally. The company offers current, savings, and retirement accounts; credit and paymen ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/17 00:08
End of Day Share Price2019/09/12 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.