Академический Документы
Профессиональный Документы
Культура Документы
2013
BCVN SW
Currency:
Sector: Financials
Benchmark:
SWISS MARKET INDEX (SMI)
Year:
Telephone
41-21-212-1000
Revenue (M)
Website
www.bcv.ch
No of Employees
Address
Place Saint-Francois 14 Case postale 300 Lausanne, 1001 Switzerland
Share Price Performance in CHF
Price
522.00
1M Return
52 Week High
524.00
6M Return
52 Week Low
436.94
52 Wk Return
52 Wk Beta
0.67
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch
1'321
1'967
6.9%
3.4%
14.9%
7.7%
IG3
AA
-
Date
Date
Date
12/09
11.8x
2.6x
1.4x
5.1%
12/10
13.5x
3.1x
1.7x
4.5%
12/11
13.0x
2.9x
1.5x
7.0%
12/12
13.4x
3.2x
1.6x
6.6%
12/13E
14.4x
4.4x
1.3x
6.1%
12/14E
14.2x
4.3x
1.2x
6.2%
12/15E
13.7x
4.2x
1.3x
6.3%
12/09
Gross Margin
EBITDA Margin
Operating Margin
35.0
Profit Margin
28.8
Return on Assets
0.8
Return on Equity
12.1
Leverage and Coverage Ratios
12/09
Current Ratio
Quick Ratio
EBIT/Interest
Tot Debt/Capital
0.8
Tot Debt/Equity
3.2
Eff Tax Rate %
22.6
12/10
36.5
29.1
0.9
12.4
12/11
34.5
27.7
0.8
11.8
12/12
36.5
29.1
0.8
12.0
12/13E
51.6
30.3
0.9
9.3
12/14E
52.5
30.1
0.9
9.3
12/15E
51.4
30.4
0.9
9.4
12/10
0.7
3.0
22.9
12/11
0.8
3.1
23.0
12/12
0.8
3.2
22.8
05.12.2011
-
Outlook
Outlook
Outlook
Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private, and
corporate banking services. The Bank offers consumer loans, treasury management,
pension funds, and investment management services, trades in commodities, advises
on mergers and acquisitions, and offers securities brokerage services. BCV operates
primarily in the Canton of Vaud.
Sales (M)
368
287
214
86
62
Sales (M)
1
6%
NEG
STABLE
-
8%
37%
Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %
21%
28%
100%
Wealth Management
Corporate Banking
Retail Banking
Switzerland
Corporate Center
Trading
8.6
4492.4
6738.0
8850.0
0.0
0.0
20.0
6624.4
100%
0%
20%
80%
33%
0%
17%
20%
600
0%
17%
17%
17%
20%
33%
40%
80%
67%
100%
500
400
400
83%
80%
300
100%
83%
83%
83%
500
60%
100%
Price
300
200
80%
200
67%
100
20%
100
0%
fvr.12
mars.12
avr.12
mai.12
0%
0%
0%
0%
0%
juin.12
juil.12
aot.12
sept.12
oct.12
Buy
Date
31-Jan-13
31-Dec-12
30-Nov-12
31-Oct-12
28-Sep-12
31-Aug-12
31-Jul-12
29-Jun-12
31-May-12
30-Apr-12
30-Mar-12
29-Feb-12
Hold
Sell
Price
0%
0%
0%
nov.12
dc.12
janv.13
Target Price
Buy
Hold
Sell
Date
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
80%
83%
100%
83%
83%
83%
100%
100%
80%
80%
67%
67%
20%
17%
0%
17%
17%
17%
0%
0%
20%
20%
33%
33%
20-Feb-13
19-Feb-13
18-Feb-13
15-Feb-13
14-Feb-13
13-Feb-13
12-Feb-13
11-Feb-13
8-Feb-13
7-Feb-13
6-Feb-13
5-Feb-13
4-Feb-13
1-Feb-13
31-Jan-13
30-Jan-13
29-Jan-13
28-Jan-13
25-Jan-13
24-Jan-13
23-Jan-13
22-Jan-13
21-Jan-13
18-Jan-13
17-Jan-13
16-Jan-13
15-Jan-13
14-Jan-13
11-Jan-13
10-Jan-13
Broker
Analyst
522.00
512.00
505.50
496.00
503.00
471.25
481.00
488.25
485.50
486.25
487.00
490.75
488.75
489.75
486.25
485.25
486.75
493.75
488.75
486.25
486.25
489.00
490.00
488.50
491.75
487.00
486.75
491.25
493.00
491.25
EVA Dimensions
Bank Vontobel AG
Zuercher Kantonalbank
Main First Bank AG
Helvea
AUSTIN BURKETT
TERESA NIELSEN
ANDREAS VENDITTI
KILIAN MAIER
TIM DAWSON
515.00
515.00
501.67
507.50
507.50
492.50
492.50
492.50
491.67
491.67
491.67
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
Recommendation
sell
hold
market perform
underperform
neutral
Helvea
0%
Main First
Bank AG
0%
Zuercher
Kantonalbank
0%
Bank Vontobel
AG
0
0%
EVA
Dimensions
Broker Recommendation
Target
530.00
490.00
525.00
Date
20-Feb-13
19-Feb-13
15-Feb-13
14-Feb-13
14-Feb-13
20.02.2013
Ownership Statistics
Shares Outstanding (M)
Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Institutional Ownership
Retail Ownership
Insider Ownership
8.6
32.7%
25%
74.88%
24.81%
0.30%
75%
Institutional Ownership
Retail Ownership
Insider Ownership
Switzerland
United States
Britain
Luxembourg
Unknown Country
Germany
France
Others
93.03%
3.08%
1.47%
1.34%
0.40%
0.15%
0.14%
0.40%
89.05%
7.37%
2.79%
0.40%
0.39%
STEIMER OLIVIER
KIENER PASCAL
ACHARD AIME
SCHWARZ JEAN-FRANCOIS
SAGER BERTRAND
0%0%0%
0%
1%
1%
4%
94%
Switzerland
United States
Britain
Luxembourg
Unknown Country
Germany
France
Others
TOP 20 ALL
Position
5'762'252
99'092
58'620
55'668
54'169
45'660
44'400
31'940
24'618
23'611
22'742
18'595
18'469
16'600
16'170
12'574
10'122
9'890
9'201
8'074
Position Change
0
-291
7'662
1'997
-11'500
775
0
-514
0
0
0
3'950
-113
3'350
0
0
0
-5'912
0
0
Market Value
3'007'895'544
51'726'024
30'599'640
29'058'696
28'276'218
23'834'520
23'176'800
16'672'680
12'850'596
12'324'942
11'871'324
9'706'590
9'640'818
8'665'200
8'440'740
6'563'628
5'283'684
5'162'580
4'802'922
4'214'628
% of Ownership
66.95%
1.15%
0.68%
0.65%
0.63%
0.53%
0.52%
0.37%
0.29%
0.27%
0.26%
0.22%
0.21%
0.19%
0.19%
0.15%
0.12%
0.11%
0.11%
0.09%
Report Date
Position
Position Change
Market Value
% of Ownership
Report Date
01.01.2012
31.10.2012
15.02.2013
31.12.2012
31.07.2012
28.12.2012
31.12.2012
30.11.2012
30.06.2012
31.10.2012
31.12.2012
30.06.2012
30.11.2012
31.10.2012
28.09.2012
31.10.2012
31.12.2012
31.03.2012
30.11.2012
31.12.2011
Source
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
Top 5 Insiders:
Holder Name
Geographic Ownership
0%
8'074
7'177
1'642
1'583
1'566
4'214'628
3'746'394
857'124
826'326
817'452
0.09%
0.08%
0.02%
0.02%
0.02%
Source
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
Co File
Co File
Co File
Co File
Co File
Country
SWITZERLAND
SWITZERLAND
UNITED STATES
UNITED STATES
BRITAIN
SWITZERLAND
UNITED STATES
SWITZERLAND
UNITED STATES
SWITZERLAND
GERMANY
BRITAIN
FRANCE
SWITZERLAND
SWITZERLAND
BRITAIN
UNITED STATES
UNITED STATES
n/a
Institutional Ownership
0%
3%
0%
7%
90%
Government
Investment Advisor
Individual
Others
Fiscal Year
Equivalent Estimates
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
12/13E
12/14E
12/15E
1'604
1'516
1'438
1'499
1'590
1'727
1'566
1'371
1'352
1'352
1'321
1'029
1'050
1'074
856
732
674
643
656
645
589
590
608
622
611
-977
156
427
378
433
429
325
365
393
377
391
531
551
552
-36
-18
-12
-210
-247
-287
-134
-24
-14
-14
-12
Pretax Income
- Income Tax Expense
-1'192
8
174
17
359
22
477
20
558
23
576
99
459
101
390
88
407
93
391
90
403
92
414
424
433
-1'200
0
0
157
0
3
337
0
2
457
0
3
534
477
4
301
0
1
314
0
1
301
358
0
1
311
0
0
312
36.18
32.00
0.88
316
36.66
32.25
0.88
326
38.22
33.00
0.86
Income Statement
Revenue
- Cost of Goods Sold
Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)
Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)
-1
41.40
34.93
36.39
35.10
36.14
-1'200
(141.39)
0.00
154
6.98
2.00
40.4
335
39.31
3.00
7.6
356
41.36
4.50
8.5
410
47.85
7.00
11.4
473
55.28
14.00
25.5
330
38.39
20.00
48.3
279
32.41
21.00
60.1
313
36.39
22.00
60.4
302
35.10
32.00
91.2
304
35.28
32.00
88.6
22
9
9
9
9
9
9
9
9
9
9
EBITDA
*Net income excludes extraordinary gains and losses and one-time charges.
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
399
1'142
368
1'360
400
1'489
282
1'806
321
2'116
353
2'146
546
702
1'404
485
388
2'413
1'711
601
4'735
693
1'508
1'539
1'573
1'697
1'669
1'671
1'634
2'951
2'966
2'975
3'153
424
3'373
410
2'714
392
2'413
381
4'244
365
1'857
286
2'037
283
1'897
597
515
588
710
628
895
621
633
3'318
2'250
2'987
2'130
2'458
1'854
3'554
4'925
2'091
2'336
2'477
2'084
2'361
1'592
2'243
926
1'994
974
2'749
944
2'447
867
9'255
254
7'628
253
6'331
332
5'475
484
6'684
628
6'938
765
6'508
1'076
5'937
704
5'582
704
5'202
704
5'968
704
31'618
0
20
1'695
-814
29'789
0
21
1'714
575
27'950
0
14
1'722
853
32'088
0
15
1'596
1'176
30'176
0
14
1'345
1'495
32'816
0
15
891
1'615
33'138
0
13
613
1'847
33'215
0
14
529
1'975
33'018
0
14
445
2'108
35'306
0
20
446
2'131
37'189
0
1
361
2'249
901
2'310
2'588
2'787
2'855
2'521
2'473
2'518
2'567
2'597
2'611
32'519
32'098
30'537
34'875
33'031
35'337
35'611
35'733
35'585
37'903
39'800
103.78
89.84
104.24
100.82
304.18
293.24
325.40
314.24
331.73
329.80
291.80
290.44
286.37
285.73
291.49
290.95
297.12
296.69
300.04
295.97
303.28
298.98
12/13E
12/14E
12/15E
410.56
418.23
402.06
Balance Sheet
Total Current Assets
+ Cash & Near Cash Items
+ Short Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets
Total Long-Term Assets
+ Long Term Investments
Gross Fixed Assets
Accumulated Depreciation
+ Net Fixed Assets
+ Other Long Term Assets
Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity
Total Shareholders Equity
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
12/13E
12/14E
12/15E
-1'200
1'357
224
-34
154
262
-9
6
335
1
82
-6
454
-77
119
-30
530
-110
130
1
473
-175
144
85
356
35
3
-79
301
102
-1
-11
313
58
2
25
302
98
-1
-22
311
313
316
323
347
413
412
467
551
527
315
391
397
377
Cash Flows
Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital
Cash From Operating Activities
+ Disposal of Fixed Assets
+ Capital Expenditures
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities
Cash From Investing Activities
+ Dividends Paid
+ Change in Short Term Borrowings
+ Increase in Long Term Borrowings
+ Decrease in Long Term Borrowings
+ Increase in Capital Stocks
+ Decrease in Capital Stocks
+ Other Financing Activities
-121
-121
347
413
412
467
525
498
304
379
377
353
40.87
18.71
48.33
54.50
61.09
57.90
35.34
43.99
43.77
41.02
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
12/13E
12/14E
12/15E
20.2x
5.2x
7.1x
12.2x
12.8x
7.7x
11.8x
13.5x
13.0x
13.4x
14.4x
14.2x
13.7x
0.4x
0.8x
0.0%
2.1x
1.4x
1.4%
1.2x
0.7x
1.5%
2.2x
1.2x
1.2%
3.2x
1.8x
1.2%
2.5x
1.7x
2.8%
1.7x
1.1x
6.3%
2.6x
1.4x
5.1%
3.1x
1.7x
4.5%
2.9x
1.5x
7.0%
3.2x
1.6x
6.6%
4.4x
1.3x
6.1%
4.3x
1.2x
6.2%
4.2x
1.3x
6.3%
-103.7%
-127.3%
-3.6%
-104.4%
15.3%
15.1%
0.5%
9.7%
41.7%
32.7%
1.1%
13.8%
33.9%
40.8%
1.4%
17.0%
36.8%
45.1%
1.6%
18.9%
36.7%
40.5%
1.4%
17.7%
32.4%
35.5%
1.0%
14.3%
35.0%
28.8%
0.8%
12.1%
36.5%
29.1%
0.9%
12.4%
34.5%
27.7%
0.8%
11.8%
36.5%
29.1%
0.8%
12.0%
0.93
13.95
0.82
4.60
0.77
3.40
0.76
3.24
0.75
3.07
0.79
3.73
0.78
3.59
0.76
3.25
0.75
2.95
0.75
3.06
0.76
3.22
0.05
0.05
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.03
9.6%
6.1%
4.3%
4.2%
17.1%
22.1%
22.6%
22.9%
23.0%
22.8%
Ratio Analysis
Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield
Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity
Leverage & Coverage Ratios
Current Ratio
Quick Ratio
Interest Coverage Ratio (EBIT/I)
Tot Debt/Capital
Tot Debt/Equity
Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover
Effective Tax Rate
51.6%
30.3%
0.9%
9.3%
52.5%
30.1%
0.9%
9.3%
51.4%
30.4%
0.9%
9.4%
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
UBS AG-REG
12/2012
524.00
20.02.2013
456.96
07.03.2012
17'955
12/2012
16.39
25.01.2013
9.69
24.07.2012
6'729'041
12/2012
27.85
07.02.2013
15.97
03.08.2012
4'236'189
12/2011
28.80
20.02.2012
24.50
08.10.2012
1'193
12/2011
16.25
15.02.2013
9.92
25.05.2012
327'314
12/2012
33.00
20.02.2013
17.80
28.06.2012
62'761
12/2011
42.45
22.02.2012
25.50
16.11.2012
9'127
12/2012
404.50
19.02.2013
320.75
21.05.2012
1'546
522.00
15.31
27.34
27.00
16.15
-0.4%
14.2%
8.6
-6.6%
58.1%
3'747.4
-1.8%
71.2%
1'292.7
-6.2%
10.2%
62.9
-0.6%
62.8%
177.1
33.00
31.80
0.0%
85.4%
63.4
-25.1%
24.7%
28.4
VZ HOLDING AG
12/2011
11.95
20.02.2013
4.77
24.07.2012
94'015
12/2011
84.00
20.02.2012
60.00
21.11.2012
5'665
12/2011
130.00
11.02.2013
85.00
26.07.2012
3'371
401.00
11.70
80.25
-0.9%
25.0%
5.5
-2.1%
145.3%
146.7
-4.5%
33.8%
5.8
BASLER KANTONPC
LUZERNER KANREG
VALIANT HLDG AG
PARTNERS GROUP
J
12/2011
111.64
02.03.2012
74.35
31.08.2012
38'297
12/2011
223.70
11.01.2013
157.20
04.06.2012
26'033
12/2011
113.60
27.04.2012
98.00
16.11.2012
794
12/2012
360.00
06.02.2013
311.00
29.02.2012
2'056
129.50
98.90
360.00
87.35
213.50
-0.4%
52.4%
7.8
-12.9%
0.9%
29.9
0.0%
15.8%
8.5
-21.8%
17.5%
15.8
-4.6%
35.8%
25.4
4'492.4
58'727.0
36'111.5
1'698.3
2'961.2
2'145.0
979.4
2'234.9
1'716.0
474.7
1'036.0
3'096.7
3'060.0
1'379.5
5'700.5
8'415.0
1.0
6'742.0
267'400.0
4'353.0
66'383.0
330'510.0
6'786.0
63'708.0
2'024.9
37.4
2'764.8
17.5
600.1
7'456.5
2'999.6
1'844.5
101.2
7'716.7
5'065.0
2'183.0
1'269.7
24.6
3'286.2
928.9
19.0
5'389.3
1.4
361.2
7'662.3
361.6
3'907.4
5'639.3
2'920.5
6'379.3
1'946.1
0.8
96.7
264'097.0
6'978.0
804.8
5'605.2
38'313.0
38'313.0
26'558.3
27'461.6
831.5
795.5
680.7
741.3
812.2
983.4
581.8
621.8
0.77
0.84
2.70
3.11
32.5x
12.3x
10.1x
8.8x
(10.3%)
30.2%
-
1.63
1.04
1.62
1.83
26.0x
26.0x
16.6x
14.8x
(2.3%)
(5.5%)
-
4.5x
4.3x
-0.52
-0.32
0.87
1.09
18.6x
14.8x
(15.8%)
-
890.7
861.4
842.4
912.0
6.8x
7.0x
213.9
202.6
28.2x
29.8x
1.76
1.55
2.32
2.68
21.3x
20.6x
14.2x
12.3x
(5.5%)
(9.9%)
23.5%
-
555.0
569.7
407.0
407.0
501.6
501.6
509.0
523.0
1'078.2
1'146.3
791.2
796.1
320.7
314.0
217.0
221.0
935.8
940.7
672.0
648.0
685.4
685.4
427.0
437.0
693.4
663.4
386.0
391.0
0.75
2.07
2.69
4.51
38.8x
38.8x
29.8x
17.8x
(7.7%)
(13.5%)
-
143.8
144.3
148.5
170.7
2.7x
2.7x
66.4
64.7
65.3
80.5
5.8x
5.9x
6.48
6.33
6.40
7.69
20.5x
20.6x
20.2x
16.8x
8.1%
10.2%
3.9%
44.9%
44.0%
47.2%
5.99
7.37
9.34
7.75
13.4x
14.0x
10.6x
12.8x
(6.6%)
(3.5%)
-
19.51
19.79
21.85
22.48
18.2x
15.2x
16.5x
16.0x
(4.7%)
(4.1%)
-
6.85
7.90
7.28
6.84
11.1x
14.4x
12.0x
12.8x
(1.9%)
(0.2%)
-
448.8
480.4
425.0
509.3
9.3x
8.7x
13.2x
10.9x
236.2
250.0
267.2
324.7
17.6x
16.6x
20.9x
17.1x
7.75
8.46
9.67
11.69
25.2x
25.7x
22.1x
18.3x
0.3%
13.9%
(26.4%)
7.6%
52.0%
62.9%
63.7%
0.38
1.34
2.91
3.60
23.7x
23.7x
10.9x
8.8x
(8.3%)
(7.6%)
-
27.28
27.28
30.88
31.97
14.7x
14.7x
13.0x
12.5x
(28.6%)
(16.3%)
-
-0.52
-2.21
0.79
0.93
14.9x
12.6x
80.6%
399.5%
-
271.9%
73.1%
-
128.7%
55.7%
-
105.6%
50.8%
-
0.7%
0.7%
0.068x
-3.575x
-
283.6%
71.4%
-
364.2%
78.5%
-
351.2%
77.8%
-
0.0%
0.0%
0.000x
-0.384x
-
Aa1
02.12.2003
A24.02.2009
-
AA+
18.10.2001
-
AA+
12.09.2008
-
Valuation
Total Revenue
EV/Total Revenue
EBITDA
EV/EBITDA
EPS
P/E
Revenue Growth
EBITDA Growth
EBITDA Margin
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
1 Year
5 Year
1 Year
5 Year
LTM
CY+1
CY+2
1'321.2
1'321.2
1'029.3
1'050.3
35.48
36.14
36.18
36.66
14.4x
14.7x
14.4x
14.2x
(2.3%)
(4.5%)
-
37'392.0
37'470.0
26'730.4
27'411.1
6.9x
6.9x
17'464.0
17'575.0
14.8x
16.1x
1.68
-0.75
0.93
1.21
15.3x
16.5x
12.6x
(8.5%)
(10.7%)
(29.1%)
47.0%
-
322.4%
76.3%
-
582.6%
84.2%
18.434x
9.520x
-
927.6%
88.6%
-
164.7%
61.5%
-
0.8%
0.8%
-
498.2%
83.3%
34.709x
23.855x
-
AA
05.12.2011
-
A
29.11.2011
A2
21.06.2012
A
19.12.2008
(P)A2
21.06.2012
A
17.12.2012
-
A
30.03.2009
-
Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense
119.7%
52.9%
-
Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date