VP Bank share
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The VP Bank share – a sound stock
The A registered shares of VP Bank AG are listed on Switzerland's stock market, the SIX Swiss Exchange, and can be freely traded. The stock is included in the SPI, SPI Extra, SPI ex SLI and Swiss All Share Index on the SIX Swiss Exchange. The B registered shares of VP Bank AG are not listed but are spread among the population of Liechtenstein. Both share categories confer the membership rights stipulated in the Liechtenstein Code of Personal and Company Law (CPCL) and in the Articles of Association.
At the general meeting of shareholders of VP Bank each A registered share (nominal value: CHF 10) and each B registered share (nominal value: CHF 1) confer one vote, regardless of nominal value.For many years VP Bank has operated a well-balanced dividend policy with regular distributions in order to remain attractive to investors over the longer term: as a guideline range, between 40% and 60% of Group profits is paid out to the shareholders.
The information presented here is not to be regarded as a personal investment recommendation or as a financial analysis, but constitutes a marketing communication. The ratings and analyst opinions stated are from third parties and VP Bank Ltd assumes no responsibility for them.
Key share data
Semester summary of key financial ratios
| 31.12.2018 | 30.06.2019 | 31.12.2019 | 30.06.2020 | 31.12.2020 | |
| Group net income per A registered share in CHF | 9.04 | 5.89 | 12.28 | 2.39 | 6.90 |
| Shareholder's equity per A registered share in CHF | 164.80 | 165.43 | 173.23 | 164.23 | 169.93 |
| Trading price per A registered share in CHF | 141.40 | 157.80 | 155.00 | 123.00 | 112.00 |
| Trading price per B registered share in CHF | 14.20 | 15.80 | 15.50 | 12.30 | 11.20 |
| Market capitalisation in CHF million | 936 | 1,044 | 1'025 | 814 | 741 |
| Price-earnings ratio per A registered share in CHF | 15.64 | 13.40 | 12.62 | 25.78 | 16.23 |
| Price-earnings ratio per B registered share in CHF | 15.71 | 13.42 | 12.62 | 25.78 | 16.23 |
| Dividend per A registered share in CHF | 5.50 | n.a. | 5.50 | n.a. | 4.00* |
| Dividend per B registered share in CHF | 0.55 | n.a. | 0.55 | n.a. | 0.40* |
| Payout ratio (as a percentage of consolidated earnings) | 60.8% | n.a. | 44.8% | n.a. | 58.0% |
| Net dividend yield | 3.90% | n.a. | 3.5% | n.a. | 3.6% |
| Free float | 50.62% | 50.45% | 50.14% | 50.45% | 50.15% |
*Proposal to the General Meeting
Five-year summary of key financial ratios
| 2015 | 2016 | 2017 | 2018 | 2019 | |
| Group net income per A registered share in CHF | 10.17 | 9.61 | 10.89 | 9.04 | 12.28 |
| Shareholder's equity per A registered share in CHF | 154.01 | 157.14 | 165.33 | 164.80 | 173.23 |
| Trading price per A registered share in CHF | 82.00 | 108.00 | 133.00 | 141.40 | 155.00 |
| Trading price per B registered share in CHF | 8.20 | 10.80 | 13.30 | 14.20 | 15.50 |
| Market capitalisation in CHF million | 542 | 714 | 880 | 936 | 1'025 |
| Price-earnings ratio per A registered share in CHF | 8.06 | 11.24 | 12.21 | 15.64 | 12.62 |
| Price-earnings ratio per B registered share in CHF | 8.06 | 11.24 | 12.21 | 15.71 | 12.62 |
| Dividend per A registered share in CHF | 4.00 | 4.50 | 5.50 | 5.50 | 5.50 |
| Dividend per B registered share in CHF | 4.00 | 0.45 | 0.55 | 0.55 | 0.55 |
| Payout ratio (as a percentage of consolidated earnings) | 39.30% | 46.80% | 50.5% | 60.8% | 44.8% |
| Net dividend yield | 4.90% | 4.20% | 4.10% | 3.90% | 3.5% |
| Free float | 40.02% | 44.42% | 49.37 % | 50.62% | 50.14% |
Capital structure
VP Bank's share capital amounts to CHF 66,154,167. It is divided into 6,015,000 listed A registered shares each with a nominal value of CHF 10.00 and 6,004,167 unlisted B registered shares each with a nominal value of CHF 1.00.
|
31.12.2019 |
31.12.2019 |
31.12.2020 |
31.12.2020 |
|
|
A registered shares, nom. CHF 10 |
6,015,000 |
60,150,000 |
6,015,000 |
60,150,000 |
|
B registered shares, nom. CHF 1 |
6,004,167 |
6,004,167 |
6,004,167 |
6,004,167 |
|
Total share capital |
12,019,167 |
66,154,167 |
12,019,167 |
66,154,167 |
VP Bank does not have any authorised or conditional capital.
Prominent shareholders (anchor shareholders)
As at 31 December 2020 the following shareholders declared that they held more than 10% of the share capital of VP Bank and/or exercised more than 5% of the associated voting rights:
|
Shareholders |
Reg'd share A |
Reg'd share B |
Votes |
Voting rights as % of total |
Ownership of total share capital |
|
"Stiftung Fürstl. Kommerzienrat Guido Feger" foundation, Vaduz |
1,066,426 |
4,530,047 |
5,596,473 |
46.6% |
23.0% |
|
"U.M.M. Hilti-Stiftung" foundation, Schaan |
577,842 |
658,370 |
1,236,212 |
10.3% |
9.7% |
|
"Marxer Stiftung für Bank- und Unternehmenswerte" foundation, Vaduz |
756,885 |
0 |
756,885 |
6.3% |
11.4% |
Analyst coverage – under the analyst's microscope
|
Company |
Assessment |
Analyst |
Telephone |
|
MIRABAUD Securities LLP |
buy |
Daniel König |
+41 58 816 88 72 |
|
Zürcher Kantonalbank |
outperform |
Javier Lodeiro |
+41 44 292 24 07 |
| Research Partners AG | buy | Rainer Skierka | +41 44 533 40 30 |
| Kepler Cheuvreux | buy | Tobias Lukesch | +49 69 7569 6217 |
Ratings
| Company | Rating | Analyst | Telephone |
|---|---|---|---|
| Standard & Poor's | A/Negative/A-1 |
Benjamin Heinrich |
+49 69 33 999 167 |
| GBB-Rating | A- | Volker Stein | +49 221 912 897 253 |
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