Berner Kantonalbank AG (BEKN.SW) | Investment Case

1. Company Snapshot

1.a. Company Description

Berner Kantonalbank AG, a cantonal bank, offers various banking products and financial services to private individuals and corporate customers in Switzerland.It offers investment, shareholder, youth, education, and SME savings accounts; deposit, current, rental, payment, pension, and client funds accounts; investment products; bank cards and credit cards; and pension products.The company also provides mortgages and financing products; business, investment, and real estate financing services; safeguards and guarantees; and asset management services, including strategy consulting, portfolio optimization and simulation, investment advisory, investment funds, and securities accounting services, as well as trades in stocks, bonds, derivatives, currencies, and money market instruments.

Berner Kantonalbank AG operates through a network of 60 branches.The company was formerly known as Kantonalbank von Bern and changed its name to Berner Kantonalbank AG in 1991.Berner Kantonalbank AG was founded in 1834 and is headquartered in Bern, Switzerland.

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1.b. Last Insights on BEKN

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1.c. Company Highlights

Last Price	278
Change Percentage	-0.18%
Open	277
Previous Close	278.5
Market Cap ( Millions)	2572
Volume	2527
Year High	279
Year Low	230
M A 50	264.12
M A 200	254.28

FCF Yield	15.13%
Dividend Yield	3.74%
ROE	6.06%
Debt / Equity	298.15%
Net Debt / EBIDTA	597.42%
Price To Book	0.86
Price Earnings Ratio	14.15
Price To FCF	6.61
Price To sales	4.06
EV / EBITDA	17.23

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Mortgage, Receipt of Client Funds, Asset Consulting and Asset Management

Expected Growth: 4.5%

Growing demand for mortgage financing, increasing client funds, and rising need for asset consulting and management services drive growth for Berner Kantonalbank AG. Strong economic conditions, low interest rates, and increasing property values support the growth hypothesis.

7. Detailed Products

Private Banking

Personalized financial services for private individuals, including investment advice, portfolio management, and wealth planning.

Corporate Banking

Financial solutions for businesses, including cash management, trade finance, and risk management.

Mortgage Lending

Competitive mortgage rates and flexible repayment terms for individuals and businesses.

Investment Products

A range of investment products, including mutual funds, exchange-traded funds, and structured products.

Payment Services

Efficient and secure payment solutions for individuals and businesses.

Digital Banking

Online and mobile banking services for convenient and secure banking.

Wealth Management

Comprehensive wealth management services, including investment advice and portfolio management.

8. Berner Kantonalbank AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Berner Kantonalbank AG is moderate, as customers have alternative banking options available in the market.

Bargaining Power Of Customers

The bargaining power of customers is low, as Berner Kantonalbank AG has a strong customer base and a wide range of financial products and services.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as Berner Kantonalbank AG relies on a few large suppliers for its operations, but has some flexibility in negotiating prices.

Threat Of New Entrants

The threat of new entrants is low, as entering the banking industry requires significant capital and regulatory approvals, making it difficult for new players to enter the market.

Intensity Of Rivalry

The intensity of rivalry is high, as Berner Kantonalbank AG operates in a highly competitive banking industry with many established players, leading to intense competition for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	76.64%
Debt Cost	3.95%
Equity Weight	23.36%
Equity Cost	5.11%
WACC	4.22%
Leverage	328.06%

11. Quality Control: Berner Kantonalbank AG passed 5 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Banca Generali

A-Score: 7.3/10

Value: 5.0

Growth: 6.1

Quality: 8.5

Yield: 8.8

Momentum: 7.0

Volatility: 8.3

1-Year Total Return ->

BCGE

A-Score: 7.0/10

Value: 8.6

Growth: 4.7

Quality: 6.8

Yield: 5.6

Momentum: 6.5

Volatility: 10.0

1-Year Total Return ->

BNP Paribas Bank Polska

A-Score: 6.9/10

Value: 8.4

Growth: 8.0

Quality: 7.4

Yield: 5.6

Momentum: 6.0

Volatility: 6.0

1-Year Total Return ->

Banca Sondrio

A-Score: 6.8/10

Value: 6.7

Growth: 4.9

Quality: 6.1

Yield: 8.8

Momentum: 9.5

Volatility: 5.0

1-Year Total Return ->

Berner Kantonalbank

A-Score: 6.7/10

Value: 5.7

Growth: 5.3

Quality: 5.1

Yield: 6.9

Momentum: 7.5

Volatility: 10.0

1-Year Total Return ->

LLB

A-Score: 6.6/10

Value: 7.2

Growth: 4.0

Quality: 5.4

Yield: 6.9

Momentum: 6.5

Volatility: 9.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-8.54%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

4.22%

Berner Kantonalbank AG - CH0009691608

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on BEKN

Have nothing to say about that one ...

1.c. Company Highlights

Less Volatile

Fairly Valued

Average Growth

Average Quality

Weak Momentum

Stable Momentum

Lower Growth

Average Yield

Lower Quality

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Mortgage, Receipt of Client Funds, Asset Consulting and Asset Management

Expected Growth: 4.5%

7. Detailed Products

Private Banking

Corporate Banking

Mortgage Lending

Investment Products

Payment Services

Digital Banking

Wealth Management

8. Berner Kantonalbank AG's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Berner Kantonalbank AG passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

278.0$

Current Price

278$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA