Banque Cantonale Vaudoise (BCVN.SW) | Investment Case

1. Company Snapshot

1.a. Company Description

Banque Cantonale Vaudoise provides a range of financial services in Vaud Canton and rest of Switzerland, the European Union, North America, and internationally.The company offers current, savings, and retirement accounts; credit and payment cards; mortgage, personal, home, business, and construction loans; and production equipment financing products, and working capital and international trade finance products.It also provides a range of banking products, such as investments, financial planning services, and trading through its online platform; and cash management services, as well as instruments for hedging exchange-rate and interest-rate risk; asset management services; and investment and hedging products, such as currencies, equities, bonds, derivatives, and structured products.

In addition, the company engages in the market transactions in equities, fixed-income instruments, forex, and precious metals on behalf of clients.Further, it provides life and disability insurance products, and online banking services; manages finances and investments of high-net-worth individuals; tax planning, estate planning, and financial planning; and retirement, life insurance, and disability coverages.The company operates through a network of approximately 63 branches and 220 ATMs. It primarily serves retail and business customers, and public sector institutions.

The company was founded in 1845 and is headquartered in Lausanne, Switzerland.

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1.b. Last Insights on BCVN

Banque Cantonale Vaudoise's recent earnings release showcased strong mortgage growth, demonstrating the bank's resilience in a challenging interest rate environment. The dividend increase highlights the bank's commitment to shareholders. This strategic adaptability is a key positive driver, as the bank navigates the current market conditions.

1.c. Company Highlights

Last Price	97.6
Change Percentage	-0.96%
Open	98.3
Previous Close	98.55
Market Cap ( Millions)	8385
Volume	31197
Year High	102.3
Year Low	79.15
M A 50	94.68
M A 200	94.94

FCF Yield	71.07%
Dividend Yield	4.51%
ROE	8.50%
Debt / Equity	368.98%
Net Debt / EBIDTA	753.99%
Price To Book	2.23
Price Earnings Ratio	25.66
Price To FCF	1.41
Price To sales	7.47
EV / EBITDA	24.06

2. Transcript Summary

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3. NewsRoom

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Banque Cantonale Vaudoise's (VTX:BCVN) largest shareholders are state or government with 67% ownership, individual investors own 22%

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.74%)

6. Segments

Wealth Management

Expected Growth: 6.47%

The 6.47% growth in Wealth Management at Banque Cantonale Vaudoise is driven by increasing demand for discretionary portfolio management, robust investment performance, and strategic expansion into new markets. Additionally, the bank's digital transformation efforts, enhanced client experience, and strong relationships with independent asset managers have contributed to this growth.

Corporate Banking

Expected Growth: 5.83%

Strong loan growth driven by increased corporate lending in Switzerland, particularly in the Vaud region, coupled with a rise in transaction banking activities and a growing demand for cash management services. Additionally, the bank's strategic focus on digitalization and innovation has enhanced its corporate banking offerings, attracting new clients and increasing revenue.

Retail Banking

Expected Growth: 4.77%

The 4.77% growth in Retail Banking at Banque Cantonale Vaudoise is driven by increasing demand for digital banking services, a strong mortgage market, and a growing customer base in the Vaud region. Additionally, the bank's focus on customer relationships, competitive pricing, and innovative product offerings have contributed to this growth.

Corporate Center

Expected Growth: 4.77%

The 4.77% growth of Banque Cantonale Vaudoise's Corporate Center is driven by a strong Swiss economy, increasing demand for corporate banking services, and the bank's strategic expansion into new markets. Additionally, the center's focus on digital transformation, cost optimization, and risk management has improved operational efficiency, contributing to its growth.

Trading

Expected Growth: 6.37%

Banque Cantonale Vaudoise's 6.37% growth is driven by strong loan growth, particularly in mortgages and corporate lending, as well as a solid asset management business. Additionally, the bank's focus on digitalization and cost control measures have contributed to improved operational efficiency, leading to increased profitability.

7. Detailed Products

Private Banking

Personalized financial services for high net worth individuals, including investment advice, portfolio management, and wealth planning.

Corporate Banking

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

Retail Banking

Everyday banking services for individuals, including current accounts, credit cards, and personal loans.

Mortgage Loans

Home financing solutions for individuals and businesses, including fixed-rate and variable-rate mortgages.

Investment Funds

A range of investment funds covering various asset classes, including equities, bonds, and real estate.

E-Banking

Online banking services allowing customers to manage their accounts, pay bills, and transfer funds remotely.

Credit Cards

A range of credit cards offering rewards, cashback, and travel insurance benefits.

Insurance Services

A range of insurance products, including life insurance, non-life insurance, and pension plans.

8. Banque Cantonale Vaudoise's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Banque Cantonale Vaudoise is medium due to the presence of alternative financial institutions and digital payment systems.

Bargaining Power Of Customers

The bargaining power of customers for Banque Cantonale Vaudoise is low due to the bank's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Banque Cantonale Vaudoise is medium due to the bank's dependence on technology providers and other third-party vendors.

Threat Of New Entrants

The threat of new entrants for Banque Cantonale Vaudoise is high due to the increasing trend of fintech startups and digital banking platforms.

Intensity Of Rivalry

The intensity of rivalry for Banque Cantonale Vaudoise is high due to the competitive Swiss banking industry and the presence of established players.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	80.94%
Debt Cost	3.95%
Equity Weight	19.06%
Equity Cost	4.82%
WACC	4.11%
Leverage	424.77%

11. Quality Control: Banque Cantonale Vaudoise passed 3 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 Mediolanum

A-Score: 7.7/10

Value: 6.1

Growth: 4.9

Quality: 8.2

Yield: 9.4

Momentum: 9.0

Volatility: 8.7

1-Year Total Return ->

Unicaja Banco

A-Score: 7.1/10

Value: 7.5

Growth: 3.4

Quality: 7.1

Yield: 8.1

Momentum: 10.0

Volatility: 6.3

1-Year Total Return ->

BPER Banca

A-Score: 6.7/10

Value: 6.6

Growth: 5.2

Quality: 6.2

Yield: 8.1

Momentum: 9.5

Volatility: 4.7

1-Year Total Return ->

BCV

A-Score: 6.5/10

Value: 4.0

Growth: 5.8

Quality: 4.9

Yield: 7.5

Momentum: 7.0

Volatility: 9.7

1-Year Total Return ->

Monte dei Paschi

A-Score: 6.4/10

Value: 8.4

Growth: 3.9

Quality: 7.7

Yield: 6.2

Momentum: 9.0

Volatility: 3.0

1-Year Total Return ->

Oberbank

A-Score: 5.2/10

Value: 4.1

Growth: 7.0

Quality: 4.8

Yield: 2.5

Momentum: 3.0

Volatility: 10.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-10.57%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

4.11%

Banque Cantonale Vaudoise - CH0531751755

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on BCVN

1.c. Company Highlights

Expensive

Less Volatile

Average Yield

Stable Momentum

Weak Momentum

Medium Volatility

Lower Growth

Average Quality

Average Growth

Fairly Valued

Revenues Miss

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 (5.74%)

6. Segments

Wealth Management

Expected Growth: 6.47%

Corporate Banking

Expected Growth: 5.83%

Retail Banking

Expected Growth: 4.77%

Corporate Center

Expected Growth: 4.77%

Trading

Expected Growth: 6.37%

7. Detailed Products

Private Banking

Corporate Banking

Retail Banking

Mortgage Loans

Investment Funds

E-Banking

Credit Cards

Insurance Services

8. Banque Cantonale Vaudoise'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: Banque Cantonale Vaudoise passed 3 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

97.6$

Current Price

97.6$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA