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1. Company Snapshot

1.a. Company Description

Liechtensteinische Landesbank Aktiengesellschaft provides banking products and services in Liechtenstein, Switzerland, Austria, Europe, North and South America, Africa, Asia, and internationally.It operates through three segments: Retail & Corporate Banking, Private Banking, and Institutional Clients.The company accepts various deposits, including savings, private, current, and custody accounts, as well as time deposits.


Its loan products comprise mortgages, Lombard loans, advances, business loans, real estate financing, and guarantees and sureties.The company also offers cards; securities safe custody, investment advice, asset management, and asset structuring services; and financial and retirement planning.In addition, it provides money market and interbank services; securities trading services; and payment, foreign exchange transaction, and online and mobile banking services.


The company operates through three branches in Liechtenstein, Austria, and Switzerland, as well as a branch in Dubai; and Zurich, Geneva and Abu Dhabi.Liechtensteinische Landesbank Aktiengesellschaft was founded in 1861 and is headquartered in Vaduz, Liechtenstein.

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1.b. Last Insights on LLBN

Liechtensteinische Landesbank's recent performance was driven by a strong financial showing in the first half of 2025. The company's revenue rose 11% to CHF312.8m, accompanied by a slight increase in EPS to CHF2.99 from CHF2.95 in 1H2024. This growth momentum is complemented by a sustained investor confidence, as evidenced by a total return that has outpaced earnings growth over the past three years. The bank's ability to maintain profitability and growth trajectory supports its financial stability.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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LLB refers clients to Rothschild after UAE exit

Sep -03

Source:

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Liechtensteinische Landesbank First Half 2025 Earnings: EPS: CHF2.99 (vs CHF2.95 in 1H 2024)

Aug -22

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The total return for Liechtensteinische Landesbank (VTX:LLBN) investors has risen faster than earnings growth over the last three years

Aug -20

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.90%)

6. Segments

Retail & Corporate Banking

Expected Growth: 2.5%

The 2.5% growth in Retail & Corporate Banking from Liechtensteinische Landesbank Aktiengesellschaft is driven by a strong domestic economy, increasing demand for digital banking services, and a solid reputation in the market. Additionally, the bank's focus on customer relationships, efficient cost management, and strategic partnerships contribute to its growth.

International Wealth Management

Expected Growth: 3.5%

The 3.5% growth in International Wealth Management from Liechtensteinische Landesbank Aktiengesellschaft is driven by increasing demand for cross-border wealth management services, expansion into emerging markets, and a strong reputation for discretion and confidentiality. Additionally, the bank's expertise in asset management and investment solutions, as well as its commitment to digitalization, contribute to its growth.

Corporate Center

Expected Growth: 1.5%

The 1.5% growth of Corporate Center at Liechtensteinische Landesbank Aktiengesellschaft is driven by increasing demand for wealth management services, strategic expansion into European markets, and a strong brand reputation. Additionally, the bank's diversified revenue streams, efficient cost management, and favorable regulatory environment contribute to its steady growth.

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 lending services.

Retail Banking

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

Investment Banking

Advisory services for corporate clients, including mergers and acquisitions, equity and debt capital markets, and restructuring.

Wealth Management

Comprehensive wealth management solutions, including investment management, estate planning, and philanthropy services.

Fund Services

Administration and management services for investment funds, including setup, accounting, and compliance.

Custody and Depositary Services

Secure and reliable custody and depositary services for institutional clients, including asset safekeeping and reporting.

8. Liechtensteinische Landesbank Aktiengesellschaft's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Liechtensteinische Landesbank Aktiengesellschaft is moderate due to the presence of alternative banking services and financial institutions in the region.

Bargaining Power Of Customers

The bargaining power of customers is relatively low due to the bank's strong brand reputation and limited alternatives for customers in the region.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as the bank relies on a few key suppliers for its operations, but has some flexibility to negotiate prices and terms.

Threat Of New Entrants

The threat of new entrants is relatively low due to the high barriers to entry in the banking industry, including regulatory hurdles and capital requirements.

Intensity Of Rivalry

The intensity of rivalry in the banking industry is high, with several established players competing for market share and customer loyalty.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 63.57%
Debt Cost 5.71%
Equity Weight 36.43%
Equity Cost 5.71%
WACC 5.71%
Leverage 174.51%

11. Quality Control: Liechtensteinische Landesbank Aktiengesellschaft passed 4 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

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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

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BCGE

A-Score: 7.0/10

Value: 8.6

Growth: 4.7

Quality: 6.8

Yield: 5.6

Momentum: 6.5

Volatility: 10.0

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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

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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

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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

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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 ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

80.0$

Current Price

80$

Potential

-0.00%

Expected Cash-Flows