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Bellevue Group

SWX:BBN
Snowflake Description

Flawless balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BBN
SWX
CHF284M
Market Cap
  1. Home
  2. CH
  3. Diversified Financials
Company description

Bellevue Group AG provides asset management and wealth management services for private, corporate, and institutional clients in Switzerland and internationally. The last earnings update was 27 days ago. More info.


Add to Portfolio Compare Print
  • Bellevue Group has significant price volatility in the past 3 months.
BBN Share Price and Events
7 Day Returns
-10.2%
SWX:BBN
12.2%
CH Capital Markets
3.9%
CH Market
1 Year Returns
4.4%
SWX:BBN
-23.1%
CH Capital Markets
-6.9%
CH Market
BBN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bellevue Group (BBN) -10.2% -17.2% -11.3% 4.4% 26.9% 54.2%
CH Capital Markets 12.2% -17.7% -29.3% -23.1% -39.5% -54.1%
CH Market 3.9% -9.1% -15.5% -6.9% 0.5% -2.9%
1 Year Return vs Industry and Market
  • BBN outperformed the Capital Markets industry which returned -23.1% over the past year.
  • BBN outperformed the Market in Switzerland which returned -6.9% over the past year.
Price Volatility
BBN
Industry
5yr Volatility vs Market

BBN Value

 Is Bellevue Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Bellevue Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bellevue Group.

SWX:BBN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= CHF13.21 * 12.1%
CHF1.60
Book Value of Equity per Share Median Book Value from the past 5 years. CHF13.21
Discount Rate (Cost of Equity) See below 4%
Perpetual Growth Rate 10-Year CH Government Bond Rate -0.6%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SWX:BBN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate -0.6%
Equity Risk Premium S&P Global 5.4%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.751 (1 + (1- 18%) (2.54%))
0.844
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.84
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.55% + (0.844 * 5.44%)
4.04%

Discounted Cash Flow Calculation for SWX:BBN using Excess Returns Model Model

The calculations below outline how an intrinsic value for Bellevue Group is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

SWX:BBN Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (12.1% – 4.04%) * CHF13.21)
CHF1.06
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CHF1.06 / (4.04% - -0.55%)
CHF23.14
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CHF13.21 + CHF23.14
CHF36.35
SWX:BBN Discount to Share Price
Calculation Result
Value per share (CHF) From above. CHF36.35
Current discount Discount to share price of CHF21.20
= -1 x (CHF21.20 - CHF36.35) / CHF36.35
41.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Bellevue Group is available for.
Intrinsic value
42%
Share price is CHF21.2 vs Future cash flow value of CHF36.35
Current Discount Checks
For Bellevue Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Bellevue Group's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Bellevue Group's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bellevue Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bellevue Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:BBN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CHF CHF1.26
SWX:BBN Share Price ** SWX (2020-03-30) in CHF CHF21.2
Switzerland Capital Markets Industry PE Ratio Median Figure of 13 Publicly-Listed Capital Markets Companies 17.41x
Switzerland Market PE Ratio Median Figure of 175 Publicly-Listed Companies 16.76x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bellevue Group.

SWX:BBN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SWX:BBN Share Price ÷ EPS (both in CHF)

= 21.2 ÷ 1.26

16.85x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bellevue Group is good value based on earnings compared to the CH Capital Markets industry average.
  • Bellevue Group is overvalued based on earnings compared to the Switzerland market.
Price based on expected Growth
Does Bellevue Group's expected growth come at a high price?
Raw Data
SWX:BBN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.85x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
14.9%per year
Switzerland Capital Markets Industry PEG Ratio Median Figure of 9 Publicly-Listed Capital Markets Companies 1.24x
Switzerland Market PEG Ratio Median Figure of 125 Publicly-Listed Companies 1.68x

*Line of best fit is calculated by linear regression .

SWX:BBN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.85x ÷ 14.9%

1.13x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bellevue Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Bellevue Group's assets?
Raw Data
SWX:BBN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CHF CHF14.62
SWX:BBN Share Price * SWX (2020-03-30) in CHF CHF21.2
Switzerland Capital Markets Industry PB Ratio Median Figure of 16 Publicly-Listed Capital Markets Companies 0.94x
Switzerland Market PB Ratio Median Figure of 216 Publicly-Listed Companies 1.35x
SWX:BBN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SWX:BBN Share Price ÷ Book Value per Share (both in CHF)

= 21.2 ÷ 14.62

1.45x

* Primary Listing of Bellevue Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bellevue Group is overvalued based on assets compared to the CH Capital Markets industry average.
X
Value checks
We assess Bellevue Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Bellevue Group has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

BBN Future Performance

 How is Bellevue Group expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
14.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bellevue Group expected to grow at an attractive rate?
  • Bellevue Group's earnings growth is expected to exceed the low risk savings rate of -0.6%.
Growth vs Market Checks
  • Bellevue Group's earnings growth is expected to exceed the Switzerland market average.
  • Bellevue Group's revenue growth is expected to exceed the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:BBN Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:BBN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 14.9%
SWX:BBN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 5.4%
Switzerland Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 6%
Switzerland Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 1.8%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 8.6%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 2.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SWX:BBN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:BBN Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 130 35 1
2022-12-31 124 33 1
2021-12-31 117 30 1
2020-12-31 111 27 1
2020-03-30
SWX:BBN Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2019-12-31 104 -73 17
2019-06-30 106 -15 23
2019-03-31 106 13 21
2018-12-31 94 41 26
2018-09-30 106 16 22
2018-06-30 106 -9 23
2018-03-31 105 7 22
2017-12-31 103 24 22
2017-09-30 100 57 14
2017-06-30 96 91 6
2017-03-31 85 62 3

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bellevue Group's earnings are expected to grow by 14.9% yearly, however this is not considered high growth (20% yearly).
  • Bellevue Group's revenue is expected to grow by 5.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SWX:BBN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Bellevue Group Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:BBN Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 2.63 2.63 2.63 1.00
2022-12-31 2.43 2.43 2.43 1.00
2021-12-31 2.22 2.22 2.22 1.00
2020-12-31 2.02 2.02 2.02 1.00
2020-03-30
SWX:BBN Past Financials Data
Date (Data in CHF Millions) EPS *
2019-12-31 1.26
2019-06-30 1.69
2019-03-31 1.59
2018-12-31 1.94
2018-09-30 1.61
2018-06-30 1.73
2018-03-31 1.67
2017-12-31 1.60
2017-09-30 1.02
2017-06-30 0.44
2017-03-31 0.20

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Bellevue Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Bellevue Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Switzerland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Switzerland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bellevue Group has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

BBN Past Performance

  How has Bellevue Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Bellevue Group's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Bellevue Group has delivered over 20% year on year earnings growth in the past 5 years.
  • Bellevue Group's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Bellevue Group's 1-year earnings growth is negative, it can't be compared to the CH Capital Markets industry average.
Earnings and Revenue History
Bellevue Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Bellevue Group Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:BBN Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 104.38 16.87 64.10
2019-06-30 105.79 22.66 74.18
2019-03-31 105.66 21.32 73.78
2018-12-31 94.11 25.96 62.13
2018-09-30 105.77 21.59 70.89
2018-06-30 106.01 23.21 77.60
2018-03-31 104.66 22.36 73.41
2017-12-31 103.32 21.52 69.23
2017-09-30 99.58 13.69 65.14
2017-06-30 95.83 5.86 61.05
2017-03-31 84.81 2.61 59.35
2016-12-31 73.79 -0.65 57.65
2016-09-30 72.35 8.69 50.43
2016-06-30 70.92 18.02 43.20
2016-03-31 76.08 8.60 40.91
2015-12-31 81.25 -0.82 38.62
2015-09-30 75.20 -6.09 42.74
2015-06-30 69.14 -11.35 46.86
2015-03-31 63.12 -0.13 43.18
2014-12-31 57.10 11.10 39.49
2014-09-30 52.07 9.00 37.67
2014-06-30 47.04 6.90 35.84
2014-03-31 45.70 6.69 35.85
2013-12-31 44.37 6.48 35.85
2013-09-30 43.63 5.54 37.07
2013-06-30 42.89 4.60 38.29
2013-03-31 42.78 5.40 37.97

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Bellevue Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Bellevue Group used its assets more efficiently than the CH Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if Bellevue Group improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Bellevue Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bellevue Group has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

BBN Health

 How is Bellevue Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Bellevue Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bellevue Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Bellevue Group's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Bellevue Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Bellevue Group has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Bellevue Group Company Filings, last reported 2 months ago.

SWX:BBN Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 195.76 0.00 97.80
2019-06-30 199.51 16.18 101.67
2019-03-31 199.51 16.18 101.67
2018-12-31 196.88 3.44 263.55
2018-09-30 196.88 3.44 263.55
2018-06-30 170.42 21.87 182.04
2018-03-31 170.42 21.87 182.04
2017-12-31 177.20 24.93 236.50
2017-09-30 177.20 24.93 236.50
2017-06-30 157.71 52.01 236.90
2017-03-31 157.71 52.01 236.90
2016-12-31 158.88 44.05 240.46
2016-09-30 158.88 44.05 240.46
2016-06-30 161.84 60.27 155.75
2016-03-31 161.84 60.27 155.75
2015-12-31 135.96 19.20 167.73
2015-09-30 135.96 19.20 167.73
2015-06-30 123.22 24.72 169.85
2015-03-31 123.22 24.72 169.85
2014-12-31 149.61 27.87 206.68
2014-09-30 149.61 27.87 206.68
2014-06-30 146.60 23.63 201.91
2014-03-31 146.60 23.63 201.91
2013-12-31 149.45 13.22 214.42
2013-09-30 149.45 13.22 214.42
2013-06-30 147.79 140.26 286.42
2013-03-31 147.79 140.26 286.42
  • Bellevue Group has no debt.
  • Bellevue Group has no debt compared to 5 years ago when it was 18.6%.
  • Bellevue Group has no debt, it does not need to be covered by operating cash flow.
  • Bellevue Group has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Bellevue Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Bellevue Group has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

BBN Dividends

 What is Bellevue Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.9%
Current annual income from Bellevue Group dividends. Estimated to be 8.37% next year.
If you bought CHF2,000 of Bellevue Group shares you are expected to receive CHF118 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Bellevue Group's pays a higher dividend yield than the bottom 25% of dividend payers in Switzerland (2.16%).
  • Bellevue Group's dividend is above the markets top 25% of dividend payers in Switzerland (4.34%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SWX:BBN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
Switzerland Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 13 Stocks 5.6%
Switzerland Market Average Dividend Yield Market Cap Weighted Average of 159 Stocks 3.4%
Switzerland Minimum Threshold Dividend Yield 10th Percentile 1.2%
Switzerland Bottom 25% Dividend Yield 25th Percentile 2.2%
Switzerland Top 25% Dividend Yield 75th Percentile 4.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SWX:BBN Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 2.10 1.00
2022-12-31 1.95 1.00
2021-12-31 1.65 1.00
2020-12-31 1.40 1.00
2020-03-30
SWX:BBN Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2020-01-28 1.250 4.783
2019-03-19 1.100 5.023
2018-03-01 1.100 4.818
2018-02-27 1.100 4.258
2017-03-10 1.000 4.833
2016-02-29 1.000 6.738
2015-02-23 1.000 7.021
2014-02-24 1.000 7.449
2013-03-18 2.000 16.482
2012-07-27 3.330 34.996
2012-02-27 3.330 29.476
2011-02-25 4.000 24.504
2010-03-29 4.000 11.741
2009-03-31 4.000 10.333

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Bellevue Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess Bellevue Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Bellevue Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bellevue Group has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

BBN Management

 What is the CEO of Bellevue Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
André Rüegg
COMPENSATION CHF1,962,550
AGE 51
TENURE AS CEO 4.8 years
CEO Bio

Mr. André Rüegg has been Group Chief Executive Officer at Bellevue Group AG since January 1, 2016 and also serves as its Member of Management Board. Mr. Rüegg has been the Chief Executive Officer at Bellevue Asset Management AG at Bellevue Group AG since January 01, 2012. Mr. Rüegg previously served as the Interim Chief Executive Officer at Bellevue Group AG since April 30, 2015. Mr. Rüegg joined Bellevue Group AG as its Head of Sales and Marketing in 2009 and served as Deputy Chief Executive Officer from 2009 to 2012. From 1995 to 2008, Mr. Rüegg served at Bank Julius Baer, where he served as a Member of Extended Management Committee, Member of Management Committee of the Asset Management Division and served as its Head of Global Sales & Marketing. From 1992 to 1995, he served as a Business Consultant at a Arthur Andersen & Co. He holds a Master’s degree in Business Economics following studies at the University of Zurich and Columbia University.

CEO Compensation
  • André's compensation has been consistent with company performance over the past year, both up more than 20%.
  • André's remuneration is higher than average for companies of similar size in Switzerland.
Management Team Tenure

Average tenure and age of the Bellevue Group management team in years:

1.3
Average Tenure
47
Average Age
  • The average tenure for the Bellevue Group management team is less than 2 years, this suggests a new team.
Management Team

André Rüegg

TITLE
Group CEO & Member of Group Executive Board
COMPENSATION
CHF2M
AGE
51
TENURE
4.8 yrs

Patrik Gilli

TITLE
Group CFO & Member of Executive Board
AGE
43
TENURE
0.3 yrs

Thomas Pixner

TITLE
Member of the Executive Board
AGE
57
TENURE
2 yrs

Jan Kollros

TITLE
Member of Executive Board
AGE
41
TENURE
0.7 yrs
Board of Directors Tenure

Average tenure and age of the Bellevue Group board of directors in years:

1
Average Tenure
57
Average Age
  • The average tenure for the Bellevue Group board of directors is less than 3 years, this suggests a new board.
Board of Directors

Veit de Maddalena

TITLE
Independent Chairman
COMPENSATION
CHF293K
AGE
52
TENURE
1 yrs

Daniel Sigg

TITLE
Independent Director
COMPENSATION
CHF190K
AGE
63
TENURE
13.2 yrs

Katrin Wehr-Seiter

TITLE
Independent Director
COMPENSATION
CHF153K
AGE
49
TENURE
1 yrs

Urs Schenker

TITLE
Independent Director
COMPENSATION
CHF174K
AGE
62
TENURE
1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CHF) Value (CHF)
X
Management checks
We assess Bellevue Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Bellevue Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

BBN News

Simply Wall St News

Why Bellevue Group AG (VTX:BBN) Is An Attractive Investment To Consider

In the case of Bellevue Group AG (VTX:BBN), there's is a highly-regarded dividend payer that has been able to sustain great financial health over the past. … Adequate balance sheet average dividend payer BBN's ability to maintain an adequate level of cash to meet upcoming liabilities is a good sign for its financial health. … SWX:BBN Historical Dividend Yield, August 29th 2019 Next Steps: For Bellevue Group, there are three essential aspects you should further examine: Future Outlook: What are well-informed industry analysts predicting for BBN’s future growth?

Simply Wall St -

What Should We Expect From Bellevue Group AG's (VTX:BBN) Earnings In The Next 12 Months?

Below is a brief commentary on the longer term outlook the market has for Bellevue Group. … View our latest analysis for Bellevue Group How will Bellevue Group perform in the near future? … SWX:BBN Past and Future Earnings, August 14th 2019 This results in an annual growth rate of 9.4% based on the most recent earnings level of CHF20m to the final forecast of CHF28m by 2022.

Simply Wall St -

Bellevue Group (VTX:BBN) Shareholders Have Enjoyed A 62% Share Price Gain

To wit, the Bellevue Group share price has climbed 62% in five years, easily topping the market return of 19% (ignoring dividends). … When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. … We note that for Bellevue Group the TSR over the last 5 years was 129%, which is better than the share price return mentioned above.

Simply Wall St -

Is Bellevue Group AG's (VTX:BBN) Future Growth Already Accounted For In Today's Price?

Stocks like Bellevue Group, with a price-to-earnings (P/E) ratio of 14.21x, always catch the eye of investors on the hunt for a bargain. … However, to properly examine the value of a high-growth stock such as Bellevue Group, we must reflect its earnings growth into the valuation. … A PE ratio of 14.21x and expected year-on-year earnings growth of 10% give Bellevue Group a higher PEG ratio of 1.38x.

Simply Wall St -

What Kind Of Shareholders Own Bellevue Group AG (VTX:BBN)?

The big shareholder groups in Bellevue Group AG (VTX:BBN) have power over the company. … As Nassim Nicholas Taleb said, 'Don’t tell me what you think, tell me what you have in your portfolio.' Bellevue Group is a smaller company with a market capitalization of CHF286m, so it may still be flying under the radar of many institutional investors. … See our latest analysis for Bellevue Group SWX:BBN Ownership Summary, July 2nd 2019 What Does The Institutional Ownership Tell Us About Bellevue Group?

Simply Wall St -

Why Fundamental Investors Might Love Bellevue Group AG (VTX:BBN)

For those interested in understanding where the figures come from and want to see the analysis, read the full report on Bellevue Group here. … SWX:BBN Historical Debt, May 17th 2019 BBN's high dividend payments make it one of the best dividend stocks on the market, and its profitability ensures that dividends are well-covered by its net income. … SWX:BBN Historical Dividend Yield, May 17th 2019 Next Steps: For Bellevue Group, there are three fundamental aspects you should further research: Future Outlook: What are well-informed industry analysts predicting for BBN’s future growth?

Simply Wall St -

Should You Be Pleased About The CEO Pay At Bellevue Group AG's (VTX:BBN)

In 2015 André Rüegg was appointed CEO of Bellevue Group AG (VTX:BBN). … This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does André Rüegg's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Update: Bellevue Group Stock Gained 49% In The Last Three Years

For example, Bellevue Group AG (VTX:BBN) shareholders have seen the share price rise 49% over three years, well in excess of the market return (13%, not including dividends). … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During three years of share price growth, Bellevue Group moved from a loss to profitability.

Simply Wall St -

Is Bellevue Group AG (VTX:BBN) An Attractive Dividend Stock?

Historically, Bellevue Group AG (VTX:BBN) has paid dividends to shareholders, and these days it yields 5.4%. … Let's dig deeper into whether Bellevue Group should have a place in your portfolio. … See our latest analysis for Bellevue Group

Simply Wall St -

Is Bellevue Group AG's (VTX:BBN) CEO Incentives Align With Yours?

At the time of writing our data says that Bellevue Group AG has a market cap of CHF327m, and is paying total annual CEO compensation of CHF2m. … We looked at a group of companies with market capitalizations from CHF198m to CHF793m, and the median CEO compensation was CHF835k. … It would therefore appear that Bellevue Group AG pays André Rüegg more than the median CEO remuneration at companies of a similar size, in the same market

Simply Wall St -

BBN Company Info

Description

Bellevue Group AG provides asset management and wealth management services for private, corporate, and institutional clients in Switzerland and internationally. The company operates through two segments, Bank am Bellevue and Asset Management. It offers investment funds and institutional mandates, such as healthcare, global, and specialized equity strategies; and absolute return strategies, global bond strategies, and multi-asset solutions, as well as investment trusts and private equity funds. The company also provides wealth management services comprising investment advisory, wealth management, and investment office services; and trading execution, market making, custody, and credit facilities. Bellevue Group AG was founded in 1993 and is headquartered in Küsnacht, Switzerland.

Details
Name: Bellevue Group AG
BBN
Exchange: SWX
Founded: 1993
CHF283,898,273
13,391,428
Website: http://www.bellevue.ch
Address: Bellevue Group AG
Seestrasse 16,
Küsnacht,
Zurich, 8700,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX BBN Bearer Shares SIX Swiss Exchange CH CHF 10. Nov 1999
DB SJZN Bearer Shares Deutsche Boerse AG DE EUR 10. Nov 1999
LSE 0QLZ Bearer Shares London Stock Exchange GB CHF 10. Nov 1999
Number of employees
Current staff
Staff numbers
116
Bellevue Group employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/30 21:06
End of day share price update: 2020/03/30 00:00
Last estimates confirmation: 2020/03/03
Last earnings filing: 2020/03/03
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.