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GAM Holding

SWX:GAM
Snowflake Description

Flawless balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GAM
SWX
CHF291M
Market Cap
  1. Home
  2. CH
  3. Diversified Financials
Company description

GAM Holding AG is a publicly owned asset management holding company. The last earnings update was 38 days ago. More info.


Add to Portfolio Compare Print
  • GAM Holding is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
  • GAM Holding has significant price volatility in the past 3 months.
GAM Share Price and Events
7 Day Returns
55.8%
SWX:GAM
12.2%
CH Capital Markets
3.9%
CH Market
1 Year Returns
-41.7%
SWX:GAM
-23.1%
CH Capital Markets
-6.9%
CH Market
GAM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
GAM Holding (GAM) 55.8% -42.1% -33.3% -41.7% -84.8% -90.9%
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
  • GAM underperformed the Capital Markets industry which returned -23.1% over the past year.
  • GAM underperformed the Market in Switzerland which returned -6.9% over the past year.
Price Volatility
GAM
Industry
5yr Volatility vs Market

GAM Value

 Is GAM Holding 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 GAM Holding 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 GAM Holding.

SWX:GAM 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
= CHF6.29 * 4.5%
CHF0.28
Book Value of Equity per Share Weighted future Book Value estimates from 2 analysts. CHF6.29
Discount Rate (Cost of Equity) See below 4.5%
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:GAM
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%) (24.23%))
0.933
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.93
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.55% + (0.933 * 5.44%)
4.53%

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

The calculations below outline how an intrinsic value for GAM Holding 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:GAM Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (4.5% – 4.53%) * CHF6.29)
CHF0.00
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CHF0.00 / (4.53% - -0.55%)
CHF-0.08
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CHF6.29 + CHF-0.08
CHF6.2
SWX:GAM Discount to Share Price
Calculation Result
Value per share (CHF) From above. CHF6.20
Current discount Discount to share price of CHF1.87
= -1 x (CHF1.87 - CHF6.20) / CHF6.20
69.9%

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

Current Discount
Amount off the current price GAM Holding is available for.
Intrinsic value
>50%
Share price is CHF1.87 vs Future cash flow value of CHF6.2
Current Discount Checks
For GAM Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • GAM Holding's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • GAM Holding'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 GAM Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are GAM Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:GAM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CHF CHF-0.02
SWX:GAM Share Price ** SWX (2020-03-30) in CHF CHF1.87
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 GAM Holding.

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

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

= 1.87 ÷ -0.02

-83.08x

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

  • GAM Holding is loss making, we can't compare its value to the CH Capital Markets industry average.
  • GAM Holding is loss making, we can't compare the value of its earnings to the Switzerland market.
Price based on expected Growth
Does GAM Holding's expected growth come at a high price?
Raw Data
SWX:GAM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -83.08x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
67.5%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 .

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

  • Unable to calculate PEG ratio for GAM Holding, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on GAM Holding's assets?
Raw Data
SWX:GAM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CHF CHF5.62
SWX:GAM Share Price * SWX (2020-03-30) in CHF CHF1.87
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:GAM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 1.87 ÷ 5.62

0.33x

* Primary Listing of GAM Holding.

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

  • GAM Holding is good value based on assets compared to the CH Capital Markets industry average.
X
Value checks
We assess GAM Holding'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. GAM Holding 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.

GAM Future Performance

 How is GAM Holding expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

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
67.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is GAM Holding expected to grow at an attractive rate?
  • GAM Holding's earnings growth is expected to exceed the low risk savings rate of -0.6%.
Growth vs Market Checks
  • GAM Holding's earnings growth is expected to exceed the Switzerland market average.
  • GAM Holding's revenues are expected to decrease over the next 1-3 years, this is below the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:GAM Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:GAM Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 67.5%
SWX:GAM Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts -2.2%
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:GAM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:GAM Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 323 44 2
2021-12-31 318 34 2
2020-12-31 312 14 2
2020-03-30
SWX:GAM Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2019-12-31 349 21 -4
2019-09-30 366 -1 -480
2019-06-30 383 -23 -968
2019-03-31 442 49 -949
2018-12-31 499 121 -917
2018-09-30 541 155 -424
2018-06-30 582 188 81
2018-03-31 567 164 102
2017-12-31 553 140 123
2017-09-30 524 132 136
2017-06-30 496 124 149
2017-03-31 483 100 142

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • GAM Holding's earnings are expected to grow significantly at over 20% yearly.
  • GAM Holding's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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:GAM 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 2 Analyst Estimates (S&P Global) See Below

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

SWX:GAM Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 0.29 0.35 0.23 2.00
2021-12-31 0.22 0.25 0.20 2.00
2020-12-31 0.09 0.09 0.09 2.00
2020-03-30
SWX:GAM Past Financials Data
Date (Data in CHF Millions) EPS *
2019-12-31 -0.02
2019-09-30 -3.09
2019-06-30 -6.24
2019-03-31 -6.11
2018-12-31 -5.90
2018-09-30 -2.72
2018-06-30 0.52
2018-03-31 0.65
2017-12-31 0.78
2017-09-30 0.86
2017-06-30 0.94
2017-03-31 0.90

*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.
  • GAM Holding is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess GAM Holding'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.
GAM Holding 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.

GAM Past Performance

  How has GAM Holding 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 GAM Holding'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.
  • GAM Holding does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare GAM Holding's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare GAM Holding's 1-year growth to the CH Capital Markets industry average as it is not currently profitable.
Earnings and Revenue History
GAM Holding'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 GAM Holding Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:GAM Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 349.20 -3.50 99.60
2019-09-30 365.55 -479.65 107.75
2019-06-30 383.10 -968.10 115.90
2019-03-31 441.65 -948.60 121.80
2018-12-31 499.00 -916.80 127.70
2018-09-30 540.95 -424.10 122.25
2018-06-30 581.70 80.90 116.80
2018-03-31 567.15 102.05 111.45
2017-12-31 552.60 123.20 106.10
2017-09-30 524.30 135.95 105.80
2017-06-30 496.00 148.70 105.50
2017-03-31 483.40 141.50 104.20
2016-12-31 470.80 134.30 102.90
2016-09-30 500.00 122.50 102.90
2016-06-30 529.20 110.70 102.90
2016-03-31 563.70 124.50 103.90
2015-12-31 598.20 138.30 104.90
2015-09-30 724.90 147.60 105.75
2015-06-30 851.60 156.90 106.60
2015-03-31 966.25 161.35 106.20
2014-12-31 1,080.90 165.80 105.80
2014-09-30 1,075.60 167.45 107.65
2014-06-30 1,070.30 169.10 109.50
2014-03-31 1,109.25 182.95 109.85
2013-12-31 1,148.20 196.80 110.20
2013-09-30 1,151.90 182.40 108.55
2013-06-30 1,155.60 168.00 106.90
2013-03-31 1,101.95 127.55 106.90

*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.
  • It is difficult to establish if GAM Holding has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • GAM Holding used its assets more efficiently than the CH Capital Markets industry average last year based on Return on Assets.
  • It is difficult to establish if GAM Holding improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess GAM Holding'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.
GAM Holding has a total score of 1/6, 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.

GAM Health

 How is GAM Holding'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 GAM Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • GAM Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • GAM Holding's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of GAM Holding'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.
  • GAM Holding 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 GAM Holding Company Filings, last reported 2 months ago.

SWX:GAM Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 875.00 0.00 336.10
2019-09-30 875.00 0.00 336.10
2019-06-30 824.10 0.00 262.90
2019-03-31 824.10 0.00 262.90
2018-12-31 881.20 0.00 358.80
2018-09-30 839.20 0.00 358.80
2018-06-30 1,813.70 0.00 368.50
2018-03-31 1,813.70 0.00 368.50
2017-12-31 1,882.60 0.00 419.70
2017-09-30 1,882.60 0.00 419.70
2017-06-30 1,819.90 0.00 334.90
2017-03-31 1,819.90 0.00 334.90
2016-12-31 1,844.00 0.00 428.00
2016-09-30 1,844.00 0.00 428.00
2016-06-30 1,773.70 0.00 545.30
2016-03-31 1,773.70 0.00 545.30
2015-12-31 1,876.40 0.00 682.20
2015-09-30 1,876.40 0.00 682.20
2015-06-30 1,842.90 0.00 596.50
2015-03-31 1,842.90 0.00 596.50
2014-12-31 1,915.90 0.00 761.60
2014-09-30 1,915.90 0.00 761.60
2014-06-30 1,873.40 0.00 637.50
2014-03-31 1,873.40 0.00 637.50
2013-12-31 1,919.70 0.00 667.30
2013-09-30 1,919.70 0.00 667.30
2013-06-30 1,842.80 0.00 607.50
2013-03-31 1,842.80 0.00 607.50
  • GAM Holding has no debt.
  • GAM Holding has not taken on any debt in the past 5 years.
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making GAM Holding has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making GAM Holding has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 26.3% per year.
X
Financial health checks
We assess GAM Holding'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. GAM Holding 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.

GAM Dividends

 What is GAM Holding'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
0%
Current annual income from GAM Holding dividends. Estimated to be 3.83% next year.
If you bought CHF2,000 of GAM Holding shares you are expected to receive CHF0 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?
  • Unable to evaluate GAM Holding's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate GAM Holding's dividend against the top 25% market benchmark as the company has not reported any payouts.
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:GAM 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 2 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:GAM Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.15 2.00
2021-12-31 0.08 3.00
2020-12-31 0.02 3.00
2020-03-30
SWX:GAM Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2019-07-30 0.000 0.000
2019-02-21 0.000 0.000
2019-01-15 0.000 0.000
2018-04-26 0.650 8.608
2017-04-10 0.650 4.335
2016-03-01 0.650 6.019
2015-04-21 0.650 3.689
2014-04-15 0.650 3.803
2013-04-17 0.500 3.099
2012-04-18 0.500 3.993
2011-04-19 0.500 4.200
2010-03-02 0.000 0.000

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

  • Unable to perform a dividend volatility check as GAM Holding has not reported any payouts.
  • Unable to verify if GAM Holding's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of GAM Holding's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as GAM Holding has not reported any payouts.
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.9x coverage).
X
Income/ dividend checks
We assess GAM Holding'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 GAM Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. GAM Holding has a total score of 1/6, see the detailed checks below.


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

GAM Management

 What is the CEO of GAM Holding'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
Pete Sanderson
COMPENSATION CHF1,578,337
AGE 41
TENURE AS CEO 0.5 years
CEO Bio

Mr. Peter Sanderson, also known as Pete, serves as the Group Chief Executive Officer and Chairman of Management Board at GAM Holding AG since September 01, 2019. He most recently served as BlackRock’s head of financial service consulting in Europe, the Middle East and Africa. He had previously served as co-head of multi asset investment solutions and chief operating officer for BlackRock Solutions, having earlier worked at Mondrian and KPMG.

CEO Compensation
  • Insufficient data for Pete to compare compensation growth.
  • Pete's remuneration is higher than average for companies of similar size in Switzerland.
Management Team Tenure

Average tenure and age of the GAM Holding management team in years:

3
Average Tenure
50.5
Average Age
  • The tenure for the GAM Holding management team is about average.
Management Team

Pete Sanderson

TITLE
Group CEO & Chairman of Management Board
COMPENSATION
CHF2M
AGE
41
TENURE
0.5 yrs

Richard McNamara

TITLE
Group CFO & Member of Group Management Board
AGE
51
TENURE
4.4 yrs

Martin Jufer

TITLE
Group Head Private Labelling & Region Head Continental Europe and Member of Group Management Board
AGE
51
TENURE
6.9 yrs

Elmar Zumbuehl

TITLE
Group Chief Risk Officer & Member of Group Management Board
AGE
49
TENURE
3 yrs

Tim Rainsford

TITLE
Group Head of Sales & Distribution and Member of Group Management Board
AGE
51
TENURE
3 yrs

Rachel Wheeler

TITLE
Group General Counsel & Member of Group Management Board
AGE
50
TENURE
1.5 yrs

Steve Rafferty

TITLE
Group Chief Operating Officer
TENURE
0.3 yrs

Charles Naylor

TITLE
Global Head of Corporate Communications & Investor Relations
AGE
63

David Kemp

TITLE
Group Head of Compliance
TENURE
1.4 yrs

Tim Dana

TITLE
Group Head of Corporate Development
AGE
50
TENURE
4.4 yrs
Board of Directors Tenure

Average tenure and age of the GAM Holding board of directors in years:

0.8
Average Tenure
58
Average Age
  • The average tenure for the GAM Holding board of directors is less than 3 years, this suggests a new board.
Board of Directors

David Jacob

TITLE
Chairman of the Board
COMPENSATION
CHF354K
AGE
55
TENURE
0.4 yrs

Benji Meuli

TITLE
Vice Chairman of the Board
COMPENSATION
CHF306K
AGE
63

Hugh Scott-Barrett

TITLE
Director
COMPENSATION
CHF468K
AGE
61
TENURE
10.8 yrs

Nancy Mistretta

TITLE
Director
COMPENSATION
CHF250K
AGE
65
TENURE
3.9 yrs

Monika Machon

TITLE
Director
COMPENSATION
CHF234K
AGE
58
TENURE
0.8 yrs

Katia Coudray

TITLE
Director
COMPENSATION
CHF207K
AGE
50
TENURE
0.8 yrs

Jacqui Irvine

TITLE
Director
COMPENSATION
CHF211K
AGE
47
TENURE
0.8 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 GAM Holding'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. GAM Holding 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.

GAM News

Simply Wall St News

How Does GAM Holding AG (VTX:GAM) Fare As A Dividend Stock?

Over the past 10 years GAM Holding AG (VTX:GAM) has returned an average of 4.00% per year from dividend payouts. … Let's take a look at GAM Holding in more detail. … How I analyze a dividend stock

Simply Wall St -

Who Are GAM Holding AG's (VTX:GAM) Major Shareholders?

I am going to take a deep dive into GAM Holding AG’s (VTX:GAM) most recent ownership structure, not a frequent subject of discussion among individual investors. … Ownership structure has been found to have an impact on shareholder returns in both short- and long-term. … Differences in ownership structure of companies can have a profound effect on how management's incentives are aligned with shareholder returns, and whether they adhere to corporate governance best practices.

Simply Wall St -

If You Bought GAM Holding AG (VTX:GAM) Today, There May Be An Upside

Capital market firms such as GAM are hard to value. … This is because the rules they face are different to other companies, which can impact the way we forecast their cash flow. … Maintaining a certain level of cash capital ratio is common for these financial firms to abide by, in order to minimize risks to their shareholders.

Simply Wall St -

What Does GAM Holding AG's (VTX:GAM) Share Price Indicate?

saw significant share price volatility over the past couple of months on the SWX, rising to the highs of CHF17.17 and falling to the lows of CHF13.63. … A question to answer is whether GAM Holding's current trading price of CHF13.7 reflective of the actual value of the? … Let’s take a look at GAM Holding’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

Should You Be Tempted To Sell GAM Holding AG (VTX:GAM) Because Of Its PE Ratio?

This analysis is intended to introduce important early concepts to people who are starting to invest. … and want to begin learning the link between GAM Holding AG (VTX:GAM)’s fundamentals and stock market performance. … While GAM might seem like a stock to avoid or sell if you own it, it is important to understand the assumptions behind the P/E ratio before you make any investment decisions

Simply Wall St -

Can GAM Holding AG (SWX:GAM) Save Your Portfolio?

The risk of investing in the stock market is a systematic crash. … High quality, proven companies tend to stick around in the long run, although their share price may be temporarily impacted by a crash. … Although some monetary and fiscal policy changes may impact some corporate financing decisions and strategy, what we've learnt over time is that these companies tend to adapt

Simply Wall St -

Is It The Right Time To Buy GAM Holding AG (VTX:GAM)?

GAM Holding AG (SWX:GAM), a capital markets company based in Switzerland, saw significant share price volatility over the past couple of months on the SWX, rising to the highs of CHF17.5 and falling to the lows of CHF15.63. … It’s trading around 0.13% below my intrinsic value, which means if you buy GAM Holding today, you’d be paying a fair price for it. … Will you have enough confidence to invest in the company should the price drop below its fair value?

Simply Wall St -

Is GAM Holding AG's (VTX:GAM) Growth Strong Enough To Justify Its May Share Price?

GAM is trading at price-to-earnings (PE) ratio of 20.2x, which suggests that GAM Holding is overvalued based on current earnings compared to the capital markets industry average of 20.14x , and undervalued relative to the current CH market average of 22.09x. … A PE ratio of 20.2x and expected year-on-year earnings growth of 18.97% give GAM Holding an acceptable PEG ratio of 1.06x. … So, when we include the growth factor in our analysis, GAM Holding appears slightly overvalued , based on fundamental analysis.

Simply Wall St -

GAM Holding AG (VTX:GAM) Investors Are Paying Above The Intrinsic Value

Emphasizing data points like book values, in addition to the return and cost of equity, can be appropriate for evaluating GAM’s intrinsic value. … The returns above the cost of equity is known as excess returns: Excess Return Per Share = (Stable Return On Equity – Cost Of Equity) (Book Value Of Equity Per Share) = (9.93% – 8.01%) * CHF13.2 = CHF0.25 We use this value to calculate the terminal value of the company, which is how much we expect the company to continue to earn every year, forever. … This is a common component of discounted cash flow models: Terminal Value Per Share = Excess Return Per Share / (Cost of Equity – Expected Growth Rate) = CHF0.25 / (8.01% – 0.06%) = CHF3.18 Putting this all together, we get the value of GAM’s share: Value Per Share = Book Value of Equity Per Share + Terminal Value Per Share = CHF13.2 + CHF3.18 = CHF16.38 Given GAM's current share price of CHF16.48, GAM is fairly priced by the market.

Simply Wall St -

How Do Analysts See GAM Holding AG (VTX:GAM) Performing Over The Next Few Years?

Below, I've laid out key growth figures on how market analysts perceive GAM Holding's earnings growth trajectory over the next couple of years and whether the future looks brighter. … The slope of this line is the rate of earnings growth, which in this case is 18.96%. … This means that, we can anticipate GAM Holding will grow its earnings by 18.96% every year for the next couple of years.

Simply Wall St -

GAM Company Info

Description

GAM Holding AG is a publicly owned asset management holding company. Through its subsidiaries, the firm manages separate client focused equity and fixed income portfolios. Through its subsidiaries, it also launches and manages equity, fixed income, and balanced mutual funds. Through its subsidiaries, the firm invests in public equity and fixed income markets. GAM Holding AG is based in Zurich, Switzerland with an additional office in Geneva, Switzerland.

Details
Name: GAM Holding AG
GAM
Exchange: SWX
Founded:
CHF290,974,225
155,601,190
Website: http://www.gam.com
Address: GAM Holding AG
Hardstrasse 201,
PO Box,
Zurich,
Zurich, 8037,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX GAM Registered Shares SIX Swiss Exchange CH CHF 02. Jan 1992
OTCPK GMHL.F Registered Shares Pink Sheets LLC US USD 02. Jan 1992
DB GAD Registered Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0QN3 Registered Shares London Stock Exchange GB CHF 02. Jan 1992
OTCPK GMHL.Y ADR Pink Sheets LLC US USD 13. Oct 2008
Number of employees
Current staff
Staff numbers
817
GAM Holding 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 21:26
End of day share price update: 2020/03/30 00:00
Last estimates confirmation: 2020/03/19
Last earnings filing: 2020/02/21
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.