The bearer share of the Liechtensteinische Landesbank is listed on the SIX Swiss Exchange. LLB investors have benefited from attractive dividend yields on the back of positive income growth.
The LLB share has been listed on the SIX Swiss Exchange under the symbol LLB (security number: 3019524) since 1993. On 1 August 2015, the SIX Swiss Exchange made changes to the trading segments. The “Domestic Standard” segment has been abolished and the LLB has now been assigned to the “International Reporting Standard” segment and Bank Linth to the “Swiss Reporting Standard” segment. In 2015, a total of 1’733’842 LLB shares (2014: 1’927’838) were traded on the SIX Swiss Exchange, corresponding to 5.6 percent (2014: 6.3 %) of total shares issued. With 30.8 million shares issued, the market capitalisation of Liechtensteinische Landesbank AG stood at CHF 1’104 million (2014: CHF 1’232 million) as at 31 December 2015.
In 2015, Zürcher Kantonalbank (ZKB) analyst Andreas Brun monitored the LLB share and regularly published studies and assessments on the LLB Group. On 20 January 2015, the ZKB corrected its rating to “market weight” following the Swiss National Bank’s (SNB) decision to abandon the minimum exchange rate of the Swiss Franc to the Euro. The ZKB left its rating unchanged after publication of the LLB Group’s interim net profit on 27 August 2015 and the announcement of the StepUp2020 strategy and the new financial targets on 23 September 2015. Even after publication on 21 January 2016 of the advance information on the 2015 annual financial statement that the LLB Group had increased its annual profit by 16.9 percent in 2015, the ZKB kept its rating at “market weight”. The analyst noted that over the next few years the fundamental investment case would rest on the StepUp2020 strategy, but so far no catalyst was in sight.
The Swiss branch of MainFirst Bank, a Frankfurt finance house, started monitoring the LLB in October 2014. The LLB’s successful repositioning, strong equity base and massively improved profitability convinced financial analyst Tomasz Grzelak in the Zurich financial center to initially give the LLB share an “overweight” recommendation. However, after the SNB’s decision to discontinue the minimum exchange rate and to introduce negative interest rates, the analyst downgraded the LLB share to “neutral” and kept it there. The MainFirst analyst has not been monitoring the LLB share since the beginning of 2016.
Communication with the capital market
The LLB Group aims to provide an up-to-date picture of the opportunities and risks relating to its business activities by engaging in an open and ongoing dialogue with investors, analysts and representatives of the media. As a publicly listed company, we are obliged to publish share-price relevant information, including ad hoc information about events that may affect the share price, by means of media communiqués to all stakeholders. We inform shareholders, clients, employees and the public simultaneously, comprehensively and regularly about our business performance, value drivers as well as strategy and provide them with an overview of our key financial and operating figures. The aim is to ensure that the price of the LLB share reflects the fair value of the company.
The LLB Group publishes annual and interim financial results. There are also media and analyst conferences as well as conference calls for analysts, investors and the media. At the General Meetings of Shareholders, the Board of Directors and the Board of Management report transparently on the course of business. We also hold regular discussions with investors, provide information at roadshows and participate in specialist conferences for financial analysts and investors during the course of the years. Particularly worthy of mention was the Investors Day, held on 29 September 2015 in Vaduz, at which the new StepUp2020 strategy was presented in detail to capital market and media representatives.
All publicly accessible information about the LLB Group can be accessed on our website at www.llb.li. The public is welcome to register for electronically provided share-price relevant information about the LLB Group at www.llb.li/registration. Additionally, we publish our information via social media channels (Facebook, Twitter). The annual and interim financial reports are published by us in printed form and have also been available in a comprehensive online version with numerous additional functions since 2005. The Annual Report 2015 can be accessed online at gb2015.llb.li (German); ar2015.llb.li (English).