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Berner Kantonalbank AG (CHIX:BEKNZ) Owner Earnings per Share (TTM) : 20.16 (As of Dec. 2024)


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What is Berner Kantonalbank AG Owner Earnings per Share (TTM)?

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

Berner Kantonalbank AG's Owner Earnings per Share (TTM) ended in Dec. 2024 was CHF20.16. It's Price-to-Owner-Earnings ratio for today is 12.18.


The historical rank and industry rank for Berner Kantonalbank AG's Owner Earnings per Share (TTM) or its related term are showing as below:

CHIX:BEKNz' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 0.63   Med: 2.39   Max: 370.77
Current: 12.13


During the past 13 years, the highest Price-to-Owner-Earnings ratio of Berner Kantonalbank AG was 370.77. The lowest was 0.63. And the median was 2.39.


CHIX:BEKNz's Price-to-Owner-Earnings is ranked worse than
67.46% of 1008 companies
in the Banks industry
Industry Median: 8.93 vs CHIX:BEKNz: 12.13

Berner Kantonalbank AG's Earnings per Share (Diluted) for the six months ended in Dec. 2024 was CHF11.39. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Dec. 2024 was CHF19.54. It's PE Ratio (TTM) ratio for today is 12.56.

Berner Kantonalbank AG's EPS without NRI for the six months ended in Dec. 2024 was CHF11.40. Its EPS without NRI for the trailing twelve months (TTM) ended in Dec. 2024 was CHF19.56. It's PE Ratio without NRI ratio for today is 12.55.


Berner Kantonalbank AG Owner Earnings per Share (TTM) Historical Data

The historical data trend for Berner Kantonalbank AG's Owner Earnings per Share (TTM) can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Berner Kantonalbank AG Owner Earnings per Share (TTM) Chart

Berner Kantonalbank AG Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Owner Earnings per Share (TTM)
Get a 7-Day Free Trial Premium Member Only Premium Member Only - - - -60.13 20.03

Berner Kantonalbank AG Semi-Annual Data
Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24
Owner Earnings per Share (TTM) Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - - -60.13 - 20.03

Competitive Comparison of Berner Kantonalbank AG's Owner Earnings per Share (TTM)

For the Banks - Regional subindustry, Berner Kantonalbank AG's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Berner Kantonalbank AG's Price-to-Owner-Earnings Distribution in the Banks Industry

For the Banks industry and Financial Services sector, Berner Kantonalbank AG's Price-to-Owner-Earnings distribution charts can be found below:

* The bar in red indicates where Berner Kantonalbank AG's Price-to-Owner-Earnings falls into.



Berner Kantonalbank AG Owner Earnings per Share (TTM) Calculation

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

To make it simple, then you will have:

Owner Earnings per Share (TTM) = (Net Income + Depreciation, Depletion and Amortization + Change In Deferred Tax - 5Y Average of Maintenance Capital Expenditure + Change In Working Capital) / Shares Outstanding (Diluted Average)

Berner Kantonalbank AG's Owner Earnings per Share (TTM) Calculation:

Last Year Average of Last 5 Years
Net Income 180.7
Depreciation, Depletion and Amortization 34.2
Change In Deferred Tax 0.0
5Y Average of Maintenance Capital Expenditure 23.0
Change In Working Capital 0.0
Shares Outstanding (Diluted Average) 9.5

1. Start with "Net Income" from income statement. Berner Kantonalbank AG's Net Income for the trailing twelve months (TTM) ended in Dec. 2024 was CHF180.7 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. Berner Kantonalbank AG's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Dec. 2024 was CHF34.2 Mil. This needs to be added back because company does not actually need to pay cash for it. It is a non-cash item.

3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income. Berner Kantonalbank AG's Change In Deferred Tax for the trailing twelve months (TTM) ended in Dec. 2024 was CHF0.0 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = CHF23.0 Mil

It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.

The following shows how to get maintenance capital expenditure.

First, calculate the revenue change regarding to the previous year. If the revenue decreased from the previous year, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous year, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.

Berner Kantonalbank AG's 5-Year Average Maintenance Capital Expenditure = CHF23.0 Mil

5. "Change In Working Capital" is from cashflow statement. Berner Kantonalbank AG's Change In Working Capital for the trailing twelve months (TTM) ended in Dec. 2024 was CHF0.0 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.

6. Berner Kantonalbank AG's Shares Outstanding (Diluted Average) for the months ended in Dec. 2024 was 9.501 Mil.

Berner Kantonalbank AG's Onwer Earnings Per Share for Dec. 2024 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( 180.666 +34.202+0
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-22.98+0)/9.501
=20.16

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=245.50/20.16
=12.18

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Be Aware

Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.

Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.


Berner Kantonalbank AG Owner Earnings per Share (TTM) Related Terms

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Berner Kantonalbank AG Business Description

Traded in Other Exchanges
Address
Bundesplatz 8, Postfach, Bern, CHE, 3011
Berner Kantonalbank AG is a Swiss cantonal bank. It is engaged in the business activities in the Canton and the neighboring economic area. It manages the assets, grants loans to private individuals and companies. The bank offers solutions for paying, saving, investing, financing and provisioning. It focuses its activities on two core business areas namely business with private and corporate customers, in particular, SMEs, and asset management. The bank provides consultancies to SMEs and individuals, as an employer, as a training bank, and as a taxpayer.

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