PAX-Anlage AG is listed on the SIX Swiss Exchange and was founded in Basel in November 1959. The company is mainly engaged in real estate transactions.
It also invests in equity, financial services, trusts and other sectors. The company wholly owns PAX Wohnbauten AG, PAX-Liegenschaften AG, PAX Invest AG, PAX Immotrade AG, PAX Real Estate AG, PAX Construct, Immotest Bau-und Verwaltungs-AG and Morandini AG. PAX Wohnbauten AG and PAX-Liegenschaften AG are engaged in the construction and sale of residential properties, particularly in central Switzerland. In 2008, 361 new apartments were built and 316 properties sold. As of December 31, 2009, PAX-Anlage AG was owned by the cooperative PAX Holding to the tune of 47.9%.
PAX Holding is a holding company organized as a cooperative with its registered office in Basel. The former cooperative was converted into a holding company in 1995. PAX Holding is based on two strong pillars. These are PAX, Swiss Life Insurance Company Ltd, active in the Swiss life insurance market, and PAX-Anlage AG. PAX Holding sees itself as an SME in the Swiss business landscape. It is organized as a cooperative and is committed to a fair and sustainable business activity from its two subsidiaries. The primary watchword of business management is creation of added value with yield-oriented growth which benefit PAX customers and employees.
PAXN displays minimal sensitivity to market fluctuations, with a beta of just 0.13% and a volatility of 7.69%, barely more than Wal-Mart, the least volatile title of our portfolio. The dividend yield stands at 1.4%, with a five-year average annual growth of 11.84%. With an average annual growth in earnings per share over the last five years of 16.55%, PAXN more than easily covers its dividend payment. The payout ratio also stands at a minuscule 10.29%.
The general liquidity ratio (current assets due within one year/current liabilities) stands at 1.63. The debt-to-equity ratio stands at 0.51. The net profit margin is 11.60% over the last twelve rolling months and 10.87% over the average of the last five years. The price to book ratio (PBR) stands at 0.94, while the PER confirms this attractive valuation, with 7.37. The return on equity (ROE) stands at 13.60% (12.14% over the average of the last five years).
Pax-Anlage has shown a stable, progressive and safe progression of its share price. The graph below shows its very low exposure to market fluctuations. It should be noted in particular that for a company operating in real estate, it has remained practically unmoved by the subprime crisis.
Pax-Anlage AG is the first acquisition of our new "Swiss Value Dividend Stocks" strategy. The latter aims to reduce our exposure to fluctuations in the dollar and the market in general.
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Hello : Paxn :
This title is trading on the stock exchange at around CHF 1100.- Do you think that your analysis on this subject is still relevant?
Hello. The price hasn't changed since mid-2012 and yes it's still relevant.
So, it is a stock that does not move and distributes few dividends.
As the fundamentals look solid, the PE quite modest, should we consider that the stock is shunned, unknown by the market or is it simply too expensive to increase? The question is whether the price is lagging and in this case, this could be a buying opportunity.
What do you think?
It is a small cap with 42% of free float, not very popular and not very liquid. The price at CHF 1,100 does not help either.