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 affiche une sensibilité minime aux variations du marché, avec un beta de seulement 0.13% et une volatility de 7.69%, soit à peine plus que Wal-Mart, the least volatile title of our portfolio. Le dividend yield s'élève à 1.4%, avec une progression annuelle moyenne sur cinq ans de 11.84%. Avec une croissance annuelle moyenne du bénéfice par action sur les cinq dernières années de 16.55%, PAXN couvre plus qu'aisément le paiement de son dividende. Le distribution ratio s'élève d'ailleurs à un minuscule 10.29%.
Le ratio de liquidité générale (actif circulant à moins d'un an/passif exigible à court terme) s'élève à un 1.63. Le ratio de dettes sur capitaux propres se monte quant à lui à 0.51. La marge bénéficiaire nette est de 11.60% sur les douze derniers mois roulants et de 10.87% sur la moyenne des cinq dernières années. Le cours sur actif net (PBR - Price to Book Ratio) se monte à 0.94, tandis que le PER confirme cette valorisation attractive, avec 7.37. Le retour des investissements sur fonds propres (ROE) se montent à 13.60% (12.14% sur la moyenne des cinq dernières années).
Pax-Anlage affiche une progression stable, progressive et sûre de son cours. On constate dans le graphique ci-dessous sa très faible expositions aux variations du marché. On notera en particulier que pour une société opérant dans l'real estate, elle est restée pratiquement de marbre face à la crise des subprimes.
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.
Discover more from dividendes
Subscribe to get the latest posts sent to your email.
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.