olivLaw · European equity research
BTV Vier Länder Bank AG BTS.VI
Austria · Wiener Börse · ISIN AT0000625504 · Vertical: Listed companies from Austria
BTV Vier Länder Bank AG is a regional bank with branches in Austria, Germany and Switzerland, whose lending and deposit business is directly tied to the Alpine tourism economy. Its 2025 annual report shows that the strategy was reviewed without changes to the business model, but with a new field dedicated to artificial intelligence. For the company, the current relevance lies in how climate change and energy transition could affect its clients.
At the close of 30 Oct 2026, BTV Vier Länder Bank AG (BTS.VI) stock was 80.00 EUR (+0.00% on the day), with market capitalisation 3.0 bn EUR, P/E 19.3 on diluted EPS of 4.14 EUR over the last 12 months, dividend yield 0.73%, beta 0.03, 52-week range 65.50–92.00 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 25.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 77.32 – 90.48
- in the lower half of the band · %B 0.20 · band width 15.7%
- SMA 50 / 200
- 85.63 / 66.95
- mixed trend
- MACD (12, 26, 9)
- -1.90 / -1.29
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | unavailable | −1.0% | unavailable | — |
| 3 months | unavailable | −3.9% | unavailable | — |
| 6 months | +8.1% | +7.2% | +1.0 pp | — |
| Year to date | unavailable | +6.6% | unavailable | — |
| 1 year | +22.1% | +9.1% | +13.1 pp | +4.6% |
| 3 years | +78.6% | +47.9% | +30.6 pp | +8.2% |
| 5 years | +154.2% | +43.3% | +110.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 8.9, median 9.5, max 16.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 191.4 m | 223.7 m | 157.7 m |
| Net income YoY | unavailable | +16.9% | −29.5% |
| Diluted EPS | 5.16 | 5.87 | 4.14 |
| Diluted EPS YoY | unavailable | +13.8% | −29.5% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.8 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 2.6 bn EUR
- Total assets
- 15.9 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 6.2%
- ROA
- 1.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Pre-tax income | 229.4 m | 264.9 m | — | esef· 15 Apr 2025verified |
| Income tax | 33.3 m | 41.2 m | — | esef· 15 Apr 2025verified |
| Net income | 191.4 m | 223.7 m | 157.7 m | esef· 07 Apr 2026verified |
| Diluted EPS | 5.16 | 5.87 | 4.14 | esef· 07 Apr 2026verified |
| Dividend per share | 0.33 | 0.40 | 0.58 | esef· 07 Apr 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.1 bn | 3.2 bn | 3.8 bn | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 376.3 m | 378.3 m | 378.7 m | esef· 07 Apr 2026verified |
| Total assets | 14.9 bn | 15.4 bn | 15.9 bn | esef· 07 Apr 2026verified |
| Equity | 2.3 bn | 2.5 bn | 2.6 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 37.1 m | 38.1 m | 38.1 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 535.2 m | 244.9 m | 661.3 m | esef· 07 Apr 2026verified |
| Investing cash flow | -145.3 m | -100.8 m | -58.7 m | esef· 07 Apr 2026verified |
| Financing cash flow | 25.5 m | -24.9 m | 16.7 m | esef· 07 Apr 2026verified |
| Dividends paid | 12.3 m | 14.9 m | 22.3 m | esef· 07 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
30 Oct 2026Source: olivLaw, closing series
Market cap: 3.0 bn EUR
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 46.30 – 91.36 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E46.30 – 91.36 (Mid 67.38)25 companies used · median multiple 16.3x · quartiles 11.2x – 22.1x1AST.VI, ACAG.VI, AMAG.VI, ANDR.VI, BMAG.VI, CPI.VI, DOC.VI, ETS.VI, EVN.VI, FAA.VI, FACC.VI, FQT.VI, MMK.VI, OMV.VI, POS.VI, POST.VI, PYT.VI, ROS.VI, SBO.VI, STR.VI, SWUT.VI, TKA.VI, VER.VI, VOE.VI, WIE.VI
- Dividend discount (DDM)outside the aggregate7.95 – 10.84 (Mid 9.17)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 19.3x | 33 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.7% | 10 (on a fixed band) | 38% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial10/100 · 1/2 factors with a value
- Valuation· partial33/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BTV Vier Länder Bank AG (BTS.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 6.3%.
The estimated value range is 46.30–91.36 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 67.38 EUR, the price of 80.00 EUR leaves a potential of -15.8% (value / price − 1) and a margin of safety of -18.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Shareholder yield (distributions): 0.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 36.1 bn | 23.7 | 8.9% | 6.3% | −7.2% | +55% / +89% |
| VER.VIVerbund AG | 24.0 bn | 16.1 | 14.7% | 18.6% | −2.8% | +9% / −21% |
| STR.VIStrabag Se | 12.0 bn | 13.1 | 17.2% | 4.9% | +7.4% | +35% / +175% |
| ANDR.VIAndritz AG | 7.9 bn | 17.4 | 19.3% | 5.8% | −5.2% | +30% / +63% |
| VOE.VIvoestalpine AG | 7.2 bn | 17.3 | 5.7% | 2.8% | −4.3% | +14% / +64% |
| EVN.VIEvn AG | 5.3 bn | 12.2 | 6.9% | 14.6% | +3.8% | +12% / +11% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 3.0 bn | — | -2.4% | -1.4% | +12.7% | +301% / +428% |
| DOC.VIDO & CO Aktiengesellschaft | 2.3 bn | 22.1 | 24.0% | 4.3% | +7.1% | +11% / +69% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.3 | 18.3% | 4.3% | −2.6% | +5% / +1% |
| CPI.VICPI Europe AG | 2.1 bn | 4.2 | 12.2% | 68.2% | −6.7% | −0% / −18% |
| WIE.VIWienerberger AG | 1.9 bn | 11.2 | 5.9% | 3.6% | +1.2% | −42% / −35% |
| LNZ.VILenzing Aktiengesellschaft | 1.6 bn | — | -11.8% | -5.2% | −2.3% | −53% / −68% |
| BMAG.VIPIERER Mobility AG | 1.3 bn | 2.2 | 638.9% | 58.9% | −46.3% | +119% / −37% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.0 | 3.6% | 1.9% | −4.8% | −21% / −42% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +5% / +166% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.1 | 4.7% | 2.3% | +2.1% | +32% / +18% |
| FQT.VIFrequentis AG | 899.7 m | 31.9 | 15.5% | 4.9% | +20.8% | −2% / +140% |
| ETS.VIEuroTeleSites AG | 752.1 m | 22.5 | 8.8% | 11.9% | +3.7% | −5% / +35% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 719.8 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 617.1 m | 29.1 | 9.1% | 2.2% | +11.3% | +25% / +133% |
| ROS.VIRosenbauer International AG | 594.9 m | 12.0 | 17.4% | 3.5% | +9.4% | +36% / +105% |
| 1AST.VIASTA Energy Solutions AG | 484.7 m | 16.1 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 453.4 m | 19.2 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 365.4 m | 870.0 | 0.1% | 0.1% | −2.1% | +34% / +23% |
| ACAG.VIAustriacard Holdings AG | 348.9 m | 25.7 | 11.4% | 4.1% | −8.2% | +97% / +70% |
1- and 3-year price returns: for BTS.VI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
BTV Vier Länder Bank AG is a regional bank with branches in Austria, Germany and Switzerland, whose lending and deposit business is directly tied to the Alpine tourism economy. Its 2025 annual report shows that the strategy was reviewed without changes to the business model, but with a new field dedicated to artificial intelligence. For the company, the current relevance lies in how climate change and energy transition could affect its clients.
SWOT
Strengths
- Local presence and close client relationships are the strength of the business model.
- The bank reports a capacity to adapt its business model, considered substantial under climate scenarios.
- A regional portfolio diversified across three countries reduces dependence on a single economy.
Weaknesses
- Exposure to winter tourism and to cable car holdings creates sector concentration.
- Dependence of some clients on cheap energy could complicate credit risk assessment.
- Many climate and strategy projects are still in the development phase.
Opportunities
- Financing the energy transition and green projects could drive lending growth.
- Developing the summer offer could reduce dependence on the winter season.
- Artificial intelligence could improve services and internal efficiency.
Threats
- Climate change could affect infrastructure and demand in mountain tourism.
- Pressure from energy and emission costs could weigh on industrial clients.
- Competition from digital banks and local institutions could intensify.
Risks
- Credit risk in the tourism sectorhigh
If the winter season shortens, clients in mountain tourism could face repayment difficulties.
- Energy transition riskmedium
Regulatory changes and energy costs could affect the business model of industrial clients.
- Physical risk to propertymedium
Extreme weather events could affect properties in the portfolio and the bank's own real estate.
- Reputational riskmedium
Failure to meet climate regulatory requirements could damage the bank's image.
- AI implementation risklow
Organisational changes needed for AI could delay the expected benefits.
Investment thesis
What would need to be true (bull case)
- If the energy transition and summer tourism develop, the bank could benefit from growing green lending and diversification.
- The stability of the business model, confirmed by climate stress tests, could support investor confidence.
- Early adoption of artificial intelligence could bring competitive efficiency advantages.
What would break the thesis
- If the winter season deteriorates rapidly, exposure to mountain tourism could become a burden on the balance sheet.
- Pressure on industrial clients from energy costs could increase credit losses.
- Digital competition could compress margins in the standard deposit and lending segment.
What to watch
- Performance of cable car holdings and plans for the summer offer2026
- Results of climate stress tests and any strategy adjustments2027
- Progress of artificial intelligence projects and their impact on services2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
BTV operates as a regional bank with branches in Tyrol, Vorarlberg, Vienna, Bavaria, Baden-Württemberg and the cantons of St. Gallen and Zürich 1. The business model relies on physical presence close to clients, complemented by online services, according to the 2025 annual report 1. The bank combines classic banking, meaning deposits and lending, with holdings in companies from the mountain tourism sector.
In its sustainability report, the bank stresses that its core business model remains unchanged even under climate risk scenarios, although the services offered may evolve 1. The long-term strategy has 2030 as its immediate action horizon, and the annual review is carried out by the management board and the Sustainability & Strategy Office 1.
According to the same source, holdings in cable car companies such as Mayrhofner Bergbahnen and Silvretta Montafon illustrate the dependence on winter tourism and pressure on natural snow 1. This exposes the bank's portfolio simultaneously to loans and holdings in the same economic sector.
Segments
Regional banking and lending
The main segment consists of deposits and loans for private and corporate clients in the regions of operation, a model described as based on local presence 1. Credit risk depends directly on the financial situation of clients in the energy, industrial and real estate sectors 1.
Market context
The reference market is the Alpine region of Austria, southern Germany and Switzerland, where the economy depends heavily on tourism and local industry 1. The sources provided do not give market share or market size data, so statements remain qualitative.
The report notes that the winter season is affected by rising temperatures, while summer is gaining importance as a second income pillar in the region 1. This gradually shifts the financing demand in the area.
Trends
- Climate warming and the winter seasonheadwind
Rising temperatures could reduce natural snow and the windows for artificial snowmaking, affecting cable car companies and their clients 1. The effect on the bank could pass through credit risk.
- Development of summer tourismtailwind
Expanding the summer offer, with alpine and year-round products, could partly offset losses from the winter season 1. The effect on the bank depends on the success of this transition.
- Clients' energy transitionmixed
Rising energy prices and emission costs could put pressure on energy-intensive industry, affecting repayment capacity 1. Financing renewable energy projects may however open new opportunities 1.
- Artificial intelligence in bankingtailwind
Integrating AI into operations and strategy is presented as a growth field but requires organisational and cultural change 1. Financial effects are not quantified in the source.
Competitive position
The sources provided do not explicitly identify the bank's competitors, so the list below reflects only groups indirectly mentioned in the report. Competition in the regional market remains unassessed in the documents reviewed.
- Regional Austrian and German banks
Not named explicitly in the source; direct competition in Tyrol, Vorarlberg and Bavaria should be checked in other documents.
- Cooperative banks in Switzerland
Activity in the cantons of St. Gallen and Zürich suggests the presence of local banks, not named in the source.
- Cable car and mountain tourism operators
These are not banking competitors, but they define the context of the tourism-related credit clients.
- Digital banks
The report mentions online services, which points to pressure from banks operating exclusively digitally.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / BTV Vier Länder Bank AG · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.