Valiant Holding AG (VATN) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Valiant Holding AG stock CHF 121, price CHF 152, that is 20.0% below the price, quality 57 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range CHF 66.88 – CHF 176.90 · fair‑value band CHF 90.92 – CHF 151.53 · the CHF 151.60 price screens above the CHF 121.23 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Valiant Holding AG, together with its subsidiaries, provides financial products and services in the areas of financing, payments, savings, investments, and retirement planning in Switzerland.
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The company offers savings; real estate financing; loans for working capital and other basic services for businesses; unsecured and consumer loans; payment transactions and other banking transactions through Valiant app; and retirement planning and investment solutions, as well as personal advisory services.
It serves private clients, affluent clients, self-employed individuals and small companies, and medium-sized companies. The company was founded in 1824 and is based in Bern, Switzerland.
Stock analysis
Valiant Holding AG (VATN) currently trades at CHF 151.60, while our model-based Fair Value estimate is CHF 121.23, 20% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of CHF 146.81 per share, and 0 of the 6 models we run sit above the CHF 151.60 price.
Bear case: the Dividend Discount group reads lowest at CHF 70.23, and 6 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: CHF 90.92 (bear) to CHF 151.53 (bull), the price of CHF 151.60 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 57/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Valiant Holding AG reported revenue of CHF 737M in FY2025 versus CHF 437M in FY2021, a compound +14.0%/yr. Reported net income was CHF 155M in FY2025, compounding +5.9%/yr from FY2021.
Key figures
Market cap CHF 2.4B Mid · P/E ratio 14.9 · P/S ratio 4.31 · EPS (TTM) CHF 10.18 · Dividend yield 4.0% · Net margin 29.0% · Return on equity 5.8% · Return on assets (EBIT) 0.5% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 63 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −20%, VATN screens cheaper than that median.
Fair Value models
BearCHF 90.92Fair Value CHF 121.23BullCHF 151.53
Price CHF 151.60 · Downside -20.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (CHF 3.58 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.79/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.2%
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+8.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.9%
Dividend (yield on the price)4.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.4.9% vs 3.0%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.34% → 26%
AI conclusion: Valiant's strength is steady loan and deposit growth plus cost control that support its diversification push, yet the inherent limits of traditional regional banking leave it exposed to competition capping those gains.
Main risk: Competition in Swiss regional banking could cap the benefits from efficiency gains and new services such as the free banking package for companies, thereby constraining profitability improvements.
Valiant is pushing ahead with its Valiant 2029 strategy through modest profit growth, rising commission income and a new free banking package for companies, all while running a share buyback. The regional Swiss bank keeps costs under control and grows loans and deposits steadily. Will the push into diversified services and efficiency gains outweigh the limits of traditional regional banking, or will competition cap the benefits?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 996 stocks
Beats the industry median on 3/15 measures
Overall it trails its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside−19.8% · Below median
Profitability
Return on equity (12 months)5.8% · Bottom 25%
Return on assets0.4% · Bottom 25%
Net margin (12 months)29.0% · Below median
Operating margin (12 months)36.2% · Below median
Growth and dividend
Revenue growth (quarter YoY)0.6% · Bottom 25%
Dividend yield (12 months)4.0% · Above median
Balance sheet
Debt / equity3.84× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Valiant Holding AG Fair Value". https://www.fairvalue-calculator.com/stock/VATN
Frequently asked questions
Is Valiant Holding AG (VATN) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of CHF 121.23 versus a price of CHF 151.60, about 20% lower (overvalued).
What is the fair value of VATN?
Our model-based fair value for Valiant Holding AG is CHF 121.23 (as of Nov 8, 2026), built from audited fundamentals. The current price: CHF 151.60.
What is the quality score of VATN?
Valiant Holding AG has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Valiant Holding AG (VATN)?
Our model-based price target is the fair value of CHF 121.23 (as of Nov 8, 2026) from 6 valuation models. Cautious scenario CHF 90.92, optimistic scenario CHF 151.53. It is a calculation from audited fundamentals, not an analyst target.
What is the Valiant Holding AG stock forecast for 2026?
Our models put fair value at CHF 121.23, about 20% lower versus a price of CHF 151.60 (overvalued). Cautious scenario CHF 90.92, optimistic scenario CHF 151.53. The calculation is refreshed regularly with new filings.
What is the revenue of Valiant Holding AG (VATN)?
Valiant Holding AG reported trailing-twelve-month revenue of about CHF 554M (latest available figure, as of Nov 8, 2026).
Does Valiant Holding AG pay a dividend?
Valiant Holding AG currently shows a dividend yield of 3.96% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Valiant Holding AG (VATN) and when is the ex-dividend date?
Valiant Holding AG pays a dividend of CHF 6.00 per share a year, a dividend yield of 4.0%. The last ex-dividend date was May 18, 2026. A dividend has been paid every year since at least 1998. The payout ratio is 58.9% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Valiant Holding AG (VATN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Valiant Holding AG it is CHF 121.23 per share (as of Nov 8, 2026), against a price of CHF 151.60. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Valiant Holding AG stock overvalued or undervalued in 2026?
As of Nov 8, 2026, VATN trades above its calculated fair value: price CHF 151.60, fair value CHF 121.23, a gap of about −20% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of VATN?
No. The price is what the market pays today (CHF 151.60); the fair value is what the company's own numbers justify (CHF 121.23). For Valiant Holding AG the two are CHF 30.37 per share apart. That gap is exactly why we show both numbers side by side.
How much is Valiant Holding AG worth?
The market values Valiant Holding AG at about CHF 2.4B (market capitalisation, as of Nov 8, 2026). Per share that is CHF 151.60; our models calculate a fair value of CHF 121.23 per share.
What do the bullish and bearish scenarios say about VATN?
Our models span a range for Valiant Holding AG: cautious scenario CHF 90.92, base CHF 121.23, optimistic CHF 151.53 per share (as of Nov 8, 2026, price CHF 151.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VATN?
Valiant Holding AG trades at a price-to-earnings ratio of 14.9 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 121.23 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 12.5. Other multiples: PEG 1.9, P/B 0.9, P/S 4.3, EV/EBITDA 41.9.
What is the PEG ratio of VATN?
The PEG ratio of Valiant Holding AG is 1.91 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Valiant Holding AG (VATN)?
Balance-sheet figures for Valiant Holding AG (as of Nov 8, 2026): return on equity 5.8%, debt of 3.84 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is VATN from its 52-week high?
Valiant Holding AG trades at CHF 151.60, about 14% below its 52-week high of CHF 176.90 and 17% above the low of CHF 129.88 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 121.23 is for.
Which stocks are comparable to Valiant Holding AG?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Valiant Holding AG stock attractive at the current price?
The data as of Nov 8, 2026: price CHF 151.60, calculated fair value CHF 121.23 (−20%), Quality Score 57/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of VATN calculated?
We run Valiant Holding AG through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of CHF 121.23 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Valiant Holding AG itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Valiant Holding AG (VATN)?
The closing price on Nov 9, 2026 was CHF 151.60. Our model-based fair value is CHF 121.23, about 20% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Valiant Holding AG right now?
Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Valiant Holding AG (VATN) come from?
Earnings per share at Valiant Holding AG grew +3.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.1 %, EBIT margin −1.2 %, tax rate −0.3 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Valiant Holding AG
How large is the market capitalisation of Valiant Holding AG (VATN)?
The market capitalisation of Valiant Holding AG is CHF 2.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Valiant Holding AG (VATN)?
The price-to-sales ratio of Valiant Holding AG is 4.31 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Valiant Holding AG (VATN)?
Earnings per share at Valiant Holding AG are CHF 10.18 (price ÷ EPS = P/E 14.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Valiant Holding AG (VATN)?
The dividend yield of Valiant Holding AG is 4.0% (payout 58.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Valiant Holding AG (VATN)?
The net margin of Valiant Holding AG is 29.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Valiant Holding AG (VATN)?
The return on equity (ROE) of Valiant Holding AG is 5.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Valiant Holding AG (VATN)?
On an EBIT basis the return on assets of Valiant Holding AG is 0.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Valiant Holding AG (VATN)?
The operating margin of Valiant Holding AG is 36.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Valiant Holding AG (VATN)?
Revenue at Valiant Holding AG is growing +0.6% versus a year earlier (3y avg +15.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Valiant Holding AG (VATN)?
Earnings per share at Valiant Holding AG are growing +2.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Valiant Holding AG (VATN) generate?
The free cash flow of Valiant Holding AG is CHF 52.4M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Valiant Holding AG (VATN) carry?
The net debt of Valiant Holding AG is CHF 7.9B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 8, 2026