VZ Holding AG (VZN) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of VZ Holding AG stock CHF 137, price CHF 167, that is 17.6% below the price, quality 68 out of 100. Rating: overvalued. Calculated from audited financials with 13 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 60.22 – CHF 181.00 · fair‑value band CHF 58.53 – CHF 192.85 · the CHF 166.80 price screens above the CHF 137.38 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
Follow VZ Holding in your weekly email
Every Wednesday you see whether VZ Holding is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
VZ Holding AG, together with its subsidiaries, provides financial services in Switzerland, Germany, and England.
Show moreShow less
The company offers retirement planning, estate planning, real estate pension scheme, tax advice, and corporate succession services; portfolio management, invest with ETFs, securities account consultancy, securities custody account, and securities portfolio check services; and estate consultation, execution of wills, corporate succession planning, VZ safe, and LGBT advice services.
It also provides mortgages, mortgage alarm, real estate valuation, and properties sale services; tax returns, tax planning, and LGBT tax advice services; and pension analysis, vested benefits, and ETFs and individual stocks services.
In addition, the company offers insurance, insurance check, pension planning, and digital organizers; VZ depository; VZ financial portal that enables to find properties worth, manage financial investments, insurance policies, and mortgages digitally, as well as set interest rate alarms; investment consultancy services; and trading of crypto assets.
VZ Holding AG was founded in 1992 and is headquartered in Zurich, Switzerland. VZ Holding AG operates as a subsidiary of Madarex AG.
Stock analysis
VZ Holding AG (VZN) currently trades at CHF 166.80, while our model-based Fair Value estimate is CHF 137.38, 18% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of CHF 137.38 per share, and 3 of the 13 models we run sit above the CHF 166.80 price.
Bear case: the Asset-Based group reads lowest at CHF 19.07, and 10 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: CHF 58.53 (bear) to CHF 192.85 (bull), the price of CHF 166.80 sits inside 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 68/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
VZ Holding AG reported revenue of CHF 628M in FY2025 versus CHF 392M in FY2021, a compound +12.5%/yr. Reported net income was CHF 236M in FY2025, compounding +13.5%/yr from FY2021.
Key figures
Market cap CHF 6.6B Mid · P/E ratio 25.8 · P/S ratio 9.96 · EPS (TTM) CHF 6.46 · Dividend yield 1.8% · Net margin 38.6% · Return on equity 22.6% · Return on assets (EBIT) 4.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 78 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 19% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at −18%, VZN screens richer than that median.
Fair Value models
BearCHF 58.53Fair Value CHF 137.38BullCHF 192.85
Price CHF 166.80 · Downside -17.6%
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 3.00 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.99/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+10.6%
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.
+14.3%
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.
+13.6%
Start year 2020 (pandemic). Over 10 years: +10.8% a year
Revenue growth 19 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.
+11.9%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
+16.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.6%
Dividend (yield on the price)1.8%
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.14.6% vs 10.9%, picking up
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.41% → 44%
News mood ⓘNews mood, the average tone of recent news (20 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: VZ Holding's main strength lies in turning consulting projects into platform clients that generate recurring asset management fees with strong margins, while its main weak point is the thin evidence of durable quality amid modest returns.
Main risk: Low-cost robo-advisors such as True Wealth or VIAC might attract clients with lower fees and reduce demand for VZ's consulting-to-platform model or force price cuts on asset management services.
Bull case: VZ could integrate its AI agent and consulting expertise with digital tools to retain clients seeking personalized advice alongside low costs.
Bear case: If robo-advisors capture more market share in retirement planning and asset management, VZ's client conversion and recurring fee growth could slow significantly.
VZ Holding turns consulting projects into platform clients, onboarding thousands each half-year while existing users adopt more services and drive assets under management higher. This creates recurring fee income in asset management with strong margins, yet our models see the shares as overvalued. Does the steady client conversion sustain premium growth, or do rising costs and competition erode those margins first?
Price, fair value, quality and upside side by side.
Free, no sign-up
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.Asset Management · 588 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score68 · Above median
Fair Value upside−17.6% · Below median
Profitability
Return on equity (12 months)22.6% · Top 25%
Return on assets2.9% · Below median
Net margin (12 months)38.6% · Above median
Operating margin (12 months)45.5% · Above median
Growth and dividend
Revenue growth (quarter YoY)11.8% · Above median
Dividend yield (12 months)1.8% · Bottom 25%
Balance sheet
Debt / equity0.50× · Above median
Valuation Multiplesvs Asset Management median · lower = cheaper
P/E (12 months)25.8× · Priciest 25%
P/B5.61× · Priciest 25%
P/S (12 months)9.96× · Priciest 25%
Price / free cash flow (fiscal year)25.9× · Pricier than median
EV/EBITDA17.7× · Priciest 25%
PEG0.88× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)10· sector 60
FUTURE (revenue growth)59· sector 39
PAST (return on equity)90· sector 29
HEALTH (low debt)–
DIVIDEND (yield)35· sector 80
HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.
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). "VZ Holding AG Fair Value". https://www.fairvalue-calculator.com/stock/VZN
Frequently asked questions
Is VZ Holding AG (VZN) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of CHF 137.38 versus a price of CHF 166.80, about 18% lower (overvalued).
What is the fair value of VZN?
Our model-based fair value for VZ Holding AG is CHF 137.38 (as of Nov 8, 2026), built from audited fundamentals. The current price: CHF 166.80.
What is the quality score of VZN?
VZ Holding AG has a Quality Score of 68/100. 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 VZ Holding AG (VZN)?
Our model-based price target is the fair value of CHF 137.38 (as of Nov 8, 2026) from 13 valuation models. Cautious scenario CHF 58.53, optimistic scenario CHF 192.85. It is a calculation from audited fundamentals, not an analyst target.
What is the VZ Holding AG stock forecast for 2026?
Our models put fair value at CHF 137.38, about 18% lower versus a price of CHF 166.80 (overvalued). Cautious scenario CHF 58.53, optimistic scenario CHF 192.85. The calculation is refreshed regularly with new filings.
What is the revenue of VZ Holding AG (VZN)?
VZ Holding AG reported trailing-twelve-month revenue of about CHF 663M (latest available figure, as of Nov 8, 2026).
Does VZ Holding AG pay a dividend?
VZ Holding AG currently shows a dividend yield of 1.77% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of VZ Holding AG (VZN) and when is the ex-dividend date?
VZ Holding AG pays a dividend of CHF 2.95 per share a year, a dividend yield of 1.8%. The last ex-dividend date was Mar 31, 2026. A dividend has been paid every year since at least 2008. The payout ratio is 45.7% 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 VZ Holding AG (VZN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For VZ Holding AG it is CHF 137.38 per share (as of Nov 8, 2026), against a price of CHF 166.80. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is VZ Holding AG stock overvalued or undervalued in 2026?
As of Nov 8, 2026, VZN trades above its calculated fair value: price CHF 166.80, fair value CHF 137.38, a gap of about −18% (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 VZN?
No. The price is what the market pays today (CHF 166.80); the fair value is what the company's own numbers justify (CHF 137.38). For VZ Holding AG the two are CHF 29.42 per share apart. That gap is exactly why we show both numbers side by side.
How much is VZ Holding AG worth?
The market values VZ Holding AG at about CHF 6.6B (market capitalisation, as of Nov 8, 2026). Per share that is CHF 166.80; our models calculate a fair value of CHF 137.38 per share.
What do the bullish and bearish scenarios say about VZN?
Our models span a range for VZ Holding AG: cautious scenario CHF 58.53, base CHF 137.38, optimistic CHF 192.85 per share (as of Nov 8, 2026, price CHF 166.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VZN?
VZ Holding AG trades at a price-to-earnings ratio of 25.8 (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 137.38 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2020 to 2025), reported earnings: 25.7. Other multiples: PEG 0.9, P/B 5.6, P/S 10.0, EV/EBITDA 17.7.
What is the PEG ratio of VZN?
The PEG ratio of VZ Holding AG is 0.88 (P/E divided by earnings growth, as of Nov 8, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of VZ Holding AG (VZN)?
Balance-sheet figures for VZ Holding AG (as of Nov 8, 2026): return on equity 22.6%, debt of 0.50 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is VZN from its 52-week high?
VZ Holding AG trades at CHF 166.80, about 8% below its 52-week high of CHF 181.00 and 19% above the low of CHF 139.60 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 137.38 is for.
Which stocks are comparable to VZ Holding AG?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, 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 VZ Holding AG stock attractive at the current price?
The data as of Nov 8, 2026: price CHF 166.80, calculated fair value CHF 137.38 (−18%), Quality Score 68/100, from 13 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 VZN calculated?
We run VZ Holding AG through 13 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of CHF 137.38 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 13.0% above its aggregate fair value. VZ 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 VZ Holding AG (VZN)?
The closing price on Nov 6, 2026 was CHF 166.80. Our model-based fair value is CHF 137.38, about 18% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with VZ Holding AG right now?
The model range is unusually wide (CHF 58.53 to CHF 192.85). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (68/100) 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 VZ Holding AG (VZN) come from?
Earnings per share at VZ Holding AG grew +11.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +11.3 %, EBIT margin +1.6 %, tax rate +0.4 %, residual (interest, one-offs) −1.6 %. 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 VZ Holding AG
How large is the market capitalisation of VZ Holding AG (VZN)?
The market capitalisation of VZ Holding AG is CHF 6.6B. 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 VZ Holding AG (VZN)?
The price-to-sales ratio of VZ Holding AG is 9.96 (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 VZ Holding AG (VZN)?
Earnings per share at VZ Holding AG are CHF 6.46 (price ÷ EPS = P/E 25.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of VZ Holding AG (VZN)?
The dividend yield of VZ Holding AG is 1.8% (payout 45.7%). 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 VZ Holding AG (VZN)?
The net margin of VZ Holding AG is 38.6% (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 VZ Holding AG (VZN)?
The return on equity (ROE) of VZ Holding AG is 22.6% (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 VZ Holding AG (VZN)?
On an EBIT basis the return on assets of VZ Holding AG is 4.0% (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 VZ Holding AG (VZN)?
The operating margin of VZ Holding AG is 45.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at VZ Holding AG (VZN)?
Revenue at VZ Holding AG is growing +11.8% versus a year earlier (3y avg +14.3%). 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 VZ Holding AG (VZN)?
Earnings per share at VZ Holding AG are growing +18.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does VZ Holding AG (VZN) generate?
The free cash flow of VZ Holding AG is CHF 254M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does VZ Holding AG (VZN) hold?
VZ Holding AG holds more cash than debt, CHF 943M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
Free · no account needed
Watch VZ Holding AG in the live analysis
One click puts VZ Holding AG on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Broad data
Nov 8, 2026