Varengold Bank AG (VG80) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Varengold Bank AG stock €3.93, price €2.48, upside +58.5%, quality 42 out of 100. Rating: strongly undervalued. Calculated from audited financials with 4 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 7, 2026.
How to read this chart
60‑month range €1.40 – €8.30 · fair‑value band €2.95 – €4.91 · the €2.48 price screens below the €3.93 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 2026.
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Ascory Bank AG operates as a credit institution in Germany. The company operates as a specialist bank for structured financing in the corporate client sector. It caters to financial technology companies including leasing and factoring institutions, energy transition, and leveraged finance sectors.
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The company also provides call and fixed-term deposits. The company was formerly known as Varengold Bank AG and changed its name to Ascory Bank AG in February 2026. Ascory Bank AG was founded in 1995 and is headquartered in Hamburg, Germany.
Stock analysis
Varengold Bank AG (VG80) currently trades at €2.48, while our model-based Fair Value estimate is €3.93, implying the stock looks roughly 37% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of €5.23 per share, and 3 of the 4 models we run sit above the €2.48 price.
Bear case: the Multiples group reads lowest at €3.93, and 1 of the 4 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €2.95 (bear) to €4.91 (bull), the price of €2.48 sits below 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 42/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Varengold Bank AG reported revenue of €38.0M in FY2025 versus €61.0M in FY2021, a compound −11.2%/yr. Reported net income was €523K in FY2025, compounding −58.2%/yr from FY2021.
Key figures
Market cap €24.9M Micro · P/E ratio 10.8 · P/S ratio 0.80 · EPS (TTM) €0.2300 · Net margin 7.5% · Return on equity 2.9% · Return on assets (EBIT) 0.8% (5-year average) · Operating margin 12.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 34 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 5% 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 58%, VG80 screens cheaper than that median.
Fair Value models
Bear€2.95Fair Value €3.93Bull€4.91
Price €2.48 · Upside +58.5%
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 (€0.1972 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.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
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.
−10.9%
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.
+10.7%
Revenue growth 18 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.
+10.9%
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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.
−21.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−21.4%
Dividend (yield on the price)0.0%
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.−21.4% vs 83.6%, slowing
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.0% → 5%
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 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score42 · Bottom 25%
Fair Value upside+58.5% · Top 25%
Profitability
Return on equity (12 months)2.9% · Bottom 25%
Return on assets0.1% · Bottom 25%
Net margin (12 months)7.5% · Bottom 25%
Operating margin (12 months)12.4% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−10.4% · Bottom 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). "Varengold Bank AG Fair Value". https://www.fairvalue-calculator.com/stock/VG80
Frequently asked questions
Is Varengold Bank AG (VG80) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of €3.93 versus a price of €2.48, about +58% upside (undervalued).
What is the fair value of VG80?
Our model-based fair value for Varengold Bank AG is €3.93 (as of Nov 7, 2026), built from audited fundamentals. The current price: €2.48.
What is the quality score of VG80?
Varengold Bank AG has a Quality Score of 42/100. 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 Varengold Bank AG (VG80)?
Our model-based price target is the fair value of €3.93 (as of Nov 7, 2026) from 4 valuation models. Cautious scenario €2.95, optimistic scenario €4.91. It is a calculation from audited fundamentals, not an analyst target.
What is the Varengold Bank AG stock forecast for 2026?
Our models put fair value at €3.93, about +58% upside versus a price of €2.48 (undervalued). Cautious scenario €2.95, optimistic scenario €4.91. The calculation is refreshed regularly with new filings.
What is the revenue of Varengold Bank AG (VG80)?
Varengold Bank AG reported trailing-twelve-month revenue of about €31.0M (latest available figure, as of Nov 7, 2026).
What is the intrinsic value of Varengold Bank AG (VG80)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Varengold Bank AG it is €3.93 per share (as of Nov 7, 2026), against a price of €2.48. It is the blended result of 4 valuation models in 3 families (Multiples, Asset-Based, Economic Profit).
Is Varengold Bank AG stock overvalued or undervalued in 2026?
As of Nov 7, 2026, VG80 trades below its calculated fair value: price €2.48, fair value €3.93, a gap of about +58% (undervalued). 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 VG80?
No. The price is what the market pays today (€2.48); the fair value is what the company's own numbers justify (€3.93). For Varengold Bank AG the two are €1.45 per share apart. That gap is exactly why we show both numbers side by side.
How much is Varengold Bank AG worth?
The market values Varengold Bank AG at about €24.9M (market capitalisation, as of Nov 7, 2026). Per share that is €2.48; our models calculate a fair value of €3.93 per share.
What do the bullish and bearish scenarios say about VG80?
Our models span a range for Varengold Bank AG: cautious scenario €2.95, base €3.93, optimistic €4.91 per share (as of Nov 7, 2026, price €2.48). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VG80?
Varengold Bank AG trades at a price-to-earnings ratio of 10.8 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €3.93 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2017 to 2025), reported earnings: 21.4. Other multiples: P/B 0.3, P/S 0.8, EV/EBITDA 8.2.
How solid is the balance sheet of Varengold Bank AG (VG80)?
Balance-sheet figures for Varengold Bank AG (as of Nov 7, 2026): return on equity 2.9%. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is VG80 from its 52-week high?
Varengold Bank AG trades at €2.48, about 13% below its 52-week high of €2.85 and 5% above the low of €2.37 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €3.93 is for.
Which stocks are comparable to Varengold Bank 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 Varengold Bank AG stock attractive at the current price?
The data as of Nov 7, 2026: price €2.48, calculated fair value €3.93 (+58%), Quality Score 42/100, from 4 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 VG80 calculated?
We run Varengold Bank AG through 4 models from 3 families: Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of €3.93 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. Varengold Bank AG currently trades 37% below its own fair value, and the market average says nothing about that. 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 Varengold Bank AG (VG80)?
The closing price on Nov 6, 2026 was €2.48. Our model-based fair value is €3.93, about +58% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Varengold Bank AG right now?
The large discount to fair value meets weak quality (42/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (€2.95). The market is more pessimistic than our downside scenario. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Varengold Bank AG
How large is the market capitalisation of Varengold Bank AG (VG80)?
The market capitalisation of Varengold Bank AG is €24.9M. 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 Varengold Bank AG (VG80)?
The price-to-sales ratio of Varengold Bank AG is 0.80 (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 Varengold Bank AG (VG80)?
Earnings per share at Varengold Bank AG are €0.2300 (price ÷ EPS = P/E 10.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Varengold Bank AG (VG80)?
The net margin of Varengold Bank AG is 7.5% (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 Varengold Bank AG (VG80)?
The return on equity (ROE) of Varengold Bank AG is 2.9% (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 Varengold Bank AG (VG80)?
On an EBIT basis the return on assets of Varengold Bank AG is 0.8% (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 Varengold Bank AG (VG80)?
The operating margin of Varengold Bank AG is 12.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Varengold Bank AG (VG80)?
Revenue at Varengold Bank AG is growing −10.4% versus a year earlier (3y avg −25.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Varengold Bank AG (VG80) generate?
The free cash flow of Varengold Bank AG is €227K (fiscal year 2021). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Varengold Bank AG (VG80) carry?
The net debt of Varengold Bank AG is €33.5M (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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Nov 7, 2026