Vontobel Holding AG (0QKE) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Vontobel Holding AG £105, price £89.70, upside +17.0%, quality 62 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
60‑month range £47.95 – £93.90 · fair‑value band £78.70 – £131.17 · the £89.70 price screens below the £104.93 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
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Vontobel Holding AG, together with its subsidiaries, provides various financial services to private and institutional clients in Switzerland and internationally. The company offers fixed advances, current account overdrafts, guarantees, and margin requirements for derivative transactions.
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Vontobel Holding AG, together with its subsidiaries, provides various financial services to private and institutional clients in Switzerland and internationally. The company offers fixed advances, current account overdrafts, guarantees, and margin requirements for derivative transactions. It also offers private equity and credit, and venture capital; investment solutions for equities, fixed income, quantitative, multi asset, and private markets; and structured solutions. In addition, the company provides real estate financing and lombard loans; our structured products, including investment products, and thematic investments; leverage products, such as constant leverage certificates, mini futures, warrants, warrants with knock-out, and warrants with knock-out open-end; and thematic investments, comprising strategic and tracker certificates. Further, it offers barrier reverse convertibles, barrier reverse convertibles with conditional coupon, bonus certificates, bonus certificates with cap, callable barrier reverse convertibles, callable reverse convertibles, capital protection notes, capped capital protection notes, credit linked notes, discount certificates, discount certificates with barrier, multi barrier reverse convertibles, multi barrier reverse convertibles with conditional coupon, multi bonus certificates, multi bonus certificates with cap, multi callable barrier reverse convertibles, multi callable reverse convertibles, multi reverse convertibles, multi reverse convertibles with conditional coupon, outperformance certificates, outperformance certificates with cap, and reverse convertibles. Vontobel Holding AG was founded in 1924 and is headquartered in Zurich, Switzerland.
Stock analysis
Vontobel Holding AG (0QKE) currently trades at £89.70, while our model-based Fair Value estimate is £104.93, implying the stock looks roughly 14.5% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of £477.64 per share, and 6 of the 12 models we run sit above the £89.70 price.
Bear case: the Asset-Based group reads lowest at £29.63, and 6 of the 12 models stay below the price. Evidence for this calculation is medium.
Scenario range: £78.70 (bear) to £131.17 (bull), the price of £89.70 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 62/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Vontobel Holding AG reported revenue of £1.9B in FY2025 versus £1.9B in FY2021, a compound −0.8%/yr. Reported net income was £280M in FY2025, compounding −7.0%/yr from FY2021.
Key figures
Market cap £5.1B · P/E ratio 0.1 · P/S ratio 0.01 · EPS (TTM) £6.50 · Dividend yield 3.3% · Net margin 14.9% · Return on equity 15.6% · Return on assets (EBIT) 1.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 4% below its 52-week high and 54% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −15% fair-value upside, at 17%, 0QKE screens cheaper than that median.
Fair Value models
Bear £78.70Fair Value £104.93Bull £131.17
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (£2.65 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.Evidence ⓘEvidence = 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.74/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+32.6%
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.
+4.1%
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.
+3.1%
Start year 2020 (pandemic). Over 10 years: +6.7% a year
Revenue growth 23 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.
+6.5%
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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.
+5.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.2%
Dividend (yield on the price)3.3%
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.2.2% vs 4.6%, 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.20% → 19%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
less than -40 %
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−1.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about −4.0% a year for the forecasts.
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.Asset Management · 657 stocks
Beats the industry median on 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score62 · Above median
Fair Value upside+17.0% · Below median
Profitability
Return on equity (TTM)15.6% · Above median
Return on assets1.0% · Below median
Net margin (TTM)23.9% · Below median
Operating margin (TTM)32.1% · Below median
Growth and dividend
Revenue growth23.6% · Above median
Dividend yield (TTM)3.3% · Below median
Balance sheet
Debt / equity0.18× · Above median
Valuation Multiplesvs Asset Management median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Vontobel Holding AG Fair Value". https://www.fairvalue-calculator.com/stock/0QKE
Frequently asked questions
Is Vontobel Holding AG (0QKE) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of £104.93 versus a price of £89.70, about +17% upside (undervalued).
What is the fair value of 0QKE?
Our model-based fair value for Vontobel Holding AG is £104.93 (as of Oct 2, 2026), built from audited fundamentals. The current price: £89.70.
What is the quality score of 0QKE?
Vontobel Holding AG has a Quality Score of 62/100. 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 Vontobel Holding AG (0QKE)?
Our model-based price target is the fair value of £104.93 (as of Oct 2, 2026) from 12 valuation models. Cautious scenario £78.70, optimistic scenario £131.17. It is a calculation from audited fundamentals, not an analyst target.
What is the Vontobel Holding AG stock forecast for 2026?
Our models put fair value at £104.93, about +17% upside versus a price of £89.70 (undervalued). Cautious scenario £78.70, optimistic scenario £131.17. The calculation is refreshed regularly with new filings.
What is the revenue of Vontobel Holding AG (0QKE)?
Vontobel Holding AG reported trailing-twelve-month revenue of about £1.6B (latest available figure, as of Oct 2, 2026).
Does Vontobel Holding AG pay a dividend?
Vontobel Holding AG currently shows a dividend yield of about 3.34% relative to its recent price (as of Oct 2, 2026).
What growth is priced into Vontobel Holding AG (0QKE)?
For today's price to be fair in a discounted-cash-flow model, Vontobel Holding AG would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 9.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.1 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of 0QKE use?
Our models discount Vontobel Holding AG at 9.3 %: a base by market capitalisation (mid), damped by beta 0.60, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Vontobel Holding AG that is less than minus 40 % per year a year over ten years, using the same discount rate (9.3 %) and the same formula as our fair value.
How much growth has Vontobel Holding AG (0QKE) delivered so far?
Over the past 5 years revenue at Vontobel Holding AG grew +3.1 % a year. The price currently implies less than minus 40 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Vontobel Holding AG (0QKE) growing?
The median revenue growth in the sector is +7.2 % a year. That is the yardstick for the growth priced into Vontobel Holding AG (less than minus 40 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Vontobel Holding AG (0QKE)?
The free-cash-flow yield on the price is 27.55 %: that much free cash flow Vontobel Holding AG produces per unit of market value. When it exceeds the discount rate of our models (9.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Vontobel Holding AG (0QKE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vontobel Holding AG it is £104.93 per share (as of Oct 2, 2026), against a price of £89.70. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Vontobel Holding AG stock overvalued or undervalued in 2026?
As of Oct 2, 2026, 0QKE trades below its calculated fair value: price £89.70, fair value £104.93, a gap of about +17% (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 0QKE?
No. The price is what the market pays today (£89.70); the fair value is what the company's own numbers justify (£104.93). For Vontobel Holding AG the two are £15.23 per share apart. That gap is exactly why we show both numbers side by side.
How much is Vontobel Holding AG worth?
The market values Vontobel Holding AG at about £5.1B (market capitalisation, as of Oct 2, 2026). Per share that is £89.70; our models calculate a fair value of £104.93 per share.
What do the bullish and bearish scenarios say about 0QKE?
Our models span a range for Vontobel Holding AG: cautious scenario £78.70, base £104.93, optimistic £131.17 per share (as of Oct 2, 2026, price £89.70). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0QKE?
Vontobel Holding AG trades at a price-to-earnings ratio of 0.1 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £104.93 is built from several models across several years.
How solid is the balance sheet of Vontobel Holding AG (0QKE)?
Balance-sheet figures for Vontobel Holding AG (as of Oct 2, 2026): return on equity 15.6%, debt of 0.18 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is 0QKE from its 52-week high?
Vontobel Holding AG trades at £89.70, about 4% below its 52-week high of £93.90 and 54% above the low of £58.18 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of £104.93 is for.
Which stocks are comparable to Vontobel Holding AG?
From the same area (Industrials) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, 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 Vontobel Holding AG stock attractive at the current price?
The data as of Oct 2, 2026: price £89.70, calculated fair value £104.93 (+17%), Quality Score 62/100, from 12 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 0QKE calculated?
We run Vontobel Holding AG through 12 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of £104.93, 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 14.5 % above its aggregate fair value. Vontobel Holding AG currently trades 15 % 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 Vontobel Holding AG (0QKE)?
The closing price on Oct 2, 2026 was £89.70. Our model-based fair value is £104.93, about +17% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vontobel Holding AG right now?
The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Vontobel Holding AG (0QKE) come from?
Earnings per share at Vontobel Holding AG grew +3.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.4 %, EBIT margin −1.5 %, tax rate −0.4 %, residual (interest, one-offs) +0.1 %. 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 Vontobel Holding AG
How large is the market capitalisation of Vontobel Holding AG (0QKE)?
The market capitalisation of Vontobel Holding AG is £5.1B. 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 Vontobel Holding AG (0QKE)?
The price-to-sales ratio of Vontobel Holding AG is 0.01 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Vontobel Holding AG (0QKE)?
Earnings per share at Vontobel Holding AG are £6.50 (price ÷ EPS = P/E 0.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Vontobel Holding AG (0QKE)?
The dividend yield of Vontobel Holding AG is 3.3% (payout 46.2%). 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 Vontobel Holding AG (0QKE)?
The net margin of Vontobel Holding AG is 14.9% (fiscal year 2025). 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 Vontobel Holding AG (0QKE)?
The return on equity (ROE) of Vontobel Holding AG is 15.6% (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 Vontobel Holding AG (0QKE)?
On an EBIT basis the return on assets of Vontobel Holding AG is 1.1% (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 Vontobel Holding AG (0QKE)?
The operating margin of Vontobel Holding AG is 32.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vontobel Holding AG (0QKE)?
Revenue at Vontobel Holding AG is growing +23.6% versus a year earlier (3y avg +4.1%). 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 Vontobel Holding AG (0QKE)?
Earnings per share at Vontobel Holding AG are growing +87.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Vontobel Holding AG (0QKE) carry?
The net debt of Vontobel Holding AG is £16.2B (fiscal year 2025, ≈ 11.4 yrs of FCF). 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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