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Luzerner Kantonalbank AG (0QNU) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Luzerner Kantonalbank AG £236, price £120, upside +96.4%, quality 40 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Industrials · GB · Home Switzerland · ISIN CH1252930610

LK Some data Sep 24, 2026

Luzerner Kantonalbank AG

0QNU · LSE

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value £236.40 · Strongly undervalued (+96.4%)
!Quality 40/100
!Expensive Growth (revenue 5y +14.9 %/yr)
✓Highly profitable · 44.7% net margin (TTM)
!High debt · negative free cash flow
!Mixed vs. peers (5/10)
!Moderate moat 61/100
!Evidence only medium, so the estimate is less certain
!Weak on future: 25 out of 100
!Weak on past: 28 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

£123.40 £60.86 Fair Value £236.40 May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range £60.86 – £123.40 · fair‑value band £221.97 – £270.94 · the £120.40 price screens below the £236.40 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Luzerner Kantonalbank AG provides various banking products and services in Switzerland. It operates through Private & Commercial Clients, Corporate Clients, Private Banking, and Corporate Center segments.

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Luzerner Kantonalbank AG provides various banking products and services in Switzerland. It operates through Private & Commercial Clients, Corporate Clients, Private Banking, and Corporate Center segments. The company offers real estate and business financing, pension provision, and asset advisory and management; investment fund administration; savings, private, gift savings, investment, club, rent deposit savings, and business accounts; bank safe deposit box; debit, credit, and business cards; mobile payments and payment terminals; and e-banking services. It also provides pension products; financial planning; asset management; tax consulting; protective care advice, advance care directive, and safe risk insurance products; retirement advice; inheritance law solutions; mortgages and construction loans; wealth and cash management; investment solutions; working capital and investment financing; trade finance; company succession; investment and commercial properties; occupational pension advice; investment products; and foreign exchange trading. The company was formerly known as Kantonale Spar-und Leihkasse and changed its name to Luzerner Kantonalbank AG in 1892. Luzerner Kantonalbank AG was founded in 1850 and is headquartered in Lucerne, Switzerland.

Stock analysis

Luzerner Kantonalbank AG (0QNU) currently trades at £120.40, while our model-based Fair Value estimate is £236.40, implying the stock looks roughly 49.1% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of £539.80 per share, and 6 of the 6 models we run sit above the £120.40 price.

Bear case: the Dividend Discount group reads lowest at £150.51, and 0 of the 6 models stay below the price. Evidence for this calculation is medium.

Scenario range: £221.97 (bear) to £270.94 (bull), the price of £120.40 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 40/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Luzerner Kantonalbank AG reported revenue of CHF 1.0B in FY2025 versus CHF 645M in FY2021, a compound +12.3%/yr. Reported net income was CHF 295M in FY2025, compounding +7.5%/yr from FY2021.

Key figures

Market cap £881M · P/E ratio 0.0 · P/S ratio 0.01 · EPS (TTM) £26.09 · Dividend yield 14.6% · Net margin 28.9% · Return on equity 7.1% · Return on assets (EBIT) 0.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 2% below its 52-week high and 52% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −36% fair-value upside, at 96%, 0QNU screens cheaper than that median.

Fair Value models

Bear £221.97 Fair Value £236.40 Bull £270.94
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 (£19.73 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.
Highest evidence
Residual Income £302.77 £319.44 £352.28 76
Gordon GGM £107.46 £168.59 £229.46 68
DDM Multi-Stage £107.46 £150.51 £191.76 67
All 6 models by family
Dividend Discount
Gordon GGM £107.46 £168.59 £229.46 68
DDM Multi-Stage £107.46 £150.51 £191.76 67
Multiples
P/E Multiple £500.11 £666.82 £833.52 63
P/B Multiple £404.85 £539.80 £674.76 55
Asset-Based
NCAV (Graham) £188.93 £253.16 £377.85 54
Economic Profit
Residual Income £302.77 £319.44 £352.28 76

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Quality Score breakdown

Overall quality 40/100

Of which business quality 39 · Market factors (momentum, volatility) 83

Profitability 33
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 76
Disciplined investing over empire-building
Low Volatility 97
Calm price path (market factor)
Momentum 69
Price trend over the last 3–12 months (market factor)
52W Momentum 92
Distance to the 52-week high (market factor)
Net Issuance 54
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
+24.4%
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.
+14.9%
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.
+3.1%
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.
+18.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.0%
Dividend (yield on the price)14.6%
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.4.0% vs 3.3%, 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.40% → 33%
Start year 2020 (pandemic)

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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 · 1052 stocks

Beats the industry median on 5/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 46 · Bottom 25%
Fair Value upside +96.3% · Top 25%
Profitability
Return on equity (TTM) 7.1% · Below median
Return on assets 0.5% · Bottom 25%
Net margin (TTM) 44.7% · Top 25%
Operating margin (TTM) 51.6% · Top 25%
Growth and dividend
Revenue growth 4.9% · Below median
Dividend yield (TTM) 14.6% · Top 25%
Balance sheet
Debt / equity 3.52× · Highest 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (TTM) 0.0× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 12
FUTURE (revenue growth)25 · sector 48
PAST (return on equity)28 · sector 41
HEALTH (low debt)0 · sector 84
DIVIDEND (yield)100 · sector 52

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

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DBS Group D05 78.00 SGD 40.39 SGD −48%
China Merchants Bank Co 600036 ¥40.69 ¥52.73 +30%
UniCredit S.p.A UCG €79.53 €77.12 −3%
Mizuho Financial Group MFG $11.05 $6.82 −38%
Intesa Sanpaolo S.p.A ISP €6.38 €4.06 −36%
BNP Paribas SA BNP €91.54 €105.99 +16%
HDFC Bank Limited HDFCBANK ₹721.20 ₹406.44 −44%
Oversea-Chinese Banking Corporation O39 32.01 SGD 19.78 SGD −38%
Al Rajhi Banking and Investment Corporation 1120 63.15 SAR 36.95 SAR −41%
CaixaBank, S.A CABK €12.03 €8.46 −30%

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Cite: Fair Value Calculator (2026). "Luzerner Kantonalbank AG Fair Value". https://www.fairvalue-calculator.com/stock/0QNU

Frequently asked questions

Is Luzerner Kantonalbank AG (0QNU) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of £236.40 versus a price of £120.40, about +96% upside (undervalued).
What is the fair value of 0QNU?
Our model-based fair value for Luzerner Kantonalbank AG is £236.40 (as of Sep 24, 2026), built from audited fundamentals. The current price: £120.40.
What is the quality score of 0QNU?
Luzerner Kantonalbank AG has a Quality Score of 40/100. 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 Luzerner Kantonalbank AG (0QNU)?
Our model-based price target is the fair value of £236.40 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario £221.97, optimistic scenario £270.94. It is a calculation from audited fundamentals, not an analyst target.
What is the Luzerner Kantonalbank AG stock forecast for 2026?
Our models put fair value at £236.40, about +96% upside versus a price of £120.40 (undervalued). Cautious scenario £221.97, optimistic scenario £270.94. The calculation is refreshed regularly with new filings.
What is the revenue of Luzerner Kantonalbank AG (0QNU)?
Luzerner Kantonalbank AG reported trailing-twelve-month revenue of about CHF 669M (latest available figure, as of Sep 24, 2026).
Does Luzerner Kantonalbank AG pay a dividend?
Luzerner Kantonalbank AG currently shows a dividend yield of about 14.60% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Luzerner Kantonalbank AG (0QNU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Luzerner Kantonalbank AG it is £236.40 per share (as of Sep 24, 2026), against a price of £120.40. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Luzerner Kantonalbank AG stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0QNU trades below its calculated fair value: price £120.40, fair value £236.40, a gap of about +96% (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 0QNU?
No. The price is what the market pays today (£120.40); the fair value is what the company's own numbers justify (£236.40). For Luzerner Kantonalbank AG the two are £116.00 per share apart. That gap is exactly why we show both numbers side by side.
How much is Luzerner Kantonalbank AG worth?
The market values Luzerner Kantonalbank AG at about £881M (market capitalisation, as of Sep 24, 2026). Per share that is £120.40; our models calculate a fair value of £236.40 per share.
What do the bullish and bearish scenarios say about 0QNU?
Our models span a range for Luzerner Kantonalbank AG: cautious scenario £221.97, base £236.40, optimistic £270.94 per share (as of Sep 24, 2026, price £120.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0QNU?
Luzerner Kantonalbank AG trades at a price-to-earnings ratio of 0.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £236.40 is built from several models across several years.
How solid is the balance sheet of Luzerner Kantonalbank AG (0QNU)?
Balance-sheet figures for Luzerner Kantonalbank AG (as of Sep 24, 2026): return on equity 7.1%, debt of 3.52 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is 0QNU from its 52-week high?
Luzerner Kantonalbank AG trades at £120.40, about 2% below its 52-week high of £123.40 and 52% above the low of £79.22 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of £236.40 is for.
Which stocks are comparable to Luzerner Kantonalbank AG?
From the same area (Industrials) we also value DBS Group, China Merchants Bank Co, 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 Luzerner Kantonalbank AG stock attractive at the current price?
The data as of Sep 24, 2026: price £120.40, calculated fair value £236.40 (+96%), Quality Score 40/100, 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 0QNU calculated?
We run Luzerner Kantonalbank AG through 6 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 £236.40, 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. Luzerner Kantonalbank AG currently trades 49 % 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 Luzerner Kantonalbank AG (0QNU)?
The closing price on Oct 2, 2026 was £120.40. Our model-based fair value is £236.40, about +96% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Luzerner Kantonalbank AG right now?
The large discount to fair value meets weak quality (40/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (£221.97). The market is more pessimistic than our downside scenario.
Where does the earnings growth of Luzerner Kantonalbank AG (0QNU) come from?
Earnings per share at Luzerner Kantonalbank AG grew +3.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +8.1 %, EBIT margin −4.4 %, tax rate +0.2 %, residual (interest, one-offs) −0.4 %. 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 Luzerner Kantonalbank AG

How large is the market capitalisation of Luzerner Kantonalbank AG (0QNU)?
The market capitalisation of Luzerner Kantonalbank AG is £881M. 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 Luzerner Kantonalbank AG (0QNU)?
The price-to-sales ratio of Luzerner Kantonalbank 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 Luzerner Kantonalbank AG (0QNU)?
Earnings per share at Luzerner Kantonalbank AG are £26.09 (price ÷ EPS = P/E 0.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Luzerner Kantonalbank AG (0QNU)?
The dividend yield of Luzerner Kantonalbank AG is 14.6% (payout 67.4%). 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 Luzerner Kantonalbank AG (0QNU)?
The net margin of Luzerner Kantonalbank AG is 28.9% (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 Luzerner Kantonalbank AG (0QNU)?
The return on equity (ROE) of Luzerner Kantonalbank AG is 7.1% (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 Luzerner Kantonalbank AG (0QNU)?
On an EBIT basis the return on assets of Luzerner Kantonalbank 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 Luzerner Kantonalbank AG (0QNU)?
The operating margin of Luzerner Kantonalbank AG is 51.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Luzerner Kantonalbank AG (0QNU)?
Revenue at Luzerner Kantonalbank AG is growing +4.9% versus a year earlier (3y avg +12.2%). 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 Luzerner Kantonalbank AG (0QNU)?
Earnings per share at Luzerner Kantonalbank AG are growing +1.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Luzerner Kantonalbank AG (0QNU) generate?
The free cash flow of Luzerner Kantonalbank AG is −CHF 162M (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 Luzerner Kantonalbank AG (0QNU) carry?
The net debt of Luzerner Kantonalbank AG is CHF 26.5B (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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