Liechtensteinische Landesbank AG (LLBN) fair value: what the stock is really worth
As of Sep 28, 2026: fair value of Liechtensteinische Landesbank AG CHF 69.49, price CHF 115, upside -39.4%, quality 41 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 Sep 28, 2026.
How to read this chart
60‑month range CHF 41.82 – CHF 118.80 · fair‑value band CHF 56.75 – CHF 76.23 · the CHF 114.60 price screens above the CHF 69.49 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 28, 2026.
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Liechtensteinische Landesbank provides banking products and services in Liechtenstein, Switzerland, Germany, and Austria. It operates through the Retail and Corporate Banking, and International Wealth Management segments.
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Liechtensteinische Landesbank provides banking products and services in Liechtenstein, Switzerland, Germany, and Austria. It operates through the Retail and Corporate Banking, and International Wealth Management segments. The company offers savings, current, rent, rental deposit savings, and business investment accounts; and investment plan, LLB funds, and fund savings plan. It also provides advisory models, investment advice, asset management, advisory and investment philosophy, and sustainable investment services; direct investments, including money market, equities, bonds, medium-term notes, time deposit, foreign exchange transactions, foreign exchange and precious metal, and LLB fixed deposit+; and further products, such as structured products, derivative transactions, securities lending, and borrowing products; pay and save products; mortgage financing; Lombard, investment, and business loans; and financial planning and taxes services. In addition, the company offers support services; SME box; digital solutions, including LLB e-banking, LLB connect, EBICS, eBill, QR bill, instant payment, and mobile payments. Further, it provides intermediaries, asset management, and fund services. Liechtensteinische Landesbank was founded in 1861 and is headquartered in Vaduz, Liechtenstein.
Stock analysis
Liechtensteinische Landesbank AG (LLBN) currently trades at CHF 114.60, while our model-based Fair Value estimate is CHF 69.49, implying the stock looks roughly 64.9% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of CHF 71.11 per share, and 0 of the 6 models we run sit above the CHF 114.60 price.
Bear case: the Dividend Discount group reads lowest at CHF 26.79, and 6 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: CHF 56.75 (bear) to CHF 76.23 (bull), the price of CHF 114.60 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 41/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Liechtensteinische Landesbank AG reported revenue of −CHF 410M in FY2025 versus CHF 476M in FY2021. Reported net income was CHF 167M in FY2025, compounding +6.4%/yr from FY2021.
Key figures
Market cap CHF 3.5B · P/E ratio 19.4 · P/S ratio 5.77 · EPS (TTM) CHF 5.90 · Dividend yield 2.4% · Net margin 29.4% · Return on equity 7.7% · Return on assets (EBIT) 0.7%.
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 4% below its 52-week high and 58% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at −39%, LLBN screens richer than that median.
Fair Value models
Bear CHF 56.75Fair Value CHF 69.49Bull CHF 76.23
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 (CHF 2.31 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.59/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+2.7%
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.
+5.3%
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.
+4.3%
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.
+3.6%
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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.
+10.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.7%
Dividend (yield on the price)2.4%
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.7.7% vs 6.7%, steady
Profit margin 2019 to 2024 ⓘ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.30% → 34%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
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).
+11.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Switzerland: IMF forecast 0.6% a year to 2030, 0.8% from 2016 to 2025) that is about +10.3% a year for the price.
News mood ⓘNews mood, the average tone of recent news (6 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.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Compare Liechtensteinische Landesbank AG with another stock
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 · 1057 stocks
Beats the industry median on 3/15 measures
Overall it trails its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside−39.4% · Bottom 25%
Profitability
Return on equity (TTM)7.7% · Below median
Return on assets0.6% · Below median
Net margin (TTM)29.4% · Above median
Operating margin (TTM)39.6% · Above median
Growth and dividend
Revenue growth0.9% · Bottom 25%
Dividend yield (TTM)2.4% · Below median
Balance sheet
Debt / equity1.51× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (TTM)19.4× · Priciest 25%
P/B1.49× · Pricier than median
P/S (TTM)5.70× · Priciest 25%
P/FCF26.6× · Priciest 25%
EV/EBITDA5.8× · Cheapest 25%
PEG3.63× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 10
FUTURE (revenue growth)5· sector 47
PAST (return on equity)31· sector 41
HEALTH (low debt)25· sector 85
DIVIDEND (yield)49· sector 52
VALUE 0: the price sits above our fair-value range.
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). "Liechtensteinische Landesbank AG Fair Value". https://www.fairvalue-calculator.com/stock/LLBN
Frequently asked questions
Is Liechtensteinische Landesbank AG (LLBN) overvalued or undervalued?
As of Sep 28, 2026, our model estimates a fair value of CHF 69.49 versus a price of CHF 114.60, about −39% upside (overvalued).
What is the fair value of LLBN?
Our model-based fair value for Liechtensteinische Landesbank AG is CHF 69.49 (as of Sep 28, 2026), built from audited fundamentals. The current price: CHF 114.60.
What is the quality score of LLBN?
Liechtensteinische Landesbank AG has a Quality Score of 41/100. 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 Liechtensteinische Landesbank AG (LLBN)?
Our model-based price target is the fair value of CHF 69.49 (as of Sep 28, 2026) from 6 valuation models. Cautious scenario CHF 56.75, optimistic scenario CHF 76.23. It is a calculation from audited fundamentals, not an analyst target.
What is the Liechtensteinische Landesbank AG stock forecast for 2026?
Our models put fair value at CHF 69.49, about −39% upside versus a price of CHF 114.60 (overvalued). Cautious scenario CHF 56.75, optimistic scenario CHF 76.23. The calculation is refreshed regularly with new filings.
What is the revenue of Liechtensteinische Landesbank AG (LLBN)?
Liechtensteinische Landesbank AG reported trailing-twelve-month revenue of about CHF 614M (latest available figure, as of Sep 28, 2026).
Does Liechtensteinische Landesbank AG pay a dividend?
Liechtensteinische Landesbank AG currently shows a dividend yield of about 2.44% relative to its recent price (as of Sep 28, 2026).
What growth is priced into Liechtensteinische Landesbank AG (LLBN)?
For today's price to be fair in a discounted-cash-flow model, Liechtensteinische Landesbank AG would have to grow free cash flow by +11.0 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.3 % per year. As of Sep 28, 2026.
What discount rate (WACC) does the fair value of LLBN use?
Our models discount Liechtensteinische Landesbank AG at 8.3 %: a base by market capitalisation (mid), damped by beta 0.12, country premium for Switzerland. 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 Liechtensteinische Landesbank AG that is +11.0 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Liechtensteinische Landesbank AG (LLBN) delivered so far?
Over the past 5 years revenue at Liechtensteinische Landesbank AG grew +4.3 % a year. The price currently implies +11.0 % 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 Liechtensteinische Landesbank AG (LLBN) growing?
The median revenue growth in the sector is +9.1 % a year. That is the yardstick for the growth priced into Liechtensteinische Landesbank AG (+11.0 % 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 Liechtensteinische Landesbank AG (LLBN)?
The free-cash-flow yield on the price is 3.76 %: that much free cash flow Liechtensteinische Landesbank AG produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Liechtensteinische Landesbank AG (LLBN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Liechtensteinische Landesbank AG it is CHF 69.49 per share (as of Sep 28, 2026), against a price of CHF 114.60. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Liechtensteinische Landesbank AG stock overvalued or undervalued in 2026?
As of Sep 28, 2026, LLBN trades above its calculated fair value: price CHF 114.60, fair value CHF 69.49, a gap of about −39% (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 LLBN?
No. The price is what the market pays today (CHF 114.60); the fair value is what the company's own numbers justify (CHF 69.49). For Liechtensteinische Landesbank AG the two are CHF 45.11 per share apart. That gap is exactly why we show both numbers side by side.
How much is Liechtensteinische Landesbank AG worth?
The market values Liechtensteinische Landesbank AG at about CHF 3.5B (market capitalisation, as of Sep 28, 2026). Per share that is CHF 114.60; our models calculate a fair value of CHF 69.49 per share.
What do the bullish and bearish scenarios say about LLBN?
Our models span a range for Liechtensteinische Landesbank AG: cautious scenario CHF 56.75, base CHF 69.49, optimistic CHF 76.23 per share (as of Sep 28, 2026, price CHF 114.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of LLBN?
Liechtensteinische Landesbank AG trades at a price-to-earnings ratio of 19.4 (as of Sep 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 69.49 is built from several models across several years. Other multiples: PEG 3.6, P/B 1.5, P/S 5.7, EV/EBITDA 5.8.
What is the PEG ratio of LLBN?
The PEG ratio of Liechtensteinische Landesbank AG is 3.63 (P/E divided by earnings growth, as of Sep 28, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Liechtensteinische Landesbank AG (LLBN)?
Balance-sheet figures for Liechtensteinische Landesbank AG (as of Sep 28, 2026): return on equity 7.7%, debt of 1.51 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is LLBN from its 52-week high?
Liechtensteinische Landesbank AG trades at CHF 114.60, about 4% below its 52-week high of CHF 118.80 and 58% above the low of CHF 72.65 (as of Sep 28, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 69.49 is for.
Which stocks are comparable to Liechtensteinische Landesbank AG?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Intesa Sanpaolo S.p.A, 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 Liechtensteinische Landesbank AG stock attractive at the current price?
The data as of Sep 28, 2026: price CHF 114.60, calculated fair value CHF 69.49 (−39%), Quality Score 41/100, 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 LLBN calculated?
We run Liechtensteinische Landesbank 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 CHF 69.49, 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 15.9 % above its aggregate fair value. Liechtensteinische Landesbank 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 Liechtensteinische Landesbank AG (LLBN)?
The closing price on Sep 28, 2026 was CHF 114.60. Our model-based fair value is CHF 69.49, about −39% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Liechtensteinische Landesbank AG right now?
The price sits above even our optimistic bull case (CHF 76.23). The favourable scenario is already priced in. Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts. 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 Liechtensteinische Landesbank AG (LLBN) come from?
Earnings per share at Liechtensteinische Landesbank AG grew +7.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.9 %, EBIT margin −1.8 %, tax rate −1.3 %, residual (interest, one-offs) +5.7 %. 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 Liechtensteinische Landesbank AG
How large is the market capitalisation of Liechtensteinische Landesbank AG (LLBN)?
The market capitalisation of Liechtensteinische Landesbank AG is CHF 3.5B. 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 Liechtensteinische Landesbank AG (LLBN)?
The price-to-sales ratio of Liechtensteinische Landesbank AG is 5.77 (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 Liechtensteinische Landesbank AG (LLBN)?
Earnings per share at Liechtensteinische Landesbank AG are CHF 5.90 (price ÷ EPS = P/E 19.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Liechtensteinische Landesbank AG (LLBN)?
The dividend yield of Liechtensteinische Landesbank AG is 2.4% (payout 47.5%). 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 Liechtensteinische Landesbank AG (LLBN)?
The net margin of Liechtensteinische Landesbank AG is 29.4% (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 Liechtensteinische Landesbank AG (LLBN)?
The return on equity (ROE) of Liechtensteinische Landesbank AG is 7.7% (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 Liechtensteinische Landesbank AG (LLBN)?
On an EBIT basis the return on assets of Liechtensteinische Landesbank AG is 0.7% (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 Liechtensteinische Landesbank AG (LLBN)?
The operating margin of Liechtensteinische Landesbank AG is 39.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Liechtensteinische Landesbank AG (LLBN)?
Revenue at Liechtensteinische Landesbank AG is growing +0.9% versus a year earlier. 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 Liechtensteinische Landesbank AG (LLBN)?
Earnings per share at Liechtensteinische Landesbank AG are growing +15.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Liechtensteinische Landesbank AG (LLBN) hold?
Liechtensteinische Landesbank AG holds more cash than debt, CHF 1.3B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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