Thurgauer Kantonalbank (TKBP) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Thurgauer Kantonalbank CHF 320, price CHF 157, upside +104.5%, quality 57 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 23, 2026.
How to read this chart
60‑month range CHF 91.63 – CHF 188.32 · fair‑value band CHF 294.19 – CHF 400.44 · the CHF 156.50 price screens below the CHF 320.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Thurgauer Kantonalbank provides various banking products and services in Switzerland.
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Thurgauer Kantonalbank provides various banking products and services in Switzerland. It offers accounts; cards; mobile and instant payments, terminals, and QR invoice; mortgages and loans, including building and renovating, real estate pension, and property valuation; asset management; saving with securities; investments in securities, precious metals, and cryptocurrencies; services packages; construction financing; business loans; fixed advance; capital good leasing; trade finance; foreign exchange; and digital banking. The company also provides stock exchange and markets; electronic tax statement; bank switching services; consultation; seminars; and business start-up services. It serves private individuals, companies, businesses, and public sectors. The company was founded in 1871 and is headquartered in Weinfelden, Switzerland.
Stock analysis
Thurgauer Kantonalbank (TKBP) currently trades at CHF 156.50, while our model-based Fair Value estimate is CHF 320.00, implying the stock looks roughly 51.1% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of CHF 527.33 per share, and 6 of the 6 models we run sit above the CHF 156.50 price.
Bear case: the Dividend Discount group reads lowest at CHF 229.16, and 0 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: CHF 294.19 (bear) to CHF 400.44 (bull), the price of CHF 156.50 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 57/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Thurgauer Kantonalbank reported revenue of CHF 565M in FY2025 versus CHF 393M in FY2021, a compound +9.5%/yr. Reported net income was CHF 162M in FY2025, compounding +2.8%/yr from FY2021.
Key figures
Market cap CHF 710M · P/E ratio 19.3 · P/S ratio 5.55 · EPS (TTM) CHF 8.11 · Dividend yield 2.3% · Net margin 28.7% · Return on equity 5.6% · Return on assets (EBIT) 0.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at 104%, TKBP screens cheaper than that median.
Fair Value models
Bear CHF 294.19Fair Value CHF 320.00Bull CHF 400.44
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 3.30 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.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.81/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+37.8%
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.
+9.2%
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.
+7.9%
Start year 2020 (pandemic). Over 10 years: +5.7% a year
Revenue growth 13 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.
+5.4%
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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.
+5.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.1%
Dividend (yield on the price)2.3%
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.3% vs 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.36% → 31%
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).
+28.8%
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 +28.0% a year for the price.
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 · 1074 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside+105% · Top 25%
Profitability
Return on equity (TTM)6% · Bottom 25%
Return on assets0% · Bottom 25%
Net margin (TTM)38% · Top 25%
Operating margin (TTM)39% · Above median
Growth and dividend
Revenue growth5% · Below median
Dividend yield (TTM)2.3% · Below median
Balance sheet
Debt / equity5.82× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Thurgauer Kantonalbank Fair Value". https://www.fairvalue-calculator.com/stock/TKBP
Frequently asked questions
Is Thurgauer Kantonalbank (TKBP) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of CHF 320.00 versus a price of CHF 156.50, about +104% upside (undervalued).
What is the fair value of TKBP?
Our model-based fair value for Thurgauer Kantonalbank is CHF 320.00 (as of Sep 23, 2026), built from audited fundamentals. The current price: CHF 156.50.
What is the quality score of TKBP?
Thurgauer Kantonalbank has a Quality Score of 57/100. 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 Thurgauer Kantonalbank (TKBP)?
Our model-based price target is the fair value of CHF 320.00 (as of Sep 23, 2026) from 6 valuation models. Cautious scenario CHF 294.19, optimistic scenario CHF 400.44. It is a calculation from audited fundamentals, not an analyst target.
What is the Thurgauer Kantonalbank stock forecast for 2026?
Our models put fair value at CHF 320.00, about +104% upside versus a price of CHF 156.50 (undervalued). Cautious scenario CHF 294.19, optimistic scenario CHF 400.44. The calculation is refreshed regularly with new filings.
What is the revenue of Thurgauer Kantonalbank (TKBP)?
Thurgauer Kantonalbank reported trailing-twelve-month revenue of about CHF 429M (latest available figure, as of Sep 23, 2026).
Does Thurgauer Kantonalbank pay a dividend?
Thurgauer Kantonalbank currently shows a dividend yield of about 2.30% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Thurgauer Kantonalbank (TKBP)?
For today's price to be fair in a discounted-cash-flow model, Thurgauer Kantonalbank would have to grow free cash flow by +28.8 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.9 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of TKBP use?
Our models discount Thurgauer Kantonalbank at 9.6 %: a base by market capitalisation (small), damped by beta 0.04, 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 Thurgauer Kantonalbank that is +28.8 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Thurgauer Kantonalbank (TKBP) delivered so far?
Over the past 5 years revenue at Thurgauer Kantonalbank grew +7.9 % a year. The price currently implies +28.8 % 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 Thurgauer Kantonalbank (TKBP) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Thurgauer Kantonalbank (+28.8 % 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 Thurgauer Kantonalbank (TKBP)?
The free-cash-flow yield on the price is 18.48 %: that much free cash flow Thurgauer Kantonalbank produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Thurgauer Kantonalbank (TKBP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thurgauer Kantonalbank it is CHF 320.00 per share (as of Sep 23, 2026), against a price of CHF 156.50. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Thurgauer Kantonalbank stock overvalued or undervalued in 2026?
As of Sep 23, 2026, TKBP trades below its calculated fair value: price CHF 156.50, fair value CHF 320.00, a gap of about +104% (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 TKBP?
No. The price is what the market pays today (CHF 156.50); the fair value is what the company's own numbers justify (CHF 320.00). For Thurgauer Kantonalbank the two are CHF 163.50 per share apart. That gap is exactly why we show both numbers side by side.
How much is Thurgauer Kantonalbank worth?
The market values Thurgauer Kantonalbank at about CHF 710M (market capitalisation, as of Sep 23, 2026). Per share that is CHF 156.50; our models calculate a fair value of CHF 320.00 per share.
What do the bullish and bearish scenarios say about TKBP?
Our models span a range for Thurgauer Kantonalbank: cautious scenario CHF 294.19, base CHF 320.00, optimistic CHF 400.44 per share (as of Sep 23, 2026, price CHF 156.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TKBP?
Thurgauer Kantonalbank trades at a price-to-earnings ratio of 19.3 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 320.00 is built from several models across several years. Other multiples: P/B 0.5, P/S 2.0, EV/EBITDA 26.6.
How solid is the balance sheet of Thurgauer Kantonalbank (TKBP)?
Balance-sheet figures for Thurgauer Kantonalbank (as of Sep 23, 2026): return on equity 5.6%, debt of 5.82 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is TKBP from its 52-week high?
Thurgauer Kantonalbank trades at CHF 156.50, about 17% below its 52-week high of CHF 188.32 and 2% above the low of CHF 153.01 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 320.00 is for.
Which stocks are comparable to Thurgauer Kantonalbank?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank Limited, 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 Thurgauer Kantonalbank stock attractive at the current price?
The data as of Sep 23, 2026: price CHF 156.50, calculated fair value CHF 320.00 (+104%), Quality Score 57/100, 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 TKBP calculated?
We run Thurgauer Kantonalbank 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 320.00, 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 14.1 % above its aggregate fair value. Thurgauer Kantonalbank currently trades 104 % 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 Thurgauer Kantonalbank (TKBP)?
The closing price on Sep 23, 2026 was CHF 156.50. Our model-based fair value is CHF 320.00, about +104% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thurgauer Kantonalbank right now?
The price is below even our cautious bear case (CHF 294.19). The market is more pessimistic than our downside scenario. Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality. 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 Thurgauer Kantonalbank (TKBP) come from?
Earnings per share at Thurgauer Kantonalbank grew +3.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.2 %, EBIT margin +0.0 %, tax rate +0.5 %, residual (interest, one-offs) −1.4 %. 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 Thurgauer Kantonalbank
How large is the market capitalisation of Thurgauer Kantonalbank (TKBP)?
The market capitalisation of Thurgauer Kantonalbank is CHF 710M. 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 Thurgauer Kantonalbank (TKBP)?
The price-to-sales ratio of Thurgauer Kantonalbank is 5.55 (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 Thurgauer Kantonalbank (TKBP)?
Earnings per share at Thurgauer Kantonalbank are CHF 8.11 (price ÷ EPS = P/E 19.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Thurgauer Kantonalbank (TKBP)?
The dividend yield of Thurgauer Kantonalbank is 2.3% (payout 44.4%). 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 Thurgauer Kantonalbank (TKBP)?
The net margin of Thurgauer Kantonalbank is 28.7% (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 Thurgauer Kantonalbank (TKBP)?
The return on equity (ROE) of Thurgauer Kantonalbank is 5.6% (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 Thurgauer Kantonalbank (TKBP)?
On an EBIT basis the return on assets of Thurgauer Kantonalbank 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 Thurgauer Kantonalbank (TKBP)?
The operating margin of Thurgauer Kantonalbank is 39.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thurgauer Kantonalbank (TKBP)?
Revenue at Thurgauer Kantonalbank is growing +5.1% versus a year earlier (3y avg +9.2%). 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 Thurgauer Kantonalbank (TKBP)?
Earnings per share at Thurgauer Kantonalbank are growing +6.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Thurgauer Kantonalbank (TKBP) carry?
The net debt of Thurgauer Kantonalbank is CHF 4.1B (fiscal year 2025, ≈ 35.5 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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