Varengold Bank AG (VG80) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Varengold Bank AG €5.00, price €2.66, upside +88.0%, quality 43 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 €1.40 – €8.30 · the €2.66 price screens below the €5.00 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. Dashed = 300-day average. As of Sep 23, 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. The company also provides call and fixed-term deposits.
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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. 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 €2.66, while our model-based Fair Value estimate is €5.00, implying the stock looks roughly 46.8% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of €5.23 per share, and 2 of the 4 models we run sit above the €2.66 price.
Bear case: the Multiples group reads lowest at €0.6800, and 2 of the 4 models stay below the price. Evidence for this calculation is medium.
Quality & growth
The Quality Score stands at 43/100 (below-average quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
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 €26.7M · P/E ratio 53.2 · P/S ratio 0.73 · EPS (TTM) €0.0500 · Net margin 1.4% · Return on equity 0.7% · Return on assets (EBIT) 0.5% · Operating margin −1.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 12% 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 88%, VG80 screens cheaper than that median.
Fair Value models
Bear €5.00Fair Value €5.00Bull €5.00
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 (€0.0367 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−11.8%
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.
−25.2%
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.
+4.6%
Start year 2020 (pandemic). Over 10 years: +122.4% a year
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.
+9.6%
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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.
−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% vs 84%, 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%
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).
+32.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +29.6% 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 · 1076 stocks
Beats the industry median on 3/12 measures
Overall it trails its industry peers.
Valuation
Quality Score40 · Bottom 25%
Fair Value upside+88% · Top 25%
Profitability
Return on equity (TTM)1% · Bottom 25%
Return on assets0% · Bottom 25%
Net margin (TTM)2% · Bottom 25%
Operating margin (TTM)−1% · Bottom 25%
Growth and dividend
Revenue growth−9% · Bottom 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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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 Sep 23, 2026, our model estimates a fair value of €5.00 versus a price of €2.66, about +88% upside (undervalued).
What is the fair value of VG80?
Our model-based fair value for Varengold Bank AG is €5.00 (as of Sep 23, 2026), built from audited fundamentals. The current price: €2.66.
What is the quality score of VG80?
Varengold Bank AG has a Quality Score of 43/100. 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 €5.00 (as of Sep 23, 2026) from 4 valuation models. 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 €5.00, about +88% upside versus a price of €2.66 (undervalued). 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 €32.8M (latest available figure, as of Sep 23, 2026).
What growth is priced into Varengold Bank AG (VG80)?
For today's price to be fair in a discounted-cash-flow model, Varengold Bank AG would have to grow free cash flow by +32.4 % 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 +4.6 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of VG80 use?
Our models discount Varengold Bank AG at 8.3 %: a base by market capitalisation (nano), damped by beta 0.01, country premium for Germany. 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 Varengold Bank AG that is +32.4 % 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 Varengold Bank AG (VG80) delivered so far?
Over the past 5 years revenue at Varengold Bank AG grew +4.6 % a year. The price currently implies +32.4 % 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 Varengold Bank AG (VG80) growing?
The median revenue growth in the sector is +7.0 % a year. That is the yardstick for the growth priced into Varengold Bank AG (+32.4 % 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 Varengold Bank AG (VG80)?
The free-cash-flow yield on the price is 0.85 %: that much free cash flow Varengold Bank 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 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 €5.00 per share (as of Sep 23, 2026), against a price of €2.66. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Varengold Bank AG stock overvalued or undervalued in 2026?
As of Sep 23, 2026, VG80 trades below its calculated fair value: price €2.66, fair value €5.00, a gap of about +88% (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 (€2.66); the fair value is what the company's own numbers justify (€5.00). For Varengold Bank AG the two are €2.34 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 €26.7M (market capitalisation, as of Sep 23, 2026). Per share that is €2.66; our models calculate a fair value of €5.00 per share.
What is the P/E ratio of VG80?
Varengold Bank AG trades at a price-to-earnings ratio of 53.2 (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 €5.00 is built from several models across several years. Other multiples: P/B 0.4, P/S 0.9, EV/EBITDA 10.8.
How solid is the balance sheet of Varengold Bank AG (VG80)?
Balance-sheet figures for Varengold Bank AG (as of Sep 23, 2026): return on equity 0.7%. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is VG80 from its 52-week high?
Varengold Bank AG trades at €2.66, about 7% below its 52-week high of €2.85 and 12% above the low of €2.37 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €5.00 is for.
Which stocks are comparable to Varengold Bank AG?
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 Varengold Bank AG stock attractive at the current price?
The data as of Sep 23, 2026: price €2.66, calculated fair value €5.00 (+88%), Quality Score 43/100, 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 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 €5.00, 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 13.2 % above its aggregate fair value. Varengold Bank AG currently trades 88 % 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 Sep 24, 2026 was €2.66. Our model-based fair value is €5.00, about +88% 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 (43/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (€5.00). 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 €26.7M. 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 0.73 (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 Varengold Bank AG (VG80)?
Earnings per share at Varengold Bank AG are €0.0500 (price ÷ EPS = P/E 53.2). 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 1.4% (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 Varengold Bank AG (VG80)?
The return on equity (ROE) of Varengold Bank AG is 0.7% (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 Varengold Bank AG (VG80)?
On an EBIT basis the return on assets of Varengold Bank 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 Varengold Bank AG (VG80)?
The operating margin of Varengold Bank AG is −1.3% (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 −9.1% 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 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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