Vontobel Holding (VONN) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Vontobel Holding CHF 28.75, price CHF 92.00, upside -68.8%, quality 59 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 41.29 – CHF 94.20 · fair‑value band CHF 21.56 – CHF 35.94 · the CHF 92.00 price screens above the CHF 28.75 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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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 (VONN) currently trades at CHF 92.00, while our model-based Fair Value estimate is CHF 28.75, implying the stock looks roughly 220.0% overvalued today.
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Valuation
How firm this estimate is: it rests on 25 models at a data quality of 95/100, which puts the evidence level at high.
Scenario range: CHF 21.56 (bear) to CHF 35.94 (bull), the price of CHF 92.00 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 59/100 (solid 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.
Vontobel Holding reported revenue of CHF 1.5B in FY2025 versus CHF 1.9B in FY2021, a compound −5.8%/yr. Reported net income was CHF 280M in FY2025, compounding −7.0%/yr from FY2021.
Key figures
Market cap CHF 5.3B · P/E ratio 18.8 · P/S ratio 3.42 · EPS (TTM) CHF 4.90 · Dividend yield 3.3% · Net margin 18.2% · Return on equity 11.9% · Return on assets (EBIT) 1.1%.
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 2% below its 52-week high and 65% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at −69%, VONN screens richer than that median.
Fair Value models
Bear CHF 21.56Fair Value CHF 28.75Bull CHF 35.94
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 (CHF 1.39 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
+8.2%
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.
−2.7%
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.
−1.0%
Start year 2020 (pandemic). Over 10 years: +4.5% 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.
+5.6%
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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.
+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% vs 5%, 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% → 24%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
−24.9%
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.
+2.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (Switzerland: IMF forecast 0.6% a year to 2030, 0.8% from 2016 to 2025) that is about −25.4% a year for the price and +1.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (64 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.Positive
Recent news coverage is more positive than average.
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 · 659 stocks
Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score64 · Above median
Fair Value upside−69% · Bottom 25%
Profitability
Return on equity (TTM)12% · Above median
Return on assets1% · Below median
Net margin (TTM)20% · Below median
Operating margin (TTM)29% · Below median
Growth and dividend
Revenue growth7% · Above median
Dividend yield (TTM)3.3% · Below median
Balance sheet
Debt / equity0.21× · Above median
Valuation Multiplesvs Asset Management median · lower = cheaper
P/E (TTM)18.8× · Pricier than median
P/B2.57× · Priciest 25%
P/S (TTM)4.46× · Pricier than median
P/FCF4.5× · Cheaper than median
EV/EBITDA3.1× · Cheapest 25%
PEG3.71× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 55
FUTURE (revenue growth)34· sector 20
PAST (return on equity)48· sector 22
HEALTH (low debt)89· sector 95
DIVIDEND (yield)65· sector 80
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). "Vontobel Holding Fair Value". https://www.fairvalue-calculator.com/stock/VONN
Frequently asked questions
Is Vontobel Holding (VONN) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of CHF 28.75 versus a price of CHF 92.00, about −69% upside (overvalued).
What is the fair value of VONN?
Our model-based fair value for Vontobel Holding is CHF 28.75 (as of Sep 23, 2026), built from audited fundamentals. The current price: CHF 92.00.
What is the quality score of VONN?
Vontobel Holding has a Quality Score of 59/100. 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 (VONN)?
Our model-based price target is the fair value of CHF 28.75 (as of Sep 23, 2026) from 2 valuation models. Cautious scenario CHF 21.56, optimistic scenario CHF 35.94. It is a calculation from audited fundamentals, not an analyst target.
What is the Vontobel Holding stock forecast for 2026?
Our models put fair value at CHF 28.75, about −69% upside versus a price of CHF 92.00 (overvalued). Cautious scenario CHF 21.56, optimistic scenario CHF 35.94. The calculation is refreshed regularly with new filings.
What is the revenue of Vontobel Holding (VONN)?
Vontobel Holding reported trailing-twelve-month revenue of about CHF 1.4B (latest available figure, as of Sep 23, 2026).
Does Vontobel Holding pay a dividend?
Vontobel Holding currently shows a dividend yield of about 3.26% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Vontobel Holding (VONN)?
For today's price to be fair in a discounted-cash-flow model, Vontobel Holding would have to grow free cash flow by -24.9 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.0 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of VONN use?
Our models discount Vontobel Holding at 8.6 %: a base by market capitalisation (mid), damped by beta 0.60, 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 Vontobel Holding that is -24.9 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Vontobel Holding (VONN) delivered so far?
Over the past 5 years revenue at Vontobel Holding grew -1.0 % a year. The price currently implies -24.9 % 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 (VONN) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Vontobel Holding (-24.9 % 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 (VONN)?
The free-cash-flow yield on the price is 26.86 %: that much free cash flow Vontobel Holding produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Vontobel Holding (VONN)?
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 it is CHF 28.75 per share (as of Sep 23, 2026), against a price of CHF 92.00. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Vontobel Holding stock overvalued or undervalued in 2026?
As of Sep 23, 2026, VONN trades above its calculated fair value: price CHF 92.00, fair value CHF 28.75, a gap of about −69% (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 VONN?
No. The price is what the market pays today (CHF 92.00); the fair value is what the company's own numbers justify (CHF 28.75). For Vontobel Holding the two are CHF 63.25 per share apart. That gap is exactly why we show both numbers side by side.
How much is Vontobel Holding worth?
The market values Vontobel Holding at about CHF 5.3B (market capitalisation, as of Sep 23, 2026). Per share that is CHF 92.00; our models calculate a fair value of CHF 28.75 per share.
What do the bullish and bearish scenarios say about VONN?
Our models span a range for Vontobel Holding: cautious scenario CHF 21.56, base CHF 28.75, optimistic CHF 35.94 per share (as of Sep 23, 2026, price CHF 92.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VONN?
Vontobel Holding trades at a price-to-earnings ratio of 18.8 (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 28.75 is built from several models across several years. Other multiples: PEG 3.7, P/B 2.6, P/S 4.5, EV/EBITDA 3.1.
What is the PEG ratio of VONN?
The PEG ratio of Vontobel Holding is 3.71 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Vontobel Holding (VONN)?
Balance-sheet figures for Vontobel Holding (as of Sep 23, 2026): return on equity 11.9%, debt of 0.21 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is VONN from its 52-week high?
Vontobel Holding trades at CHF 92.00, about 2% below its 52-week high of CHF 94.20 and 65% above the low of CHF 55.76 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 28.75 is for.
Which stocks are comparable to Vontobel Holding?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, 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 stock attractive at the current price?
The data as of Sep 23, 2026: price CHF 92.00, calculated fair value CHF 28.75 (−69%), Quality Score 59/100, from 2 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 VONN calculated?
We run Vontobel Holding through 2 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 28.75, 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. Vontobel Holding 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 Vontobel Holding (VONN)?
The closing price on Sep 23, 2026 was CHF 92.00. Our model-based fair value is CHF 28.75, about −69% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vontobel Holding right now?
The price sits above even our optimistic bull case (CHF 35.94). The favourable scenario is already priced in. Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. 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 Vontobel Holding (VONN) come from?
Earnings per share at Vontobel Holding grew +3.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.5 %, EBIT margin −0.6 %, tax rate −0.4 %, residual (interest, one-offs) +0.0 %. 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
How large is the market capitalisation of Vontobel Holding (VONN)?
The market capitalisation of Vontobel Holding is CHF 5.3B. 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 (VONN)?
The price-to-sales ratio of Vontobel Holding is 3.42 (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 (VONN)?
Earnings per share at Vontobel Holding are CHF 4.90 (price ÷ EPS = P/E 18.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Vontobel Holding (VONN)?
The dividend yield of Vontobel Holding is 3.3% (payout 61.2%). 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 (VONN)?
The net margin of Vontobel Holding is 18.2% (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 (VONN)?
The return on equity (ROE) of Vontobel Holding is 11.9% (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 (VONN)?
On an EBIT basis the return on assets of Vontobel Holding 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 (VONN)?
The operating margin of Vontobel Holding is 29.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vontobel Holding (VONN)?
Revenue at Vontobel Holding is growing +6.8% versus a year earlier (3y avg −2.7%). 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 (VONN)?
Earnings per share at Vontobel Holding are growing +21.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Vontobel Holding (VONN) carry?
The net debt of Vontobel Holding is CHF 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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