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VP Bank AG (VPBN) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of VP Bank AG CHF 120, price CHF 92.50, upside +30.0%, quality 42 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
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Financial Services · CH · ISIN LI0315487269

VB Some data Sep 23, 2026

VP Bank AG

VPBN · SW

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value CHF 120.22 · Undervalued (+30%)
!Quality 42/100
!Expensive Growth (revenue 5y +10.6 %/yr)
✓Solidly profitable · 13.9% net margin (TTM)
!Low debt · negative free cash flow
·4.32% dividend yield
!Mixed vs. peers (7/13)
!Moderate moat 45/100
!Insider activity 40/100
!Evidence only medium, so the estimate is less certain
!Weak on past: 16 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

CHF 96.90 CHF 63.02 Fair Value CHF 120.22 Jun 2021 Sep 2026

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 63.02 – CHF 96.90 · fair‑value band CHF 90.17 – CHF 150.28 · the CHF 92.50 price screens below the CHF 120.22 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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Company profile

VP Bank AG, together with its subsidiaries, provides various financial products and services in Liechtenstein, Europe, and internationally. The company operates through three segments: Liechtenstein and BVI, International, and Asset Servicing.

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VP Bank AG, together with its subsidiaries, provides various financial products and services in Liechtenstein, Europe, and internationally. The company operates through three segments: Liechtenstein and BVI, International, and Asset Servicing. It offers investing services, including goal-based advice, wealth management and planning, investment advisory and consulting, investment products, and sustainable investing; mortgage loans and real estate financing, as well as Lombard loan; private label funds; exchange rates; and execution only services. The company also provides banking services, such as personal, foreign currency, and savings accounts; bank cards; e-banking, e-post, and other e-services; and transaction slips, account statements, interest statements, and other reporting and tax services, as well as custodian bank and basic services. It serves independent asset managers, family offices, and private clients. The company was founded in 1956 and is headquartered in Vaduz, Liechtenstein.

Stock analysis

VP Bank AG (VPBN) currently trades at CHF 92.50, while our model-based Fair Value estimate is CHF 120.22, implying the stock looks roughly 23.1% undervalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of CHF 142.46 per share, and 4 of the 6 models we run sit above the CHF 92.50 price.

Bear case: the Dividend Discount group reads lowest at CHF 49.00, and 2 of the 6 models stay below the price. Evidence for this calculation is medium.

Scenario range: CHF 90.17 (bear) to CHF 150.28 (bull), the price of CHF 92.50 sits inside 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 42/100 (below-average quality), in the Financial Services sector.

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

VP Bank AG reported revenue of CHF 495M in FY2025 versus CHF 330M in FY2021, a compound +10.7%/yr. Reported net income was CHF 47.0M in FY2025, compounding −1.8%/yr from FY2021.

Key figures

Market cap CHF 577M · P/E ratio 12.5 · P/S ratio 1.18 · EPS (TTM) CHF 7.51 · Dividend yield 4.3% · Net margin 9.5% · Return on equity 4.1% · Return on assets (EBIT) 0.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).

What moves the price

The share trades about 5% below its 52-week high and 23% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at 30%, VPBN screens cheaper than that median.

Fair Value models

Bear CHF 90.17 Fair Value CHF 120.22 Bull CHF 150.28
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 2.57 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.
Highest evidence
Residual Income CHF 145.84 CHF 142.46 CHF 120.07 76
Gordon GGM CHF 34.02 CHF 58.45 CHF 84.39 67
DDM Multi-Stage CHF 34.02 CHF 49.00 CHF 63.00 67
All 6 models by family
Dividend Discount
Gordon GGM CHF 34.02 CHF 58.45 CHF 84.39 67
DDM Multi-Stage CHF 34.02 CHF 49.00 CHF 63.00 67
Multiples
P/E Multiple CHF 80.69 CHF 107.58 CHF 134.48 63
P/B Multiple CHF 105.51 CHF 140.69 CHF 175.86 55
Asset-Based
NCAV (Graham) CHF 103.50 CHF 138.69 CHF 207.00 54
Economic Profit
Residual Income CHF 145.84 CHF 142.46 CHF 120.07 76

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Quality Score breakdown

Overall quality 42/100

Of which business quality 40 · Market factors (momentum, volatility) 70

Profitability 20
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 1
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 95
Disciplined investing over empire-building
Low Volatility 98
Calm price path (market factor)
Momentum 55
Price trend over the last 3–12 months (market factor)
52W Momentum 66
Distance to the 52-week high (market factor)
Net Issuance 77
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. 55/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+49.6%
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.
+13.5%
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.
+10.6%
Start year 2020 (pandemic). Over 10 years: +6.1% a year
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.
+3.1%
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.
+2.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.0%
Dividend (yield on the price)4.3%
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 −2%, 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.17% → 11%
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 - Diversified · 47 stocks

Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 45 · Bottom 25%
Fair Value upside +29% · Top 25%
Profitability
Return on equity (TTM) 4% · Bottom 25%
Return on assets 0% · Bottom 25%
Net margin (TTM) 14% · Bottom 25%
Operating margin (TTM) 15% · Bottom 25%
Growth and dividend
Revenue growth −3% · Bottom 25%
Dividend yield (TTM) 4.3% · Above median
Balance sheet
Debt / equity 0.18× · Lowest 25%

Valuation Multiplesvs Banks - Diversified median · lower = cheaper

P/E (TTM) 12.5× · Cheaper than median
P/B 0.60× · Cheapest 25%
P/S (TTM) 2.09× · Cheapest 25%
PEG 0.46× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)73 · sector 1
FUTURE (revenue growth)0 · sector 25
PAST (return on equity)16 · sector 41
HEALTH (low debt)91 · sector 48
DIVIDEND (yield)86 · sector 72

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 - Diversified stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
JPMorgan Chase & Co JPM $340.00 $192.16 −43%
Bank of America Corporation BAC $56.20 $41.70 −26%
China Construction Bank Corporation 601939 ¥10.92 ¥13.69 +25%
Industrial and Commercial Bank of China Limited 601398 ¥8.12 ¥10.93 +35%
Agricultural Bank of China Limited 601288 ¥6.88 ¥12.94 +88%
Royal Bank of Canada RY $203.83 $130.85 −36%
Bank of China Limited 601988 ¥6.65 ¥9.86 +48%
Wells Fargo & Company WFC $83.15 $66.02 −21%
Mitsubishi UFJ Financial Group MUFG $23.09 $14.62 −37%
Citigroup Inc C $132.47 $105.36 −20%

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VP Bank AG · Fair Value
CHF 120.22 +23%Fair Value
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Cite: Fair Value Calculator (2026). "VP Bank AG Fair Value". https://www.fairvalue-calculator.com/stock/VPBN

Frequently asked questions

Is VP Bank AG (VPBN) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of CHF 120.22 versus a price of CHF 92.50, about +30% upside (undervalued).
What is the fair value of VPBN?
Our model-based fair value for VP Bank AG is CHF 120.22 (as of Sep 23, 2026), built from audited fundamentals. The current price: CHF 92.50.
What is the quality score of VPBN?
VP Bank AG has a Quality Score of 42/100. 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 VP Bank AG (VPBN)?
Our model-based price target is the fair value of CHF 120.22 (as of Sep 23, 2026) from 6 valuation models. Cautious scenario CHF 90.17, optimistic scenario CHF 150.28. It is a calculation from audited fundamentals, not an analyst target.
What is the VP Bank AG stock forecast for 2026?
Our models put fair value at CHF 120.22, about +30% upside versus a price of CHF 92.50 (undervalued). Cautious scenario CHF 90.17, optimistic scenario CHF 150.28. The calculation is refreshed regularly with new filings.
What is the revenue of VP Bank AG (VPBN)?
VP Bank AG reported trailing-twelve-month revenue of about CHF 337M (latest available figure, as of Sep 23, 2026).
Does VP Bank AG pay a dividend?
VP Bank AG currently shows a dividend yield of about 4.32% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of VP Bank AG (VPBN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For VP Bank AG it is CHF 120.22 per share (as of Sep 23, 2026), against a price of CHF 92.50. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is VP Bank AG stock overvalued or undervalued in 2026?
As of Sep 23, 2026, VPBN trades below its calculated fair value: price CHF 92.50, fair value CHF 120.22, a gap of about +30% (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 VPBN?
No. The price is what the market pays today (CHF 92.50); the fair value is what the company's own numbers justify (CHF 120.22). For VP Bank AG the two are CHF 27.72 per share apart. That gap is exactly why we show both numbers side by side.
How much is VP Bank AG worth?
The market values VP Bank AG at about CHF 577M (market capitalisation, as of Sep 23, 2026). Per share that is CHF 92.50; our models calculate a fair value of CHF 120.22 per share.
What do the bullish and bearish scenarios say about VPBN?
Our models span a range for VP Bank AG: cautious scenario CHF 90.17, base CHF 120.22, optimistic CHF 150.28 per share (as of Sep 23, 2026, price CHF 92.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VPBN?
VP Bank AG trades at a price-to-earnings ratio of 12.5 (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 120.22 is built from several models across several years. Other multiples: PEG 0.5, P/B 0.6, P/S 2.1.
What is the PEG ratio of VPBN?
The PEG ratio of VP Bank AG is 0.46 (P/E divided by earnings growth, as of Sep 23, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of VP Bank AG (VPBN)?
Balance-sheet figures for VP Bank AG (as of Sep 23, 2026): return on equity 4.1%, debt of 0.18 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is VPBN from its 52-week high?
VP Bank AG trades at CHF 92.50, about 5% below its 52-week high of CHF 96.90 and 23% above the low of CHF 75.12 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 120.22 is for.
Which stocks are comparable to VP Bank AG?
From the same area (Financial Services) we also value JPMorgan Chase & Co, Bank of America Corporation, China Construction Bank Corporation, Industrial and Commercial Bank of China 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 VP Bank AG stock attractive at the current price?
The data as of Sep 23, 2026: price CHF 92.50, calculated fair value CHF 120.22 (+30%), Quality Score 42/100, 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 VPBN calculated?
We run VP Bank 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 120.22, 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. VP Bank AG currently trades 30 % 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 VP Bank AG (VPBN)?
The closing price on Sep 24, 2026 was CHF 92.50. Our model-based fair value is CHF 120.22, about +30% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with VP Bank AG right now?
For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of VP Bank AG (VPBN) come from?
Earnings per share at VP Bank AG grew −3.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.6 %, EBIT margin −9.7 %, tax rate −1.9 %, residual (interest, one-offs) +4.6 %. 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 VP Bank AG

How large is the market capitalisation of VP Bank AG (VPBN)?
The market capitalisation of VP Bank AG is CHF 577M. 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 VP Bank AG (VPBN)?
The price-to-sales ratio of VP Bank AG is 1.18 (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 VP Bank AG (VPBN)?
Earnings per share at VP Bank AG are CHF 7.51 (price ÷ EPS = P/E 12.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of VP Bank AG (VPBN)?
The dividend yield of VP Bank AG is 4.3% (payout 53.3%). 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 VP Bank AG (VPBN)?
The net margin of VP Bank AG is 9.5% (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 VP Bank AG (VPBN)?
The return on equity (ROE) of VP Bank AG is 4.1% (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 VP Bank AG (VPBN)?
On an EBIT basis the return on assets of VP Bank AG is 0.4% (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 VP Bank AG (VPBN)?
The operating margin of VP Bank AG is 15.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at VP Bank AG (VPBN)?
Revenue at VP Bank AG is growing −3.3% versus a year earlier (3y avg +13.5%). 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 VP Bank AG (VPBN)?
Earnings per share at VP Bank AG are growing +160% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does VP Bank AG (VPBN) generate?
The free cash flow of VP Bank AG is −CHF 35.8M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does VP Bank AG (VPBN) hold?
VP Bank AG holds more cash than debt, CHF 592M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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