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Zuger Kantonalbank (ZUGER) Fair Value & Analysis

Financial Services · CH · Market cap CHF 3.0B

ZK Zuger Kantonalbank ZUGER · SW
PriceCHF 10,400
Fair ValueCHF 5,926
Upside-43.0%
Quality65/100
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Mixed Growth
Highly profitable · 39.9% net margin
High debt · generates free cash flow
2.18% dividend yield
Trails peers (4/14)
Wide moat 66/100
Evidence: High Range CHF 4,445 – CHF 7,408 Share as image

Fair value as of: Jul 12, 2026

From 6 valuation models · updated 29 days ago

Share price +0.5% over the past month.

A solid business, but screening 43% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (CHF 7,408). The favourable scenario is already priced in.
  • Solid but not exceptional quality (65/100) 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.
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Price vs Fair Value (5 years)

CHF 11,406 CHF 5,773 Fair Value CHF 5,926 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range CHF 5,773 – CHF 11,406 · fair‑value band CHF 4,445 – CHF 7,408 · the CHF 10,400 price screens above the CHF 5,926 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.

Full chart & analysis →

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Analysis

Zuger Kantonalbank (ZUGER) currently trades at CHF 10,400, while our model-based Fair Value estimate is CHF 5,926, implying the stock looks roughly 43.0% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Zuger Kantonalbank generated revenue of CHF 329M at a net margin of 39.9%. Revenue declined 0.3% year over year. It earns a return on equity of 8.3%. Net debt stands at CHF 1.4B. Fundamentals as of Jul 12, 2026

Our scenario range runs from CHF 4,445 (bear case) to CHF 7,408 (bull case); at CHF 10,400, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 9% below its 52-week high and 25% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 42% fair-value upside, at -43%, ZUGER screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Residual Income CHF 4,647 CHF 4,970 CHF 5,511 76
Gordon GGM CHF 1,964 CHF 3,820 CHF 5,927 70
P/E Multiple CHF 4,445 CHF 5,926 CHF 7,408 63
All 6 models by family
Dividend Discount
Gordon GGM CHF 1,964 CHF 3,820 CHF 5,927 70
DDM Multi-Stage CHF 1,964 CHF 2,975 CHF 4,015 61
Multiples
P/E Multiple CHF 4,445 CHF 5,926 CHF 7,408 63
P/B Multiple CHF 5,813 CHF 7,750 CHF 9,688 55
Asset-Based
NCAV (Graham) CHF 2,813 CHF 3,770 CHF 5,626 50
Economic Profit
Residual Income CHF 4,647 CHF 4,970 CHF 5,511 76

Widest divergence: Multiples (CHF 5,926) versus Dividend Discount (CHF 2,975). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) CHF 329M
Revenue growth (YoY) -0.3%
Net margin 39.9%
Return on equity 8.3%
Free cash flow CHF 543M FY2025
P/E ratio 22.8
More key figures
Operating margin 43.2%
EPS (TTM) CHF 455.76
Dividend yield 2.2%
EPS growth (YoY) -3.4%
Net debt CHF 1.4B FY2025

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 67 · Market factors (momentum, volatility) 68

Profitability 33
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 88
Disciplined investing over empire-building
Low Volatility 99
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 63
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Zuger Kantonalbank provides various banking products and services to private and corporate clients in Switzerland. The company offers premium, comfort, basic, and fix account; private accounts; and debit cards.

Full company description

Zuger Kantonalbank provides various banking products and services to private and corporate clients in Switzerland. The company offers premium, comfort, basic, and fix account; private accounts; and debit cards. It also provides investments, private banking, investment strategies and advisory, asset management, investment products, and e-invest/custody account; home financing; pension products and tax services; payment and bills; corporate and real estate financing; and occupational pension scheme. In addition, the company offers e-banking and mobile banking services. The company was founded in 1892 and is based in Zug, Switzerland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zuger Kantonalbank reported revenue of CHF 411M in FY2025 versus CHF 220M in FY2021, a compound +16.9%/yr. Reported net income was CHF 131M in FY2025, compounding +14.9%/yr from FY2021.

Growth Quality 87/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
CHF 411M
Latest YoY
−9.7%
Avg. growth/yr (3Y)
+18.2%
Avg. growth/yr (5Y)
+13.1%
Avg. growth/yr (20Y)
+3.8%
Revenue +16.9%/yr
FY21 CHF 220M
FY22 CHF 249M
FY23 CHF 435M
FY24 CHF 456M
FY25 CHF 411M
Net income +14.9%/yr
FY21 CHF 75.3M
FY22 CHF 97.2M
FY23 CHF 125M
FY24 CHF 122M
FY25 CHF 131M

ZUGER screens 43% overvalued. Compare with PT Bank Central Asia Tbk →

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Cite: Fair Value Calculator (2026). "Zuger Kantonalbank Fair Value". https://www.fairvalue-calculator.com/stock/ZUGER

Peer Group

Banks - Regional · 1083 stocks

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.

Quality Score 71 · Top 25%
Fair Value upside −43% · Bottom 25%
Return on equity (TTM) 8% · Below median
Return on assets 1% · Below median
Net margin (TTM) 40% · Top 25%
Operating margin (TTM) 43% · Above median
Revenue growth -0% · Bottom 25%
Dividend yield (TTM) 2.2% · Below median
Debt / equity 2.77× · Higher than 75% of peers

Valuation Multiples vs Banks - Regional median · lower = cheaper

P/E (TTM) 22.8× · Pricier than 75% of peers
P/B 2.29× · Pricier than 75% of peers
P/S (TTM) 11.26× · Pricier than 75% of peers
P/FCF 6.8× · Cheaper than median
EV/EBITDA 34.0× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 39
FUTURE 0 · sector 44
PAST 33 · sector 41
HEALTH 0 · sector 85
DIVIDEND 44 · sector 49

VALUE 0: the price sits above our fair-value range.

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
PT Bank Central Asia Tbk BBCA 6,175 IDR 6,087 IDR -1%
KB Financial Group 105560 184,400 KRW 213,797 KRW +16%
PT Bank Rakyat Indonesia (Persero) Tbk BBRI 2,970 IDR 4,891 IDR +65%
PT Bank Mandiri (Persero) Tbk BMRI 4,310 IDR 7,841 IDR +82%
Banco Bradesco S.A BBD 5,120 ARS 10,240 ARS +100%
Shinhan Financial Group 055550 107,900 KRW 137,259 KRW +27%
Hana Financial Group 086790 136,800 KRW 193,969 KRW +42%
Lloyds Banking Group LYG 4,138 ARS 8,275 ARS +100%
Banco de Chile, CHILE 193.10 CLP 152.55 CLP -21%
Joint Stock Commercial Bank for Foreign Trade of Vietnam, VCB 59,400 VND 84,201 VND +42%

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Frequently asked questions

Is Zuger Kantonalbank (ZUGER) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of CHF 5,926 versus a price of CHF 10,400, about −43% (overvalued).
What is the fair value of ZUGER?
Our model-based fair value for Zuger Kantonalbank is CHF 5,926 (as of Jul 12, 2026), built from audited fundamentals. The current price is CHF 10,400.
What is the quality score of ZUGER?
Zuger Kantonalbank has a Quality Score of 65/100. 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 revenue of Zuger Kantonalbank (ZUGER)?
Zuger Kantonalbank reported trailing-twelve-month revenue of about CHF 329M (latest available figure, as of Jul 12, 2026).
What is the net profit margin of ZUGER?
The net profit margin of Zuger Kantonalbank is about 39.9%, meaning it keeps roughly 39.9% of revenue as net income. Based on the latest reported figures.
Does Zuger Kantonalbank pay a dividend?
Zuger Kantonalbank currently shows a dividend yield of about 2.18% relative to its recent price (as of Jul 12, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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