Has the Swiss Capital Markets Industry valuation changed over the past few years?

Investors are relatively neutral on the Swiss Capital Markets industry at the moment, indicating that they anticipate long term growth rates to remain steady. The industry is trading close to its 3-year average PE ratio of 15.4x. The 3-year average PS ratio of 2.9x is lower than the industry's current PS ratio of 3.4x.

Which industries have driven the changes within the Swiss Financials industry?

Investors are most optimistic about the Diversified Capital Markets industry which is trading above its 3-year average PE ratio of 15.2x. Analysts are expecting annual earnings growth of 12.5%, which is lower than the prior year's growth of 51.5% per year. Investors are most pessimistic about the Asset Management industry, which is trading below its 3-year average of 21.6x.

Swiss (SMI) Capital Markets Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 04 Aug 2026	CHF 190.1b	CHF 56.7b	CHF 12.1b	14.2x	15.7x	3.4x
Thu, 02 Jul 2026	CHF 179.9b	CHF 54.2b	CHF 11.0b	15.7x	16.4x	3.3x
Sat, 30 May 2026	CHF 170.6b	CHF 52.4b	CHF 10.5b	15.8x	16.3x	3.3x
Mon, 27 Apr 2026	CHF 160.6b	CHF 51.3b	CHF 9.4b	16.3x	17x	3.1x
Wed, 25 Mar 2026	CHF 146.9b	CHF 51.6b	CHF 9.5b	15.3x	15.5x	2.8x
Fri, 20 Feb 2026	CHF 163.0b	CHF 50.1b	CHF 9.2b	17.6x	17.7x	3.3x
Sun, 18 Jan 2026	CHF 189.7b	CHF 50.6b	CHF 9.2b	18.5x	20.6x	3.7x
Tue, 16 Dec 2025	CHF 171.1b	CHF 50.3b	CHF 9.1b	17.4x	18.7x	3.4x
Thu, 13 Nov 2025	CHF 162.9b	CHF 50.3b	CHF 9.2b	17.1x	17.8x	3.2x
Sat, 11 Oct 2025	CHF 165.5b	CHF 49.5b	CHF 8.3b	18x	19.9x	3.3x
Mon, 08 Sep 2025	CHF 167.4b	CHF 49.4b	CHF 8.3b	16.4x	20.1x	3.4x
Wed, 06 Aug 2025	CHF 161.1b	CHF 49.6b	CHF 8.3b	18.9x	19.5x	3.3x
Fri, 04 Jul 2025	CHF 147.4b	CHF 49.7b	CHF 7.3b	14.7x	20.2x	3x
Sun, 01 Jun 2025	CHF 145.2b	CHF 51.0b	CHF 7.4b	14.9x	19.5x	2.8x
Tue, 29 Apr 2025	CHF 137.9b	CHF 51.1b	CHF 7.5b	14.4x	18.4x	2.7x
Thu, 27 Mar 2025	CHF 164.5b	CHF 54.2b	CHF 7.8b	13.9x	21x	3x
Sat, 22 Feb 2025	CHF 168.3b	CHF 54.6b	CHF 7.7b	16.4x	21.9x	3.1x
Mon, 20 Jan 2025	CHF 168.3b	CHF 53.7b	CHF 6.5b	21.2x	25.7x	3.1x
Wed, 18 Dec 2024	CHF 155.3b	CHF 52.7b	CHF 6.4b	19.8x	24.1x	2.9x
Fri, 15 Nov 2024	CHF 153.6b	CHF 52.6b	CHF 6.4b	19.5x	23.8x	2.9x
Sun, 13 Oct 2024	CHF 150.8b	CHF 50.3b	CHF 4.5b	17.6x	33.9x	3x
Tue, 10 Sep 2024	CHF 135.7b	CHF 50.2b	CHF 4.4b	16x	30.6x	2.7x
Thu, 08 Aug 2024	CHF 136.3b	CHF 48.3b	CHF 27.0b	15.1x	5x	2.8x
Sat, 06 Jul 2024	CHF 148.7b	CHF 49.8b	CHF 28.0b	15.5x	5.3x	3x
Mon, 03 Jun 2024	CHF 152.0b	CHF 50.1b	CHF 28.2b	15.7x	5.4x	3x
Wed, 01 May 2024	CHF 136.0b	CHF 47.2b	CHF 28.0b	15.8x	4.9x	2.9x
Fri, 29 Mar 2024	CHF 150.8b	CHF 46.7b	CHF 28.6b	17.3x	5.3x	3.2x
Sun, 25 Feb 2024	CHF 139.3b	CHF 45.9b	CHF 28.1b	15.2x	5x	3x
Tue, 23 Jan 2024	CHF 140.6b	CHF 71.8b	CHF 35.2b	14x	4x	2x
Thu, 21 Dec 2023	CHF 145.9b	CHF 71.5b	CHF 35.0b	14.2x	4.2x	2x
Sat, 18 Nov 2023	CHF 133.7b	CHF 72.5b	CHF 35.8b	13.5x	3.7x	1.8x
Mon, 16 Oct 2023	CHF 127.7b	CHF 70.0b	CHF 38.4b	12.9x	3.3x	1.8x
Wed, 13 Sep 2023	CHF 131.1b	CHF 69.7b	CHF 38.0b	13.7x	3.4x	1.9x
Fri, 11 Aug 2023	CHF 114.4b	CHF 68.9b	CHF 13.9b	14.4x	8.2x	1.7x


CH Market	-0.92%
Financials	-0.25%
Capital Markets	0.31%
Asset Management	0.66%
Diversified Capital Markets	0.26%
Investment Banking and Brokerage	-1.00%

Company	Last Price	7D	1Y	Valuation
BAER Julius Bär Gruppe	CHF 71.78	1.7% +CHF 246.9m	30.5%	PE12.9x
EFGN EFG International	CHF 16.40	2.8% +CHF 134.9m	2.9%	PE18.5x
VONN Vontobel Holding	CHF 85.70	2.3% +CHF 106.9m	45.3%	PE12.7x
SQN Swissquote Group Holding	CHF 41.38	0.5% +CHF 33.0m	-23.6%	PE16.9x
VPBN VP Bank	CHF 95.60	2.5% +CHF 14.4m	22.3%	PE12.7x

Announcement • Jul 31

Circle K Polska Sp. z o.o. entered into an agreement to acquire Zabka Group S.A. (WSE:ZAB) from CVC Capital Partners plc (ENXTAM:CVC), Partners Group Holding AG (SWX:PGHN) and other shareholders for PLN 32.0 billion.

Circle K Polska Sp. z o.o. entered into an agreement to acquire Zabka Group S.A. (WSE:ZAB) from CVC Capital Partners plc (ENXTAM:CVC), Partners Group Holding AG (SWX:PGHN) and other shareholders for PLN 32.0 billion on July 31, 2026. A cash consideration of PLN 31.97 billion valued at PLN 32 per share will be paid by Circle K Polska Sp. z o.o. As part of consideration, PLN 31.97 billion is paid towards common equity of Zabka Group S.A. The transaction is unanimously supported by the principal members of Zabka's management and by shareholders collectively holding about 57% of Zabka's issued and outstanding shares, including CVC Capital Partners and Partners Group, who have entered into separate firm irrevocable agreements to tender all of their Zabka shares in response to the offer. Couche-Tard plans to finance the transaction through fully committed loan facilities provided by JP Morgan, as lead arranger, and by National Bank of Canada Capital Markets and The Bank of Nova Scotia, as co-bookmakers. For Couche-Tard, this acquisition means the immediate addition of a major platform in Central and Eastern Europe, while preserving Zabka's management structure, its highly recognized brand, its entrepreneurial franchising model, and its local expertise. In Poland, this platform will complement the company's existing network of nearly 400 Circle K service stations offering fuel as well as food, beverages, and other convenience products. Upon completion, it will be the largest acquisition ever made by Couche-Tard and will significantly advance its Pillars + Growth strategy by adding a differentiated platform that would support long-term growth, innovation and value creation. The Offer Document is expected to be reviewed by the PFSA in time for the offer period to commence on or around August 26, 2026. Under the terms of the management retention agreements, Zabka's senior management have committed to selling all of their Zabka shares in response to the offer and to reinvesting a substantial portion of the cash proceeds from that sale in Couche-Tard shares. Furthermore, Zabka has entered into an agreement with Circle K Polska relating to the transaction, which governs in particular the conduct of Zabka's business in the normal course of business prior to the settlement of the offer as well as its disclosure obligations in the context of the offer. The offer will be subject to obtaining certain regulatory approvals or the expiry of applicable waiting periods, including merger control approval by the European Commission or the Prezes Urzedu Konkurencji i Konsumentów (the “UOKiK”) of Poland, as appropriate, foreign direct investment approval by the Comisia pentru examinarea investitiilor straine directe of Romania, and approval by the European Commission under the European Union regulation on foreign subsidies. The number of Zabka shares that Couche-Tard will ultimately acquire depends on the level of shareholder acceptance of the offer. If Couche-Tard obtains at least 95% of the total voting rights in Zabka, it intends to undertake a forced acquisition (outright takeover) of the remaining shares and take the necessary steps to delist Zabka's shares from the Warsaw Stock Exchange. Therefore, there is no guarantee that after the offer is completed or subsequently, Couche-Tard will be able to carry out a forced acquisition or obtain such delisting. In accordance with Polish securities laws, the offer may initially be accepted by Zabka shareholders for a period of 30 days following the start of the offer period mentioned above. Couche-Tard may, at its discretion, extend the offer acceptance period one or more times. Barring unforeseen circumstances or extensions of the offer acceptance period, it is currently anticipated that the offer will be completed, if at all, no later than December 2026, provided that all conditions of the offer are met or waived. The Transaction is expected to be accretive to adjusted EBITDA margin at the outset, and accretive to earnings per share by the second year following closing, with the opportunity to achieve a double-digit return on invested capital by the third year following closing. JP Morgan is acting as exclusive financial advisor to Couche-Tard and Goldman Sachs is acting as exclusive financial advisor to Zabka Group in relation to the transaction.

Swiss (SMI) Capital Markets Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

UBS Group Pays $125 Million Fine Over Repeated Anti-Money Laundering Failures

Circle K Polska Sp. z o.o. entered into an agreement to acquire Zabka Group S.A. (WSE:ZAB) from CVC Capital Partners plc (ENXTAM:CVC), Partners Group Holding AG (SWX:PGHN) and other shareholders for PLN 32.0 billion.

LEON: Strengthened Compliance Progress Will Support Profitable But Muted Future Re Rating

Swissquote Group Holding SA to Report Fiscal Year 2026 Results on Mar 18, 2027

First half 2026 earnings released: EPS: CHF3.84 (vs CHF2.06 in 1H 2025)

First half 2026 earnings released: EPS: CHF0.13 (vs CHF0.014 in 1H 2025)

EFG International Grows AUM to SFr196.3b Plans Quilvest Switzerland Integration by 2026

Julius Bär Appoints Peter Burrill CFO as Profit Doubles and Efficiency Drive Targets SFr130m

New minor risk - Share price stability

Alpine Select AG to Report First Half, 2026 Results on Sep 14, 2026

No independent directors

Consensus EPS estimates increase by 10%

Insufficient new directors

High number of new and inexperienced directors

No independent directors

Now 20% undervalued after recent price drop