Vontobel Holding Valuation

Q: What is the Fair Price of VONN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

VONN (CHF55.8) is trading below our estimate of [[fair value]] (CHF100.1)

Is VONN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of VONN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: VONN (CHF55.8) is trading below our estimate of fair value (CHF100.1)

Significantly Below Fair Value: VONN is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for VONN?

Key metric: As VONN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for VONN. This is calculated by dividing VONN's market cap by their current earnings.
What is VONN's PE Ratio?
PE Ratio	14.4x
Earnings	CHF 217.40m
Market Cap	CHF 3.14b

VONN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	0.8x

Price to Earnings Ratio vs Peers

How does VONN's PE Ratio compare to its peers?

The above table shows the PE ratio for VONN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	21x
EFGN EFG International	12.3x	6.3%	CHF 3.7b
VZN VZ Holding	27.4x	7.9%	CHF 5.6b
BAER Julius Bär Gruppe	29.1x	22.4%	CHF 10.9b
VPBN VP Bank	15.2x	20.2%	CHF 458.8m
VONN Vontobel Holding	14.4x	17.7%	CHF 3.1b

Price-To-Earnings vs Peers: VONN is good value based on its Price-To-Earnings Ratio (14.4x) compared to the peer average (21x).

Price to Earnings Ratio vs Industry

How does VONN's PE Ratio compare vs other companies in the European Capital Markets Industry?

17 Companies	Price / Earnings	Estimated Growth	Market Cap

17 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: VONN is expensive based on its Price-To-Earnings Ratio (14.4x) compared to the European Capital Markets industry average (13.2x).

Price to Earnings Ratio vs Fair Ratio

What is VONN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

VONN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	14.4x
Fair PE Ratio	22x

Price-To-Earnings vs Fair Ratio: VONN is good value based on its Price-To-Earnings Ratio (14.4x) compared to the estimated Fair Price-To-Earnings Ratio (22x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst VONN forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	CHF 55.80	CHF 57.00 +2.2%	10.8%	CHF 65.00	CHF 50.00	n/a	3
Nov ’25	CHF 56.20	CHF 57.33 +2.0%	10.1%	CHF 65.00	CHF 51.00	n/a	3
Oct ’25	CHF 54.90	CHF 52.75 -3.9%	4.3%	CHF 55.00	CHF 50.50	n/a	2
Sep ’25	CHF 55.80	CHF 52.75 -5.5%	4.3%	CHF 55.00	CHF 50.50	n/a	2
Aug ’25	CHF 57.60	CHF 53.15 -7.7%	3.5%	CHF 55.00	CHF 51.30	n/a	2
Jul ’25	CHF 54.10	CHF 51.40 -5.0%	2.7%	CHF 52.80	CHF 50.00	n/a	2
Jun ’25	CHF 53.90	CHF 51.40 -4.6%	2.7%	CHF 52.80	CHF 50.00	n/a	2
May ’25	CHF 51.80	CHF 51.40 -0.8%	2.7%	CHF 52.80	CHF 50.00	n/a	2
Apr ’25	CHF 54.70	CHF 54.00 -1.3%	7.4%	CHF 58.00	CHF 50.00	n/a	2
Mar ’25	CHF 54.20	CHF 55.00 +1.5%	5.5%	CHF 58.00	CHF 52.00	n/a	2
Feb ’25	CHF 56.30	CHF 54.00 -4.1%	3.7%	CHF 56.00	CHF 52.00	n/a	2
Jan ’25	CHF 54.50	CHF 52.00 -4.6%	7.7%	CHF 56.00	CHF 48.00	n/a	2
Dec ’24	CHF 51.00	CHF 52.00 +2.0%	7.7%	CHF 56.00	CHF 48.00	n/a	2
Nov ’24	CHF 53.90	CHF 53.75 -0.3%	4.2%	CHF 56.00	CHF 51.50	CHF 56.20	2
Oct ’24	CHF 54.60	CHF 57.75 +5.8%	3.0%	CHF 59.50	CHF 56.00	CHF 54.90	2
Sep ’24	CHF 55.10	CHF 57.75 +4.8%	3.0%	CHF 59.50	CHF 56.00	CHF 55.80	2
Aug ’24	CHF 58.60	CHF 57.50 -1.9%	2.6%	CHF 59.50	CHF 56.00	CHF 57.60	3
Jul ’24	CHF 56.70	CHF 57.17 +0.8%	1.8%	CHF 58.50	CHF 56.00	CHF 54.10	3
Jun ’24	CHF 59.10	CHF 57.17 -3.3%	1.8%	CHF 58.50	CHF 56.00	CHF 53.90	3
May ’24	CHF 59.70	CHF 56.67 -5.1%	0.8%	CHF 57.00	CHF 56.00	CHF 51.80	3
Apr ’24	CHF 59.30	CHF 58.17 -1.9%	2.8%	CHF 60.00	CHF 56.00	CHF 54.70	3
Mar ’24	CHF 58.80	CHF 58.17 -1.1%	2.8%	CHF 60.00	CHF 56.00	CHF 54.20	3
Feb ’24	CHF 65.30	CHF 61.25 -6.2%	2.0%	CHF 62.50	CHF 60.00	CHF 56.30	2

Analyst Forecast: Target price is less than 20% higher than the current share price.

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