Banque Cantonale Vaudoise (CH:BCVN)
:BCVN
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Banque Cantonale Vaudoise
(BCVN)
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Rating:67Neutral
Price Target:
CHF141.00
▲(40.44% Upside)
Action:ReiteratedDate:04/08/26
The score is driven mainly by steady profitability but uneven cash-flow quality and elevated/variable leverage. Technicals are supportive due to a strong uptrend, though overbought signals temper the outlook. Valuation is fair-to-full (P/E ~20) with a moderate dividend, while the earnings call added modest support from strong capital/liquidity despite net interest income pressure and limited formal guidance.
Positive Factors
Strong capital and liquidity
An 18% CET1 ratio and higher HQLA provide a durable regulatory and liquidity buffer that supports lending and dividend continuity. This capital strength reduces insolvency and stress-test risk, enabling prudent balance-sheet growth and preserving strategic optionality over the medium term.
Negative Factors
Volatile cash generation
Large swings in operating and free cash flow reduce predictability of internal funding for lending, buybacks, or special dividends. This volatility complicates capital planning, raises reliance on external funding in trough years, and undermines confidence in sustained cash conversion.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong capital and liquidity
An 18% CET1 ratio and higher HQLA provide a durable regulatory and liquidity buffer that supports lending and dividend continuity. This capital strength reduces insolvency and stress-test risk, enabling prudent balance-sheet growth and preserving strategic optionality over the medium term.
Read all positive factors
Banque Cantonale Vaudoise (BCVN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF11.11B
Dividend Yield4.39%
Average Volume (3M)39.10K
Price to Earnings (P/E)10.1
Beta (1Y)0.39
Revenue GrowthN/A
EPS GrowthN/A
CountryCH
Employees2,089
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.51
Shares Outstanding86,061,900
10 Day Avg. Volume35,031
30 Day Avg. Volume39,097
Financial Highlights & Ratios
PEG Ratio-7.92
Price to Book (P/B)2.17
Price to Sales (P/S)6.18
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)4.95
Revenue Forecast (FY)CHF1.16B
Banque Cantonale Vaudoise Business Overview & Revenue Model
Company Description
Banque Cantonale Vaudoise provides a range of financial services in Vaud Canton and rest of Switzerland, the European Union, North America, and internationally. The company offers current, savings, and retirement accounts; credit and payment cards...
How the Company Makes Money
BCV makes money primarily through (1) net interest income and (2) fee and commission income, supplemented by (3) trading and other financial income and (4) other operating income. Net interest income is generated from the spread between interest e...
Banque Cantonale Vaudoise Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 20, 2026
Earnings Call Sentiment Positive
The call presents a largely constructive picture: revenues were stable (‑0.4%), net profit held up well at CHF 430 million (‑2%), commissions and trading income helped offset declines in core NII, capital and liquidity metrics (CET1 18%, HQLA +CHF1.3bn, shareholder equity ≈CHF4bn) are strong, and retail/mortgage volumes grew (mortgages +5%, deposits +4%). Key challenges are the decline in NII (pure NII down ~CHF31m, ≈‑5%), continued low trade finance activity, slightly higher personnel costs, and a multi-year uptick in the loan-to-deposit ratio—none of which appear to threaten the bank’s stability in the near term. Overall, positive operating resilience and strong balance-sheet metrics outweigh the headwinds.Positive Updates
Revenue Stability
Group revenue essentially stable, down only 0.4% year-over-year, reflecting resilience across business lines.
Negative Updates
Net Interest Income Pressure
Core NII pressures: pure NII before balance-sheet management fell from CHF 627 million to CHF 596 million (down CHF 31 million, ≈-5%), driven by lower interest-rate-related revenues.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Stability
Group revenue essentially stable, down only 0.4% year-over-year, reflecting resilience across business lines.
Read all positive updates
Company Guidance
Management said it will not give formal numerical guidance, instead stressing a stable, diversified business model and directional expectations: FY25 revenues were broadly flat (-0.4%) with net profit CHF 430m (down 2% y/y) and a proposed unchanged dividend of CHF 4.40 (within the communicated CHF 4.30–4.70 interval); retail mortgage volumes +5% and retail customer deposits +4% (overall volumes up 2–6% by segment), trade finance +8%, customer deposits +0.6%, net new money CHF 3.8bn and market performance adding CHF 6bn (AUM +8%); pure NII fell from CHF 627m to CHF 596m (‑CHF31m) with NII before impairments down ~CHF 26–28m, balance‑sheet management charges ~‑CHF70m offset by trading income +CHF89m (net +CHF19m) and reported trading income CHF195m (business view CHF106m vs CHF99m); financial investments/HQLA increased CHF 1.3bn, shareholders’ equity is ~CHF 4bn and CET1 stands at 18% (described as “excessive” vs a longer‑run operating range of ~14–15%), LCR/NSFR at comfortable levels, COVID bridge loans 90% repaid (81% by customers, 9% by the Confederation), and management expects Swiss/Vaud GDP ≈1% over the next two years (0.8–1.5%) with population growth ~1.1–1.3% p.a.; BCV will target cautious, quality mortgage growth of ~4–5% and retain a prudent stance on capital and the dividend.Banque Cantonale Vaudoise Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.40B | 1.14B | 1.15B | 1.03B | 1.00B |
| Gross Profit | 1.15B | 1.15B | 1.13B | 1.03B | 1.00B |
| EBITDA | 585.30M | 0.00 | 0.00 | 518.90M | 513.20M |
| Net Income | 429.70M | 440.60M | 469.20M | 388.30M | 378.70M |
Balance Sheet | |||||
| Total Assets | 61.62B | 60.63B | 58.87B | 59.40B | 55.95B |
| Cash, Cash Equivalents and Short-Term Investments | 9.89B | 12.07B | 12.60B | 14.10B | 13.55B |
| Total Debt | 11.15B | 9.45B | 16.38B | 7.94B | 7.32B |
| Total Liabilities | 57.64B | 56.70B | 55.02B | 7.94B | 7.32B |
| Stockholders Equity | 3.98B | 3.93B | 3.85B | 3.71B | 3.64B |
Cash Flow | |||||
| Free Cash Flow | 482.00M | 5.96B | -271.00M | 290.00M | 1.07B |
| Operating Cash Flow | 551.00M | 6.12B | -189.00M | 344.00M | 1.13B |
| Investing Cash Flow | -5.33B | -2.65B | 227.00M | -52.00M | -57.00M |
| Financing Cash Flow | 2.87B | -1.48B | -2.14B | 24.00M | -24.00M |
Banque Cantonale Vaudoise Peers Comparison
UnderperformOutperform
Sector (68)
CH:BCVN
Banque Cantonale Vaudoise
129.30
41.02
46.46%
GB:0QM2
Berner Kantonalbank AG
409.00
176.11
75.62%
GB:0RE6
Walliser Kantonalbank
154.99
40.17
34.99%
GB:0QPU
Valiant Holding
176.72
68.50
63.29%
DE:1Y61
Zuger Kantonalbank AG
11,200.00
5,683.77
103.04%
CH:LLBN
Liechtensteinische Landesbank AG
102.00
29.03
39.78%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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