Banque Cantonale Vaudoise (CH:BCVN)
:BCVN
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Banque Cantonale Vaudoise
(BCVN)
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Rating:67Neutral
Price Target:
CHF122.00
▲(21.51% Upside)
Action:Reiterated
Date: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 & liquidity
An 18% CET1 ratio and higher HQLA provide durable regulatory headroom and loss-absorption capacity. This strong capital/liquidity buffer supports cautious mortgage growth, dividend continuity, and resilience to macro shocks, reducing the need for near-term corrective capital actions.
Negative Factors
Net interest income pressure
Core NII declines directly compress the primary earnings engine for a universal bank. If lower interest-derived spreads persist, sustaining profitability will require either material fee growth, balance-sheet repricing, or risk-weighted asset optimization—each a multi‑period execution challenge.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong capital & liquidity
An 18% CET1 ratio and higher HQLA provide durable regulatory headroom and loss-absorption capacity. This strong capital/liquidity buffer supports cautious mortgage growth, dividend continuity, and resilience to macro shocks, reducing the need for near-term corrective capital actions.
Read all positive factors
Banque Cantonale Vaudoise (BCVN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF10.18B
Dividend Yield4.39%
Average Volume (3M)39.10K
Price to Earnings (P/E)10.1
Beta (1Y)0.38
Revenue Growth-12.79%
EPS Growth-2.47%
CountryCH
Employees2,089
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)5.00
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 Ratio17.89
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)4.98
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 generates revenue mainly through a universal-bank model with multiple income streams. (1) Net interest income: The bank earns interest on loans—especially residential mortgages and corporate/SME lending—and on parts of its investment/treasury ...
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.
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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
118.50
24.20
25.67%
GB:0QM2
Berner Kantonalbank AG
370.50
130.52
54.39%
GB:0RE6
Walliser Kantonalbank
158.50
35.71
29.08%
GB:0QPU
Valiant Holding
160.13
44.86
38.91%
DE:1Y61
Zuger Kantonalbank AG
11,800.00
2,813.52
31.31%
CH:LLBN
Liechtensteinische Landesbank AG
100.20
20.76
26.13%
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.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower 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.
Disclaimer
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