Vontobel Holding AG (CH:VONN)
:VONN
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Vontobel Holding AG
(VONN)
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Rating:66Neutral
Price Target:
CHF73.00
▲(8.63% Upside)
Action:ReiteratedDate:02/09/26
The score is primarily constrained by elevated balance-sheet risk from the sharp 2025 leverage increase despite solid profitability and strong absolute cash generation. Offsetting this, technicals are supportive (uptrend with positive momentum), valuation is reasonable with a strong dividend yield, and the latest earnings call reinforced capital strength and efficiency progress, tempered by net interest income and institutional flow headwinds.
Positive Factors
Capital and liquidity cushions
Very strong regulatory capital (CET1 19.7%) and high liquidity (LCR 150%, ~CHF25bn liquid assets) provide durable buffers against market stress, support risk-taking in higher-margin products, and reduce the need for distressed capital actions over the medium term.
Negative Factors
Sharp leverage step‑up
A sudden material increase in leverage meaningfully raises refinancing and interest rate risks, constrains strategic optionality, and reduces balance-sheet flexibility. Higher leverage increases vulnerability to adverse market or regulatory shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Capital and liquidity cushions
Very strong regulatory capital (CET1 19.7%) and high liquidity (LCR 150%, ~CHF25bn liquid assets) provide durable buffers against market stress, support risk-taking in higher-margin products, and reduce the need for distressed capital actions over the medium term.
Read all positive factors
Vontobel Holding AG (VONN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF3.74B
Dividend Yield4.66%
Average Volume (3M)30.69K
Price to Earnings (P/E)5.4
Beta (1Y)0.74
Revenue Growth3.80%
EPS Growth15.49%
CountryCH
Employees1,958
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)2.42
Shares Outstanding56,875,000
10 Day Avg. Volume33,209
30 Day Avg. Volume30,692
Financial Highlights & Ratios
PEG Ratio2.67
Price to Book (P/B)1.46
Price to Sales (P/S)2.35
P/FCF Ratio2.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF67.64Price Target Upside0.66% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)5.32
Revenue Forecast (FY)CHF1.45B
Vontobel Holding AG Business Overview & Revenue Model
Company Description
Vontobel Holding AG provides various financial services to private and institutional clients. The company operates through Asset Management, Platforms & Services, Wealth Management, and Digital Investing segments. The Wealth Management segment off...
How the Company Makes Money
Vontobel generates revenue through multiple key streams within its business model. Primarily, the company earns fees from asset management services, which include management fees for investment funds and performance fees based on fund performance....
Vontobel Holding AG Earnings Call Summary
Earnings Call Date:Feb 06, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call balanced clear operational and strategic progress—strong profit growth, AUM expansion, robust capital generation, significant efficiency gains, and notable flagship fund inflows—against material macro headwinds (30% decline in net interest income), FX translation losses, and outflows in two boutiques and the institutional segment. Management emphasized that efficiency savings, boutique realignments, and product focus (notably fixed income and structured solutions) position the firm to sustain momentum. Overall, positive execution and capital strength outweigh the near‑term revenue headwinds and selective outflows.Positive Updates
Net Profit Growth
Net profit of CHF 280 million, up 5% year‑on‑year; profit before tax increased to CHF 364 million.
Negative Updates
Net Interest Income Compression
Net interest income declined c.30% due to successive rate cuts, causing a CHF 34 million headwind to results.
Read all updates
Q4-2025 Updates
Positive
Negative
Net Profit Growth
Net profit of CHF 280 million, up 5% year‑on‑year; profit before tax increased to CHF 364 million.
Read all positive updates
Company Guidance
Vontobel’s guidance emphasized capital strength, efficiency and targeted growth: the Board will propose a CHF 3.00/share dividend (60% payout for 2025; through‑the‑cycle target >50%), the CHF 100m efficiency program is to be completed by end‑2026 with ~CHF 84m exit‑rate savings already realized (>80% of target claimed) and a goal to push the cost/income ratio below 72% (reported 74.2% in 2025; 72.9% adjusted). Management highlighted capital and liquidity cushions — CET1 19.7% (vs 12% internal / 8% regulatory) and LCR 150% — and set growth ambitions of 4–6% institutional flows through the cycle and at least CHF 4bn annual net inflows, while maintaining an effective tax rate guidance of 22–23%. Reported financial metrics supporting the guidance included AUM CHF 241bn (+5%), net new money CHF 4.2bn (private clients CHF 5.8bn; institutional -CHF 1.6bn), net profit CHF 280m, PBT CHF 364m, operating income CHF 1.4bn, RoE 12.2%, tangible BVPS CHF 33.86 (+15%), ~CHF 25bn liquid assets and a CHF 200m senior bond issuance, with management prioritizing higher‑margin fixed income, private markets and selective inorganic opportunities while preserving capital flexibility.Vontobel Holding AG Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
38
Negative
Cash Flow
62
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.54B | 1.42B | 1.30B | 1.67B | 1.95B |
| Gross Profit | 1.42B | 1.42B | 1.31B | 1.29B | 1.54B |
| EBITDA | 450.00M | 455.30M | 368.50M | 370.60M | 565.10M |
| Net Income | 280.10M | 266.10M | 214.70M | 229.80M | 373.80M |
Balance Sheet | |||||
| Total Assets | 34.74B | 32.86B | 29.15B | 30.51B | 32.40B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 12.47B | 9.89B | 11.01B | 17.19B |
| Total Debt | 16.16B | 644.80M | 806.70M | 1.22B | 629.00M |
| Total Liabilities | 32.26B | 30.63B | 27.05B | 28.49B | 30.33B |
| Stockholders Equity | 2.48B | 2.23B | 2.09B | 2.02B | 2.07B |
Cash Flow | |||||
| Free Cash Flow | 1.41B | 303.00M | -74.80M | 871.70M | 508.70M |
| Operating Cash Flow | 1.48B | 356.80M | -11.40M | 937.70M | 570.70M |
| Investing Cash Flow | -1.11B | 133.50M | 457.30M | -4.53B | 1.29B |
| Financing Cash Flow | -147.90M | -470.00M | -645.30M | 304.80M | -291.40M |
Vontobel Holding AG Technical Analysis
Neutral
67.20
Price Trends
68.07
Negative
65.05
Positive
63.46
Positive
Market Momentum
-0.31
Positive
45.85
Neutral
75.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:VONN, the sentiment is Neutral. The current price of 67.2 is below the 20-day moving average (MA) of 67.84, below the 50-day MA of 68.07, and above the 200-day MA of 63.46, indicating a neutral trend. The MACD of -0.31 indicates Positive momentum. The RSI at 45.85 is Neutral, neither overbought nor oversold. The STOCH value of 75.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CH:VONN.
Vontobel Holding AG Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | CHF2.86B | 16.56 | 14.60% | 4.30% | 3.32% | 11.19% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | CHF3.74B | 5.44 | 11.11% | 4.66% | 3.80% | 15.49% | |
64 Neutral | CHF4.99B | 17.97 | 9.10% | 3.15% | -0.27% | 21.41% | |
60 Neutral | CHF11.75B | 16.79 | ― | 4.14% | 1.02% | 131.90% | |
54 Neutral | CHF3.05B | 15.32 | ― | 3.34% | ― | ― | |
47 Neutral | CHF276.43M | -7.17 | ― | 21.87% | -4.06% | -109.73% |
* Financial Sector Average
CH:VONN
Vontobel Holding AG
67.20
6.21
10.19%
CH:BAER
Julius Baer Group Ltd
57.38
-0.11
-0.19%
CH:EFGN
EFG International AG
16.52
3.88
30.70%
CH:CMBN
Cembra Money Bank AG
97.20
1.94
2.04%
CH:LLBN
Liechtensteinische Landesbank AG
99.80
23.55
30.89%
CH:LEON
Leonteq AG
15.32
-2.24
-12.76%
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
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.