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EFG International AG
(EFGN)
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Rating:66Neutral
Price Target:
CHF16.50
▲(2.61% Upside)
Action:Reiterated
Date:07/22/26
The score is held back primarily by weak cash generation (negative operating and free cash flow over multiple years) despite solid profitability and improving leverage. Technicals are supportive with the stock trading above major moving averages and positive momentum indicators. Valuation is somewhat demanding at ~25x earnings, though the ~3.6% dividend yield and a constructive earnings-call outlook (strong H1 results and reiterated targets, tempered by margin and cost/integration headwinds) provide partial support.
Positive Factors
Strong asset gathering
Sustained positive net new assets and growth above CHF 200 billion in AUM demonstrate durable client acquisition and retention. This expands the recurring fee base, supports operating leverage, and strengthens EFG’s competitive position in private banking over the medium term.
Negative Factors
Persistently weak cash conversion
Repeatedly negative operating and free cash flow create a material quality-of-earnings concern despite reported profitability. Inconsistent cash conversion can constrain internally funded investment, increase reliance on balance-sheet resources, and reduce flexibility if earnings weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong asset gathering
Sustained positive net new assets and growth above CHF 200 billion in AUM demonstrate durable client acquisition and retention. This expands the recurring fee base, supports operating leverage, and strengthens EFG’s competitive position in private banking over the medium term.
Read all positive factors
EFG International AG (EFGN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF4.72B
Dividend Yield3.99%
Average Volume (3M)221.89K
Price to Earnings (P/E)17.5
Beta (1Y)0.76
Revenue Growth-0.85%
EPS Growth-25.22%
CountryCH
Employees3,299
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.93
Shares Outstanding308,192,000
10 Day Avg. Volume231,590
30 Day Avg. Volume221,888
Financial Highlights & Ratios
PEG Ratio6.17
Price to Book (P/B)2.45
Price to Sales (P/S)2.25
P/FCF Ratio-4.08
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF18.05Price Target Upside12.25% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.18
Revenue Forecast (FY)CHF1.75B
EFG International AG Business Overview & Revenue Model
Company Description
Established in 1995 and headquartered in Zurich, Switzerland, EFG International AG is a global financial services firm specializing in private banking, wealth management, and asset management. The company offers a broad array of services, includin...
How the Company Makes Money
EFG International AG primarily generates revenue from delivering private banking and wealth management services. Its earnings typically come from a mix of: (1) Net interest income: income earned on interest-bearing assets (such as loans and bank p...
EFG International AG Earnings Call Summary
Earnings Call Date:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 17, 2027
Earnings Call Sentiment Positive
The call emphasized strong, broad‑based commercial momentum (record AUM, sustained net new asset growth, highest semester profit, RoTE ahead of targets), resilient commission and operating income growth, and notable capital and liquidity strength. Key near‑term challenges relate to margin compression driven by lower interest income and waning life insurance contribution, acquisition‑related cost drag and integration timing, and remaining work to hit the cost‑income target. On balance the company presented tangible progress against its 2028 targets with clear mitigation plans for the main headwinds.Positive Updates
Assets under Management Milestone
Closed Quilvest acquisition and for the first time crossed CHF 200 billion AUM (management noted prior organic growth from CHF 166bn to approx. CHF 200bn); year‑on‑year AUM growth in excess of 23%.
Negative Updates
Revenue Margin Compression
Overall revenue margin fell from 97 basis points to 91 basis points (≈6 bps decline), driven largely by lower interest‑related revenue and a reduction in life insurance contribution; interest‑related component fell from ~34–36 bps to ~28 bps.
Read all updates
Q2-2026 Updates
Positive
Negative
Assets under Management Milestone
Closed Quilvest acquisition and for the first time crossed CHF 200 billion AUM (management noted prior organic growth from CHF 166bn to approx. CHF 200bn); year‑on‑year AUM growth in excess of 23%.
Read all positive updates
Company Guidance
Guidance from the call emphasized a confident start to the 2026–2028 plan backed by strong H1 results: Assets under Management have crossed CHF 200bn after the Quilvest closing, net new assets were CHF 5.7bn (annualized NNA growth 6.2%, 15th consecutive semester of positive NNA), operating income topped CHF 850m, IFRS net profit was CHF 185m (best semester), return on tangible equity 22.4% (vs 20% ROTE target for 2028), and management reiterated a 15% CAGR target for IFRS net profit to 2028; revenue margin was ~91bp in H1 (90bp excluding life insurance) with interest-related ~28bp and commission margin ~46bp (mandate penetration 67%, net commission income +20% YoY), net other income ~16bp, and life‑insurance revenue expected to phase out; cost‑to‑income was 71.5% (end‑2025 base 73%, target 68% by 2028 with ~1.5–2pp annual reduction; Simplicity 2.0 targets CHF70–80m of savings by 2028 with CHF15–20m expected in 2026 and ~CHF7–8m recognized in H1); headline costs +8% YoY driven by acquisitions but flat ex‑acquisitions, two acquisitions contributing and full IT integration/synergies expected by H1 2027, AuM per CRO CHF 360m (39 hires in H1 + 33 offers =72, annual hiring guidance 50–70), strong organic capital generation of 2.3ppt (230bp) lifting CET1 to ~15% and total capital to 18.3%, LCR 267%, liquid assets ~CHF20bn, share buyback of 2m shares to fund incentives, and a progressive 60% dividend payout policy.EFG International AG Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.16B | 2.59B | 1.50B | 1.43B | 1.76B | 1.63B |
| Gross Profit | 2.34B | 1.74B | 1.50B | 1.43B | 1.27B | 1.25B |
| EBITDA | 408.90M | 445.60M | 470.70M | 411.80M | 389.20M | 327.70M |
| Net Income | 288.60M | 325.20M | 321.60M | 303.20M | 202.40M | 205.80M |
Balance Sheet | ||||||
| Total Assets | 43.08B | 39.39B | 40.60B | 38.59B | 43.54B | 42.14B |
| Cash, Cash Equivalents and Short-Term Investments | 7.09B | 5.04B | 8.01B | 4.19B | 3.64B | 12.08B |
| Total Debt | 4.53B | 3.41B | 1.25B | 239.00M | 1.13B | 962.30M |
| Total Liabilities | 40.71B | 37.01B | 38.22B | 36.37B | 41.47B | 39.85B |
| Stockholders Equity | 2.37B | 2.39B | 2.38B | 2.22B | 2.06B | 2.25B |
Cash Flow | ||||||
| Free Cash Flow | 1.24B | -1.43B | -445.50M | -2.67B | -196.50M | 132.20M |
| Operating Cash Flow | 1.28B | -1.39B | -397.10M | -2.64B | -152.50M | 175.80M |
| Investing Cash Flow | 859.20M | 746.20M | 484.00M | -1.22B | -1.28B | -1.28B |
| Financing Cash Flow | 1.14B | 42.40M | 41.10M | -265.50M | 2.17B | 1.81B |
EFG International AG Technical Analysis
Neutral
16.08
Price Trends
16.35
Negative
16.51
Negative
17.26
Negative
Market Momentum
-0.18
Negative
57.62
Neutral
68.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:EFGN, the sentiment is Neutral. The current price of 16.08 is above the 20-day moving average (MA) of 15.75, below the 50-day MA of 16.35, and below the 200-day MA of 17.26, indicating a neutral trend. The MACD of -0.18 indicates Negative momentum. The RSI at 57.62 is Neutral, neither overbought nor oversold. The STOCH value of 68.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CH:EFGN.
EFG International AG Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | CHF16.10B | 13.62 | ― | 7.37% | 8.63% | -0.75% | |
74 Outperform | CHF122.12B | 16.12 | 10.26% | 2.16% | -9.74% | 42.77% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | CHF14.69B | 12.83 | ― | 3.65% | -0.29% | 31.63% | |
67 Neutral | CHF5.12B | 13.55 | 14.87% | 3.26% | 11.49% | 51.27% | |
66 Neutral | CHF4.72B | 17.51 | 12.14% | 3.99% | -0.85% | -25.22% |
* Financial Sector Average
CH:EFGN
EFG International AG
16.28
1.04
6.81%
CH:UBSG
UBS Group AG
39.64
8.13
25.81%
CH:PGHN
Partners Group Holding AG
624.40
-353.90
-36.18%
CH:BAER
Julius Baer Group Ltd
71.18
20.14
39.47%
CH:VONN
Vontobel Holding AG
92.00
34.99
61.39%
EFG International AG Corporate Events
EFG International expands Swiss footprint with new Bern office
Aug 31, 2026
EFG International AG is a Zurich-based global private banking and asset management group, serving clients from over 40 locations worldwide and listed on the SIX Swiss Exchange. Its business focuses on providing tailored wealth management solutions...
EFG International Names CEO for Dubai Advisory Office to Bolster Regional Growth
Aug 25, 2026
EFG International has appointed Ranjit Khanna as Chief Executive Officer of its Dubai Advisory Office, effective 26 August 2026. The move underscores the Swiss private bank’s commitment to strengthening its advisory capabilities in the Middl...
EFG International Sells Harris Allday Business to Canaccord Wealth
Aug 19, 2026
EFG International has agreed to sell the front office teams and client assets of its Harris Allday business to Canaccord Wealth, marking a strategic reshaping of its wealth management operations. The transaction suggests a streamlining of EFG̵...
EFG International’s Profit and Assets Surge as AuM Top CHF 200 Billion
Jul 22, 2026
EFG International reported a net profit of CHF 184.6 million for the first half of 2026, with net new assets of CHF 5.7 billion corresponding to a 6.2% annualised growth rate. Assets under management reached CHF 196.3 billion at end-June, up 21% y...
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.