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Vontobel Holding AG
(VONN)
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Rating:63Neutral
Price Target:
CHF93.00
▲(2.54% Upside)
Action:Reiterated
Date:10/25/26
The score is held back primarily by elevated balance-sheet leverage and mixed/weak near-term technical momentum (negative MACD; price below 20/50-day averages). Offsetting this, the latest earnings call points to strong profitability, flows, efficiency gains and reiterated guidance with very strong capital metrics, while valuation is supportive (P/E ~12.9 and ~3.4% dividend yield).
Positive Factors
Asset Gathering
Rising assets under management and positive net new money indicate continuing client adoption and provide a larger base for recurring management and advisory fees. This supports revenue durability because organic inflows can compound fee-generating assets beyond market movements alone over the coming quarters.
Negative Factors
Elevated Leverage
The sharp increase in leverage materially reduces balance-sheet flexibility and raises the sensitivity of earnings and capital planning to funding conditions. Even with strong regulatory ratios, higher debt can constrain future allocation choices and increase the consequences of weaker operating performance or market stress.
Read all positive and negative factors
Positive Factors
Negative Factors
Asset Gathering
Rising assets under management and positive net new money indicate continuing client adoption and provide a larger base for recurring management and advisory fees. This supports revenue durability because organic inflows can compound fee-generating assets beyond market movements alone over the coming quarters.
Read all positive factors
Vontobel Holding AG (VONN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF5.09B
Dividend Yield3.28%
Average Volume (3M)68.81K
Price to Earnings (P/E)13.5
Beta (1Y)0.65
Revenue Growth11.49%
EPS Growth51.27%
CountryCH
Employees2,279
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)6.79
Shares Outstanding56,875,000
10 Day Avg. Volume61,385
30 Day Avg. Volume68,815
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)6.94
Revenue Forecast (FY)CHF1.63B
Vontobel Holding AG Business Overview & Revenue Model
Company Description
Vontobel Holding AG, together with its subsidiaries, provides various financial services to private and institutional clients in Switzerland and internationally. The company offers fixed advances, current account overdrafts, guarantees, and margin...
How the Company Makes Money
Vontobel primarily earns revenue from fees and commissions tied to client assets and transaction activity, complemented by income from capital markets activities.
1) Wealth & Private Clients: The company generates recurring management and advisor...
Vontobel Holding AG Earnings Call Summary
Earnings Call Date:Jul 24, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 10, 2027
Earnings Call Sentiment Positive
The call communicated a strongly positive operational and financial performance: record profits, all-time high AUM, robust adjusted net new money, widening margins, significant efficiency savings and a very strong capital position. Headline negatives were manageable: FX translation losses (~CHF 30 million), known institutional outflows related to Raiffeisen Futura and the Quality Growth boutique, cyclical volatility in markets and some regulatory uncertainty. Management emphasized that underlying flows and business momentum (excluding known effects) are strong and that efficiency gains have improved structural profitability.Positive Updates
Record Profitability
Net profit reached CHF 216 million, up 87% year-on-year; profit before tax CHF 273 million, up 84% year-on-year, driven by strong revenue momentum and operating leverage.
Negative Updates
Foreign Exchange Headwinds
Currency effects (strong Swiss franc and weaker USD) materially reduced reported results; management estimates profit before tax would have been around CHF 30 million higher absent FX translation headwinds.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Profitability
Net profit reached CHF 216 million, up 87% year-on-year; profit before tax CHF 273 million, up 84% year-on-year, driven by strong revenue momentum and operating leverage.
Read all positive updates
Company Guidance
The management reiterated forward guidance to stay "ahead of our through‑the‑cycle targets" and to complete the efficiency program by year‑end, while continuing to scale the business and invest selectively; key targets reiterated were net new money for Private Clients of 4–6% annualized, a through‑the‑cycle cost/income target of 72% (current reported 67.9%, adjusted ~66%), and a dividend payout target of ~50% (AGM to set actual payout). They highlighted strong balance‑sheet capacity (CET1 23.2%, total capital ratio 28.1%, CET1 capital CHF 1.5bn, RWA CHF 6.5bn, liquidity coverage ratio 148%, total assets CHF 38.3bn) to fund organic growth, buy the remaining Ancala stake over time and pursue selective M&A, and noted timing on known outflows (Raiffeisen Futura handover by July 2027; CHF 1.3bn of Raiffeisen outflows in H1, ~CHF 12bn remaining). Financial momentum metrics underpinning the guidance included record net profit CHF 216m (+87%), profit before tax CHF 273m (+84%), operating income CHF 852m (+24% / +29% cc), AUM CHF 252bn (+5%; Private Clients CHF 132bn), group adjusted net new money CHF 6.3bn (5.9% annualized), Private Clients NNM CHF 2.5bn (4.1%), fixed‑income NNM annualized 15%, ROE 16.9% (vs. cost of equity ~8.5%), tangible BVPS CHF 36.5 (+8% H1), and cumulative efficiency exit‑rate savings CHF 116m (vs. original CHF 100m goal).Vontobel Holding AG Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
38
Negative
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.03B | 1.54B | 1.42B | 1.30B | 1.67B | 1.95B |
| Gross Profit | 1.93B | 1.42B | 1.42B | 1.31B | 1.29B | 1.54B |
| EBITDA | 615.90M | 467.20M | 455.30M | 368.50M | 370.60M | 565.10M |
| Net Income | 380.60M | 280.10M | 266.10M | 214.70M | 229.80M | 373.80M |
Balance Sheet | ||||||
| Total Assets | 38.29B | 34.74B | 32.86B | 29.15B | 30.51B | 32.40B |
| Cash, Cash Equivalents and Short-Term Investments | 2.80B | 12.66B | 12.47B | 9.89B | 11.01B | 17.19B |
| Total Debt | 18.40B | 16.02B | 644.80M | 806.70M | 1.22B | 629.00M |
| Total Liabilities | 35.65B | 32.26B | 30.63B | 27.05B | 28.49B | 30.33B |
| Stockholders Equity | 2.64B | 2.48B | 2.23B | 2.09B | 2.02B | 2.07B |
Cash Flow | ||||||
| Free Cash Flow | 632.10M | 1.41B | 303.00M | -74.80M | 871.70M | 508.70M |
| Operating Cash Flow | 698.20M | 1.48B | 356.80M | -11.40M | 937.70M | 570.70M |
| Investing Cash Flow | -184.40M | -1.11B | 133.50M | 457.30M | -4.53B | 1.29B |
| Financing Cash Flow | 164.30M | -147.90M | -470.00M | -645.30M | 304.80M | -291.40M |
Vontobel Holding AG Technical Analysis
Positive
90.70
Price Trends
90.80
Positive
85.34
Positive
75.98
Positive
Market Momentum
-0.04
Negative
55.74
Neutral
91.93
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:VONN, the sentiment is Positive. The current price of 90.7 is above the 20-day moving average (MA) of 89.60, below the 50-day MA of 90.80, and above the 200-day MA of 75.98, indicating a bullish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 55.74 is Neutral, neither overbought nor oversold. The STOCH value of 91.93 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | CHF16.69B | 14.06 | ― | 7.14% | 8.63% | -0.75% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | CHF4.98B | 17.46 | 12.14% | 4.00% | -0.85% | -25.22% | |
63 Neutral | CHF5.09B | 13.46 | 14.87% | 3.28% | 11.49% | 51.27% | |
61 Neutral | CHF14.14B | 12.39 | ― | 3.78% | -0.29% | 31.63% | |
60 Neutral | CHF118.18B | 15.62 | 10.26% | 2.22% | -13.47% | ― |
* Financial Sector Average
CH:VONN
Vontobel Holding AG
91.40
33.05
56.65%
CH:UBSG
UBS Group AG
38.60
8.69
29.06%
CH:PGHN
Partners Group Holding AG
644.40
-292.91
-31.25%
CH:BAER
Julius Baer Group Ltd
68.74
16.98
32.79%
CH:EFGN
EFG International AG
16.24
0.13
0.81%
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.