Banque Cantonale Vaudoise (BQCNF)
NEUTRALFundamental
24
Kurs
$126.10
Marktkapitalisierung
$10.81B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Banque Cantonale Vaudoise is a full-service bank based in Lausanne, serving individuals, small businesses, large corporations and private banking clients mainly in the canton of Vaud, Switzerland. It takes deposits and makes loans like any commercial bank, and layers on wealth management, trading and asset management for wealthier clients. The canton of Vaud owns roughly two-thirds of its shares, making it effectively a public institution run as a listed company.
Wie das Geld verdient wird
Revenue comes from the spread between what BCV pays on deposits and earns on loans and investments (net interest income), fees charged for advice, trading and account services (commissions), and gains from trading securities and currencies on its own book. In 2025 net interest income was the largest piece at roughly 46% of revenue, with commissions close behind at 34% and trading income at 17%. A falling interest-rate environment squeezes the interest margin, which commission and trading income only partly offset.
Umsatz nach Segment
The margin earned between interest paid on customer deposits and interest earned on loans and investments; the bank's traditional core business.
Fees from wealth management, advisory services, payment services and account administration for retail and private banking clients.
Gains from trading securities, currencies and derivatives for clients and on the bank's own account.
A residual category covering minor income lines not classified as interest, commission or trading income.
Was die Nachfrage antreibt
Mäßig zyklischNet interest income moves with the level of Swiss interest rates set by the central bank, which BCV cannot control, while trading and mortgage volumes track the health of the Vaud regional economy. A prolonged period of very low or negative rates compresses margins, as happened through much of the 2010s and again as rates fell in 2025.
Die Argumente dafür
Buyers argue that BCV's stable deposit base, majority ownership by the canton of Vaud and growing assets under management, up 8% in 2025, provide durable, low-risk earnings even as interest rates fall.
Die Argumente dagegen
Sellers fear that a prolonged low-rate environment will keep squeezing net interest income, the bank's largest revenue source, faster than fee and trading income can offset it, weighing on profit as it did in 2025.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
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Bilanz & Liquidität
Umsatz
$1.15B
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Nettogewinn
$429M
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Freier Cashflow
-
Gesamtes Eigenkapital
$3.98B
Gesamtverbindlichkeiten
$19.77B
Current Ratio
-
Zinsdeckungsgrad
-
Schulden/EBITDA
-
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$105.94
Aktueller Kurs
$126.10
Sicherheitsmarge
-19.0%
Innerer-Wert-Spanne
$89.39 - $122.48
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
25.19
ROE
11.6%
P/B-Verhältnis
2.72
P/FCF
-
Bruttomarge
0.0%
ROIC
1.7%
Rentabilitäts-Radar
Value Creation (Economic Moat)
ROIC
1.7%
WACC
2.8%
ROIC − WACC
-1.1 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamentalanalyse-Kriterien
Bestanden (4)
- Price CAGR 6.19%
- P/B Ratio 2.72
- Operating Margin 43.3%
- ROE 11.1%
Nicht bestanden (10)
- ROIC 1.7%
- Gross Margin 0.0%
- Debt/Equity ratio
- Price below Graham Number
- DCF valuation (Unknown)
- Revenue Growth 5Y -2.2%
- Analyst Consensus 0% Buy
- PEG Ratio 4.59
- Net Margin Trend 37.4% vs 38.1%
- Piotroski F-Score 0/9
Nicht verfügbar (13)
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- Earnings Surprise (Finnhub)
- Earnings Quality (OCF/Net Income)
- Share Dilution (missing shares data)
Piotroski F-Score
Ernsthafte finanzielle Bedenken
Gewinnqualität
Niedrige Qualität: Rechnungslegung prüfen
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Pascal Kiener | CEO & Member of Management Board | 63 |
| Dr. Thomas W. Paulsen Ph.D. | CFO, Head of Finance & Risks and Member of the Executive Board | 60 |
| Mr. Bertrand Sager | Chief Credit Officer, Head of Credit Management Division & Member of the Executive Board | 59 |
| Mr. Christian Meixenberger | Head of Business Support & Member of the Executive Board | 65 |
| Mr. Andreas Diemant | Head of Corporate Banking & Member of the Executive Board | 57 |
| Mr. Fabrice Welsch | Head of Asset Management & Trading Division and Member of the Executive Board | 59 |
| Mr. Christian Steinmann | Head of Private Banking & Member of Executive Board | 54 |
| Eric Longchamp | Member of Management Board | - |
| Ms. Anne Maillard | Head of Retail Banking & Member of the Executive Board | 56 |
| Mr. Gregory Duong | Investor Relations Officer | - |
Prüfungsrisiko
1
Vorstandsrisiko
7
Vergütungsrisiko
5
Aktionärsrechterisiko
10
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for BQCNF, sourced from Markets Gazette.