Banque Cantonale Vaudoise (BQCNF)
NEUTRAL基本面
24
价格
$126.10
市值
$10.81B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
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.
需求驱动因素
中度周期性Net 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.
看多理由
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.
看空理由
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
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资产负债表与流动性
营收
$1.15B
截至最近已公布季度的最近12个月 — 根据每股指标估算
净利润
$429M
截至最近已公布季度的最近12个月 — 根据每股指标估算
自由现金流
-
股东权益合计
$3.98B
负债合计
$19.77B
流动比率
-
利息覆盖率
-
债务/EBITDA
-
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$105.94
当前价格
$126.10
安全边际
-19.0%
公允价值区间
$89.39 - $122.48
估算方法
估值指标
市盈率（P/E）
25.19
ROE
11.6%
市净率（P/B）
2.72
P/FCF
-
毛利率
0.0%
ROIC
1.7%
盈利能力雷达图
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.
基本面分析标准
通过（4）
- Price CAGR 6.19%
- P/B Ratio 2.72
- Operating Margin 43.3%
- ROE 11.1%
未通过（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
不可用（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-评分
存在严重财务隐患
盈利质量
低质量：需深入审查会计处理
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 | - |
审计风险
1
董事会风险
7
薪酬风险
5
股东权利风险
10
第二部分 · 价格与买入时机
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Latest News
Recent headlines for BQCNF, sourced from Markets Gazette.