2 models fit Swissquote Group Holding SA and they agree: 2 of 2 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
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Valued as an asset manager: P/E comparison, Dividend discount, and Residual income.
ACCE opinionSwissquote Group Holding SA (SQN.SW)
Fair value (2 models)
CHF 28.01
ACCE price target
CHF 40.00
Rating
Overvalued
Horizon
12 months
Fair value published on 22 Oct 2026, 12:04 CEST.
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Rating published on 22 Oct 2026, 12:04 CEST.
Price used: CHF 34.84 at the close on 23 Oct 2026, 17:30 CEST.
Models: P/E comparison and Residual income.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
24.4% above
-19.6% to fair value
ACCE score
49
out of 100
P/E
14.5x
forward 14.4x
1-year return
-29.5%
Dividend yield
2.08%
Swissquote Group Holding SA in four questions
Plain answers, details below
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Overview
ACCE thesis
Swissquote runs an online bank and brokerage out of Switzerland, with retail trading apps, forex and CFD execution, multi-currency accounts and a banking licence that lets it hold client deposits directly. The moat is the combination of a regulated banking licence and a large, sticky retail base that trades on its platform, which is hard for a new entrant to replicate quickly. The data supports a business with a 48.0% operating margin and a 28.0% ROE, while the stock trades at 14.8x trailing and 14.7x forward earnings, so the market is not pricing in much growth. Revenue growth of 2.3% is the weak point and the reason the multiple looks undemanding; the question for a deeper look is whether trading volumes and banking income can re-accelerate top-line growth or whether this stays a high-margin, low-growth compounder. Swissquote is not in any index in our dataset, which may keep it under-covered and worth checking on the cost of entry.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Earnings slipping despite revenue growth
Revenue grew 2.3% year on year while earnings fell 2.9%, so profit is not keeping pace with the top line. Net margin is still a strong 47.0%, but the gap is worth watching.
moderate
Price well above model fair value
The share price of CHF 34.84 trades 24.4% above the model fair value of CHF 28.01, so the stock already prices in more than the models assume.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Free cash flow over the last twelve months reached CHF 724M, and the free cash flow yield stands at 13.5%.
Return on equity of 28.0% and a net margin of 47.0% show the business earns strong profits on the capital it uses.
At a forward P/E of 10.8x, the stock sits below the sector median forward P/E of 12.0x.
Why it could disappoint
Revenue grew just 2.3% over the past year, far below the 15.7% average annual growth of the last five years.
Model fair value of CHF 28.01 sits 24.4% below the current price of CHF 34.84, and only 2 of 3 models support it.
The latest earnings per share came in at 0.00 against 7.73 expected, a 100.0% miss.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Mar 18, 2027
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where SQN.SW's valuation models land
Price
CHF 34.84
Model fair value
CHF 28.01
Model range
CHF 25.03 to CHF 30.56
Fair value CHF 28.01
Price CHF 34.84
The price is above the whole model range.
Model
Fair value
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