3 models fit Vontobel Holding AG and they disagree: 1 of 3 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 opinionVontobel Holding AG (VONN.SW)
Fair value (3 models)
CHF 69.64
ACCE price target
CHF 85.00
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 87.70 at the close on 23 Oct 2026, 17:30 CEST.
Models: P/E comparison, Dividend discount, 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
25.9% above
-20.6% to fair value
ACCE score
81
out of 100
P/E
13.5x
forward 13.8x
1-year return
+43.5%
Dividend yield
3.34%
Vontobel Holding AG in four questions
Plain answers, details below
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Overview
ACCE thesis
Vontobel Holding is a Zurich-based asset manager whose core products are actively managed equity and fixed income funds, structured products sold through its investment bank, and discretionary wealth management for private clients. The firm's edge sits in its private banking franchise and its boutique-style investment teams, which earn performance fees and sticky recurring mandates rather than trading on balance-sheet risk. Revenue growth of 23.6% is strong for a mature Swiss asset manager and suggests fund inflows and fee income are running well ahead of the industry, with a 32.5% operating margin and 15.6% ROE that look high for the sector. At 13.5x trailing and 14.1x forward earnings the stock is not priced for the growth on display, though the forward multiple sitting slightly above trailing implies consensus expects earnings to ease from here. Worth a deeper look to test whether the 23.6% growth is organic and repeatable or flattered by market levels and performance fees, and to reconcile the forward multiple against the strength in reported margins.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
moderate
Leverage looks elevated
Debt/Equity of 6.46 is high on paper, though for an asset manager with client-linked balance sheet items this may reflect structure rather than distress. Worth checking the debt composition.
moderate
Five-year revenue flat
Five-year revenue CAGR of -1.0% sits awkwardly beside a 23.6% YoY jump. The recent year looks like a rebound from a weak base, not a sustained trend yet.
moderate
Heavy insider ownership
Insiders hold 51.6% of the shares, so free float is thin and the stock may move on small volumes. Concentrated control also limits outside influence on governance.
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 12 months reached CHF 1.4B, a strong cash generator for a company of this kind.
Trailing earnings multiple of 13.4x and forward multiple of 13.6x look modest against the cash the business produces.
The company beat earnings expectations last quarter, with earnings per share of 2.38 against 2.17 expected.
Why it could disappoint
Revenue has shrunk on average over five years, falling 1.0% a year, even though the latest year grew 23.6%.
Return on invested capital is just 1.2%, a weak result for the money the business has put to work.
Analysts' mean price target of CHF 78.50 sits 11.7% below the current share price, so the crowd sees less upside.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Feb 10, 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 VONN.SW's valuation models land
Price
CHF 87.70
Model fair value
CHF 69.64
Model range
CHF 48.02 to CHF 82.28
Fair value CHF 69.64
Price CHF 87.70
The price is above the whole model range.
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Fair value
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Wall Street consensus
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