2 models fit VZ Holding AG 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.
Large premium(i)Bronze56
Valued as an asset manager: P/E comparison, Dividend discount, and Residual income.
ACCE opinionVZ Holding AG (VZN.SW)
Fair value (2 models)
CHF 80.83
ACCE price target
CHF 174
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 162 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
100.2% above
-50.0% to fair value
ACCE score
69
out of 100
P/E
25.0x
forward 20.7x
1-year return
+6.2%
Dividend yield
1.81%
VZ Holding AG in four questions
Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
Overview
ACCE thesis
VZ Holding AG is a Swiss asset manager that runs its business through the VZ Group, whose core products are pension and insurance-linked advisory and portfolio management for Swiss institutions. The company earns its keep on fees from managing and advising on assets, which is why it reports a 45.5% operating margin and a 22.6% return on equity. Revenue is growing at 11.8%, and the stock trades at 25.3 times trailing earnings and 20.9 times forward earnings, so the market is already pricing in a meaningful part of that growth. Its ~6.4B CHF market cap and absence from major Swiss indices make it a small, under-followed name, which is worth a closer look if you want exposure to Swiss fee-based wealth and pension services without the balance-sheet risk of a bank. The next step is to check the fee-revenue mix, client retention in the pension book, and how much of the 11.8% growth is organic versus acquired.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Price far above model fair value
The stock trades 100.2% above the model fair value of CHF 80.83. The gap is large enough that the price already assumes a great deal of growth continuing.
moderate
Valuation multiples stretched
P/E of 25.3, EV/EBITDA of 16.1 and P/S of 9.7 sit well above typical asset-management levels, though forward P/E of 17.8 is lower.
moderate
Heavy insider ownership concentration
Insiders hold 62.2% of shares, leaving only 20.9% with institutions. Thin free float can amplify price moves in either direction.
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
Revenue grew 11.8% over the past year, close to its 13.6% average annual pace over five years.
A 38.6% net margin and 22.6% return on equity show the business turns sales into unusually high profit.
Last twelve months free cash flow of CHF 254M supports the dividend and the balance sheet, with a 1.8% dividend yield.
Why it could disappoint
The shares trade 100.2% above the model fair value of CHF 80.83, and the consensus of two models sits well below the price.
At 17.8x forward earnings the stock costs far more than the sector median of 12.0x.
Return on invested capital of 10.2% and a 1.1% rise in the diluted share count temper the quality story.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Feb 25, 2027
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
Walk me through this stock
Plain-English pros, cons, and what to watch. Pro feature.
PRO
Ask ACCE
Valuation
INVESTOR
Where VZN.SW's valuation models land
Price
CHF 161.80
Model fair value
CHF 80.83
Model range
CHF 78.99 to CHF 82.98
Fair value CHF 80.83
Price CHF 162
The price is above the whole model range.
Model
Fair value
Upside
Dividend discount
P/E comparison
Residual income
Create a free account: 5 full stock pages a month, no card.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
+A plain reason under every score
+Conviction breakdown and growth / value / quality / momentum scores
+Score history: how each score moved over time
Analysts
Wall Street consensus
No analyst coverage yet.
Analyst intelligence INVESTOR FEATURE
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
+Price-target low / average / high vs the current price, with implied upside
+Forward revenue and EPS consensus by fiscal year
+ACCE fair-value models lined up against the Street
Smart Money
PRO
In one line
Trades are only made public after a delay. We show the delay so you know how old the news is.