Banque Cantonale Vaudoise (BQCNF)
OvervaluedFundamental
23
Price
$126.20
Market Cap
$11.26B
Part 1 · What the company is worth
Overview
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.
How it makes money
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.
Revenue by 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.
What drives demand
Moderately cyclicalNet 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.
The case for
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.
The case against
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 August 18, 2026
Direct competitors
Who this company fights with for the same customers
Generated on September 18, 2026 with claude-haiku-4-5 — shared with all users
Raiffeisen's cooperative branch network competes directly with BCV for retail deposits, residential mortgages and small-business lending in the canton of Vaud.
UBS serves the same Vaud households, corporate clients and wealthy private clients through its retail network and its Swiss wealth management arm.
A neighbouring cantonal bank with the same universal model — mortgages, corporate finance and private banking — which competes with BCV on the Lake Geneva arc and has its own branch in Lausanne.
Valiant has been opening branches across Vaud (Morges, Nyon, Vevey, Pully) to win exactly BCV's core clientele of retail savers and SMEs.
PostFinance competes for the same everyday accounts, payments and savings deposits of Vaud households, with a nationwide low-cost model.
Balance Sheet & Liquidity
Revenue
$1.15B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Net Income
$439M
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Free Cash Flow
-
Total Equity
$3.98B
Total Liabilities
$19.77B
Current Ratio
-
Interest Coverage
-
Debt/EBITDA
-
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$102.24
Current Price
$126.20
Margin of Safety
-23.4%
Fair Value Range
$74.00 - $130.49
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
24.68
ROE
11.6%
P/B Ratio
2.83
P/FCF
-
Gross Margin
0.0%
ROIC
1.7%
Profitability Radar
Value Creation (Economic Moat)
ROIC
1.7%
WACC
2.9%
ROIC − WACC
-1.2 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (4)
- Price CAGR 6.72%
- P/B Ratio 2.83
- Operating Margin 43.3%
- ROE 11.3%
Failed (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 4.74
- Net Margin Trend 37.4% vs 38.1%
- Piotroski F-Score 0/9
Unavailable (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
Serious financial concerns
Earnings Quality
Low quality: investigate accounting
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
No institutional filings reported for this company.
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| 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 | - |
Audit Risk
1
Board Risk
7
Compensation Risk
5
Shareholder Rights Risk
10
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for BQCNF, sourced from Markets Gazette.