Banque Cantonale Vaudoise (BQCNF)
SobrevaloradaFundamental
23
Precio
$124.90
Capitalización Bursátil
$11.26B
Parte 1 · Cuánto vale la empresa
Resumen
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.
Cómo genera ingresos
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.
Ingresos por segmento
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.
Qué impulsa la demanda
Moderadamente cíclicoNet 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.
Los argumentos a favor
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.
Los argumentos en contra
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 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 de septiembre de 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 y Liquidez
Ingresos
$1.15B
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Beneficio Neto
$439M
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Flujo de Caja Libre
-
Patrimonio Neto Total
$3.98B
Pasivo Total
$19.77B
Ratio de Liquidez
-
Cobertura de Intereses
-
Deuda/EBITDA
-
Beneficio Por Acción
Ingresos y Beneficio Neto
Flujo de Caja Libre
Desglose de Ingresos
Estado histórico
Márgenes en el tiempo
La deuda en el tiempo
Cuánto pesa la deuda
Cuadro de crecimiento
Crecimiento — Ingresos
Estimación de Valor Justo
Valor Justo
$102.24
Precio Actual
$124.90
Margen de Seguridad
-22.2%
Rango de Valor Justo
$74.00 - $130.49
Dispersión entre los métodos de valoración utilizados, no un intervalo de confianza calibrado estadísticamente.
Métodos de Estimación
Métricas de Valoración
Ratio P/E
24.68
ROE
11.6%
Ratio P/B
2.83
P/FCF
-
Margen Bruto
0.0%
ROIC
1.7%
Radar de Rentabilidad
Creación de Valor (Ventaja Competitiva)
ROIC
1.7%
WACC
2.9%
ROIC − WACC
-1.2 pp
El ROIC está por debajo del coste del capital: la empresa destruye valor por cada dólar invertido.
Criterios de Análisis Fundamental
Superado (4)
- Price CAGR 6.72%
- P/B Ratio 2.83
- Operating Margin 43.3%
- ROE 11.3%
Fallido (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
No disponible (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
Preocupaciones financieras graves
Calidad de los Beneficios
Baja calidad: investigue la contabilidad
Dilución de Acciones
Recomprando acciones. Favorable para el accionista
Participaciones institucionales
No hay declaraciones institucionales para esta empresa.
Gobernanza
Equipo Directivo
| Nombre | Cargo | Edad |
|---|---|---|
| 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 | - |
Riesgo de Auditoría
1
Riesgo del Consejo
7
Riesgo de Compensación
5
Riesgo de Derechos del Accionista
10
Parte 2 · El precio y el momento de entrar
Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.
Latest News
Recent headlines for BQCNF, sourced from Markets Gazette.