Banque Cantonale Vaudoise (BQCNF)
SurévaluéFondamental
23
Prix
$126.20
Capitalisation boursière
$11.26B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
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.
Comment l'entreprise gagne de l'argent
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.
Chiffre d'affaires par 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.
Ce qui stimule la demande
Modérément cycliqueNet 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.
Les arguments en faveur
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.
Les arguments contre
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 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 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.
Bilan & Liquidités
Chiffre d'affaires
$1.15B
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Résultat net
$439M
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Flux de trésorerie libre
-
Capitaux propres totaux
$3.98B
Passif total
$19.77B
Ratio de liquidité général
-
Couverture des intérêts
-
Dette/EBITDA
-
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$102.24
Prix actuel
$126.20
Marge de sécurité
-23.4%
Fourchette de juste valeur
$74.00 - $130.49
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
24.68
ROE
11.6%
Ratio P/B
2.83
P/FCF
-
Marge brute
0.0%
ROIC
1.7%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
1.7%
WACC
2.9%
ROIC − WACC
-1.2 pp
Le ROIC est inférieur au coût du capital — l'entreprise détruit de la valeur pour chaque dollar investi.
Critères d'analyse fondamentale
Réussi (4)
- Price CAGR 6.72%
- P/B Ratio 2.83
- Operating Margin 43.3%
- ROE 11.3%
Échoué (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
Indisponible (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)
Score F de Piotroski
Préoccupations financières sérieuses
Qualité des bénéfices
Qualité faible : examiner la comptabilité
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Aucune déclaration institutionnelle pour cette entreprise.
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| 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 | - |
Risque d'audit
1
Risque du conseil
7
Risque de rémunération
5
Risque droits des actionnaires
10
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for BQCNF, sourced from Markets Gazette.