# Banque Cantonale Vaudoise (BCVN.SW)

Canonical: https://gigainvestors.com/s/BCVN.SW

Analysis as of: 2026-10-16T07:35:23.525Z. Financial observations: FY2015–FY2025.

Listing currency: CHF. Reporting currency: CHF.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CHF 129.40 per share; close as of 2026-10-15.

Estimated value: low CHF 43.32 per share, central CHF 48.66 per share, high CHF 55.50 per share. Buy at or below the central value CHF 48.66 per share. Valuation as of 2026-10-16T07:35:23.525Z; scenarios are not confidence intervals.

Expected annual return: 4.9% at the stated quote. About 4.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CH 10-year bond 0.5% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.09×

Chart: Net income; fiscal year observations.

- FY2016: CHF 310M

- FY2017: CHF 320M

- FY2018: CHF 350M

- FY2019: CHF 363M

- FY2020: CHF 331M

- FY2021: CHF 379M

- FY2022: CHF 388M

- FY2023: CHF 469M

- FY2024: CHF 441M

- FY2025: CHF 430M

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 10.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 9.3%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 9.3%

- FY2017: 9.3%

- FY2018: 10.2%

- FY2019: 10.2%

- FY2020: 9.3%

- FY2021: 10.6%

- FY2022: 10.7%

- FY2023: 12.5%

- FY2024: 11.5%

- FY2025: 10.8%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 8.8%

- Book return interval: 10 years

- Starting book value per share: CHF 39.09

- Ending book value per share: CHF 46.29

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 2.0%

- FY2017: 5.6%

- FY2018: 2.0%

- FY2019: 13.3%

- FY2020: 8.5%

- FY2021: 8.4%

- FY2022: 11.1%

- FY2023: 12.5%

- FY2024: 11.9%

- FY2025: 13.3%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- Share growth excluding flagged crisis recapitalisations: 0.0%

- Five-year share growth excluding flagged crisis recapitalisations: 0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.66×

- Book value created per share: CHF 7.21

- Earnings retained per share after dividends and buybacks: CHF 10.98

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 100

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 6.9% a year forever · net income -2.5%

Story as of 2026-10-16T10:00:04.709Z; price observation 2026-10-15.

The price assumes profits grow 6.9% a year forever

### Net income · FY2025

net income -2.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 310M 

- FY2017: CHF 320M 

- FY2018: CHF 350M 

- FY2019: CHF 363M 

- FY2020: CHF 331M 

- FY2021: CHF 379M 

- FY2022: CHF 388M 

- FY2023: CHF 469M 

- FY2024: CHF 441M 

- FY2025: CHF 430M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are CHF 1.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.525Z); FY2025: revenue 1395900000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BCVN.SW: Banque Cantonale Vaudoise engages in the provision of various financial services in Vaud Canton and rest of Switzerland, the European Union, North America, and internationally. It operates through four divisions: Retail Banking, Private Banking, Corporate Banking, and Asset Management & Trading. The company offers current, savings, foreign-currency, and retirement investment accounts; overdraft facilities; credit and payment cards; mortgage, personal, home, business, and construction loans; and production equipment financing and working capital and international trade finance products. It also provides a range of banking services, such as investments, real estate, financial planning services, and trading through its TradeDirect online platform; and cash management services, as well as instruments for hedging exchange-rate and interest-rate risk. In addition, the company offers asset and wealth management services; and investment and hedging products, such as currencies, equities, bonds, derivatives, and structured products. Further, it engages in the market transactions in equities, fixed-income instruments, forex, and precious metals on behalf of clients. Additionally, the company provides life insurance products, ATMs, and online banking services; manages finances and investments of high-net-worth individuals; and advisory services, such as tax planning, estate planning, and financial planning; and retirement, life insurance, and disability coverages. It primarily serves retail and business customers, and public sector institutions. Banque Cantonale Vaudoise was founded in 1845 and is headquartered in Lausanne, Switzerland.

### Why customers stay

It earns 10.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.525Z); 10-year return on tangible equity observations [[2016,0.09277794426131256],[2017,0.09294629898403484],[2018,0.10201283547257876],[2019,0.10153889199776162],[2020,0.09266106442577031],[2021,0.106286836935167],[2022,0.10676381633214188],[2023,0.1246215139442231],[2024,0.11459037711313394],[2025,0.10807344064386318]]; median 0.10414983620387289. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CHF 30 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.525Z); Dividend observations: [[2016,86000000],[2017,86000000],[2018,86000000],[2019,301000000],[2020,310000000],[2021,310000000],[2022,318000000],[2023,327000000],[2024,370000000],[2025,379000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.525Z); FY2025: cash repurchases 30000000 CHF.

### Are managers owners

Insiders own 67.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BCVN.SW SharesStats.PercentInsiders = 67.175 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.525Z); Price 129.4; FX 1; original perpetual distributable cash 3.9476838806254495; discount 0.1; growth 0.06949239659485743. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (CHF per share)

- 2016-10: CHF 62.15 per share

- 2016-11: CHF 63.25 per share

- 2016-12: CHF 64.50 per share

- 2017-01: CHF 67.50 per share

- 2017-02: CHF 68.70 per share

- 2017-03: CHF 69.10 per share

- 2017-04: CHF 72.10 per share

- 2017-05: CHF 69.75 per share

- 2017-06: CHF 71.05 per share

- 2017-07: CHF 69.95 per share

- 2017-08: CHF 69.25 per share

- 2017-09: CHF 72.00 per share

- 2017-10: CHF 71.75 per share

- 2017-11: CHF 75.30 per share

- 2017-12: CHF 73.50 per share

- 2018-01: CHF 78.30 per share

- 2018-02: CHF 79.30 per share

- 2018-03: CHF 77.30 per share

- 2018-04: CHF 79.20 per share

- 2018-05: CHF 76.80 per share

- 2018-06: CHF 76.20 per share

- 2018-07: CHF 74.10 per share

- 2018-08: CHF 72.70 per share

- 2018-09: CHF 72.80 per share

- 2018-10: CHF 75.30 per share

- 2018-11: CHF 76.20 per share

- 2018-12: CHF 74.10 per share

- 2019-01: CHF 78.80 per share

- 2019-02: CHF 81.00 per share

- 2019-03: CHF 79.80 per share

- 2019-04: CHF 80.40 per share

- 2019-05: CHF 74.90 per share

- 2019-06: CHF 76.00 per share

- 2019-07: CHF 74.00 per share

- 2019-08: CHF 76.10 per share

- 2019-09: CHF 76.40 per share

- 2019-10: CHF 77.30 per share

- 2019-11: CHF 76.90 per share

- 2019-12: CHF 79.00 per share

- 2020-01: CHF 80.70 per share

- 2020-02: CHF 77.60 per share

- 2020-03: CHF 79.40 per share

- 2020-04: CHF 85.30 per share

- 2020-05: CHF 93.40 per share

- 2020-06: CHF 92.10 per share

- 2020-07: CHF 95.70 per share

- 2020-08: CHF 96.50 per share

- 2020-09: CHF 93.60 per share

- 2020-10: CHF 88.80 per share

- 2020-11: CHF 93.60 per share

- 2020-12: CHF 96.30 per share

- 2021-01: CHF 94.50 per share

- 2021-02: CHF 95.40 per share

- 2021-03: CHF 92.20 per share

- 2021-04: CHF 93.10 per share

- 2021-05: CHF 83.50 per share

- 2021-06: CHF 83.10 per share

- 2021-07: CHF 80.90 per share

- 2021-08: CHF 77.70 per share

- 2021-09: CHF 71.10 per share

- 2021-10: CHF 73.70 per share

- 2021-11: CHF 74.70 per share

- 2021-12: CHF 70.80 per share

- 2022-01: CHF 76.30 per share

- 2022-02: CHF 78.50 per share

- 2022-03: CHF 80.20 per share

- 2022-04: CHF 82.75 per share

- 2022-05: CHF 75.30 per share

- 2022-06: CHF 74.90 per share

- 2022-07: CHF 88.45 per share

- 2022-08: CHF 92.90 per share

- 2022-09: CHF 93.70 per share

- 2022-10: CHF 89.10 per share

- 2022-11: CHF 88.45 per share

- 2022-12: CHF 88.75 per share

- 2023-01: CHF 86.85 per share

- 2023-02: CHF 83.95 per share

- 2023-03: CHF 86.30 per share

- 2023-04: CHF 93.90 per share

- 2023-05: CHF 91.65 per share

- 2023-06: CHF 94.50 per share

- 2023-07: CHF 97.80 per share

- 2023-08: CHF 95.80 per share

- 2023-09: CHF 96.05 per share

- 2023-10: CHF 102.60 per share

- 2023-11: CHF 106.70 per share

- 2023-12: CHF 108.50 per share

- 2024-01: CHF 110.80 per share

- 2024-02: CHF 105.90 per share

- 2024-03: CHF 104.80 per share

- 2024-04: CHF 96.20 per share

- 2024-05: CHF 95.05 per share

- 2024-06: CHF 95.35 per share

- 2024-07: CHF 93.40 per share

- 2024-08: CHF 90.90 per share

- 2024-09: CHF 87.35 per share

- 2024-10: CHF 86.10 per share

- 2024-11: CHF 87.45 per share

- 2024-12: CHF 83.50 per share

- 2025-01: CHF 92.00 per share

- 2025-02: CHF 96.00 per share

- 2025-03: CHF 96.40 per share

- 2025-04: CHF 101.40 per share

- 2025-05: CHF 95.20 per share

- 2025-06: CHF 91.45 per share

- 2025-07: CHF 94.25 per share

- 2025-08: CHF 93.00 per share

- 2025-09: CHF 93.90 per share

- 2025-10: CHF 93.30 per share

- 2025-11: CHF 97.40 per share

- 2025-12: CHF 100.40 per share

- 2026-01: CHF 104.60 per share

- 2026-02: CHF 117.90 per share

- 2026-03: CHF 129.00 per share

- 2026-04: CHF 123.20 per share

- 2026-05: CHF 117.50 per share

- 2026-06: CHF 118.40 per share

- 2026-07: CHF 127.00 per share

- 2026-08: CHF 129.70 per share

- 2026-09: CHF 126.20 per share

- 2026-10: CHF 129.90 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 27.19 per share, central CHF 33.99 per share, high CHF 45.32 per share

- FY2017: low CHF 26.72 per share, central CHF 33.40 per share, high CHF 44.54 per share

- FY2018: low CHF 33.82 per share, central CHF 37.21 per share, high CHF 41.34 per share

- FY2019: low CHF 28.88 per share, central CHF 36.10 per share, high CHF 48.14 per share

- FY2020: low CHF 35.16 per share, central CHF 38.67 per share, high CHF 42.97 per share

- FY2021: low CHF 29.14 per share, central CHF 36.43 per share, high CHF 48.57 per share

- FY2022: low CHF 31.05 per share, central CHF 38.81 per share, high CHF 51.75 per share

- FY2023: low CHF 37.11 per share, central CHF 44.70 per share, high CHF 56.19 per share

- FY2024: low CHF 40.46 per share, central CHF 45.83 per share, high CHF 52.84 per share

- FY2025: low CHF 43.32 per share, central CHF 48.66 per share, high CHF 55.50 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:04.875Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations