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1. Company Snapshot

1.a. Company Description

Vontobel Holding AG provides various financial services to private and institutional clients.The company operates through Asset Management, Platforms & Services, Wealth Management, and Digital Investing segments.The Wealth Management segment offers managed solutions, advisory services, and investment products; and financial planning and consulting, pension planning, succession planning, and estate planning solutions, as well as real estate financing and Lombard loans.


The Asset Management segment provides equities, fixed income, multi asset, and fund solutions.The Platforms & Services segment offers various platforms, such as EAMNet, an integrated and centralized product and services platform that provides trading, and reports to research services; deritrade, a multi-issuer platform that offers designing and issuing bespoke structured products; cosmofunding, a money and capital market platform that provides securitization of classic loan and private placement; investerest, a social investing market place; derifactory, a white-labeling platform for structured products; and electronic trading solutions for professionals, as well as structured investments, funds, investment strategy/research, EAM, ESG, and ESG insights and news solutions.The Digital Investing segment provides Vontobel Volt, a digital wealth management platform; investerest, a social investing market place that combines and standardizes the entire strategy and investment spectrum; and structured and leverage investment services.


Vontobel Holding AG was founded in 1924 and is headquartered in Zurich, Switzerland.

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1.b. Last Insights on VONN

Vontobel Holding AG's recent performance was negatively impacted by a 5.4% decline in revenue to CHF688.7m in H1 2025, compared to the same period last year. The company's earnings per share (EPS) also decreased to CHF2.06, down from CHF2.32 in H1 2024. Additionally, the Swiss drugmaker Roche's guidance for 2025, which Vontobel analyst Sibylle Bischofberger described as "reassuring", may have contributed to a decrease in investor sentiment. Furthermore, the recent market talks covering the Health Care sector have highlighted challenges facing the industry, which may have negatively impacted Vontobel's performance.

1.c. Company Highlights

2. Vontobel's 2025 Earnings: A Strong Performance

Vontobel reported a net profit of CHF 280 million in 2025, representing a 5% year-on-year increase. Earnings per share (EPS) came in at CHF 2.38, beating analyst estimates of CHF 2.17. The company's revenue growth was supported by a 5% increase in assets under management (AuM) to CHF 241 billion, driven by strong inflows in private clients and institutional clients. The cost/income ratio improved to 74.2%, with the company on track to achieve its target of below 72%. The return on equity (ROE) reached 12.2%, consistently above the estimated cost of equity of around 9%.

Publication Date: Feb -08

📋 Highlights
  • Net Profit Growth: Vontobel's net profit rose to CHF 280 million, a 5% year-on-year increase.
  • Assets Under Management: AUM reached CHF 241 billion, driven by CHF 5.8 billion net new money in private clients.
  • Efficiency Program: CHF 84 million exit rate savings achieved in 2025, 84% of the CHF 100 million target ahead of schedule.
  • Capital Strength: CET1 ratio hit 19.7%, up 3.6 percentage points, supporting growth and a CHF 3 dividend (60% payout ratio).
  • Cost Efficiency: Cost/income ratio improved to 74.2%, with adjusted ratio at 72.9%, nearing the 72% target.

Segment Performance

In the Private Clients segment, operating income grew by 5%, with net new money of CHF 5.8 billion. The Institutional Clients segment saw net new money of minus CHF 1.6 billion, but several flagship funds experienced strong inflows. Growth flows in this segment turned margin accretive by around 5 basis points. The company is optimistic about future growth in areas such as credit opportunities and fixed income.

Efficiency Program and Cost Discipline

Vontobel's efficiency program is ahead of plan, with CHF 84 million in exit rate savings achieved by the end of 2025. The company remains committed to achieving CHF 100 million in savings by the end of 2026. The cost/income ratio improved, and the company is embedding a lasting culture of cost discipline. The adjusted cost/income ratio, excluding efficiency programs and IHAG implementation, was 72.9%, tracking well towards the below 72% target.

Capital Position and Dividend

Vontobel's capital position remains strong, with a CET1 ratio of 19.7%. The company will propose a dividend of CHF 3 per share for 2025, equivalent to a payout ratio of 60%. The dividend yield stands at 4.43%, an attractive return for shareholders. The tangible book value per share rose by 15% to CHF 33.86.

Valuation

Using the current P/TBV ratio of 1.73, we can assess what's priced in. With a ROE of 12.2% and a cost of equity of around 9%, the current valuation appears reasonable. The dividend yield of 4.43% is also attractive, providing a relatively stable return for investors. Analysts estimate next year's revenue growth at 4.1%, which could support the current valuation.

3. NewsRoom

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Vontobel Holding AG (XSWX:VONN) Full Year 2025 Earnings Call Highlights: Strong Profit Growth ...

Feb -06

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Health Care Roundup: Market Talk

Jan -27

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Vontobel Strengthens Consultant Relations in the US

Jan -12

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Health Care Roundup: Market Talk

Dec -22

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Quintet Private Bank appoints Thomas Heinzl as CEO

Dec -18

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Financial Services Roundup: Market Talk

Nov -25

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Health Care Roundup: Market Talk

Nov -20

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Demand for Gold Expected to Remain Strong for Time Being

Oct -29

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.28%)

6. Segments

Wealth Management

Expected Growth: 5.5%

Growing demand for personalized investment solutions, increasing wealth among high net worth individuals and families, and Vontobel's expertise in portfolio management and wealth planning drive growth in the wealth management segment.

Asset Management

Expected Growth: 5.5%

Vontobel's asset management growth is driven by increasing demand for investment solutions among private and institutional clients, fueled by a growing need for wealth management and diversification strategies.

Digital Investing

Expected Growth: 12.1%

Growing demand for digital investment platforms, increasing adoption of robo-advisory services, and rising popularity of automated investment portfolios among private investors are driving the growth of Digital Investing from Vontobel Holding AG.

Center of Excellence / Reconciliation

Expected Growth: 5.5%

The Center of Excellence/Reconciliation unit's growth is driven by increasing demand for accurate financial data and processes, fueled by regulatory requirements and the need for a single source of truth in financial reporting and decision-making.

7. Detailed Products

Wealth Management

Vontobel Holding AG offers wealth management services to private clients, providing personalized investment advice and portfolio management.

Asset Management

Vontobel Holding AG provides asset management services to institutional clients, offering a range of investment strategies and solutions.

Investment Banking

Vontobel Holding AG offers investment banking services, including equity and debt capital markets, mergers and acquisitions, and restructuring advisory.

Digital Investing

Vontobel Holding AG provides digital investing solutions, enabling clients to invest in a range of assets through online platforms.

Custody and Trading

Vontobel Holding AG offers custody and trading services, providing secure and efficient execution of trades and custody of assets.

8. Vontobel Holding AG's Porter Forces

Forces Ranking

Threat Of Substitutes

Vontobel Holding AG operates in a highly competitive industry, and there are many substitutes available for its financial services. However, the company's strong brand reputation and diversified product offerings help to mitigate the threat of substitutes.

Bargaining Power Of Customers

Vontobel Holding AG's customers have some bargaining power due to the availability of alternative financial services providers. However, the company's strong relationships with its clients and its ability to offer customized solutions help to reduce the bargaining power of customers.

Bargaining Power Of Suppliers

Vontobel Holding AG has a diversified supplier base, which reduces the bargaining power of individual suppliers. The company's strong financial position and long-term relationships with its suppliers also help to mitigate the bargaining power of suppliers.

Threat Of New Entrants

The financial services industry is highly competitive, and new entrants can easily enter the market. However, Vontobel Holding AG's strong brand reputation, diversified product offerings, and established relationships with clients help to mitigate the threat of new entrants.

Intensity Of Rivalry

The financial services industry is highly competitive, and Vontobel Holding AG faces intense rivalry from established players. The company's strong brand reputation, diversified product offerings, and ability to offer customized solutions help to mitigate the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 87.10%
Debt Cost 3.95%
Equity Weight 12.90%
Equity Cost 9.28%
WACC 4.63%
Leverage 675.42%

11. Quality Control: Vontobel Holding AG passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Vontobel

A-Score: 6.3/10

Value: 6.6

Growth: 4.1

Quality: 6.5

Yield: 7.5

Momentum: 5.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Man

A-Score: 6.1/10

Value: 4.6

Growth: 5.8

Quality: 7.6

Yield: 8.1

Momentum: 4.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Legal & General

A-Score: 6.1/10

Value: 4.3

Growth: 2.3

Quality: 5.6

Yield: 10.0

Momentum: 5.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Wendel

A-Score: 5.8/10

Value: 7.5

Growth: 3.9

Quality: 5.9

Yield: 7.5

Momentum: 2.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Peugeot

A-Score: 5.7/10

Value: 2.7

Growth: 6.2

Quality: 7.0

Yield: 5.6

Momentum: 5.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Caledonia Investments

A-Score: 5.2/10

Value: 2.0

Growth: 2.4

Quality: 6.9

Yield: 4.4

Momentum: 6.0

Volatility: 9.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

68.2$

Current Price

68.2$

Potential

-0.00%

Expected Cash-Flows