VZ Holding AG (VZN) Fair Value & Analysis
Financial Services · CH · Market cap CHF 6.5B · ISIN CH0528751586
What is VZ Holding AG really worth?
A solid business, but trading 127% above our fair value of CHF 78.04.
Strengths
Risks
For context
Fair value as of: Sep 5, 2026
From 13 valuation models · updated today
Share price +9.3% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The model range is unusually wide (CHF 58.53 to CHF 190.93). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.
How to read this chart
60‑month range CHF 60.22 – CHF 181.00 · fair‑value band CHF 58.53 – CHF 190.93 · the CHF 177.00 price screens above the CHF 78.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 5, 2026.
Analysis
VZ Holding AG (VZN) currently trades at CHF 177.00, while our model-based Fair Value estimate is CHF 78.04, implying the stock looks roughly 126.8% overvalued today. The Quality Score stands at 62/100 (solid quality), in the Financial Services sector. Bull case: the DCF Models group reads highest at a median of CHF 131.53 per share, and 1 of the 13 models we run sit above the CHF 177.00 price. Bear case: the Asset-Based group reads lowest at CHF 20.00, and 12 of the 13 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, VZ Holding AG generated revenue of CHF 626M at a net margin of 37.6%. Revenue grew 7.1% year over year. It earns a return on equity of 21.1%. The balance sheet holds a net cash position of CHF 943M. Fundamentals as of Sep 5, 2026
Our scenario range runs from CHF 58.53 (bear case) to CHF 190.93 (bull case); at CHF 177.00, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 2% below its 52-week high and 30% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −56%, VZN screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly CHF 2.02 per share, which is 2.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 13 models by family
Widest divergence: DCF Models (CHF 131.53) versus Asset-Based (CHF 20.00). Highest evidence: Growth DCF (78).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 63 · Market factors (momentum, volatility) 69
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
VZ Holding AG, together with its subsidiaries, provides financial services in Switzerland, Germany, and England. The company offers retirement planning, estate planning, real estate pension scheme, tax advice, and corporate succession services; portfolio management, invest with ETFs, securities account consultancy, securities custody account, and securities …
Full company description
VZ Holding AG, together with its subsidiaries, provides financial services in Switzerland, Germany, and England. The company offers retirement planning, estate planning, real estate pension scheme, tax advice, and corporate succession services; portfolio management, invest with ETFs, securities account consultancy, securities custody account, and securities portfolio check services; and estate consultation, execution of wills, corporate succession planning, VZ safe, and LGBT advice services. It also provides mortgages, mortgage alarm, real estate valuation, and properties sale services; tax returns, tax planning, and LGBT tax advice services; and pension analysis, vested benefits, and ETFs and individual stocks services. In addition, the company offers insurance, insurance check, pension planning, and digital organizers; VZ depository; VZ financial portal that enables to find properties worth, manage financial investments, insurance policies, and mortgages digitally, as well as set interest rate alarms; investment consultancy services; and trading of crypto assets. VZ Holding AG was founded in 1992 and is headquartered in Zurich, Switzerland. VZ Holding AG operates as a subsidiary of Madarex AG.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
VZ Holding AG reported revenue of CHF 628M in FY2025 versus CHF 392M in FY2021, a compound +12.5%/yr. Reported net income was CHF 236M in FY2025, compounding +13.5%/yr from FY2021.
of which total revenue +11.2 % · buybacks/dilution +0.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
VZN screens 127% overvalued. Compare with Blackstone Inc →
Peer Group
Asset Management · 697 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Asset Management median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Blackstone Inc BX | $142.39 | $52.88 | −63% |
| Investor AB INVEB | kr 417.20 | kr 824.66 | +98% |
| Brookfield Corporation BN | C$55.74 | C$10.67 | −81% |
| KKR & Co KKR | $108.68 | $19.97 | −82% |
| Apollo Global Management, Inc APO | $135.04 | $101.04 | −25% |
| State Street Corporation STT | $193.33 | $138.33 | −28% |
| Ameriprise Financial, Inc AMP | $559.32 | $515.24 | −8% |
| Ares Management Corporation ARES | $143.10 | $30.88 | −78% |
| Northern Trust Corporation NTRS | $186.79 | $122.02 | −35% |
| Raymond James Financial, Inc RJF | $181.10 | $142.42 | −21% |
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