VP Bank (VPBN SW) Switzerland
Financials
Clear strategic focus on growth - successful implementation of the “Strategy 2021-2026” will result in a material rerating in VPBN shares and significantly narrow the discount to book value. Shares trade at a P/E 2021E of 7.9x (vs. sector: 12.3x), P/B of 0.59x (1.31x) and dividend yield of 5.5% (4.2%). A core capital ratio (CET1) of 20.8% opens up scope for acquisitions. TP CHF 147.00 (40% upside).
Edition: 122
- 29 October, 2021