Stock

Luzerner Kantonalbank AG

LUKN.SW
56
Banks - Regional · Financial Services
Also trades as: 0QNU.L GBP 1.24 (+1.64%)
Price
CHF 123.00
-1.20 (-0.97%)
Market Cap
CHF 6.09B
Exchange
SIX Swiss Exchange
Winston Score
56
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Bank Quality
Not counted
n/a
Growth
Good
11/20
Capital Strength
Not counted
n/a
Asset Quality
Not counted
n/a
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Mixed
2/5

28 of 50 counted points = Winston Score 56. Pillars marked n/a do not apply to this company and are left out of the total.

Share count rising — dilution

+14.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 43.1M (2021) → 49.6M (2025)

§Winston Score History

The full picture

Luzerner Kantonalbank AG (LUKB) is a Swiss regional bank based in Lucerne, Switzerland. It offers everyday banking services like savings accounts, mortgages, loans, and investment products to individuals, small businesses, and local companies in the Canton of Lucerne. The bank is majority-owned by the Canton of Lucerne, which gives it a unique status among Swiss financial institutions.

LUKB earns money primarily through interest income — it takes in deposits and lends that money out at higher rates, keeping the difference. It also collects fees from wealth management, payment services, and financial advisory work. The bank operates almost entirely within Switzerland, making it a highly local business with a loyal customer base built on decades of regional trust. Its government ownership provides an implicit safety guarantee, which is a meaningful competitive advantage, but also limits its ability to expand beyond its home region — leaving growth tied closely to the economic health of central Switzerland.

Score breakdown

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Bank Quality

Not applicable for this business.

Growth

Sales growth
Sales YoY
-5.5%
Shrinking sales (-5.5% YoY)
Profit growth
EPS YoY
+4.4%
Modest earnings growth (+4.4% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Capital Strength

Not applicable for this business.

Asset Quality

Not applicable for this business.

Valuation

Price vs profit
P/E Ratio (TTM)
20.0x
Fair value — P/E 20.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+0.6
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
2.20%
Moderate income — 2.20% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-59.8%
Dividend cut (-59.8% YoY) — warning sign

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