# Julius Baer Gruppe AG (BAER.SW)

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

Analysis as of: 2026-10-16T07:34:55.669Z. Financial observations: FY2005–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 70.52 per share; close as of 2026-10-15.

Estimated value: low CHF 119.72 per share, central CHF 148.23 per share, high CHF 167.48 per share. Buy at or below the central value CHF 148.23 per share. Valuation as of 2026-10-16T07:34:55.669Z; scenarios are not confidence intervals.

Expected annual return: 24.8% at the stated quote. About 24.8% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.30×

- FY2017: 0.31×

- FY2018: 0.30×

- FY2019: 0.25×

- FY2020: 0.30×

- FY2021: 0.33×

- FY2022: 0.29×

- FY2023: 0.20×

- FY2024: 0.27×

- FY2025: 0.16×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 32.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 8.0%

- ROIC, second-lowest year: 4.7%

- Typical minus recent gross margin: 32.3 pp

- Typical gross margin (annual median): 100.0%

- Recent gross margin (lower of latest and 3-year median): 67.7%

- Years with nonpositive capital: 7

- Capital spending / revenue: 5.1%

- ROIC including acquisitions, ten-year median: 10.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.8%

- FY2017: 16.4%

- FY2018: >100%

- FY2019: 16.3%

- FY2020: 5.4%

- FY2021: 7.5%

- FY2022: 8.5%

- FY2023: 4.7%

- FY2024: 9.5%

- FY2025: 4.9%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 4.4B

- Net income, five-year total: CHF 4.3B

- Return on incremental invested capital: 0.8%

- Working capital / revenue, annual change: 229.1 pp

- Working capital / revenue, change between three-year averages: 1470.1 pp

- Working capital / revenue, final three-year average: -154.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.04×

- FY2022: 1.09×

- FY2023: 1.01×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 16.4% vs 4.9%

- Per-share earnings: 2.86 to 3.72 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.6%

- Ordinary dilution, 5-year annual growth: -0.9%

- Market cap gain: CHF 3.0B

- Cumulative retained earnings: CHF 2.0B

- Diluted shares, 10-year annual growth: -0.6%

- Diluted shares, 5-year annual growth: -0.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.3%

- Per-share value change: CHF 0.86

- Per-share value, starting three-year median: CHF 2.86

- Per-share value, ending three-year median: CHF 3.72

- Buybacks concentrated in cheaper years (correlation): 0.16

- Average buyback yield: 1.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: CHF 2.3B

- Cumulative net income, 10 years: CHF 7.5B

- ROIC, first three-year median: 16.4%

- ROIC, last three-year median: 4.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 2.86

- FY2017: CHF 3.23

- FY2018: CHF 3.39

- FY2019: CHF 2.14

- FY2020: CHF 3.25

- FY2021: CHF 5.07

- FY2022: CHF 4.60

- FY2023: CHF 2.20

- FY2024: CHF 4.96

- FY2025: CHF 3.72

### accounting: pass

- Sloan accruals: -0.4%

- Receivables to sales index (DSRI): 0.86×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.61×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.36×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -10.1%

- FY2017: 12.5%

- FY2018: -8.2%

- FY2019: 9.2%

- FY2020: -5.2%

- FY2021: -0.9%

- FY2022: 2.6%

- FY2023: 1.4%

- FY2024: -1.1%

- FY2025: -0.4%

## Holders

## Price story

Price needs cash profits to shrink 9.9% a year for ten years · "Julius Baer first half profit more than doubles on strong inflows" (finance.yahoo.com, Jul 2026) · sales +52%

Story as of 2026-10-16T10:00:03.029Z; price observation 2026-10-15.

Price needs cash profits to shrink 9.9% a year for ten years

- 2025-05-21: Julius Baer $156 million writedown sends shares down more than 5% ([finance.yahoo.com](https://finance.yahoo.com/news/ceo-julius-baer-does-not-055911801.html))

- 2025-06-03: Julius Baer Charts Path to Growth With Further Cost Cuts ([finance.yahoo.com](https://finance.yahoo.com/m/5e12e0ee-888a-3e83-a0be-876ab12d8cc8/julius-baer-charts-path-to.html))

- 2026-07-21: Julius Baer first half profit more than doubles on strong inflows ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/julius-baer-first-half-profit-095917627.html))

### Sales · FY2024–2025

sales +52%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 2.9B 

- FY2017: CHF 3.3B 

- FY2018: CHF 3.4B 

- FY2019: CHF 3.4B 

- FY2020: CHF 4.1B 

- FY2021: CHF 4.3B 

- FY2022: CHF 4.5B 

- FY2023: CHF 3.2B 

- FY2024: CHF 3.9B 

- FY2025: CHF 5.9B 

### Gross margin · FY2025

gross margin 67.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2023: 25.1% 

- FY2025: 67.7% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are CHF 5.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.669Z); FY2025: revenue 5922700000; grossProfit 4006900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BAER.SW: Julius Bär Gruppe AG provides wealth management solutions in Switzerland, Europe, the Americas, Asia, and internationally. The company provides investment advisory and discretionary mandates; structured products, securities execution and advisory, and private markets and fund offering; wealth planning, and family office services. It also offers open product platform services. Julius Bär Gruppe AG was founded in 1890 and is headquartered in Zurich, Switzerland.

### Why customers stay

Margins ranged from 25.1% to 100% during 2023–25; it earns 8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.669Z); FY2023: grossProfit / revenue = 25.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.669Z); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.669Z); FY2025: grossProfit / revenue = 67.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.669Z); 10-year return on capital observations [[2016,0.028219984054746697],[2017,0.16373798162394726],[2018,2.0086597584560155],[2019,0.16311973121925738],[2020,0.05379789875216564],[2021,0.0754610666425194],[2022,0.08524505585914592],[2023,0.04740064392578322],[2024,0.09530162270688619],[2025,0.04948589865692239]]; median 0.08035306125083266. 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 63.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.669Z); FY2016: growth capex 25301279.26680556; upkeep 147598720.73319444; owner earnings 610001279.2668055. Growth capex / owner earnings = 0.04147742001003108.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.669Z); FY2017: growth capex 11200000; upkeep 160000000; owner earnings 704800000. Growth capex / owner earnings = 0.015891032917139614.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.669Z); FY2018: growth capex 14500000; upkeep 162600000; owner earnings 735400000. Growth capex / owner earnings = 0.019717160728855043.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.669Z); FY2019: growth capex 0; upkeep 164700000; owner earnings 645200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.669Z); FY2020: growth capex 0; upkeep 185500000; owner earnings 923200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.669Z); FY2021: growth capex 0; upkeep 196800000; owner earnings 1122300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.669Z); FY2022: growth capex 0; upkeep 196700000; owner earnings 1032400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.669Z); FY2023: growth capex 0; upkeep 239600000; owner earnings 459200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.669Z); FY2024: growth capex 9000000; upkeep 244800000; owner earnings 1022100000. Growth capex / owner earnings = 0.008805400645729381.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.669Z); FY2025: growth capex 0; upkeep 247300000; owner earnings 766500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.669Z); Dividend observations: [[2016,246200000],[2017,268600000],[2018,313300000],[2019,335700000],[2020,331800000],[2021,385800000],[2022,554100000],[2023,535600000],[2024,535600000],[2025,535600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.669Z); FY2025: cash repurchases 63400000 CHF.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BAER.SW SharesStats.PercentInsiders = 0.247 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 9.9% yearly over ten years; actual growth was 16.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.669Z); Ten-year compound average after fade. Initial solved rate -0.1515096831586008. Price 70.52; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8095493707823512 → FY2025 3.729036030807238. Closing-price date 2026-10-15.

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

- 2016-10: CHF 40.11 per share

- 2016-11: CHF 44.93 per share

- 2016-12: CHF 45.23 per share

- 2017-01: CHF 46.24 per share

- 2017-02: CHF 49.15 per share

- 2017-03: CHF 50.00 per share

- 2017-04: CHF 51.85 per share

- 2017-05: CHF 50.15 per share

- 2017-06: CHF 50.45 per share

- 2017-07: CHF 54.70 per share

- 2017-08: CHF 53.60 per share

- 2017-09: CHF 57.30 per share

- 2017-10: CHF 59.00 per share

- 2017-11: CHF 57.80 per share

- 2017-12: CHF 59.60 per share

- 2018-01: CHF 63.90 per share

- 2018-02: CHF 61.60 per share

- 2018-03: CHF 58.74 per share

- 2018-04: CHF 59.24 per share

- 2018-05: CHF 57.50 per share

- 2018-06: CHF 58.28 per share

- 2018-07: CHF 54.44 per share

- 2018-08: CHF 51.52 per share

- 2018-09: CHF 49.11 per share

- 2018-10: CHF 46.04 per share

- 2018-11: CHF 40.33 per share

- 2018-12: CHF 35.01 per share

- 2019-01: CHF 39.82 per share

- 2019-02: CHF 43.59 per share

- 2019-03: CHF 40.23 per share

- 2019-04: CHF 49.12 per share

- 2019-05: CHF 39.67 per share

- 2019-06: CHF 43.46 per share

- 2019-07: CHF 42.64 per share

- 2019-08: CHF 39.13 per share

- 2019-09: CHF 44.22 per share

- 2019-10: CHF 43.52 per share

- 2019-11: CHF 47.08 per share

- 2019-12: CHF 49.93 per share

- 2020-01: CHF 48.30 per share

- 2020-02: CHF 40.21 per share

- 2020-03: CHF 33.03 per share

- 2020-04: CHF 37.84 per share

- 2020-05: CHF 40.90 per share

- 2020-06: CHF 39.65 per share

- 2020-07: CHF 40.00 per share

- 2020-08: CHF 43.30 per share

- 2020-09: CHF 39.27 per share

- 2020-10: CHF 40.94 per share

- 2020-11: CHF 52.44 per share

- 2020-12: CHF 51.00 per share

- 2021-01: CHF 54.00 per share

- 2021-02: CHF 55.80 per share

- 2021-03: CHF 60.44 per share

- 2021-04: CHF 57.52 per share

- 2021-05: CHF 61.60 per share

- 2021-06: CHF 60.38 per share

- 2021-07: CHF 59.94 per share

- 2021-08: CHF 62.60 per share

- 2021-09: CHF 62.32 per share

- 2021-10: CHF 66.18 per share

- 2021-11: CHF 57.24 per share

- 2021-12: CHF 61.18 per share

- 2022-01: CHF 60.02 per share

- 2022-02: CHF 53.80 per share

- 2022-03: CHF 53.88 per share

- 2022-04: CHF 47.27 per share

- 2022-05: CHF 49.25 per share

- 2022-06: CHF 44.04 per share

- 2022-07: CHF 49.00 per share

- 2022-08: CHF 47.45 per share

- 2022-09: CHF 43.50 per share

- 2022-10: CHF 47.97 per share

- 2022-11: CHF 53.84 per share

- 2022-12: CHF 53.86 per share

- 2023-01: CHF 58.40 per share

- 2023-02: CHF 62.36 per share

- 2023-03: CHF 62.32 per share

- 2023-04: CHF 63.72 per share

- 2023-05: CHF 55.64 per share

- 2023-06: CHF 56.34 per share

- 2023-07: CHF 61.60 per share

- 2023-08: CHF 61.46 per share

- 2023-09: CHF 58.86 per share

- 2023-10: CHF 53.60 per share

- 2023-11: CHF 44.24 per share

- 2023-12: CHF 47.15 per share

- 2024-01: CHF 47.30 per share

- 2024-02: CHF 47.28 per share

- 2024-03: CHF 52.08 per share

- 2024-04: CHF 49.61 per share

- 2024-05: CHF 54.08 per share

- 2024-06: CHF 50.20 per share

- 2024-07: CHF 48.05 per share

- 2024-08: CHF 49.51 per share

- 2024-09: CHF 50.90 per share

- 2024-10: CHF 52.66 per share

- 2024-11: CHF 58.30 per share

- 2024-12: CHF 58.66 per share

- 2025-01: CHF 64.30 per share

- 2025-02: CHF 60.60 per share

- 2025-03: CHF 60.70 per share

- 2025-04: CHF 53.24 per share

- 2025-05: CHF 54.12 per share

- 2025-06: CHF 53.64 per share

- 2025-07: CHF 55.22 per share

- 2025-08: CHF 57.70 per share

- 2025-09: CHF 54.96 per share

- 2025-10: CHF 54.20 per share

- 2025-11: CHF 57.40 per share

- 2025-12: CHF 62.40 per share

- 2026-01: CHF 64.62 per share

- 2026-02: CHF 65.60 per share

- 2026-03: CHF 58.16 per share

- 2026-04: CHF 64.10 per share

- 2026-05: CHF 64.02 per share

- 2026-06: CHF 69.80 per share

- 2026-07: CHF 70.88 per share

- 2026-08: CHF 75.22 per share

- 2026-09: CHF 74.28 per share

- 2026-10: CHF 70.98 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 154.97 per share, central CHF 158.41 per share, high CHF 162.98 per share

- FY2017: low CHF 117.96 per share, central CHF 121.85 per share, high CHF 127.04 per share

- FY2018: low CHF 154.06 per share, central CHF 159.06 per share, high CHF 165.72 per share

- FY2019: low CHF 125.41 per share, central CHF 135.81 per share, high CHF 144.28 per share

- FY2020: low CHF 162.13 per share, central CHF 185.27 per share, high CHF 198.94 per share

- FY2021: low CHF 180.03 per share, central CHF 205.50 per share, high CHF 220.33 per share

- FY2022: low CHF 158.78 per share, central CHF 187.78 per share, high CHF 204.66 per share

- FY2023: low CHF 117.44 per share, central CHF 122.83 per share, high CHF 130.00 per share

- FY2024: low CHF 192.80 per share, central CHF 199.31 per share, high CHF 207.98 per share

- FY2025: low CHF 206.00 per share, central CHF 234.55 per share, high CHF 253.82 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 2026-10-15T06:40:40.985Z 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.

Julius Baer Gruppe AG

BAER · SW

STOXX Europe 600

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: CHF 70.52
Buy up to: CHF 148.23
Expected / yr: 24.8% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 18.9% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 29.4%
Worst year: 15.8%
Latest · 2025: 15.8%

Capital return excluding acquisitions: median 8% (minimum 15%), and the second-worst year 4.7% (minimum 10%), and gross margin fell 32.3 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 8.0%
Worst year: 2.8%
Latest · 2025: 4.9%

New investment earned 0.8% (minimum 12%).

Annual owner cash / profit

Five-year totals: 1.03×
Annual median: 1.01×
Latest · 2025: 1.00×

Per-share value rose from 2.86 to 3.72, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CHF 3.32
Worst year: CHF 2.14
Latest · 2025: CHF 3.72

Profits were backed by cash: accruals were -0.4% of assets (limit 10%).

Sloan accruals

10y median: -0.6%
Worst year: 12.5%
Latest · 2025: -0.4%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 27.2%, three-year average owner earnings per share 3.64 CHF.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CHF 40.11 · Value 158.41 · Buy at or below 158.41; 2016-11 · Price CHF 44.93 · Value 158.41 · Buy at or below 158.41; 2016-12 · Price CHF 45.23 · Value 158.41 · Buy at or below 158.41; 2017-01 · Price CHF 46.24 · Value 158.41 · Buy at or below 158.41; 2017-02 · Price CHF 49.15 · Value 121.85 · Buy at or below 121.85; 2017-03 · Price CHF 50.00 · Value 121.85 · Buy at or below 121.85; 2017-04 · Price CHF 51.85 · Value 121.85 · Buy at or below 121.85; 2017-05 · Price CHF 50.15 · Value 121.85 · Buy at or below 121.85; 2017-06 · Price CHF 50.45 · Value 121.85 · Buy at or below 121.85; 2017-07 · Price CHF 54.70 · Value 121.85 · Buy at or below 121.85; 2017-08 · Price CHF 53.60 · Value 121.85 · Buy at or below 121.85; 2017-09 · Price CHF 57.30 · Value 121.85 · Buy at or below 121.85; 2017-10 · Price CHF 59.00 · Value 121.85 · Buy at or below 121.85; 2017-11 · Price CHF 57.80 · Value 121.85 · Buy at or below 121.85; 2017-12 · Price CHF 59.60 · Value 121.85 · Buy at or below 121.85; 2018-01 · Price CHF 63.90 · Value 121.85 · Buy at or below 121.85; 2018-02 · Price CHF 61.60 · Value 159.06 · Buy at or below 159.06; 2018-03 · Price CHF 58.74 · Value 159.06 · Buy at or below 159.06; 2018-04 · Price CHF 59.24 · Value 159.06 · Buy at or below 159.06; 2018-05 · Price CHF 57.50 · Value 159.06 · Buy at or below 159.06; 2018-06 · Price CHF 58.28 · Value 159.06 · Buy at or below 159.06; 2018-07 · Price CHF 54.44 · Value 159.06 · Buy at or below 159.06; 2018-08 · Price CHF 51.52 · Value 159.06 · Buy at or below 159.06; 2018-09 · Price CHF 49.11 · Value 159.06 · Buy at or below 159.06; 2018-10 · Price CHF 46.04 · Value 159.06 · Buy at or below 159.06; 2018-11 · Price CHF 40.33 · Value 159.06 · Buy at or below 159.06; 2018-12 · Price CHF 35.01 · Value 159.06 · Buy at or below 159.06; 2019-01 · Price CHF 39.82 · Value 159.06 · Buy at or below 159.06; 2019-02 · Price CHF 43.59 · Value 135.81 · Buy at or below 135.81; 2019-03 · Price CHF 40.23 · Value 135.81 · Buy at or below 135.81; 2019-04 · Price CHF 49.12 · Value 135.81 · Buy at or below 135.81; 2019-05 · Price CHF 39.67 · Value 135.81 · Buy at or below 135.81; 2019-06 · Price CHF 43.46 · Value 135.81 · Buy at or below 135.81; 2019-07 · Price CHF 42.64 · Value 135.81 · Buy at or below 135.81; 2019-08 · Price CHF 39.13 · Value 135.81 · Buy at or below 135.81; 2019-09 · Price CHF 44.22 · Value 135.81 · Buy at or below 135.81; 2019-10 · Price CHF 43.52 · Value 135.81 · Buy at or below 135.81; 2019-11 · Price CHF 47.08 · Value 135.81 · Buy at or below 135.81; 2019-12 · Price CHF 49.93 · Value 135.81 · Buy at or below 135.81; 2020-01 · Price CHF 48.30 · Value 135.81 · Buy at or below 135.81; 2020-02 · Price CHF 40.21 · Value 185.27 · Buy at or below 185.27; 2020-03 · Price CHF 33.03 · Value 185.27 · Buy at or below 185.27; 2020-04 · Price CHF 37.84 · Value 185.27 · Buy at or below 185.27; 2020-05 · Price CHF 40.90 · Value 185.27 · Buy at or below 185.27; 2020-06 · Price CHF 39.65 · Value 185.27 · Buy at or below 185.27; 2020-07 · Price CHF 40.00 · Value 185.27 · Buy at or below 185.27; 2020-08 · Price CHF 43.30 · Value 185.27 · Buy at or below 185.27; 2020-09 · Price CHF 39.27 · Value 185.27 · Buy at or below 185.27; 2020-10 · Price CHF 40.94 · Value 185.27 · Buy at or below 185.27; 2020-11 · Price CHF 52.44 · Value 185.27 · Buy at or below 185.27; 2020-12 · Price CHF 51.00 · Value 185.27 · Buy at or below 185.27; 2021-01 · Price CHF 54.00 · Value 185.27 · Buy at or below 185.27; 2021-02 · Price CHF 55.80 · Value 205.50 · Buy at or below 205.50; 2021-03 · Price CHF 60.44 · Value 205.50 · Buy at or below 205.50; 2021-04 · Price CHF 57.52 · Value 205.50 · Buy at or below 205.50; 2021-05 · Price CHF 61.60 · Value 205.50 · Buy at or below 205.50; 2021-06 · Price CHF 60.38 · Value 205.50 · Buy at or below 205.50; 2021-07 · Price CHF 59.94 · Value 205.50 · Buy at or below 205.50; 2021-08 · Price CHF 62.60 · Value 205.50 · Buy at or below 205.50; 2021-09 · Price CHF 62.32 · Value 205.50 · Buy at or below 205.50; 2021-10 · Price CHF 66.18 · Value 205.50 · Buy at or below 205.50; 2021-11 · Price CHF 57.24 · Value 205.50 · Buy at or below 205.50; 2021-12 · Price CHF 61.18 · Value 205.50 · Buy at or below 205.50; 2022-01 · Price CHF 60.02 · Value 205.50 · Buy at or below 205.50; 2022-02 · Price CHF 53.80 · Value 187.78 · Buy at or below 187.78; 2022-03 · Price CHF 53.88 · Value 187.78 · Buy at or below 187.78; 2022-04 · Price CHF 47.27 · Value 187.78 · Buy at or below 187.78; 2022-05 · Price CHF 49.25 · Value 187.78 · Buy at or below 187.78; 2022-06 · Price CHF 44.04 · Value 187.78 · Buy at or below 187.78; 2022-07 · Price CHF 49.00 · Value 187.78 · Buy at or below 187.78; 2022-08 · Price CHF 47.45 · Value 187.78 · Buy at or below 187.78; 2022-09 · Price CHF 43.50 · Value 187.78 · Buy at or below 187.78; 2022-10 · Price CHF 47.97 · Value 187.78 · Buy at or below 187.78; 2022-11 · Price CHF 53.84 · Value 187.78 · Buy at or below 187.78; 2022-12 · Price CHF 53.86 · Value 187.78 · Buy at or below 187.78; 2023-01 · Price CHF 58.40 · Value 187.78 · Buy at or below 187.78; 2023-02 · Price CHF 62.36 · Value 122.83 · Buy at or below 122.83; 2023-03 · Price CHF 62.32 · Value 122.83 · Buy at or below 122.83; 2023-04 · Price CHF 63.72 · Value 122.83 · Buy at or below 122.83; 2023-05 · Price CHF 55.64 · Value 122.83 · Buy at or below 122.83; 2023-06 · Price CHF 56.34 · Value 122.83 · Buy at or below 122.83; 2023-07 · Price CHF 61.60 · Value 122.83 · Buy at or below 122.83; 2023-08 · Price CHF 61.46 · Value 122.83 · Buy at or below 122.83; 2023-09 · Price CHF 58.86 · Value 122.83 · Buy at or below 122.83; 2023-10 · Price CHF 53.60 · Value 122.83 · Buy at or below 122.83; 2023-11 · Price CHF 44.24 · Value 122.83 · Buy at or below 122.83; 2023-12 · Price CHF 47.15 · Value 122.83 · Buy at or below 122.83; 2024-01 · Price CHF 47.30 · Value 122.83 · Buy at or below 122.83; 2024-02 · Price CHF 47.28 · Value 199.31 · Buy at or below 199.31; 2024-03 · Price CHF 52.08 · Value 199.31 · Buy at or below 199.31; 2024-04 · Price CHF 49.61 · Value 199.31 · Buy at or below 199.31; 2024-05 · Price CHF 54.08 · Value 199.31 · Buy at or below 199.31; 2024-06 · Price CHF 50.20 · Value 199.31 · Buy at or below 199.31; 2024-07 · Price CHF 48.05 · Value 199.31 · Buy at or below 199.31; 2024-08 · Price CHF 49.51 · Value 199.31 · Buy at or below 199.31; 2024-09 · Price CHF 50.90 · Value 199.31 · Buy at or below 199.31; 2024-10 · Price CHF 52.66 · Value 199.31 · Buy at or below 199.31; 2024-11 · Price CHF 58.30 · Value 199.31 · Buy at or below 199.31; 2024-12 · Price CHF 58.66 · Value 199.31 · Buy at or below 199.31; 2025-01 · Price CHF 64.30 · Value 199.31 · Buy at or below 199.31; 2025-02 · Price CHF 60.60 · Value 234.55 · Buy at or below 234.55; 2025-03 · Price CHF 60.70 · Value 234.55 · Buy at or below 234.55; 2025-04 · Price CHF 53.24 · Value 234.55 · Buy at or below 234.55; 2025-05 · Price CHF 54.12 · Value 234.55 · Buy at or below 234.55; 2025-06 · Price CHF 53.64 · Value 234.55 · Buy at or below 234.55; 2025-07 · Price CHF 55.22 · Value 234.55 · Buy at or below 234.55; 2025-08 · Price CHF 57.70 · Value 234.55 · Buy at or below 234.55; 2025-09 · Price CHF 54.96 · Value 234.55 · Buy at or below 234.55; 2025-10 · Price CHF 54.20 · Value 234.55 · Buy at or below 234.55; 2025-11 · Price CHF 57.40 · Value 234.55 · Buy at or below 234.55; 2025-12 · Price CHF 62.40 · Value 234.55 · Buy at or below 234.55; 2026-01 · Price CHF 64.62 · Value 234.55 · Buy at or below 234.55; 2026-02 · Price CHF 65.60 · Value 148.23 · Buy at or below 148.23; 2026-03 · Price CHF 58.16 · Value 148.23 · Buy at or below 148.23; 2026-04 · Price CHF 64.10 · Value 148.23 · Buy at or below 148.23; 2026-05 · Price CHF 64.02 · Value 148.23 · Buy at or below 148.23; 2026-06 · Price CHF 69.80 · Value 148.23 · Buy at or below 148.23; 2026-07 · Price CHF 70.88 · Value 148.23 · Buy at or below 148.23; 2026-08 · Price CHF 75.22 · Value 148.23 · Buy at or below 148.23; 2026-09 · Price CHF 74.28 · Value 148.23 · Buy at or below 148.23; 2026-10 · Price CHF 70.98 · Value 148.23 · Buy at or below 148.23; 2026-10 · Price CHF 70.52 · Value 148.23 · Buy at or below 148.23

CHF per share · annual estimates

Price & return math
Value range	CHF 119.72 – CHF 167.48
Buy at or below	Central value CHF 148.23
Discount to value	1 − 70.52 / 148.23 = 52.4%
Return / year	About 24.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CHF 6.57/share; 5.7% growth for 5 years, then fades to 3.0%; excess cash CHF 35.77/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCHF 5.9B

Revenue

Owner earningsCHF 767M

Owner earnings

Operating margin15.8%

Operating margin

Net cash / debtCHF 17B

Net cash / debt

Diluted shares206M

Diluted shares

Prices 15 Oct 2026 · FY2025