# BKW Ag (BKW.SW)

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

Analysis as of: 2026-10-16T07:36:27.669Z. Financial observations: FY2008–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 119.60 per share; close as of 2026-10-15.

Estimated value: low CHF 80.11 per share, central CHF 89.55 per share, high CHF 102.11 per share. Buy at or below the central value CHF 89.55 per share. Valuation as of 2026-10-16T07:36:27.669Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% 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

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.14×

- FY2018: 0.13×

- FY2019: 0.12×

- FY2020: 0.11×

- FY2021: 0.07×

- FY2022: 0.18×

- FY2023: 0.14×

- FY2024: 0.14×

- FY2025: 0.06×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 21.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 8.7%

- ROIC, second-lowest year: 4.6%

- Typical minus recent gross margin: 21.5 pp

- Typical gross margin (annual median): 35.5%

- Recent gross margin (lower of latest and 3-year median): 14.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.7%

- ROIC including acquisitions, ten-year median: 7.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.8%

- FY2017: 8.3%

- FY2018: 8.8%

- FY2019: 8.5%

- FY2020: 8.0%

- FY2021: 4.6%

- FY2022: 15.9%

- FY2023: 11.4%

- FY2024: 9.9%

- FY2025: 4.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.74×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 1.7B

- Net income, five-year total: CHF 2.3B

- Return on incremental invested capital: -11.3%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 3.2 pp

- Working capital / revenue, final three-year average: 27.1%

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

- FY2021: 0.87×

- FY2022: 0.95×

- FY2023: 0.62×

- FY2024: 0.74×

- FY2025: 0.44×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.8% vs 9.9%

- Per-share earnings: 5.21 to 9.06 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: CHF 6.3B

- Cumulative retained earnings: CHF 2.2B

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.2%

- Per-share value change: CHF 3.85

- Per-share value, starting three-year median: CHF 5.21

- Per-share value, ending three-year median: CHF 9.06

- Buybacks concentrated in cheaper years (correlation): -0.58

- Average buyback yield: 0.2%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: CHF 2.2B

- Cumulative net income, 10 years: CHF 3.8B

- ROIC, first three-year median: 8.8%

- ROIC, last three-year median: 9.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 5.85

- FY2017: CHF 4.77

- FY2018: CHF 3.53

- FY2019: CHF 7.41

- FY2020: CHF 6.86

- FY2021: CHF 5.77

- FY2022: CHF 10.42

- FY2023: CHF 9.06

- FY2024: CHF 11.79

- FY2025: CHF 6.76

### accounting: pass

- Sloan accruals: -2.8%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.91×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.24×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.5%

- FY2017: -2.7%

- FY2018: -2.1%

- FY2019: -0.8%

- FY2020: -1.8%

- FY2021: 2.4%

- FY2022: -1.5%

- FY2023: -2.0%

- FY2024: -1.0%

- FY2025: -2.8%

## Holders

## Price story

Down 34% since Jul 2025 · "BKW (SWX:B9W) Is Down 11.2% After Cutting 2025 EBIT Guidance - What's Changed" (finance.yahoo.com, Jan 2026) · sales -7.6%

Story as of 2026-10-16T10:00:07.521Z; price observation 2026-10-15.

Price needs cash profits to grow 5% a year for ten years

- 2026-01-23: BKW (SWX:B9W) Is Down 11.2% After Cutting 2025 EBIT Guidance - What's Changed ([finance.yahoo.com](https://finance.yahoo.com/news/bkw-swx-b9w-down-11-161137418.html))

### Sales · FY2024–2025

sales -7.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 2.4B 

- FY2017: CHF 2.4B 

- FY2018: CHF 2.6B 

- FY2019: CHF 2.7B 

- FY2020: CHF 2.9B 

- FY2021: CHF 3.4B 

- FY2022: CHF 5.1B 

- FY2023: CHF 4.4B 

- FY2024: CHF 4.5B 

- FY2025: CHF 4.2B 

### Gross margin · FY2025

gross margin 14.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 47.8% 

- FY2017: 51.1% 

- FY2018: 50.6% 

- FY2019: 19.9% 

- FY2020: 17.9% 

- FY2021: 13.5% 

- FY2022: 23.3% 

- FY2023: 50.5% 

- FY2024: 52.9% 

- FY2025: 14.1% 

## Owner memo

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

### How it makes money

Operates in utilities renewable; annual sales are CHF 4.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.669Z); FY2025: revenue 4201200000; grossProfit 591100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BKW.SW: BKW AG, an energy and infrastructure company, plans, builds, and operates infrastructure to produce and supply energy to businesses, households, and the public sector in Switzerland, Germany, Italy, France, and internationally. It operates in three segments: Energy Solutions, Power Grid, and Infrastructure & Buildings. The Energy Solutions segment builds, operates, and maintains its portfolio of power plants. This segment also sells energy; trades in electricity, certificates, and raw materials; and offers wind, solar, and smart energy services. Its Power Grid segment builds, operates, and maintains the company's distribution grid. The Infrastructure and Buildings segment offers engineering planning and consulting services for energy, infrastructure, and environmental projects; integrated building technology solutions; and construction and maintenance services in the fields of energy, telecommunications, transport and water utility networks. It also provides digital business models for renewable energy. The company was formerly known as BKW FMB Energie AG and changed its name to BKW AG in December 2011. BKW AG was founded in 1898 and is headquartered in Bern, Switzerland.

### Why customers stay

Margins ranged from 14.1% to 52.9% during 2023–25; it earns 8.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.669Z); FY2023: grossProfit / revenue = 50.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.669Z); FY2024: grossProfit / revenue = 52.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.669Z); FY2025: grossProfit / revenue = 14.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.669Z); 10-year return on capital observations [[2016,0.11759432933739875],[2017,0.08255164303810725],[2018,0.08787774944157142],[2019,0.08545413740830884],[2020,0.07986087230068409],[2021,0.0463393428868308],[2022,0.15905250010167798],[2023,0.11441388354656976],[2024,0.0988362383818954],[2025,0.040671399204129884]]; median 0.08666594342494013. 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 22.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.669Z); FY2016: growth capex 0; upkeep 254500000; owner earnings 255500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.669Z); FY2017: growth capex 51900000; upkeep 193000000; owner earnings 251300000. Growth capex / owner earnings = 0.20652606446478314.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.669Z); FY2018: growth capex 21100000; upkeep 207100000; owner earnings 186400000. Growth capex / owner earnings = 0.11319742489270386.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.669Z); FY2019: growth capex 0; upkeep 234400000; owner earnings 376480000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.669Z); FY2020: growth capex 0; upkeep 220600000; owner earnings 345800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.669Z); FY2021: growth capex 0; upkeep 244400000; owner earnings 265860000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.669Z); FY2022: growth capex 0; upkeep 258400000; owner earnings 521680000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.669Z); FY2023: growth capex 0; upkeep 354000000; owner earnings 297340000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.669Z); FY2024: growth capex 111955588.98642248; upkeep 340644411.0135775; owner earnings 459435588.9864225. Growth capex / owner earnings = 0.24368070665446656.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.669Z); FY2025: growth capex 0; upkeep 377700000; owner earnings 157360000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.669Z); Dividend observations: [[2016,79100000],[2017,87200000],[2018,102900000],[2019,102400000],[2020,125100000],[2021,131900000],[2022,151900000],[2023,213800000],[2024,196400000],[2025,195000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.669Z); FY2025: cash repurchases 22800000 CHF.

### Are managers owners

Insiders own 62.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BKW.SW SharesStats.PercentInsiders = 62.607 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5% yearly over ten years; actual decline was 4.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.669Z); Ten-year compound average after fade. Initial solved rate 0.05841483710610074. Price 119.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.681901665010688 → FY2025 2.9819690925801345. Closing-price date 2026-10-15.

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

- 2016-10: CHF 46.05 per share

- 2016-11: CHF 46.00 per share

- 2016-12: CHF 49.25 per share

- 2017-01: CHF 49.95 per share

- 2017-02: CHF 51.15 per share

- 2017-03: CHF 54.15 per share

- 2017-04: CHF 53.90 per share

- 2017-05: CHF 58.90 per share

- 2017-06: CHF 56.30 per share

- 2017-07: CHF 55.10 per share

- 2017-08: CHF 55.70 per share

- 2017-09: CHF 58.15 per share

- 2017-10: CHF 58.30 per share

- 2017-11: CHF 58.20 per share

- 2017-12: CHF 57.95 per share

- 2018-01: CHF 59.40 per share

- 2018-02: CHF 54.40 per share

- 2018-03: CHF 63.60 per share

- 2018-04: CHF 64.70 per share

- 2018-05: CHF 62.20 per share

- 2018-06: CHF 64.00 per share

- 2018-07: CHF 66.80 per share

- 2018-08: CHF 68.80 per share

- 2018-09: CHF 62.20 per share

- 2018-10: CHF 63.90 per share

- 2018-11: CHF 67.90 per share

- 2018-12: CHF 68.70 per share

- 2019-01: CHF 69.90 per share

- 2019-02: CHF 67.30 per share

- 2019-03: CHF 67.90 per share

- 2019-04: CHF 64.90 per share

- 2019-05: CHF 66.20 per share

- 2019-06: CHF 65.20 per share

- 2019-07: CHF 64.40 per share

- 2019-08: CHF 64.60 per share

- 2019-09: CHF 74.10 per share

- 2019-10: CHF 72.80 per share

- 2019-11: CHF 70.30 per share

- 2019-12: CHF 71.40 per share

- 2020-01: CHF 89.70 per share

- 2020-02: CHF 83.00 per share

- 2020-03: CHF 79.40 per share

- 2020-04: CHF 78.20 per share

- 2020-05: CHF 76.60 per share

- 2020-06: CHF 85.00 per share

- 2020-07: CHF 88.10 per share

- 2020-08: CHF 88.50 per share

- 2020-09: CHF 98.10 per share

- 2020-10: CHF 91.20 per share

- 2020-11: CHF 93.80 per share

- 2020-12: CHF 99.20 per share

- 2021-01: CHF 102.00 per share

- 2021-02: CHF 101.00 per share

- 2021-03: CHF 102.80 per share

- 2021-04: CHF 102.20 per share

- 2021-05: CHF 99.00 per share

- 2021-06: CHF 96.30 per share

- 2021-07: CHF 99.90 per share

- 2021-08: CHF 106.20 per share

- 2021-09: CHF 101.00 per share

- 2021-10: CHF 121.20 per share

- 2021-11: CHF 125.20 per share

- 2021-12: CHF 118.60 per share

- 2022-01: CHF 110.00 per share

- 2022-02: CHF 115.80 per share

- 2022-03: CHF 116.00 per share

- 2022-04: CHF 119.20 per share

- 2022-05: CHF 109.20 per share

- 2022-06: CHF 99.70 per share

- 2022-07: CHF 108.00 per share

- 2022-08: CHF 118.60 per share

- 2022-09: CHF 118.10 per share

- 2022-10: CHF 116.80 per share

- 2022-11: CHF 122.30 per share

- 2022-12: CHF 126.50 per share

- 2023-01: CHF 131.40 per share

- 2023-02: CHF 137.40 per share

- 2023-03: CHF 143.80 per share

- 2023-04: CHF 153.00 per share

- 2023-05: CHF 163.30 per share

- 2023-06: CHF 158.00 per share

- 2023-07: CHF 156.10 per share

- 2023-08: CHF 152.00 per share

- 2023-09: CHF 161.50 per share

- 2023-10: CHF 152.60 per share

- 2023-11: CHF 154.40 per share

- 2023-12: CHF 149.50 per share

- 2024-01: CHF 137.50 per share

- 2024-02: CHF 124.00 per share

- 2024-03: CHF 138.40 per share

- 2024-04: CHF 136.30 per share

- 2024-05: CHF 142.00 per share

- 2024-06: CHF 143.30 per share

- 2024-07: CHF 158.80 per share

- 2024-08: CHF 159.60 per share

- 2024-09: CHF 153.40 per share

- 2024-10: CHF 151.60 per share

- 2024-11: CHF 151.40 per share

- 2024-12: CHF 150.20 per share

- 2025-01: CHF 155.60 per share

- 2025-02: CHF 158.60 per share

- 2025-03: CHF 154.60 per share

- 2025-04: CHF 165.50 per share

- 2025-05: CHF 172.90 per share

- 2025-06: CHF 173.30 per share

- 2025-07: CHF 181.30 per share

- 2025-08: CHF 166.60 per share

- 2025-09: CHF 169.90 per share

- 2025-10: CHF 179.90 per share

- 2025-11: CHF 167.60 per share

- 2025-12: CHF 168.40 per share

- 2026-01: CHF 145.90 per share

- 2026-02: CHF 151.40 per share

- 2026-03: CHF 156.20 per share

- 2026-04: CHF 156.20 per share

- 2026-05: CHF 148.00 per share

- 2026-06: CHF 136.30 per share

- 2026-07: CHF 133.90 per share

- 2026-08: CHF 125.20 per share

- 2026-09: CHF 117.10 per share

- 2026-10: CHF 119.30 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 69.10 per share, central CHF 75.53 per share, high CHF 84.08 per share

- FY2017: low CHF 74.09 per share, central CHF 81.23 per share, high CHF 90.74 per share

- FY2018: low CHF 75.49 per share, central CHF 83.18 per share, high CHF 93.41 per share

- FY2019: low CHF 74.40 per share, central CHF 82.47 per share, high CHF 93.20 per share

- FY2020: low CHF 83.79 per share, central CHF 92.85 per share, high CHF 104.90 per share

- FY2021: low CHF 93.49 per share, central CHF 107.00 per share, high CHF 121.55 per share

- FY2022: low CHF 130.59 per share, central CHF 157.81 per share, high CHF 181.74 per share

- FY2023: low CHF 116.05 per share, central CHF 137.31 per share, high CHF 157.41 per share

- FY2024: low CHF 119.09 per share, central CHF 141.35 per share, high CHF 161.87 per share

- FY2025: low CHF 86.78 per share, central CHF 96.22 per share, high CHF 108.78 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 2026-10-15T06:42:12.179Z 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.

BKW Ag

BKW · SW

STOXX Europe 600

Not a wonderful business

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

Share price: CHF 119.60
Buy up to: CHF 89.55
Expected / yr: 8.0% 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 27.5% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 13.5%
Worst year: 6.5%
Latest · 2025: 6.5%

Capital return excluding acquisitions: median 8.7% (minimum 15%), and the second-worst year 4.6% (minimum 10%), and gross margin fell 21.5 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 8.7%
Worst year: 4.1%
Latest · 2025: 4.1%

Each $1 of profit left $0.74 for owners over five years (minimum $0.80), and new investment earned -11.3% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.74×
Annual median: 0.74×
Latest · 2025: 0.44×

Per-share value rose from 5.21 to 9.06, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CHF 6.81
Worst year: CHF 3.53
Latest · 2025: CHF 6.76

Profits were backed by cash: accruals were -2.8% of assets (limit 10%).

Sloan accruals

10y median: -1.6%
Worst year: 2.4%
Latest · 2025: -2.8%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 12.7%, three-year average owner earnings per share 5.77 CHF.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CHF 46.05 · Value 75.53 · Buy at or below 75.53; 2016-11 · Price CHF 46.00 · Value 75.53 · Buy at or below 75.53; 2016-12 · Price CHF 49.25 · Value 75.53 · Buy at or below 75.53; 2017-01 · Price CHF 49.95 · Value 75.53 · Buy at or below 75.53; 2017-02 · Price CHF 51.15 · Value 81.23 · Buy at or below 81.23; 2017-03 · Price CHF 54.15 · Value 81.23 · Buy at or below 81.23; 2017-04 · Price CHF 53.90 · Value 81.23 · Buy at or below 81.23; 2017-05 · Price CHF 58.90 · Value 81.23 · Buy at or below 81.23; 2017-06 · Price CHF 56.30 · Value 81.23 · Buy at or below 81.23; 2017-07 · Price CHF 55.10 · Value 81.23 · Buy at or below 81.23; 2017-08 · Price CHF 55.70 · Value 81.23 · Buy at or below 81.23; 2017-09 · Price CHF 58.15 · Value 81.23 · Buy at or below 81.23; 2017-10 · Price CHF 58.30 · Value 81.23 · Buy at or below 81.23; 2017-11 · Price CHF 58.20 · Value 81.23 · Buy at or below 81.23; 2017-12 · Price CHF 57.95 · Value 81.23 · Buy at or below 81.23; 2018-01 · Price CHF 59.40 · Value 81.23 · Buy at or below 81.23; 2018-02 · Price CHF 54.40 · Value 83.18 · Buy at or below 83.18; 2018-03 · Price CHF 63.60 · Value 83.18 · Buy at or below 83.18; 2018-04 · Price CHF 64.70 · Value 83.18 · Buy at or below 83.18; 2018-05 · Price CHF 62.20 · Value 83.18 · Buy at or below 83.18; 2018-06 · Price CHF 64.00 · Value 83.18 · Buy at or below 83.18; 2018-07 · Price CHF 66.80 · Value 83.18 · Buy at or below 83.18; 2018-08 · Price CHF 68.80 · Value 83.18 · Buy at or below 83.18; 2018-09 · Price CHF 62.20 · Value 83.18 · Buy at or below 83.18; 2018-10 · Price CHF 63.90 · Value 83.18 · Buy at or below 83.18; 2018-11 · Price CHF 67.90 · Value 83.18 · Buy at or below 83.18; 2018-12 · Price CHF 68.70 · Value 83.18 · Buy at or below 83.18; 2019-01 · Price CHF 69.90 · Value 83.18 · Buy at or below 83.18; 2019-02 · Price CHF 67.30 · Value 82.47 · Buy at or below 82.47; 2019-03 · Price CHF 67.90 · Value 82.47 · Buy at or below 82.47; 2019-04 · Price CHF 64.90 · Value 82.47 · Buy at or below 82.47; 2019-05 · Price CHF 66.20 · Value 82.47 · Buy at or below 82.47; 2019-06 · Price CHF 65.20 · Value 82.47 · Buy at or below 82.47; 2019-07 · Price CHF 64.40 · Value 82.47 · Buy at or below 82.47; 2019-08 · Price CHF 64.60 · Value 82.47 · Buy at or below 82.47; 2019-09 · Price CHF 74.10 · Value 82.47 · Buy at or below 82.47; 2019-10 · Price CHF 72.80 · Value 82.47 · Buy at or below 82.47; 2019-11 · Price CHF 70.30 · Value 82.47 · Buy at or below 82.47; 2019-12 · Price CHF 71.40 · Value 82.47 · Buy at or below 82.47; 2020-01 · Price CHF 89.70 · Value 82.47 · Buy at or below 82.47; 2020-02 · Price CHF 83.00 · Value 92.85 · Buy at or below 92.85; 2020-03 · Price CHF 79.40 · Value 92.85 · Buy at or below 92.85; 2020-04 · Price CHF 78.20 · Value 92.85 · Buy at or below 92.85; 2020-05 · Price CHF 76.60 · Value 92.85 · Buy at or below 92.85; 2020-06 · Price CHF 85.00 · Value 92.85 · Buy at or below 92.85; 2020-07 · Price CHF 88.10 · Value 92.85 · Buy at or below 92.85; 2020-08 · Price CHF 88.50 · Value 92.85 · Buy at or below 92.85; 2020-09 · Price CHF 98.10 · Value 92.85 · Buy at or below 92.85; 2020-10 · Price CHF 91.20 · Value 92.85 · Buy at or below 92.85; 2020-11 · Price CHF 93.80 · Value 92.85 · Buy at or below 92.85; 2020-12 · Price CHF 99.20 · Value 92.85 · Buy at or below 92.85; 2021-01 · Price CHF 102.00 · Value 92.85 · Buy at or below 92.85; 2021-02 · Price CHF 101.00 · Value 107.00 · Buy at or below 107.00; 2021-03 · Price CHF 102.80 · Value 107.00 · Buy at or below 107.00; 2021-04 · Price CHF 102.20 · Value 107.00 · Buy at or below 107.00; 2021-05 · Price CHF 99.00 · Value 107.00 · Buy at or below 107.00; 2021-06 · Price CHF 96.30 · Value 107.00 · Buy at or below 107.00; 2021-07 · Price CHF 99.90 · Value 107.00 · Buy at or below 107.00; 2021-08 · Price CHF 106.20 · Value 107.00 · Buy at or below 107.00; 2021-09 · Price CHF 101.00 · Value 107.00 · Buy at or below 107.00; 2021-10 · Price CHF 121.20 · Value 107.00 · Buy at or below 107.00; 2021-11 · Price CHF 125.20 · Value 107.00 · Buy at or below 107.00; 2021-12 · Price CHF 118.60 · Value 107.00 · Buy at or below 107.00; 2022-01 · Price CHF 110.00 · Value 107.00 · Buy at or below 107.00; 2022-02 · Price CHF 115.80 · Value 157.81 · Buy at or below 157.81; 2022-03 · Price CHF 116.00 · Value 157.81 · Buy at or below 157.81; 2022-04 · Price CHF 119.20 · Value 157.81 · Buy at or below 157.81; 2022-05 · Price CHF 109.20 · Value 157.81 · Buy at or below 157.81; 2022-06 · Price CHF 99.70 · Value 157.81 · Buy at or below 157.81; 2022-07 · Price CHF 108.00 · Value 157.81 · Buy at or below 157.81; 2022-08 · Price CHF 118.60 · Value 157.81 · Buy at or below 157.81; 2022-09 · Price CHF 118.10 · Value 157.81 · Buy at or below 157.81; 2022-10 · Price CHF 116.80 · Value 157.81 · Buy at or below 157.81; 2022-11 · Price CHF 122.30 · Value 157.81 · Buy at or below 157.81; 2022-12 · Price CHF 126.50 · Value 157.81 · Buy at or below 157.81; 2023-01 · Price CHF 131.40 · Value 157.81 · Buy at or below 157.81; 2023-02 · Price CHF 137.40 · Value 137.31 · Buy at or below 137.31; 2023-03 · Price CHF 143.80 · Value 137.31 · Buy at or below 137.31; 2023-04 · Price CHF 153.00 · Value 137.31 · Buy at or below 137.31; 2023-05 · Price CHF 163.30 · Value 137.31 · Buy at or below 137.31; 2023-06 · Price CHF 158.00 · Value 137.31 · Buy at or below 137.31; 2023-07 · Price CHF 156.10 · Value 137.31 · Buy at or below 137.31; 2023-08 · Price CHF 152.00 · Value 137.31 · Buy at or below 137.31; 2023-09 · Price CHF 161.50 · Value 137.31 · Buy at or below 137.31; 2023-10 · Price CHF 152.60 · Value 137.31 · Buy at or below 137.31; 2023-11 · Price CHF 154.40 · Value 137.31 · Buy at or below 137.31; 2023-12 · Price CHF 149.50 · Value 137.31 · Buy at or below 137.31; 2024-01 · Price CHF 137.50 · Value 137.31 · Buy at or below 137.31; 2024-02 · Price CHF 124.00 · Value 141.35 · Buy at or below 141.35; 2024-03 · Price CHF 138.40 · Value 141.35 · Buy at or below 141.35; 2024-04 · Price CHF 136.30 · Value 141.35 · Buy at or below 141.35; 2024-05 · Price CHF 142.00 · Value 141.35 · Buy at or below 141.35; 2024-06 · Price CHF 143.30 · Value 141.35 · Buy at or below 141.35; 2024-07 · Price CHF 158.80 · Value 141.35 · Buy at or below 141.35; 2024-08 · Price CHF 159.60 · Value 141.35 · Buy at or below 141.35; 2024-09 · Price CHF 153.40 · Value 141.35 · Buy at or below 141.35; 2024-10 · Price CHF 151.60 · Value 141.35 · Buy at or below 141.35; 2024-11 · Price CHF 151.40 · Value 141.35 · Buy at or below 141.35; 2024-12 · Price CHF 150.20 · Value 141.35 · Buy at or below 141.35; 2025-01 · Price CHF 155.60 · Value 141.35 · Buy at or below 141.35; 2025-02 · Price CHF 158.60 · Value 96.22 · Buy at or below 96.22; 2025-03 · Price CHF 154.60 · Value 96.22 · Buy at or below 96.22; 2025-04 · Price CHF 165.50 · Value 96.22 · Buy at or below 96.22; 2025-05 · Price CHF 172.90 · Value 96.22 · Buy at or below 96.22; 2025-06 · Price CHF 173.30 · Value 96.22 · Buy at or below 96.22; 2025-07 · Price CHF 181.30 · Value 96.22 · Buy at or below 96.22; 2025-08 · Price CHF 166.60 · Value 96.22 · Buy at or below 96.22; 2025-09 · Price CHF 169.90 · Value 96.22 · Buy at or below 96.22; 2025-10 · Price CHF 179.90 · Value 96.22 · Buy at or below 96.22; 2025-11 · Price CHF 167.60 · Value 96.22 · Buy at or below 96.22; 2025-12 · Price CHF 168.40 · Value 96.22 · Buy at or below 96.22; 2026-01 · Price CHF 145.90 · Value 96.22 · Buy at or below 96.22; 2026-02 · Price CHF 151.40 · Value 89.55 · Buy at or below 89.55; 2026-03 · Price CHF 156.20 · Value 89.55 · Buy at or below 89.55; 2026-04 · Price CHF 156.20 · Value 89.55 · Buy at or below 89.55; 2026-05 · Price CHF 148.00 · Value 89.55 · Buy at or below 89.55; 2026-06 · Price CHF 136.30 · Value 89.55 · Buy at or below 89.55; 2026-07 · Price CHF 133.90 · Value 89.55 · Buy at or below 89.55; 2026-08 · Price CHF 125.20 · Value 89.55 · Buy at or below 89.55; 2026-09 · Price CHF 117.10 · Value 89.55 · Buy at or below 89.55; 2026-10 · Price CHF 119.30 · Value 89.55 · Buy at or below 89.55; 2026-10 · Price CHF 119.60 · Value 89.55 · Buy at or below 89.55

CHF per share · annual estimates

Price & return math
Value range	CHF 80.11 – CHF 102.11
Buy at or below	Central value CHF 89.55
Discount to value	1 − 119.60 / 89.55 = -33.6%
Return / year	About 8.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CHF 6.26/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash CHF 11.67/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCHF 4.2B

Revenue

Owner earningsCHF 157M

Owner earnings

Operating margin6.5%

Operating margin

Net cash / debtCHF -774M

Net cash / debt

Diluted shares53M

Diluted shares

Prices 15 Oct 2026 · FY2025