# Bucher Industries AG (BUCN.SW)

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

Analysis as of: 2026-10-16T07:38:18.144Z. Financial observations: FY2002–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 329.50 per share; close as of 2026-10-15.

Estimated value: low CHF 290.22 per share, central CHF 326.80 per share, high CHF 375.49 per share. Buy at or below the central value CHF 326.80 per share. Valuation as of 2026-10-16T07:38:18.144Z; scenarios are not confidence intervals.

Expected annual return: 9.9% at the stated quote. About 9.9% 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

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.09×

- FY2018: 0.10×

- FY2019: 0.09×

- FY2020: 0.07×

- FY2021: 0.10×

- FY2022: 0.11×

- FY2023: 0.12×

- FY2024: 0.09×

- FY2025: 0.07×

### moat: fail

- Recent gross margin fell 17.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 17.7%

- ROIC, second-lowest year: 12.6%

- Typical minus recent gross margin: 17.0 pp

- Typical gross margin (annual median): 36.2%

- Recent gross margin (lower of latest and 3-year median): 19.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.2%

- ROIC including acquisitions, ten-year median: 16.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.6%

- FY2017: 16.1%

- FY2018: 23.4%

- FY2019: 19.2%

- FY2020: 14.1%

- FY2021: 26.3%

- FY2022: 26.3%

- FY2023: 24.7%

- FY2024: 14.9%

- FY2025: 12.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 1.3B

- Net income, five-year total: CHF 1.4B

- Return on incremental invested capital: 3.9%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.5 pp

- Working capital / revenue, final three-year average: 37.0%

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

- FY2021: 1.04×

- FY2022: 1.00×

- FY2023: 0.84×

- FY2024: 0.73×

- FY2025: 0.98×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 16.1% vs 14.9%

- Per-share earnings: 13.65 to 23.60 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: CHF 1.1B

- Cumulative retained earnings: CHF 737M

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.1%

- Per-share value change: CHF 9.95

- Per-share value, starting three-year median: CHF 13.65

- Per-share value, ending three-year median: CHF 23.60

- Buybacks concentrated in cheaper years (correlation): -0.32

- Average buyback yield: 0.7%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: CHF 60M

- Cumulative net income, 10 years: CHF 2.3B

- ROIC, first three-year median: 16.1%

- ROIC, last three-year median: 14.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 11.71

- FY2017: CHF 16.71

- FY2018: CHF 20.76

- FY2019: CHF 21.91

- FY2020: CHF 14.71

- FY2021: CHF 25.96

- FY2022: CHF 32.34

- FY2023: CHF 34.37

- FY2024: CHF 22.18

- FY2025: CHF 23.60

### accounting: pass

- Sloan accruals: -6.3%

- Receivables to sales index (DSRI): 1.15×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.73×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.0%

- FY2017: -1.9%

- FY2018: 0.4%

- FY2019: -2.4%

- FY2020: -9.4%

- FY2021: -2.8%

- FY2022: 5.6%

- FY2023: 3.4%

- FY2024: -4.2%

- FY2025: -6.3%

## Holders

## Price story

Down 29% since Oct 2021 · sales -7.7%

Story as of 2026-10-16T10:00:09.872Z; price observation 2026-10-15.

Price needs cash profits to grow 1% a year for ten years

### Sales · FY2024–2025

sales -7.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 2.4B 

- FY2017: CHF 2.6B 

- FY2018: CHF 3.1B 

- FY2019: CHF 3.1B 

- FY2020: CHF 2.7B 

- FY2021: CHF 3.2B 

- FY2022: CHF 3.6B 

- FY2023: CHF 3.6B 

- FY2024: CHF 3.2B 

- FY2025: CHF 2.9B 

### Gross margin · FY2025

gross margin 19.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 51.0% 

- FY2017: 50.6% 

- FY2018: 49.1% 

- FY2019: 49.2% 

- FY2020: 19.0% 

- FY2021: 21.4% 

- FY2022: 22.8% 

- FY2023: 23.2% 

- FY2024: 49.7% 

- FY2025: 19.1% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are CHF 2.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:18.144Z); FY2025: revenue 2914000000; grossProfit 557100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BUCN.SW: Bucher Industries AG manufactures and sells machinery, systems, and hydraulic components for harvesting, producing and packaging food products, and keeping roads and public spaces clean and safe in Asia, the United States, Europe, and internationally. The company operates through five divisions: Kuhn Group, Bucher Municipal, Bucher Hydraulics, Bucher Emhart Glass, and Bucher Specials. The Kuhn Group division manufactures and sells specialized agricultural machinery for tillage, planting and seeding, nutrient management and crop protection, hay and forage harvesting, and livestock bedding and feeding, as well as landscape maintenance. The Bucher Municipal division supplies vehicles and equipment for cleaning and clearing operations on public and private roads and other traffic areas. The Bucher Hydraulics division offers electronic and hydraulic components; and manufactures advanced electrohydraulic systems. The Bucher Emhart Glass division supplies advanced technologies for manufacturing and inspection of glass containers. The Bucher Specials division offers equipment to produce wine, fruit juice, beer, and instant products; and distributes tractors and specialized agricultural machineries, as well as provides automation solutions. Bucher Industries AG was founded in 1807 and is based in Niederweningen, Switzerland.

### Why customers stay

Margins ranged from 19.1% to 49.7% during 2023–25; it earns 17.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:18.144Z); FY2023: grossProfit / revenue = 23.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:18.144Z); FY2024: grossProfit / revenue = 49.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:18.144Z); FY2025: grossProfit / revenue = 19.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:18.144Z); 10-year return on capital observations [[2016,0.12564393587765915],[2017,0.16088284706669362],[2018,0.23362688841838247],[2019,0.1923055889374746],[2020,0.1410470440055575],[2021,0.26311692800310776],[2022,0.263487934698411],[2023,0.24688736202451486],[2024,0.14946105355169315],[2025,0.1255102559147242]]; median 0.1765942180020841. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 23% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:18.144Z); Gross margin observations: [[2021,0.2144880997355497],[2022,0.22778580960854092],[2023,0.23184513818954908]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CHF 122.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:18.144Z); FY2016: growth capex 0; upkeep 75800000; owner earnings 136100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:18.144Z); FY2017: growth capex 0; upkeep 71800000; owner earnings 190700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:18.144Z); FY2018: growth capex 16300000; upkeep 81900000; owner earnings 212400000. Growth capex / owner earnings = 0.07674199623352165.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:18.144Z); FY2019: growth capex 8854287.447015047; upkeep 116345712.55298495; owner earnings 191454287.44701505. Growth capex / owner earnings = 0.04624752762178528.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:18.144Z); FY2020: growth capex 0; upkeep 72200000; owner earnings 161400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:18.144Z); FY2021: growth capex 0; upkeep 73500000; owner earnings 276700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:18.144Z); FY2022: growth capex 17300000; upkeep 79700000; owner earnings 331200000. Growth capex / owner earnings = 0.052234299516908216.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:18.144Z); FY2023: growth capex 0; upkeep 141600000; owner earnings 296500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:18.144Z); FY2024: growth capex 0; upkeep 152200000; owner earnings 166600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:18.144Z); FY2025: growth capex 0; upkeep 96400000; owner earnings 231300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:18.144Z); Dividend observations: [[2016,56500000],[2017,50700000],[2018,67000000],[2019,83700000],[2020,82100000],[2021,68100000],[2022,97300000],[2023,133200000],[2024,138300000],[2025,112500000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:18.144Z); FY2025: cash repurchases 122100000 CHF.

### Are managers owners

Insiders own 39.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BUCN.SW SharesStats.PercentInsiders = 39.676 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1% yearly over ten years; actual growth was 4.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:18.144Z); Ten-year compound average after fade. Initial solved rate 0.0015863284177436432. Price 329.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 15.055037267387334 → FY2025 23.229888520638745. Closing-price date 2026-10-15.

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

- 2016-10: CHF 219.90 per share

- 2016-11: CHF 233.80 per share

- 2016-12: CHF 250.75 per share

- 2017-01: CHF 268.25 per share

- 2017-02: CHF 286.50 per share

- 2017-03: CHF 293.00 per share

- 2017-04: CHF 320.75 per share

- 2017-05: CHF 315.25 per share

- 2017-06: CHF 301.75 per share

- 2017-07: CHF 322.50 per share

- 2017-08: CHF 337.25 per share

- 2017-09: CHF 344.50 per share

- 2017-10: CHF 390.50 per share

- 2017-11: CHF 390.75 per share

- 2017-12: CHF 396.00 per share

- 2018-01: CHF 426.60 per share

- 2018-02: CHF 399.80 per share

- 2018-03: CHF 398.40 per share

- 2018-04: CHF 365.80 per share

- 2018-05: CHF 355.20 per share

- 2018-06: CHF 332.40 per share

- 2018-07: CHF 321.80 per share

- 2018-08: CHF 339.80 per share

- 2018-09: CHF 315.20 per share

- 2018-10: CHF 278.00 per share

- 2018-11: CHF 272.00 per share

- 2018-12: CHF 264.40 per share

- 2019-01: CHF 302.60 per share

- 2019-02: CHF 309.40 per share

- 2019-03: CHF 333.00 per share

- 2019-04: CHF 346.20 per share

- 2019-05: CHF 312.60 per share

- 2019-06: CHF 336.40 per share

- 2019-07: CHF 297.60 per share

- 2019-08: CHF 291.80 per share

- 2019-09: CHF 311.80 per share

- 2019-10: CHF 304.60 per share

- 2019-11: CHF 320.40 per share

- 2019-12: CHF 339.80 per share

- 2020-01: CHF 323.20 per share

- 2020-02: CHF 299.00 per share

- 2020-03: CHF 256.80 per share

- 2020-04: CHF 271.80 per share

- 2020-05: CHF 276.40 per share

- 2020-06: CHF 272.80 per share

- 2020-07: CHF 300.20 per share

- 2020-08: CHF 337.80 per share

- 2020-09: CHF 351.40 per share

- 2020-10: CHF 353.00 per share

- 2020-11: CHF 382.20 per share

- 2020-12: CHF 405.60 per share

- 2021-01: CHF 422.20 per share

- 2021-02: CHF 439.00 per share

- 2021-03: CHF 481.60 per share

- 2021-04: CHF 479.20 per share

- 2021-05: CHF 494.20 per share

- 2021-06: CHF 483.80 per share

- 2021-07: CHF 504.00 per share

- 2021-08: CHF 463.00 per share

- 2021-09: CHF 446.00 per share

- 2021-10: CHF 461.60 per share

- 2021-11: CHF 419.00 per share

- 2021-12: CHF 451.00 per share

- 2022-01: CHF 422.80 per share

- 2022-02: CHF 407.80 per share

- 2022-03: CHF 374.80 per share

- 2022-04: CHF 355.00 per share

- 2022-05: CHF 356.40 per share

- 2022-06: CHF 332.00 per share

- 2022-07: CHF 363.60 per share

- 2022-08: CHF 350.00 per share

- 2022-09: CHF 311.20 per share

- 2022-10: CHF 337.40 per share

- 2022-11: CHF 370.00 per share

- 2022-12: CHF 386.80 per share

- 2023-01: CHF 414.60 per share

- 2023-02: CHF 425.60 per share

- 2023-03: CHF 427.40 per share

- 2023-04: CHF 400.80 per share

- 2023-05: CHF 380.80 per share

- 2023-06: CHF 395.00 per share

- 2023-07: CHF 388.00 per share

- 2023-08: CHF 363.00 per share

- 2023-09: CHF 350.60 per share

- 2023-10: CHF 323.40 per share

- 2023-11: CHF 345.00 per share

- 2023-12: CHF 353.20 per share

- 2024-01: CHF 366.80 per share

- 2024-02: CHF 374.20 per share

- 2024-03: CHF 396.80 per share

- 2024-04: CHF 355.00 per share

- 2024-05: CHF 372.00 per share

- 2024-06: CHF 362.00 per share

- 2024-07: CHF 356.00 per share

- 2024-08: CHF 356.50 per share

- 2024-09: CHF 383.50 per share

- 2024-10: CHF 336.50 per share

- 2024-11: CHF 340.50 per share

- 2024-12: CHF 326.00 per share

- 2025-01: CHF 368.00 per share

- 2025-02: CHF 383.50 per share

- 2025-03: CHF 369.00 per share

- 2025-04: CHF 355.00 per share

- 2025-05: CHF 397.00 per share

- 2025-06: CHF 394.00 per share

- 2025-07: CHF 385.00 per share

- 2025-08: CHF 380.00 per share

- 2025-09: CHF 377.00 per share

- 2025-10: CHF 356.50 per share

- 2025-11: CHF 358.00 per share

- 2025-12: CHF 368.50 per share

- 2026-01: CHF 358.00 per share

- 2026-02: CHF 382.00 per share

- 2026-03: CHF 347.50 per share

- 2026-04: CHF 309.50 per share

- 2026-05: CHF 316.50 per share

- 2026-06: CHF 318.00 per share

- 2026-07: CHF 316.00 per share

- 2026-08: CHF 316.00 per share

- 2026-09: CHF 325.50 per share

- 2026-10: CHF 326.50 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 190.48 per share, central CHF 211.71 per share, high CHF 239.96 per share

- FY2017: low CHF 220.88 per share, central CHF 244.77 per share, high CHF 276.56 per share

- FY2018: low CHF 259.37 per share, central CHF 294.34 per share, high CHF 336.10 per share

- FY2019: low CHF 260.74 per share, central CHF 313.39 per share, high CHF 359.07 per share

- FY2020: low CHF 238.28 per share, central CHF 275.98 per share, high CHF 313.42 per share

- FY2021: low CHF 314.85 per share, central CHF 371.22 per share, high CHF 422.37 per share

- FY2022: low CHF 334.66 per share, central CHF 398.41 per share, high CHF 456.27 per share

- FY2023: low CHF 379.55 per share, central CHF 449.21 per share, high CHF 515.99 per share

- FY2024: low CHF 315.96 per share, central CHF 354.54 per share, high CHF 405.90 per share

- FY2025: low CHF 311.84 per share, central CHF 348.42 per share, high CHF 397.12 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

## 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.

Bucher Industries AG

BUCN · SW

STOXX Europe 600

Not a wonderful business

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

Share price: CHF 329.50
Buy up to: CHF 326.80
Expected / yr: 9.9% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
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 19.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 8.9%
Worst year: 6.6%
Latest · 2025: 7.0%

Gross margin fell 17 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 17.7%
Worst year: 12.6%
Latest · 2025: 12.6%

New investment earned 3.9% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.92×
Annual median: 0.98×
Latest · 2025: 0.98×

Per-share value rose from 13.65 to 23.6, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CHF 22.05
Worst year: CHF 11.71
Latest · 2025: CHF 23.60

Profits were backed by cash: accruals were -6.3% of assets (limit 10%).

Sloan accruals

10y median: -2.6%
Worst year: 5.6%
Latest · 2025: -6.3%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 9.0%, three-year average owner earnings per share 22.82 CHF.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CHF 219.90 · Value 211.71 · Buy at or below 211.71; 2016-11 · Price CHF 233.80 · Value 211.71 · Buy at or below 211.71; 2016-12 · Price CHF 250.75 · Value 211.71 · Buy at or below 211.71; 2017-01 · Price CHF 268.25 · Value 211.71 · Buy at or below 211.71; 2017-02 · Price CHF 286.50 · Value 244.77 · Buy at or below 244.77; 2017-03 · Price CHF 293.00 · Value 244.77 · Buy at or below 244.77; 2017-04 · Price CHF 320.75 · Value 244.77 · Buy at or below 244.77; 2017-05 · Price CHF 315.25 · Value 244.77 · Buy at or below 244.77; 2017-06 · Price CHF 301.75 · Value 244.77 · Buy at or below 244.77; 2017-07 · Price CHF 322.50 · Value 244.77 · Buy at or below 244.77; 2017-08 · Price CHF 337.25 · Value 244.77 · Buy at or below 244.77; 2017-09 · Price CHF 344.50 · Value 244.77 · Buy at or below 244.77; 2017-10 · Price CHF 390.50 · Value 244.77 · Buy at or below 244.77; 2017-11 · Price CHF 390.75 · Value 244.77 · Buy at or below 244.77; 2017-12 · Price CHF 396.00 · Value 244.77 · Buy at or below 244.77; 2018-01 · Price CHF 426.60 · Value 244.77 · Buy at or below 244.77; 2018-02 · Price CHF 399.80 · Value 294.34 · Buy at or below 294.34; 2018-03 · Price CHF 398.40 · Value 294.34 · Buy at or below 294.34; 2018-04 · Price CHF 365.80 · Value 294.34 · Buy at or below 294.34; 2018-05 · Price CHF 355.20 · Value 294.34 · Buy at or below 294.34; 2018-06 · Price CHF 332.40 · Value 294.34 · Buy at or below 294.34; 2018-07 · Price CHF 321.80 · Value 294.34 · Buy at or below 294.34; 2018-08 · Price CHF 339.80 · Value 294.34 · Buy at or below 294.34; 2018-09 · Price CHF 315.20 · Value 294.34 · Buy at or below 294.34; 2018-10 · Price CHF 278.00 · Value 294.34 · Buy at or below 294.34; 2018-11 · Price CHF 272.00 · Value 294.34 · Buy at or below 294.34; 2018-12 · Price CHF 264.40 · Value 294.34 · Buy at or below 294.34; 2019-01 · Price CHF 302.60 · Value 294.34 · Buy at or below 294.34; 2019-02 · Price CHF 309.40 · Value 313.39 · Buy at or below 313.39; 2019-03 · Price CHF 333.00 · Value 313.39 · Buy at or below 313.39; 2019-04 · Price CHF 346.20 · Value 313.39 · Buy at or below 313.39; 2019-05 · Price CHF 312.60 · Value 313.39 · Buy at or below 313.39; 2019-06 · Price CHF 336.40 · Value 313.39 · Buy at or below 313.39; 2019-07 · Price CHF 297.60 · Value 313.39 · Buy at or below 313.39; 2019-08 · Price CHF 291.80 · Value 313.39 · Buy at or below 313.39; 2019-09 · Price CHF 311.80 · Value 313.39 · Buy at or below 313.39; 2019-10 · Price CHF 304.60 · Value 313.39 · Buy at or below 313.39; 2019-11 · Price CHF 320.40 · Value 313.39 · Buy at or below 313.39; 2019-12 · Price CHF 339.80 · Value 313.39 · Buy at or below 313.39; 2020-01 · Price CHF 323.20 · Value 313.39 · Buy at or below 313.39; 2020-02 · Price CHF 299.00 · Value 275.98 · Buy at or below 275.98; 2020-03 · Price CHF 256.80 · Value 275.98 · Buy at or below 275.98; 2020-04 · Price CHF 271.80 · Value 275.98 · Buy at or below 275.98; 2020-05 · Price CHF 276.40 · Value 275.98 · Buy at or below 275.98; 2020-06 · Price CHF 272.80 · Value 275.98 · Buy at or below 275.98; 2020-07 · Price CHF 300.20 · Value 275.98 · Buy at or below 275.98; 2020-08 · Price CHF 337.80 · Value 275.98 · Buy at or below 275.98; 2020-09 · Price CHF 351.40 · Value 275.98 · Buy at or below 275.98; 2020-10 · Price CHF 353.00 · Value 275.98 · Buy at or below 275.98; 2020-11 · Price CHF 382.20 · Value 275.98 · Buy at or below 275.98; 2020-12 · Price CHF 405.60 · Value 275.98 · Buy at or below 275.98; 2021-01 · Price CHF 422.20 · Value 275.98 · Buy at or below 275.98; 2021-02 · Price CHF 439.00 · Value 371.22 · Buy at or below 371.22; 2021-03 · Price CHF 481.60 · Value 371.22 · Buy at or below 371.22; 2021-04 · Price CHF 479.20 · Value 371.22 · Buy at or below 371.22; 2021-05 · Price CHF 494.20 · Value 371.22 · Buy at or below 371.22; 2021-06 · Price CHF 483.80 · Value 371.22 · Buy at or below 371.22; 2021-07 · Price CHF 504.00 · Value 371.22 · Buy at or below 371.22; 2021-08 · Price CHF 463.00 · Value 371.22 · Buy at or below 371.22; 2021-09 · Price CHF 446.00 · Value 371.22 · Buy at or below 371.22; 2021-10 · Price CHF 461.60 · Value 371.22 · Buy at or below 371.22; 2021-11 · Price CHF 419.00 · Value 371.22 · Buy at or below 371.22; 2021-12 · Price CHF 451.00 · Value 371.22 · Buy at or below 371.22; 2022-01 · Price CHF 422.80 · Value 371.22 · Buy at or below 371.22; 2022-02 · Price CHF 407.80 · Value 398.41 · Buy at or below 398.41; 2022-03 · Price CHF 374.80 · Value 398.41 · Buy at or below 398.41; 2022-04 · Price CHF 355.00 · Value 398.41 · Buy at or below 398.41; 2022-05 · Price CHF 356.40 · Value 398.41 · Buy at or below 398.41; 2022-06 · Price CHF 332.00 · Value 398.41 · Buy at or below 398.41; 2022-07 · Price CHF 363.60 · Value 398.41 · Buy at or below 398.41; 2022-08 · Price CHF 350.00 · Value 398.41 · Buy at or below 398.41; 2022-09 · Price CHF 311.20 · Value 398.41 · Buy at or below 398.41; 2022-10 · Price CHF 337.40 · Value 398.41 · Buy at or below 398.41; 2022-11 · Price CHF 370.00 · Value 398.41 · Buy at or below 398.41; 2022-12 · Price CHF 386.80 · Value 398.41 · Buy at or below 398.41; 2023-01 · Price CHF 414.60 · Value 398.41 · Buy at or below 398.41; 2023-02 · Price CHF 425.60 · Value 449.21 · Buy at or below 449.21; 2023-03 · Price CHF 427.40 · Value 449.21 · Buy at or below 449.21; 2023-04 · Price CHF 400.80 · Value 449.21 · Buy at or below 449.21; 2023-05 · Price CHF 380.80 · Value 449.21 · Buy at or below 449.21; 2023-06 · Price CHF 395.00 · Value 449.21 · Buy at or below 449.21; 2023-07 · Price CHF 388.00 · Value 449.21 · Buy at or below 449.21; 2023-08 · Price CHF 363.00 · Value 449.21 · Buy at or below 449.21; 2023-09 · Price CHF 350.60 · Value 449.21 · Buy at or below 449.21; 2023-10 · Price CHF 323.40 · Value 449.21 · Buy at or below 449.21; 2023-11 · Price CHF 345.00 · Value 449.21 · Buy at or below 449.21; 2023-12 · Price CHF 353.20 · Value 449.21 · Buy at or below 449.21; 2024-01 · Price CHF 366.80 · Value 449.21 · Buy at or below 449.21; 2024-02 · Price CHF 374.20 · Value 354.54 · Buy at or below 354.54; 2024-03 · Price CHF 396.80 · Value 354.54 · Buy at or below 354.54; 2024-04 · Price CHF 355.00 · Value 354.54 · Buy at or below 354.54; 2024-05 · Price CHF 372.00 · Value 354.54 · Buy at or below 354.54; 2024-06 · Price CHF 362.00 · Value 354.54 · Buy at or below 354.54; 2024-07 · Price CHF 356.00 · Value 354.54 · Buy at or below 354.54; 2024-08 · Price CHF 356.50 · Value 354.54 · Buy at or below 354.54; 2024-09 · Price CHF 383.50 · Value 354.54 · Buy at or below 354.54; 2024-10 · Price CHF 336.50 · Value 354.54 · Buy at or below 354.54; 2024-11 · Price CHF 340.50 · Value 354.54 · Buy at or below 354.54; 2024-12 · Price CHF 326.00 · Value 354.54 · Buy at or below 354.54; 2025-01 · Price CHF 368.00 · Value 354.54 · Buy at or below 354.54; 2025-02 · Price CHF 383.50 · Value 348.42 · Buy at or below 348.42; 2025-03 · Price CHF 369.00 · Value 348.42 · Buy at or below 348.42; 2025-04 · Price CHF 355.00 · Value 348.42 · Buy at or below 348.42; 2025-05 · Price CHF 397.00 · Value 348.42 · Buy at or below 348.42; 2025-06 · Price CHF 394.00 · Value 348.42 · Buy at or below 348.42; 2025-07 · Price CHF 385.00 · Value 348.42 · Buy at or below 348.42; 2025-08 · Price CHF 380.00 · Value 348.42 · Buy at or below 348.42; 2025-09 · Price CHF 377.00 · Value 348.42 · Buy at or below 348.42; 2025-10 · Price CHF 356.50 · Value 348.42 · Buy at or below 348.42; 2025-11 · Price CHF 358.00 · Value 348.42 · Buy at or below 348.42; 2025-12 · Price CHF 368.50 · Value 348.42 · Buy at or below 348.42; 2026-01 · Price CHF 358.00 · Value 348.42 · Buy at or below 348.42; 2026-02 · Price CHF 382.00 · Value 326.80 · Buy at or below 326.80; 2026-03 · Price CHF 347.50 · Value 326.80 · Buy at or below 326.80; 2026-04 · Price CHF 309.50 · Value 326.80 · Buy at or below 326.80; 2026-05 · Price CHF 316.50 · Value 326.80 · Buy at or below 326.80; 2026-06 · Price CHF 318.00 · Value 326.80 · Buy at or below 326.80; 2026-07 · Price CHF 316.00 · Value 326.80 · Buy at or below 326.80; 2026-08 · Price CHF 316.00 · Value 326.80 · Buy at or below 326.80; 2026-09 · Price CHF 325.50 · Value 326.80 · Buy at or below 326.80; 2026-10 · Price CHF 326.50 · Value 326.80 · Buy at or below 326.80; 2026-10 · Price CHF 329.50 · Value 326.80 · Buy at or below 326.80

CHF per share · annual estimates

Price & return math
Value range	CHF 290.22 – CHF 375.49
Buy at or below	Central value CHF 326.80
Discount to value	1 − 329.50 / 326.80 = -0.8%
Return / year	About 9.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CHF 24.27/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash CHF 24.90/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCHF 2.9B

Revenue

Owner earningsCHF 231M

Owner earnings

Operating margin7.0%

Operating margin

Net cash / debtCHF 498M

Net cash / debt

Diluted shares10.0M

Diluted shares

Prices 15 Oct 2026 · FY2025