# DKSH Holding AG (DKSH.SW)

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

Analysis as of: 2026-10-16T07:37:13.832Z. Financial observations: FY2010–FY2025.

Listing currency: CHF. Reporting currency: CHF.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CHF 71.30 per share; close as of 2026-10-15.

Estimated value: low CHF 44.41 per share, central CHF 49.94 per share, high CHF 57.30 per share. Buy at or below the central value CHF 49.94 per share. Valuation as of 2026-10-16T07:37:13.832Z; scenarios are not confidence intervals.

Expected annual return: 7.7% at the stated quote. About 7.7% 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: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.02×

- FY2018: 0.02×

- FY2019: 0.02×

- FY2020: 0.02×

- FY2021: 0.02×

- FY2022: 0.03×

- FY2023: 0.03×

- FY2024: 0.03×

- FY2025: 0.03×

### moat: pass

- ROIC, median of available years: 15.9%

- ROIC, second-lowest year: 12.8%

- Typical minus recent gross margin: 0.7 pp

- Typical gross margin (annual median): 7.5%

- Recent gross margin (lower of latest and 3-year median): 6.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.4%

- ROIC including acquisitions, ten-year median: 11.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 19.3%

- FY2017: 18.1%

- FY2018: 19.5%

- FY2019: 12.8%

- FY2020: 11.8%

- FY2021: 14.0%

- FY2022: 13.6%

- FY2023: 15.7%

- FY2024: 16.1%

- FY2025: 16.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 1.1B

- Net income, five-year total: CHF 1.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.3 pp

- Working capital / revenue, final three-year average: 11.0%

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

- FY2021: 1.08×

- FY2022: 0.87×

- FY2023: 1.13×

- FY2024: 1.14×

- FY2025: 1.18×

### 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: 19.3% vs 16.1%

- Per-share earnings: 3.17 to 3.24 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.4%

- Ordinary dilution, 5-year annual growth: -0.7%

- Market cap gain: CHF -964M

- Cumulative retained earnings: CHF 499M

- Diluted shares, 10-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: -0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.3%

- Per-share value change: CHF 0.07

- Per-share value, starting three-year median: CHF 3.17

- Per-share value, ending three-year median: CHF 3.24

- Buybacks concentrated in cheaper years (correlation): -0.33

- Average buyback yield: 0.1%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: CHF 882M

- Cumulative net income, 10 years: CHF 2.0B

- ROIC, first three-year median: 19.3%

- ROIC, last three-year median: 16.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 3.20

- FY2017: CHF 3.17

- FY2018: CHF 3.90

- FY2019: CHF 2.65

- FY2020: CHF 2.42

- FY2021: CHF 3.44

- FY2022: CHF 3.08

- FY2023: CHF 2.80

- FY2024: CHF 3.29

- FY2025: CHF 3.24

### accounting: pass

- Sloan accruals: -2.1%

- Receivables to sales index (DSRI): 0.90×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.58×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.46×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.0%

- FY2017: 0.9%

- FY2018: 1.5%

- FY2019: -2.3%

- FY2020: -3.3%

- FY2021: -3.2%

- FY2022: -2.1%

- FY2023: -3.9%

- FY2024: -2.5%

- FY2025: -2.1%

## Holders

## Price story

Price needs cash profits to grow 5.7% a year for ten years · sales -0.2%

Story as of 2026-10-16T10:00:08.861Z; price observation 2026-10-15.

Price needs cash profits to grow 5.7% a year for ten years

### Sales · FY2024–2025

sales -0.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 11B 

- FY2017: CHF 11B 

- FY2018: CHF 11B 

- FY2019: CHF 12B 

- FY2020: CHF 11B 

- FY2021: CHF 11B 

- FY2022: CHF 11B 

- FY2023: CHF 11B 

- FY2024: CHF 11B 

- FY2025: CHF 11B 

### Gross margin · FY2025

gross margin 6.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 8.4% 

- FY2017: 8.1% 

- FY2018: 8.0% 

- FY2019: 6.7% 

- FY2020: 6.7% 

- FY2021: 6.9% 

- FY2022: 7.0% 

- FY2023: 14.9% 

- FY2024: 14.8% 

- FY2025: 6.7% 

## Owner memo

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

### How it makes money

Operates in consulting services; annual sales are CHF 11.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:13.832Z); FY2025: revenue 11070600000; grossProfit 746900000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 6.7% to 14.9% during 2023–25; it earns 15.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:13.832Z); FY2023: grossProfit / revenue = 14.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:13.832Z); FY2024: grossProfit / revenue = 14.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:13.832Z); FY2025: grossProfit / revenue = 6.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:13.832Z); 10-year return on capital observations [[2016,0.1932995859361911],[2017,0.18066228150266336],[2018,0.19514849968598486],[2019,0.12752911350960358],[2020,0.11799592451410787],[2021,0.1404529818769301],[2022,0.13586409554672604],[2023,0.15720597298376646],[2024,0.16081652051603262],[2025,0.16293864854481874]]; median 0.15901124674989953. 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 2.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:13.832Z); FY2016: growth capex 0; upkeep 32200000; owner earnings 215900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:13.832Z); FY2017: growth capex 0; upkeep 25800000; owner earnings 219100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:13.832Z); FY2018: growth capex 0; upkeep 35300000; owner earnings 259200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:13.832Z); FY2019: growth capex 0; upkeep 52100000; owner earnings 207460000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:13.832Z); FY2020: growth capex 0; upkeep 35700000; owner earnings 205200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:13.832Z); FY2021: growth capex 0; upkeep 55000000; owner earnings 240960000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:13.832Z); FY2022: growth capex 0; upkeep 84900000; owner earnings 175920000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:13.832Z); FY2023: growth capex 0; upkeep 52300000; owner earnings 206300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:13.832Z); FY2024: growth capex 0; upkeep 41600000; owner earnings 244040000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:13.832Z); FY2025: growth capex 0; upkeep 38200000; owner earnings 238440000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:13.832Z); Dividend observations: [[2016,84600000],[2017,292700000],[2018,107300000],[2019,120300000],[2020,123600000],[2021,126800000],[2022,133200000],[2023,139600000],[2024,146100000],[2025,152600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:13.832Z); FY2025: cash repurchases 2900000 CHF.

### Are managers owners

Insiders own 45.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DKSH.SW SharesStats.PercentInsiders = 45.376 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.7% yearly over ten years; actual growth was 2.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:13.832Z); Ten-year compound average after fade. Initial solved rate 0.06886916964717604. Price 71.3; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.107600276094793 → FY2025 3.8071211879291074. Closing-price date 2026-10-15.

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

- 2016-10: CHF 68.60 per share

- 2016-11: CHF 67.75 per share

- 2016-12: CHF 69.95 per share

- 2017-01: CHF 72.95 per share

- 2017-02: CHF 81.20 per share

- 2017-03: CHF 77.50 per share

- 2017-04: CHF 80.05 per share

- 2017-05: CHF 81.20 per share

- 2017-06: CHF 77.85 per share

- 2017-07: CHF 76.15 per share

- 2017-08: CHF 78.60 per share

- 2017-09: CHF 82.35 per share

- 2017-10: CHF 83.65 per share

- 2017-11: CHF 84.30 per share

- 2017-12: CHF 85.25 per share

- 2018-01: CHF 87.05 per share

- 2018-02: CHF 80.40 per share

- 2018-03: CHF 77.60 per share

- 2018-04: CHF 79.80 per share

- 2018-05: CHF 78.55 per share

- 2018-06: CHF 69.85 per share

- 2018-07: CHF 72.45 per share

- 2018-08: CHF 70.60 per share

- 2018-09: CHF 66.80 per share

- 2018-10: CHF 67.95 per share

- 2018-11: CHF 67.60 per share

- 2018-12: CHF 67.85 per share

- 2019-01: CHF 74.40 per share

- 2019-02: CHF 58.55 per share

- 2019-03: CHF 57.40 per share

- 2019-04: CHF 62.55 per share

- 2019-05: CHF 61.20 per share

- 2019-06: CHF 57.20 per share

- 2019-07: CHF 50.30 per share

- 2019-08: CHF 48.22 per share

- 2019-09: CHF 49.82 per share

- 2019-10: CHF 46.82 per share

- 2019-11: CHF 51.75 per share

- 2019-12: CHF 52.70 per share

- 2020-01: CHF 49.84 per share

- 2020-02: CHF 54.15 per share

- 2020-03: CHF 48.02 per share

- 2020-04: CHF 54.50 per share

- 2020-05: CHF 52.90 per share

- 2020-06: CHF 60.80 per share

- 2020-07: CHF 58.55 per share

- 2020-08: CHF 60.50 per share

- 2020-09: CHF 64.25 per share

- 2020-10: CHF 59.00 per share

- 2020-11: CHF 62.15 per share

- 2020-12: CHF 66.55 per share

- 2021-01: CHF 71.80 per share

- 2021-02: CHF 67.95 per share

- 2021-03: CHF 72.55 per share

- 2021-04: CHF 73.45 per share

- 2021-05: CHF 73.25 per share

- 2021-06: CHF 70.80 per share

- 2021-07: CHF 76.60 per share

- 2021-08: CHF 71.35 per share

- 2021-09: CHF 73.25 per share

- 2021-10: CHF 73.30 per share

- 2021-11: CHF 73.40 per share

- 2021-12: CHF 75.30 per share

- 2022-01: CHF 73.80 per share

- 2022-02: CHF 78.55 per share

- 2022-03: CHF 77.75 per share

- 2022-04: CHF 84.05 per share

- 2022-05: CHF 80.00 per share

- 2022-06: CHF 78.80 per share

- 2022-07: CHF 78.00 per share

- 2022-08: CHF 72.75 per share

- 2022-09: CHF 71.80 per share

- 2022-10: CHF 72.15 per share

- 2022-11: CHF 71.00 per share

- 2022-12: CHF 70.20 per share

- 2023-01: CHF 77.85 per share

- 2023-02: CHF 76.55 per share

- 2023-03: CHF 73.65 per share

- 2023-04: CHF 70.95 per share

- 2023-05: CHF 65.65 per share

- 2023-06: CHF 66.55 per share

- 2023-07: CHF 70.25 per share

- 2023-08: CHF 67.60 per share

- 2023-09: CHF 62.05 per share

- 2023-10: CHF 55.70 per share

- 2023-11: CHF 57.75 per share

- 2023-12: CHF 58.40 per share

- 2024-01: CHF 60.55 per share

- 2024-02: CHF 64.95 per share

- 2024-03: CHF 61.35 per share

- 2024-04: CHF 59.90 per share

- 2024-05: CHF 61.20 per share

- 2024-06: CHF 60.70 per share

- 2024-07: CHF 68.80 per share

- 2024-08: CHF 68.00 per share

- 2024-09: CHF 67.20 per share

- 2024-10: CHF 61.70 per share

- 2024-11: CHF 65.50 per share

- 2024-12: CHF 67.30 per share

- 2025-01: CHF 71.60 per share

- 2025-02: CHF 71.40 per share

- 2025-03: CHF 67.20 per share

- 2025-04: CHF 60.80 per share

- 2025-05: CHF 64.20 per share

- 2025-06: CHF 61.60 per share

- 2025-07: CHF 56.60 per share

- 2025-08: CHF 58.80 per share

- 2025-09: CHF 53.80 per share

- 2025-10: CHF 56.00 per share

- 2025-11: CHF 56.10 per share

- 2025-12: CHF 57.40 per share

- 2026-01: CHF 56.70 per share

- 2026-02: CHF 62.30 per share

- 2026-03: CHF 57.90 per share

- 2026-04: CHF 59.60 per share

- 2026-05: CHF 62.00 per share

- 2026-06: CHF 62.20 per share

- 2026-07: CHF 67.00 per share

- 2026-08: CHF 65.90 per share

- 2026-09: CHF 69.70 per share

- 2026-10: CHF 71.70 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 42.60 per share, central CHF 47.62 per share, high CHF 54.31 per share

- FY2017: low CHF 41.36 per share, central CHF 46.59 per share, high CHF 53.55 per share

- FY2018: low CHF 45.04 per share, central CHF 50.43 per share, high CHF 57.61 per share

- FY2019: low CHF 44.77 per share, central CHF 50.18 per share, high CHF 57.38 per share

- FY2020: low CHF 43.07 per share, central CHF 48.02 per share, high CHF 54.61 per share

- FY2021: low CHF 43.96 per share, central CHF 49.07 per share, high CHF 55.86 per share

- FY2022: low CHF 42.53 per share, central CHF 47.53 per share, high CHF 54.18 per share

- FY2023: low CHF 41.83 per share, central CHF 46.61 per share, high CHF 52.97 per share

- FY2024: low CHF 41.44 per share, central CHF 46.34 per share, high CHF 52.85 per share

- FY2025: low CHF 46.67 per share, central CHF 52.41 per share, high CHF 60.05 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.

DKSH Holding AG

DKSH · SW

STOXX Europe 600

A wonderful business at too high a price

Passes the quality tests.

Share price: CHF 71.30
Buy up to: CHF 49.94
Expected / yr: 7.7% 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 11.4% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 2.5%
Worst year: 2.1%
Latest · 2025: 2.9%

Capital return excluding acquisitions: median 15.9% (minimum 15%), and the second-worst year 12.8% (minimum 10%).

ROIC excluding acquisitions

10y median: 15.9%
Worst year: 11.8%
Latest · 2025: 16.3%

Each $1 of profit left $1.08 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.08×
Annual median: 1.13×
Latest · 2025: 1.18×

Per-share value rose from 3.17 to 3.24, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CHF 3.19
Worst year: CHF 2.42
Latest · 2025: CHF 3.24

Profits were backed by cash: accruals were -2.1% of assets (limit 10%).

Sloan accruals

10y median: -2.2%
Worst year: 1.5%
Latest · 2025: -2.1%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 2.5%, three-year average owner earnings per share 3.57 CHF.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CHF 68.60 · Value 47.62 · Buy at or below 47.62; 2016-11 · Price CHF 67.75 · Value 47.62 · Buy at or below 47.62; 2016-12 · Price CHF 69.95 · Value 47.62 · Buy at or below 47.62; 2017-01 · Price CHF 72.95 · Value 47.62 · Buy at or below 47.62; 2017-02 · Price CHF 81.20 · Value 46.59 · Buy at or below 46.59; 2017-03 · Price CHF 77.50 · Value 46.59 · Buy at or below 46.59; 2017-04 · Price CHF 80.05 · Value 46.59 · Buy at or below 46.59; 2017-05 · Price CHF 81.20 · Value 46.59 · Buy at or below 46.59; 2017-06 · Price CHF 77.85 · Value 46.59 · Buy at or below 46.59; 2017-07 · Price CHF 76.15 · Value 46.59 · Buy at or below 46.59; 2017-08 · Price CHF 78.60 · Value 46.59 · Buy at or below 46.59; 2017-09 · Price CHF 82.35 · Value 46.59 · Buy at or below 46.59; 2017-10 · Price CHF 83.65 · Value 46.59 · Buy at or below 46.59; 2017-11 · Price CHF 84.30 · Value 46.59 · Buy at or below 46.59; 2017-12 · Price CHF 85.25 · Value 46.59 · Buy at or below 46.59; 2018-01 · Price CHF 87.05 · Value 46.59 · Buy at or below 46.59; 2018-02 · Price CHF 80.40 · Value 50.43 · Buy at or below 50.43; 2018-03 · Price CHF 77.60 · Value 50.43 · Buy at or below 50.43; 2018-04 · Price CHF 79.80 · Value 50.43 · Buy at or below 50.43; 2018-05 · Price CHF 78.55 · Value 50.43 · Buy at or below 50.43; 2018-06 · Price CHF 69.85 · Value 50.43 · Buy at or below 50.43; 2018-07 · Price CHF 72.45 · Value 50.43 · Buy at or below 50.43; 2018-08 · Price CHF 70.60 · Value 50.43 · Buy at or below 50.43; 2018-09 · Price CHF 66.80 · Value 50.43 · Buy at or below 50.43; 2018-10 · Price CHF 67.95 · Value 50.43 · Buy at or below 50.43; 2018-11 · Price CHF 67.60 · Value 50.43 · Buy at or below 50.43; 2018-12 · Price CHF 67.85 · Value 50.43 · Buy at or below 50.43; 2019-01 · Price CHF 74.40 · Value 50.43 · Buy at or below 50.43; 2019-02 · Price CHF 58.55 · Value 50.18 · Buy at or below 50.18; 2019-03 · Price CHF 57.40 · Value 50.18 · Buy at or below 50.18; 2019-04 · Price CHF 62.55 · Value 50.18 · Buy at or below 50.18; 2019-05 · Price CHF 61.20 · Value 50.18 · Buy at or below 50.18; 2019-06 · Price CHF 57.20 · Value 50.18 · Buy at or below 50.18; 2019-07 · Price CHF 50.30 · Value 50.18 · Buy at or below 50.18; 2019-08 · Price CHF 48.22 · Value 50.18 · Buy at or below 50.18; 2019-09 · Price CHF 49.82 · Value 50.18 · Buy at or below 50.18; 2019-10 · Price CHF 46.82 · Value 50.18 · Buy at or below 50.18; 2019-11 · Price CHF 51.75 · Value 50.18 · Buy at or below 50.18; 2019-12 · Price CHF 52.70 · Value 50.18 · Buy at or below 50.18; 2020-01 · Price CHF 49.84 · Value 50.18 · Buy at or below 50.18; 2020-02 · Price CHF 54.15 · Value 48.02 · Buy at or below 48.02; 2020-03 · Price CHF 48.02 · Value 48.02 · Buy at or below 48.02; 2020-04 · Price CHF 54.50 · Value 48.02 · Buy at or below 48.02; 2020-05 · Price CHF 52.90 · Value 48.02 · Buy at or below 48.02; 2020-06 · Price CHF 60.80 · Value 48.02 · Buy at or below 48.02; 2020-07 · Price CHF 58.55 · Value 48.02 · Buy at or below 48.02; 2020-08 · Price CHF 60.50 · Value 48.02 · Buy at or below 48.02; 2020-09 · Price CHF 64.25 · Value 48.02 · Buy at or below 48.02; 2020-10 · Price CHF 59.00 · Value 48.02 · Buy at or below 48.02; 2020-11 · Price CHF 62.15 · Value 48.02 · Buy at or below 48.02; 2020-12 · Price CHF 66.55 · Value 48.02 · Buy at or below 48.02; 2021-01 · Price CHF 71.80 · Value 48.02 · Buy at or below 48.02; 2021-02 · Price CHF 67.95 · Value 49.07 · Buy at or below 49.07; 2021-03 · Price CHF 72.55 · Value 49.07 · Buy at or below 49.07; 2021-04 · Price CHF 73.45 · Value 49.07 · Buy at or below 49.07; 2021-05 · Price CHF 73.25 · Value 49.07 · Buy at or below 49.07; 2021-06 · Price CHF 70.80 · Value 49.07 · Buy at or below 49.07; 2021-07 · Price CHF 76.60 · Value 49.07 · Buy at or below 49.07; 2021-08 · Price CHF 71.35 · Value 49.07 · Buy at or below 49.07; 2021-09 · Price CHF 73.25 · Value 49.07 · Buy at or below 49.07; 2021-10 · Price CHF 73.30 · Value 49.07 · Buy at or below 49.07; 2021-11 · Price CHF 73.40 · Value 49.07 · Buy at or below 49.07; 2021-12 · Price CHF 75.30 · Value 49.07 · Buy at or below 49.07; 2022-01 · Price CHF 73.80 · Value 49.07 · Buy at or below 49.07; 2022-02 · Price CHF 78.55 · Value 47.53 · Buy at or below 47.53; 2022-03 · Price CHF 77.75 · Value 47.53 · Buy at or below 47.53; 2022-04 · Price CHF 84.05 · Value 47.53 · Buy at or below 47.53; 2022-05 · Price CHF 80.00 · Value 47.53 · Buy at or below 47.53; 2022-06 · Price CHF 78.80 · Value 47.53 · Buy at or below 47.53; 2022-07 · Price CHF 78.00 · Value 47.53 · Buy at or below 47.53; 2022-08 · Price CHF 72.75 · Value 47.53 · Buy at or below 47.53; 2022-09 · Price CHF 71.80 · Value 47.53 · Buy at or below 47.53; 2022-10 · Price CHF 72.15 · Value 47.53 · Buy at or below 47.53; 2022-11 · Price CHF 71.00 · Value 47.53 · Buy at or below 47.53; 2022-12 · Price CHF 70.20 · Value 47.53 · Buy at or below 47.53; 2023-01 · Price CHF 77.85 · Value 47.53 · Buy at or below 47.53; 2023-02 · Price CHF 76.55 · Value 46.61 · Buy at or below 46.61; 2023-03 · Price CHF 73.65 · Value 46.61 · Buy at or below 46.61; 2023-04 · Price CHF 70.95 · Value 46.61 · Buy at or below 46.61; 2023-05 · Price CHF 65.65 · Value 46.61 · Buy at or below 46.61; 2023-06 · Price CHF 66.55 · Value 46.61 · Buy at or below 46.61; 2023-07 · Price CHF 70.25 · Value 46.61 · Buy at or below 46.61; 2023-08 · Price CHF 67.60 · Value 46.61 · Buy at or below 46.61; 2023-09 · Price CHF 62.05 · Value 46.61 · Buy at or below 46.61; 2023-10 · Price CHF 55.70 · Value 46.61 · Buy at or below 46.61; 2023-11 · Price CHF 57.75 · Value 46.61 · Buy at or below 46.61; 2023-12 · Price CHF 58.40 · Value 46.61 · Buy at or below 46.61; 2024-01 · Price CHF 60.55 · Value 46.61 · Buy at or below 46.61; 2024-02 · Price CHF 64.95 · Value 46.34 · Buy at or below 46.34; 2024-03 · Price CHF 61.35 · Value 46.34 · Buy at or below 46.34; 2024-04 · Price CHF 59.90 · Value 46.34 · Buy at or below 46.34; 2024-05 · Price CHF 61.20 · Value 46.34 · Buy at or below 46.34; 2024-06 · Price CHF 60.70 · Value 46.34 · Buy at or below 46.34; 2024-07 · Price CHF 68.80 · Value 46.34 · Buy at or below 46.34; 2024-08 · Price CHF 68.00 · Value 46.34 · Buy at or below 46.34; 2024-09 · Price CHF 67.20 · Value 46.34 · Buy at or below 46.34; 2024-10 · Price CHF 61.70 · Value 46.34 · Buy at or below 46.34; 2024-11 · Price CHF 65.50 · Value 46.34 · Buy at or below 46.34; 2024-12 · Price CHF 67.30 · Value 46.34 · Buy at or below 46.34; 2025-01 · Price CHF 71.60 · Value 46.34 · Buy at or below 46.34; 2025-02 · Price CHF 71.40 · Value 52.41 · Buy at or below 52.41; 2025-03 · Price CHF 67.20 · Value 52.41 · Buy at or below 52.41; 2025-04 · Price CHF 60.80 · Value 52.41 · Buy at or below 52.41; 2025-05 · Price CHF 64.20 · Value 52.41 · Buy at or below 52.41; 2025-06 · Price CHF 61.60 · Value 52.41 · Buy at or below 52.41; 2025-07 · Price CHF 56.60 · Value 52.41 · Buy at or below 52.41; 2025-08 · Price CHF 58.80 · Value 52.41 · Buy at or below 52.41; 2025-09 · Price CHF 53.80 · Value 52.41 · Buy at or below 52.41; 2025-10 · Price CHF 56.00 · Value 52.41 · Buy at or below 52.41; 2025-11 · Price CHF 56.10 · Value 52.41 · Buy at or below 52.41; 2025-12 · Price CHF 57.40 · Value 52.41 · Buy at or below 52.41; 2026-01 · Price CHF 56.70 · Value 52.41 · Buy at or below 52.41; 2026-02 · Price CHF 62.30 · Value 49.94 · Buy at or below 49.94; 2026-03 · Price CHF 57.90 · Value 49.94 · Buy at or below 49.94; 2026-04 · Price CHF 59.60 · Value 49.94 · Buy at or below 49.94; 2026-05 · Price CHF 62.00 · Value 49.94 · Buy at or below 49.94; 2026-06 · Price CHF 62.20 · Value 49.94 · Buy at or below 49.94; 2026-07 · Price CHF 67.00 · Value 49.94 · Buy at or below 49.94; 2026-08 · Price CHF 65.90 · Value 49.94 · Buy at or below 49.94; 2026-09 · Price CHF 69.70 · Value 49.94 · Buy at or below 49.94; 2026-10 · Price CHF 71.70 · Value 49.94 · Buy at or below 49.94; 2026-10 · Price CHF 71.30 · Value 49.94 · Buy at or below 49.94

CHF per share · annual estimates

Price & return math
Value range	CHF 44.41 – CHF 57.30
Buy at or below	Central value CHF 49.94
Discount to value	1 − 71.30 / 49.94 = -42.8%
Return / year	About 7.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CHF 3.67/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash CHF 4.34/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCHF 11B

Revenue

Owner earningsCHF 238M

Owner earnings

Operating margin2.9%

Operating margin

Net cash / debtCHF -215M

Net cash / debt

Diluted shares63M

Diluted shares

Prices 15 Oct 2026 · FY2025