# Ems-chemie Holding Ag (EMSN.SW)

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

Analysis as of: 2026-10-16T07:34:32.783Z. 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 884.50 per share; close as of 2026-10-15.

Estimated value: low CHF 242.46 per share, central CHF 271.51 per share, high CHF 310.19 per share. Buy at or below the central value CHF 271.51 per share. Valuation as of 2026-10-16T07:34:32.783Z; scenarios are not confidence intervals.

Expected annual return: 4.9% at the stated quote. About 4.9% 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: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.27×

- FY2017: 0.27×

- FY2018: 0.26×

- FY2019: 0.27×

- FY2020: 0.28×

- FY2021: 0.28×

- FY2022: 0.25×

- FY2023: 0.23×

- FY2024: 0.26×

- FY2025: 0.28×

### moat: fail

- Recent gross margin fell 7.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 37.0%

- ROIC, second-lowest year: 33.3%

- Typical minus recent gross margin: 7.4 pp

- Typical gross margin (annual median): 41.5%

- Recent gross margin (lower of latest and 3-year median): 34.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: 34.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 49.7%

- FY2017: 40.9%

- FY2018: 40.7%

- FY2019: 36.8%

- FY2020: 30.7%

- FY2021: 33.3%

- FY2022: 37.2%

- FY2023: 36.7%

- FY2024: 35.9%

- FY2025: 38.0%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 2.5B

- Net income, five-year total: CHF 2.5B

- Return on incremental invested capital: 16.5%

- Working capital / revenue, annual change: 1.8 pp

- Working capital / revenue, change between three-year averages: 12.2 pp

- Working capital / revenue, final three-year average: 39.3%

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

- FY2021: 0.99×

- FY2022: 0.99×

- FY2023: 1.00×

- FY2024: 1.04×

- FY2025: 1.05×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 40.9% vs 36.7%

- Per-share earnings: 19.19 to 19.70 (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: -0.2%

- Market cap gain: CHF 627M

- Cumulative retained earnings: CHF 566M

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

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.3%

- Per-share value change: CHF 0.51

- Per-share value, starting three-year median: CHF 19.19

- Per-share value, ending three-year median: CHF 19.70

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.0%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: CHF 52M

- Cumulative net income, 10 years: CHF 4.9B

- ROIC, first three-year median: 40.9%

- ROIC, last three-year median: 36.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 19.19

- FY2017: CHF 20.58

- FY2018: CHF 22.22

- FY2019: CHF 22.54

- FY2020: CHF 18.57

- FY2021: CHF 23.53

- FY2022: CHF 22.75

- FY2023: CHF 19.56

- FY2024: CHF 19.70

- FY2025: CHF 20.16

### accounting: pass

- Sloan accruals: -3.2%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.15×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.9%

- FY2017: 1.9%

- FY2018: 0.9%

- FY2019: -1.1%

- FY2020: -1.8%

- FY2021: 1.4%

- FY2022: 7.2%

- FY2023: -5.5%

- FY2024: -0.9%

- FY2025: -3.2%

## Holders

## Price story

Price needs cash profits to grow 17% a year for ten years · sales -5.8%

Story as of 2026-10-16T10:00:01.164Z; price observation 2026-10-15.

Price needs cash profits to grow 17% a year for ten years

### Sales · FY2024–2025

sales -5.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 2.0B 

- FY2017: CHF 2.2B 

- FY2018: CHF 2.3B 

- FY2019: CHF 2.2B 

- FY2020: CHF 1.8B 

- FY2021: CHF 2.3B 

- FY2022: CHF 2.4B 

- FY2023: CHF 2.2B 

- FY2024: CHF 2.1B 

- FY2025: CHF 2.0B 

### Gross margin · FY2025

gross margin 34.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 45.9% 

- FY2017: 43.7% 

- FY2018: 43.2% 

- FY2019: 32.3% 

- FY2020: 33.1% 

- FY2021: 44.9% 

- FY2022: 29.2% 

- FY2023: 39.8% 

- FY2024: 46.9% 

- FY2025: 34.1% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are CHF 1.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.783Z); FY2025: revenue 1950000000; grossProfit 665660000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EMSN.SW: EMS-CHEMIE HOLDING AG engages in the polymers and specialty chemicals businesses in the Americas, Europe, Asia, and internationally. The company manufactures and sells polymers, such as polyamide granulates used in automotive and construction applications in the electro and electronics, optics, and other industrial sectors, as well as offers feasibility studies, design, prototypes, component testing, and mould optimization services. It also offers bonding, coating, sealing, and damping services for the automotive industry; and develops and produces fibers, bonding agents, fusible adhesives, and adhesive yarns for technical and textile applications, powder coatings, and reactive diluents. The company was founded in 1936 and is based in Domat/Ems, Switzerland.

### Why customers stay

Margins ranged from 34.1% to 46.9% during 2023–25; it earns 37% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.783Z); FY2023: grossProfit / revenue = 39.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.783Z); FY2024: grossProfit / revenue = 46.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.783Z); FY2025: grossProfit / revenue = 34.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.783Z); 10-year return on capital observations [[2016,0.4971331201112831],[2017,0.40923055643648876],[2018,0.40694575317177245],[2019,0.36825273366541533],[2020,0.3071024409642203],[2021,0.33313557512898523],[2022,0.37222725925755257],[2023,0.36662635702952084],[2024,0.3591690615865016],[2025,0.3804068587659443]]; median 0.370239996461484. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.783Z); FY2016: growth capex 19625000; upkeep 51570000; owner earnings 448755000. Growth capex / owner earnings = 0.04373210326347339.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.783Z); FY2017: growth capex 0; upkeep 49063000; owner earnings 485444000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.783Z); FY2018: growth capex 6627000; upkeep 53181000; owner earnings 519615000. Growth capex / owner earnings = 0.012753673392800438.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.783Z); FY2019: growth capex 0; upkeep 84069000; owner earnings 492878800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.783Z); FY2020: growth capex 0; upkeep 70818000; owner earnings 414390000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.783Z); FY2021: growth capex 24490000; upkeep 55436000; owner earnings 547033600. Growth capex / owner earnings = 0.04476873084212743.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.783Z); FY2022: growth capex 43542000; upkeep 50424000; owner earnings 529402200. Growth capex / owner earnings = 0.08224748593791262.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.783Z); FY2023: growth capex 0; upkeep 49291000; owner earnings 455795600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.783Z); FY2024: growth capex 0; upkeep 32852000; owner earnings 478766400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.783Z); FY2025: growth capex 0; upkeep 28059000; owner earnings 491994800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.783Z); Dividend observations: [[2016,350719000],[2017,397613000],[2018,432697000],[2019,461933000],[2020,467781000],[2021,397613000],[2022,491170000],[2023,467781000],[2024,374224000],[2025,403461000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 70.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EMSN.SW SharesStats.PercentInsiders = 70.919 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 17% yearly over ten years; actual growth was 2.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.783Z); Ten-year compound average after fade. Initial solved rate 0.23351222586176357. Price 884.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 15.957335796703532 → FY2025 21.242381589741374. Closing-price date 2026-10-15.

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

- 2016-10: CHF 496.75 per share

- 2016-11: CHF 521.50 per share

- 2016-12: CHF 517.50 per share

- 2017-01: CHF 510.00 per share

- 2017-02: CHF 571.50 per share

- 2017-03: CHF 583.50 per share

- 2017-04: CHF 623.50 per share

- 2017-05: CHF 680.50 per share

- 2017-06: CHF 707.00 per share

- 2017-07: CHF 673.00 per share

- 2017-08: CHF 655.50 per share

- 2017-09: CHF 644.00 per share

- 2017-10: CHF 654.00 per share

- 2017-11: CHF 656.00 per share

- 2017-12: CHF 650.50 per share

- 2018-01: CHF 684.00 per share

- 2018-02: CHF 606.00 per share

- 2018-03: CHF 603.00 per share

- 2018-04: CHF 615.00 per share

- 2018-05: CHF 616.50 per share

- 2018-06: CHF 636.50 per share

- 2018-07: CHF 635.00 per share

- 2018-08: CHF 612.00 per share

- 2018-09: CHF 585.00 per share

- 2018-10: CHF 555.00 per share

- 2018-11: CHF 536.50 per share

- 2018-12: CHF 467.00 per share

- 2019-01: CHF 496.00 per share

- 2019-02: CHF 576.50 per share

- 2019-03: CHF 540.00 per share

- 2019-04: CHF 617.00 per share

- 2019-05: CHF 600.00 per share

- 2019-06: CHF 633.50 per share

- 2019-07: CHF 623.00 per share

- 2019-08: CHF 588.50 per share

- 2019-09: CHF 621.50 per share

- 2019-10: CHF 617.00 per share

- 2019-11: CHF 620.50 per share

- 2019-12: CHF 636.50 per share

- 2020-01: CHF 632.00 per share

- 2020-02: CHF 563.50 per share

- 2020-03: CHF 608.50 per share

- 2020-04: CHF 625.50 per share

- 2020-05: CHF 710.50 per share

- 2020-06: CHF 734.00 per share

- 2020-07: CHF 786.50 per share

- 2020-08: CHF 814.50 per share

- 2020-09: CHF 826.50 per share

- 2020-10: CHF 806.00 per share

- 2020-11: CHF 830.50 per share

- 2020-12: CHF 853.00 per share

- 2021-01: CHF 841.00 per share

- 2021-02: CHF 805.00 per share

- 2021-03: CHF 844.00 per share

- 2021-04: CHF 852.50 per share

- 2021-05: CHF 843.00 per share

- 2021-06: CHF 909.00 per share

- 2021-07: CHF 1,004.00 per share

- 2021-08: CHF 992.50 per share

- 2021-09: CHF 884.00 per share

- 2021-10: CHF 907.50 per share

- 2021-11: CHF 877.00 per share

- 2021-12: CHF 1,021.00 per share

- 2022-01: CHF 929.50 per share

- 2022-02: CHF 908.50 per share

- 2022-03: CHF 901.50 per share

- 2022-04: CHF 876.50 per share

- 2022-05: CHF 821.00 per share

- 2022-06: CHF 710.50 per share

- 2022-07: CHF 752.00 per share

- 2022-08: CHF 688.50 per share

- 2022-09: CHF 628.50 per share

- 2022-10: CHF 629.50 per share

- 2022-11: CHF 652.00 per share

- 2022-12: CHF 626.00 per share

- 2023-01: CHF 679.50 per share

- 2023-02: CHF 713.00 per share

- 2023-03: CHF 754.00 per share

- 2023-04: CHF 731.50 per share

- 2023-05: CHF 705.00 per share

- 2023-06: CHF 677.00 per share

- 2023-07: CHF 726.00 per share

- 2023-08: CHF 664.50 per share

- 2023-09: CHF 623.00 per share

- 2023-10: CHF 620.00 per share

- 2023-11: CHF 620.50 per share

- 2023-12: CHF 681.00 per share

- 2024-01: CHF 655.50 per share

- 2024-02: CHF 616.50 per share

- 2024-03: CHF 692.00 per share

- 2024-04: CHF 737.00 per share

- 2024-05: CHF 744.00 per share

- 2024-06: CHF 736.50 per share

- 2024-07: CHF 733.50 per share

- 2024-08: CHF 711.50 per share

- 2024-09: CHF 710.00 per share

- 2024-10: CHF 664.50 per share

- 2024-11: CHF 626.50 per share

- 2024-12: CHF 611.50 per share

- 2025-01: CHF 646.50 per share

- 2025-02: CHF 630.00 per share

- 2025-03: CHF 600.00 per share

- 2025-04: CHF 607.50 per share

- 2025-05: CHF 625.00 per share

- 2025-06: CHF 599.00 per share

- 2025-07: CHF 642.50 per share

- 2025-08: CHF 613.50 per share

- 2025-09: CHF 562.50 per share

- 2025-10: CHF 550.50 per share

- 2025-11: CHF 548.00 per share

- 2025-12: CHF 549.50 per share

- 2026-01: CHF 601.00 per share

- 2026-02: CHF 639.00 per share

- 2026-03: CHF 622.50 per share

- 2026-04: CHF 665.00 per share

- 2026-05: CHF 713.50 per share

- 2026-06: CHF 693.00 per share

- 2026-07: CHF 817.50 per share

- 2026-08: CHF 790.00 per share

- 2026-09: CHF 819.50 per share

- 2026-10: CHF 864.50 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 213.57 per share, central CHF 279.85 per share, high CHF 324.93 per share

- FY2017: low CHF 249.94 per share, central CHF 329.89 per share, high CHF 384.50 per share

- FY2018: low CHF 319.61 per share, central CHF 442.91 per share, high CHF 517.96 per share

- FY2019: low CHF 263.42 per share, central CHF 338.12 per share, high CHF 393.68 per share

- FY2020: low CHF 193.25 per share, central CHF 219.15 per share, high CHF 253.63 per share

- FY2021: low CHF 243.99 per share, central CHF 277.24 per share, high CHF 321.50 per share

- FY2022: low CHF 295.47 per share, central CHF 361.99 per share, high CHF 420.08 per share

- FY2023: low CHF 260.17 per share, central CHF 303.42 per share, high CHF 350.09 per share

- FY2024: low CHF 242.94 per share, central CHF 273.61 per share, high CHF 314.45 per share

- FY2025: low CHF 238.01 per share, central CHF 267.35 per share, high CHF 306.40 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 2026-10-15T06:40:19.183Z 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.

Ems-chemie Holding Ag

EMSN · SW

STOXX Europe 600

Not a wonderful business

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

Share price: CHF 884.50
Buy up to: CHF 271.51
Expected / yr: 4.9% 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 6.5% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 27.0%
Worst year: 22.5%
Latest · 2025: 28.4%

Gross margin fell 7.4 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 37.0%
Worst year: 30.7%
Latest · 2025: 38.0%

Working capital rose 12.2% of sales (limit 10%) to 39.3% (waived at zero or below).

Annual owner cash / profit

Five-year totals: 1.01×
Annual median: 1.00×
Latest · 2025: 1.05×

Per-share value rose from 19.19 to 19.7, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CHF 20.37
Worst year: CHF 18.57
Latest · 2025: CHF 20.16

Profits were backed by cash: accruals were -3.2% of assets (limit 10%).

Sloan accruals

10y median: -1.0%
Worst year: 7.2%
Latest · 2025: -3.2%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 26.6%, three-year average owner earnings per share 20.4 CHF.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CHF 496.75 · Value 279.85 · Buy at or below 279.85; 2016-11 · Price CHF 521.50 · Value 279.85 · Buy at or below 279.85; 2016-12 · Price CHF 517.50 · Value 279.85 · Buy at or below 279.85; 2017-01 · Price CHF 510.00 · Value 279.85 · Buy at or below 279.85; 2017-02 · Price CHF 571.50 · Value 329.89 · Buy at or below 329.89; 2017-03 · Price CHF 583.50 · Value 329.89 · Buy at or below 329.89; 2017-04 · Price CHF 623.50 · Value 329.89 · Buy at or below 329.89; 2017-05 · Price CHF 680.50 · Value 329.89 · Buy at or below 329.89; 2017-06 · Price CHF 707.00 · Value 329.89 · Buy at or below 329.89; 2017-07 · Price CHF 673.00 · Value 329.89 · Buy at or below 329.89; 2017-08 · Price CHF 655.50 · Value 329.89 · Buy at or below 329.89; 2017-09 · Price CHF 644.00 · Value 329.89 · Buy at or below 329.89; 2017-10 · Price CHF 654.00 · Value 329.89 · Buy at or below 329.89; 2017-11 · Price CHF 656.00 · Value 329.89 · Buy at or below 329.89; 2017-12 · Price CHF 650.50 · Value 329.89 · Buy at or below 329.89; 2018-01 · Price CHF 684.00 · Value 329.89 · Buy at or below 329.89; 2018-02 · Price CHF 606.00 · Value 442.91 · Buy at or below 442.91; 2018-03 · Price CHF 603.00 · Value 442.91 · Buy at or below 442.91; 2018-04 · Price CHF 615.00 · Value 442.91 · Buy at or below 442.91; 2018-05 · Price CHF 616.50 · Value 442.91 · Buy at or below 442.91; 2018-06 · Price CHF 636.50 · Value 442.91 · Buy at or below 442.91; 2018-07 · Price CHF 635.00 · Value 442.91 · Buy at or below 442.91; 2018-08 · Price CHF 612.00 · Value 442.91 · Buy at or below 442.91; 2018-09 · Price CHF 585.00 · Value 442.91 · Buy at or below 442.91; 2018-10 · Price CHF 555.00 · Value 442.91 · Buy at or below 442.91; 2018-11 · Price CHF 536.50 · Value 442.91 · Buy at or below 442.91; 2018-12 · Price CHF 467.00 · Value 442.91 · Buy at or below 442.91; 2019-01 · Price CHF 496.00 · Value 442.91 · Buy at or below 442.91; 2019-02 · Price CHF 576.50 · Value 338.12 · Buy at or below 338.12; 2019-03 · Price CHF 540.00 · Value 338.12 · Buy at or below 338.12; 2019-04 · Price CHF 617.00 · Value 338.12 · Buy at or below 338.12; 2019-05 · Price CHF 600.00 · Value 338.12 · Buy at or below 338.12; 2019-06 · Price CHF 633.50 · Value 338.12 · Buy at or below 338.12; 2019-07 · Price CHF 623.00 · Value 338.12 · Buy at or below 338.12; 2019-08 · Price CHF 588.50 · Value 338.12 · Buy at or below 338.12; 2019-09 · Price CHF 621.50 · Value 338.12 · Buy at or below 338.12; 2019-10 · Price CHF 617.00 · Value 338.12 · Buy at or below 338.12; 2019-11 · Price CHF 620.50 · Value 338.12 · Buy at or below 338.12; 2019-12 · Price CHF 636.50 · Value 338.12 · Buy at or below 338.12; 2020-01 · Price CHF 632.00 · Value 338.12 · Buy at or below 338.12; 2020-02 · Price CHF 563.50 · Value 219.15 · Buy at or below 219.15; 2020-03 · Price CHF 608.50 · Value 219.15 · Buy at or below 219.15; 2020-04 · Price CHF 625.50 · Value 219.15 · Buy at or below 219.15; 2020-05 · Price CHF 710.50 · Value 219.15 · Buy at or below 219.15; 2020-06 · Price CHF 734.00 · Value 219.15 · Buy at or below 219.15; 2020-07 · Price CHF 786.50 · Value 219.15 · Buy at or below 219.15; 2020-08 · Price CHF 814.50 · Value 219.15 · Buy at or below 219.15; 2020-09 · Price CHF 826.50 · Value 219.15 · Buy at or below 219.15; 2020-10 · Price CHF 806.00 · Value 219.15 · Buy at or below 219.15; 2020-11 · Price CHF 830.50 · Value 219.15 · Buy at or below 219.15; 2020-12 · Price CHF 853.00 · Value 219.15 · Buy at or below 219.15; 2021-01 · Price CHF 841.00 · Value 219.15 · Buy at or below 219.15; 2021-02 · Price CHF 805.00 · Value 277.24 · Buy at or below 277.24; 2021-03 · Price CHF 844.00 · Value 277.24 · Buy at or below 277.24; 2021-04 · Price CHF 852.50 · Value 277.24 · Buy at or below 277.24; 2021-05 · Price CHF 843.00 · Value 277.24 · Buy at or below 277.24; 2021-06 · Price CHF 909.00 · Value 277.24 · Buy at or below 277.24; 2021-07 · Price CHF 1004.00 · Value 277.24 · Buy at or below 277.24; 2021-08 · Price CHF 992.50 · Value 277.24 · Buy at or below 277.24; 2021-09 · Price CHF 884.00 · Value 277.24 · Buy at or below 277.24; 2021-10 · Price CHF 907.50 · Value 277.24 · Buy at or below 277.24; 2021-11 · Price CHF 877.00 · Value 277.24 · Buy at or below 277.24; 2021-12 · Price CHF 1021.00 · Value 277.24 · Buy at or below 277.24; 2022-01 · Price CHF 929.50 · Value 277.24 · Buy at or below 277.24; 2022-02 · Price CHF 908.50 · Value 361.99 · Buy at or below 361.99; 2022-03 · Price CHF 901.50 · Value 361.99 · Buy at or below 361.99; 2022-04 · Price CHF 876.50 · Value 361.99 · Buy at or below 361.99; 2022-05 · Price CHF 821.00 · Value 361.99 · Buy at or below 361.99; 2022-06 · Price CHF 710.50 · Value 361.99 · Buy at or below 361.99; 2022-07 · Price CHF 752.00 · Value 361.99 · Buy at or below 361.99; 2022-08 · Price CHF 688.50 · Value 361.99 · Buy at or below 361.99; 2022-09 · Price CHF 628.50 · Value 361.99 · Buy at or below 361.99; 2022-10 · Price CHF 629.50 · Value 361.99 · Buy at or below 361.99; 2022-11 · Price CHF 652.00 · Value 361.99 · Buy at or below 361.99; 2022-12 · Price CHF 626.00 · Value 361.99 · Buy at or below 361.99; 2023-01 · Price CHF 679.50 · Value 361.99 · Buy at or below 361.99; 2023-02 · Price CHF 713.00 · Value 303.42 · Buy at or below 303.42; 2023-03 · Price CHF 754.00 · Value 303.42 · Buy at or below 303.42; 2023-04 · Price CHF 731.50 · Value 303.42 · Buy at or below 303.42; 2023-05 · Price CHF 705.00 · Value 303.42 · Buy at or below 303.42; 2023-06 · Price CHF 677.00 · Value 303.42 · Buy at or below 303.42; 2023-07 · Price CHF 726.00 · Value 303.42 · Buy at or below 303.42; 2023-08 · Price CHF 664.50 · Value 303.42 · Buy at or below 303.42; 2023-09 · Price CHF 623.00 · Value 303.42 · Buy at or below 303.42; 2023-10 · Price CHF 620.00 · Value 303.42 · Buy at or below 303.42; 2023-11 · Price CHF 620.50 · Value 303.42 · Buy at or below 303.42; 2023-12 · Price CHF 681.00 · Value 303.42 · Buy at or below 303.42; 2024-01 · Price CHF 655.50 · Value 303.42 · Buy at or below 303.42; 2024-02 · Price CHF 616.50 · Value 273.61 · Buy at or below 273.61; 2024-03 · Price CHF 692.00 · Value 273.61 · Buy at or below 273.61; 2024-04 · Price CHF 737.00 · Value 273.61 · Buy at or below 273.61; 2024-05 · Price CHF 744.00 · Value 273.61 · Buy at or below 273.61; 2024-06 · Price CHF 736.50 · Value 273.61 · Buy at or below 273.61; 2024-07 · Price CHF 733.50 · Value 273.61 · Buy at or below 273.61; 2024-08 · Price CHF 711.50 · Value 273.61 · Buy at or below 273.61; 2024-09 · Price CHF 710.00 · Value 273.61 · Buy at or below 273.61; 2024-10 · Price CHF 664.50 · Value 273.61 · Buy at or below 273.61; 2024-11 · Price CHF 626.50 · Value 273.61 · Buy at or below 273.61; 2024-12 · Price CHF 611.50 · Value 273.61 · Buy at or below 273.61; 2025-01 · Price CHF 646.50 · Value 273.61 · Buy at or below 273.61; 2025-02 · Price CHF 630.00 · Value 267.35 · Buy at or below 267.35; 2025-03 · Price CHF 600.00 · Value 267.35 · Buy at or below 267.35; 2025-04 · Price CHF 607.50 · Value 267.35 · Buy at or below 267.35; 2025-05 · Price CHF 625.00 · Value 267.35 · Buy at or below 267.35; 2025-06 · Price CHF 599.00 · Value 267.35 · Buy at or below 267.35; 2025-07 · Price CHF 642.50 · Value 267.35 · Buy at or below 267.35; 2025-08 · Price CHF 613.50 · Value 267.35 · Buy at or below 267.35; 2025-09 · Price CHF 562.50 · Value 267.35 · Buy at or below 267.35; 2025-10 · Price CHF 550.50 · Value 267.35 · Buy at or below 267.35; 2025-11 · Price CHF 548.00 · Value 267.35 · Buy at or below 267.35; 2025-12 · Price CHF 549.50 · Value 267.35 · Buy at or below 267.35; 2026-01 · Price CHF 601.00 · Value 267.35 · Buy at or below 267.35; 2026-02 · Price CHF 639.00 · Value 271.51 · Buy at or below 271.51; 2026-03 · Price CHF 622.50 · Value 271.51 · Buy at or below 271.51; 2026-04 · Price CHF 665.00 · Value 271.51 · Buy at or below 271.51; 2026-05 · Price CHF 713.50 · Value 271.51 · Buy at or below 271.51; 2026-06 · Price CHF 693.00 · Value 271.51 · Buy at or below 271.51; 2026-07 · Price CHF 817.50 · Value 271.51 · Buy at or below 271.51; 2026-08 · Price CHF 790.00 · Value 271.51 · Buy at or below 271.51; 2026-09 · Price CHF 819.50 · Value 271.51 · Buy at or below 271.51; 2026-10 · Price CHF 864.50 · Value 271.51 · Buy at or below 271.51; 2026-10 · Price CHF 884.50 · Value 271.51 · Buy at or below 271.51

CHF per share · annual estimates

Price & return math
Value range	CHF 242.46 – CHF 310.19
Buy at or below	Central value CHF 271.51
Discount to value	1 − 884.50 / 271.51 = -225.8%
Return / year	About 4.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CHF 19.28/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash CHF 31.77/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCHF 2.0B

Revenue

Owner earningsCHF 492M

Owner earnings

Operating margin28.4%

Operating margin

Net cash / debtCHF 591M

Net cash / debt

Diluted shares23M

Diluted shares

Prices 15 Oct 2026 · FY2025