# Givaudan (GIVN.SW)

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

Analysis as of: 2026-10-16T07:34:00.840Z. Financial observations: FY2002–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 3,935.00 per share; close as of 2026-10-15.

Estimated value: low CHF 1,176.48 per share, central CHF 1,336.21 per share, high CHF 1,548.83 per share. Buy at or below the central value CHF 1,336.21 per share. Valuation as of 2026-10-16T07:34:00.840Z; scenarios are not confidence intervals.

Expected annual return: 5.3% at the stated quote. About 5.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CH 10-year bond 0.5% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.17×

- FY2017: 0.17×

- FY2018: 0.15×

- FY2019: 0.15×

- FY2020: 0.16×

- FY2021: 0.16×

- FY2022: 0.15×

- FY2023: 0.16×

- FY2024: 0.19×

- FY2025: 0.18×

### moat: pass

- ROIC, median of available years: 20.3%

- ROIC, second-lowest year: 19.3%

- Typical minus recent gross margin: -2.1 pp

- Typical gross margin (annual median): 41.5%

- Recent gross margin (lower of latest and 3-year median): 43.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.0%

- ROIC including acquisitions, ten-year median: 10.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 27.4%

- FY2017: 28.3%

- FY2018: 20.5%

- FY2019: 19.4%

- FY2020: 20.1%

- FY2021: 19.3%

- FY2022: 18.9%

- FY2023: 19.8%

- FY2024: 22.9%

- FY2025: 23.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 4.7B

- Net income, five-year total: CHF 4.7B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -2.4 pp

- Working capital / revenue, final three-year average: 26.0%

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

- FY2021: 1.07×

- FY2022: 0.98×

- FY2023: 1.00×

- FY2024: 0.98×

- 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: 27.4% vs 22.9%

- Per-share earnings: 69.35 to 115.52 (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: -0.1%

- Market cap gain: CHF 12B

- Cumulative retained earnings: CHF 1.9B

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

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.6%

- Per-share value change: CHF 46.17

- Per-share value, starting three-year median: CHF 69.35

- Per-share value, ending three-year median: CHF 115.52

- Buybacks concentrated in cheaper years (correlation): -0.14

- Average buyback yield: 0.1%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: CHF 6.6B

- Cumulative net income, 10 years: CHF 8.2B

- ROIC, first three-year median: 27.4%

- ROIC, last three-year median: 22.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 69.35

- FY2017: CHF 77.51

- FY2018: CHF 71.51

- FY2019: CHF 75.54

- FY2020: CHF 79.89

- FY2021: CHF 88.33

- FY2022: CHF 92.58

- FY2023: CHF 96.44

- FY2024: CHF 117.53

- FY2025: CHF 115.52

### accounting: pass

- Sloan accruals: -3.7%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.41×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.5%

- FY2017: -1.9%

- FY2018: -2.7%

- FY2019: -4.2%

- FY2020: -3.7%

- FY2021: -4.1%

- FY2022: -0.8%

- FY2023: -4.3%

- FY2024: -4.4%

- FY2025: -3.7%

## Holders

## Price story

Price needs cash profits to grow 14.7% a year for ten years · sales +0.8%

Story as of 2026-10-16T09:59:58.771Z; price observation 2026-10-15.

Price needs cash profits to grow 14.7% a year for ten years

### Sales · FY2024–2025

sales +0.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 4.7B 

- FY2017: CHF 5.1B 

- FY2018: CHF 5.5B 

- FY2019: CHF 6.2B 

- FY2020: CHF 6.3B 

- FY2021: CHF 6.7B 

- FY2022: CHF 7.1B 

- FY2023: CHF 6.9B 

- FY2024: CHF 7.4B 

- FY2025: CHF 7.5B 

### Gross margin · FY2025

gross margin 43.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 45.6% 

- FY2017: 44.5% 

- FY2018: 42.1% 

- FY2019: 40.8% 

- FY2020: 39.5% 

- FY2021: 40.3% 

- FY2022: 37.0% 

- FY2023: 39.3% 

- FY2024: 44.1% 

- FY2025: 43.5% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are CHF 7.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.840Z); FY2025: revenue 7472000000; grossProfit 3252000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GIVN.SW: Givaudan SA engages in the manufacture, supply, and sale of fragrance, beauty, taste, and wellbeing products to the consumer goods industry. It operates in two divisions, Fragrance & Beauty, and Taste & Wellbeing. The Fragrance & Beauty division offers fine fragrances; consumer products, such as personal, home, fabric, and oral care; fragrance ingredients; and active beauty products. The Taste & Wellbeing division provides beverages, such as fizzy drinks, bottled waters, ready-to-drink juices, and alcoholic drinks; dairy and cheese products, including dairy drinks, yoghurt, ice cream, chilled desserts, cream cheese, and spreads; snacks; givaudan flavour ingredients; savory, and supplements and nutraceutical products; and biscuits, crackers, and cereals, as well as confectionery products, such as chewing gums, chocolates, and sweets. It operates in Switzerland, Europe, Africa, the Middle East, North America, Latin America, and the Asia Pacific. Givaudan SA was founded in 1796 and is headquartered in Vernier, Switzerland.

### Why customers stay

Margins ranged from 39.3% to 44.1% during 2023–25; it earns 20.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.840Z); FY2023: grossProfit / revenue = 39.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.840Z); FY2024: grossProfit / revenue = 44.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.840Z); FY2025: grossProfit / revenue = 43.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.840Z); 10-year return on capital observations [[2016,0.274372686137392],[2017,0.28297690812201914],[2018,0.2050599432002948],[2019,0.19401867627395983],[2020,0.20129726709930557],[2021,0.19253856089962768],[2022,0.18876043163493753],[2023,0.19808775238056997],[2024,0.22915702080489847],[2025,0.23785360205521583]]; median 0.20317860514980018. 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 27 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.840Z); FY2016: growth capex 0; upkeep 136000000; owner earnings 753000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.840Z); FY2017: growth capex 0; upkeep 191000000; owner earnings 748000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.840Z); FY2018: growth capex 0; upkeep 239000000; owner earnings 678000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.840Z); FY2019: growth capex 0; upkeep 320000000; owner earnings 647800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.840Z); FY2020: growth capex 0; upkeep 227000000; owner earnings 822200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.840Z); FY2021: growth capex 0; upkeep 256000000; owner earnings 875200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.840Z); FY2022: growth capex 0; upkeep 304000000; owner earnings 835800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.840Z); FY2023: growth capex 0; upkeep 275000000; owner earnings 892600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.840Z); FY2024: growth capex 0; upkeep 293000000; owner earnings 1071400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.840Z); FY2025: growth capex 0; upkeep 305000000; owner earnings 1053800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.840Z); Dividend observations: [[2016,495000000],[2017,515000000],[2018,534000000],[2019,552000000],[2020,571000000],[2021,589000000],[2022,607000000],[2023,617000000],[2024,627000000],[2025,645000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.840Z); FY2025: cash repurchases 27000000 CHF.

### Are managers owners

Insiders own 17.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GIVN.SW SharesStats.PercentInsiders = 17.141000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 14.7% yearly over ten years; actual growth was 4.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.840Z); Ten-year compound average after fade. Initial solved rate 0.19918163403511369. Price 3935; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 72.54619990985384 → FY2025 113.6613672153073. Closing-price date 2026-10-15.

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

- 2016-10: CHF 1,915.00 per share

- 2016-11: CHF 1,812.00 per share

- 2016-12: CHF 1,866.00 per share

- 2017-01: CHF 1,779.00 per share

- 2017-02: CHF 1,824.00 per share

- 2017-03: CHF 1,804.00 per share

- 2017-04: CHF 1,917.00 per share

- 2017-05: CHF 1,987.00 per share

- 2017-06: CHF 1,918.00 per share

- 2017-07: CHF 1,925.00 per share

- 2017-08: CHF 1,960.00 per share

- 2017-09: CHF 2,107.00 per share

- 2017-10: CHF 2,228.00 per share

- 2017-11: CHF 2,238.00 per share

- 2017-12: CHF 2,252.00 per share

- 2018-01: CHF 2,240.00 per share

- 2018-02: CHF 2,157.00 per share

- 2018-03: CHF 2,176.00 per share

- 2018-04: CHF 2,219.00 per share

- 2018-05: CHF 2,195.00 per share

- 2018-06: CHF 2,252.00 per share

- 2018-07: CHF 2,323.00 per share

- 2018-08: CHF 2,358.00 per share

- 2018-09: CHF 2,413.00 per share

- 2018-10: CHF 2,444.00 per share

- 2018-11: CHF 2,460.00 per share

- 2018-12: CHF 2,276.00 per share

- 2019-01: CHF 2,408.00 per share

- 2019-02: CHF 2,497.00 per share

- 2019-03: CHF 2,544.00 per share

- 2019-04: CHF 2,639.00 per share

- 2019-05: CHF 2,651.00 per share

- 2019-06: CHF 2,756.00 per share

- 2019-07: CHF 2,646.00 per share

- 2019-08: CHF 2,676.00 per share

- 2019-09: CHF 2,784.00 per share

- 2019-10: CHF 2,897.00 per share

- 2019-11: CHF 2,939.00 per share

- 2019-12: CHF 3,031.00 per share

- 2020-01: CHF 3,180.00 per share

- 2020-02: CHF 3,006.00 per share

- 2020-03: CHF 2,995.00 per share

- 2020-04: CHF 3,233.00 per share

- 2020-05: CHF 3,447.00 per share

- 2020-06: CHF 3,528.00 per share

- 2020-07: CHF 3,761.00 per share

- 2020-08: CHF 3,790.00 per share

- 2020-09: CHF 3,970.00 per share

- 2020-10: CHF 3,736.00 per share

- 2020-11: CHF 3,704.00 per share

- 2020-12: CHF 3,730.00 per share

- 2021-01: CHF 3,596.00 per share

- 2021-02: CHF 3,427.00 per share

- 2021-03: CHF 3,642.00 per share

- 2021-04: CHF 3,824.00 per share

- 2021-05: CHF 4,013.00 per share

- 2021-06: CHF 4,303.00 per share

- 2021-07: CHF 4,522.00 per share

- 2021-08: CHF 4,595.00 per share

- 2021-09: CHF 4,262.00 per share

- 2021-10: CHF 4,309.00 per share

- 2021-11: CHF 4,500.00 per share

- 2021-12: CHF 4,792.00 per share

- 2022-01: CHF 3,818.00 per share

- 2022-02: CHF 3,851.00 per share

- 2022-03: CHF 3,827.00 per share

- 2022-04: CHF 3,895.00 per share

- 2022-05: CHF 3,522.00 per share

- 2022-06: CHF 3,357.00 per share

- 2022-07: CHF 3,315.00 per share

- 2022-08: CHF 3,129.00 per share

- 2022-09: CHF 3,003.00 per share

- 2022-10: CHF 2,990.00 per share

- 2022-11: CHF 3,166.00 per share

- 2022-12: CHF 2,833.00 per share

- 2023-01: CHF 2,956.00 per share

- 2023-02: CHF 2,841.00 per share

- 2023-03: CHF 2,973.00 per share

- 2023-04: CHF 3,122.00 per share

- 2023-05: CHF 2,996.00 per share

- 2023-06: CHF 2,965.00 per share

- 2023-07: CHF 2,939.00 per share

- 2023-08: CHF 2,948.00 per share

- 2023-09: CHF 2,994.00 per share

- 2023-10: CHF 3,020.00 per share

- 2023-11: CHF 3,272.00 per share

- 2023-12: CHF 3,484.00 per share

- 2024-01: CHF 3,609.00 per share

- 2024-02: CHF 3,707.00 per share

- 2024-03: CHF 4,016.00 per share

- 2024-04: CHF 3,946.00 per share

- 2024-05: CHF 4,237.00 per share

- 2024-06: CHF 4,260.00 per share

- 2024-07: CHF 4,307.00 per share

- 2024-08: CHF 4,356.00 per share

- 2024-09: CHF 4,640.00 per share

- 2024-10: CHF 4,097.00 per share

- 2024-11: CHF 3,881.00 per share

- 2024-12: CHF 3,966.00 per share

- 2025-01: CHF 3,987.00 per share

- 2025-02: CHF 4,058.00 per share

- 2025-03: CHF 3,798.00 per share

- 2025-04: CHF 3,982.00 per share

- 2025-05: CHF 4,128.00 per share

- 2025-06: CHF 3,841.00 per share

- 2025-07: CHF 3,411.00 per share

- 2025-08: CHF 3,370.00 per share

- 2025-09: CHF 3,232.00 per share

- 2025-10: CHF 3,298.00 per share

- 2025-11: CHF 3,387.00 per share

- 2025-12: CHF 3,146.00 per share

- 2026-01: CHF 2,988.00 per share

- 2026-02: CHF 3,092.00 per share

- 2026-03: CHF 2,684.00 per share

- 2026-04: CHF 2,785.00 per share

- 2026-05: CHF 2,900.00 per share

- 2026-06: CHF 3,420.00 per share

- 2026-07: CHF 3,230.00 per share

- 2026-08: CHF 3,282.00 per share

- 2026-09: CHF 3,410.00 per share

- 2026-10: CHF 3,817.00 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 764.37 per share, central CHF 866.26 per share, high CHF 1,001.90 per share

- FY2017: low CHF 926.95 per share, central CHF 1,048.30 per share, high CHF 1,209.84 per share

- FY2018: low CHF 999.08 per share, central CHF 1,132.12 per share, high CHF 1,309.24 per share

- FY2019: low CHF 1,116.18 per share, central CHF 1,265.15 per share, high CHF 1,463.47 per share

- FY2020: low CHF 997.33 per share, central CHF 1,130.57 per share, high CHF 1,307.93 per share

- FY2021: low CHF 1,037.81 per share, central CHF 1,178.77 per share, high CHF 1,366.40 per share

- FY2022: low CHF 1,069.45 per share, central CHF 1,211.75 per share, high CHF 1,401.18 per share

- FY2023: low CHF 1,104.32 per share, central CHF 1,249.59 per share, high CHF 1,442.98 per share

- FY2024: low CHF 1,202.25 per share, central CHF 1,358.89 per share, high CHF 1,567.42 per share

- FY2025: low CHF 1,217.35 per share, central CHF 1,376.38 per share, high CHF 1,588.09 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.

Givaudan

GIVN · SW

STOXX Europe 600 · SMI

A wonderful business at too high a price

Passes the quality tests.

Share price: CHF 3,935.00
Buy up to: CHF 1,336.21
Expected / yr: 5.3% 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 7.5% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 16.2%
Worst year: 15.0%
Latest · 2025: 18.5%

Capital return excluding acquisitions: median 20.3% (minimum 15%), and the second-worst year 19.3% (minimum 10%).

ROIC excluding acquisitions

10y median: 20.3%
Worst year: 18.9%
Latest · 2025: 23.8%

Each $1 of profit left $1.00 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.00×
Annual median: 0.98×
Latest · 2025: 0.98×

Per-share value rose from 69.35 to 115.52, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CHF 84.11
Worst year: CHF 69.35
Latest · 2025: CHF 115.52

Profits were backed by cash: accruals were -3.7% of assets (limit 10%).

Sloan accruals

10y median: -3.7%
Worst year: -0.8%
Latest · 2025: -3.7%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 16.6%, three-year average owner earnings per share 108.53 CHF.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CHF 1915.00 · Value 866.26 · Buy at or below 866.26; 2016-11 · Price CHF 1812.00 · Value 866.26 · Buy at or below 866.26; 2016-12 · Price CHF 1866.00 · Value 866.26 · Buy at or below 866.26; 2017-01 · Price CHF 1779.00 · Value 866.26 · Buy at or below 866.26; 2017-02 · Price CHF 1824.00 · Value 1048.30 · Buy at or below 1048.30; 2017-03 · Price CHF 1804.00 · Value 1048.30 · Buy at or below 1048.30; 2017-04 · Price CHF 1917.00 · Value 1048.30 · Buy at or below 1048.30; 2017-05 · Price CHF 1987.00 · Value 1048.30 · Buy at or below 1048.30; 2017-06 · Price CHF 1918.00 · Value 1048.30 · Buy at or below 1048.30; 2017-07 · Price CHF 1925.00 · Value 1048.30 · Buy at or below 1048.30; 2017-08 · Price CHF 1960.00 · Value 1048.30 · Buy at or below 1048.30; 2017-09 · Price CHF 2107.00 · Value 1048.30 · Buy at or below 1048.30; 2017-10 · Price CHF 2228.00 · Value 1048.30 · Buy at or below 1048.30; 2017-11 · Price CHF 2238.00 · Value 1048.30 · Buy at or below 1048.30; 2017-12 · Price CHF 2252.00 · Value 1048.30 · Buy at or below 1048.30; 2018-01 · Price CHF 2240.00 · Value 1048.30 · Buy at or below 1048.30; 2018-02 · Price CHF 2157.00 · Value 1132.12 · Buy at or below 1132.12; 2018-03 · Price CHF 2176.00 · Value 1132.12 · Buy at or below 1132.12; 2018-04 · Price CHF 2219.00 · Value 1132.12 · Buy at or below 1132.12; 2018-05 · Price CHF 2195.00 · Value 1132.12 · Buy at or below 1132.12; 2018-06 · Price CHF 2252.00 · Value 1132.12 · Buy at or below 1132.12; 2018-07 · Price CHF 2323.00 · Value 1132.12 · Buy at or below 1132.12; 2018-08 · Price CHF 2358.00 · Value 1132.12 · Buy at or below 1132.12; 2018-09 · Price CHF 2413.00 · Value 1132.12 · Buy at or below 1132.12; 2018-10 · Price CHF 2444.00 · Value 1132.12 · Buy at or below 1132.12; 2018-11 · Price CHF 2460.00 · Value 1132.12 · Buy at or below 1132.12; 2018-12 · Price CHF 2276.00 · Value 1132.12 · Buy at or below 1132.12; 2019-01 · Price CHF 2408.00 · Value 1132.12 · Buy at or below 1132.12; 2019-02 · Price CHF 2497.00 · Value 1265.15 · Buy at or below 1265.15; 2019-03 · Price CHF 2544.00 · Value 1265.15 · Buy at or below 1265.15; 2019-04 · Price CHF 2639.00 · Value 1265.15 · Buy at or below 1265.15; 2019-05 · Price CHF 2651.00 · Value 1265.15 · Buy at or below 1265.15; 2019-06 · Price CHF 2756.00 · Value 1265.15 · Buy at or below 1265.15; 2019-07 · Price CHF 2646.00 · Value 1265.15 · Buy at or below 1265.15; 2019-08 · Price CHF 2676.00 · Value 1265.15 · Buy at or below 1265.15; 2019-09 · Price CHF 2784.00 · Value 1265.15 · Buy at or below 1265.15; 2019-10 · Price CHF 2897.00 · Value 1265.15 · Buy at or below 1265.15; 2019-11 · Price CHF 2939.00 · Value 1265.15 · Buy at or below 1265.15; 2019-12 · Price CHF 3031.00 · Value 1265.15 · Buy at or below 1265.15; 2020-01 · Price CHF 3180.00 · Value 1265.15 · Buy at or below 1265.15; 2020-02 · Price CHF 3006.00 · Value 1130.57 · Buy at or below 1130.57; 2020-03 · Price CHF 2995.00 · Value 1130.57 · Buy at or below 1130.57; 2020-04 · Price CHF 3233.00 · Value 1130.57 · Buy at or below 1130.57; 2020-05 · Price CHF 3447.00 · Value 1130.57 · Buy at or below 1130.57; 2020-06 · Price CHF 3528.00 · Value 1130.57 · Buy at or below 1130.57; 2020-07 · Price CHF 3761.00 · Value 1130.57 · Buy at or below 1130.57; 2020-08 · Price CHF 3790.00 · Value 1130.57 · Buy at or below 1130.57; 2020-09 · Price CHF 3970.00 · Value 1130.57 · Buy at or below 1130.57; 2020-10 · Price CHF 3736.00 · Value 1130.57 · Buy at or below 1130.57; 2020-11 · Price CHF 3704.00 · Value 1130.57 · Buy at or below 1130.57; 2020-12 · Price CHF 3730.00 · Value 1130.57 · Buy at or below 1130.57; 2021-01 · Price CHF 3596.00 · Value 1130.57 · Buy at or below 1130.57; 2021-02 · Price CHF 3427.00 · Value 1178.77 · Buy at or below 1178.77; 2021-03 · Price CHF 3642.00 · Value 1178.77 · Buy at or below 1178.77; 2021-04 · Price CHF 3824.00 · Value 1178.77 · Buy at or below 1178.77; 2021-05 · Price CHF 4013.00 · Value 1178.77 · Buy at or below 1178.77; 2021-06 · Price CHF 4303.00 · Value 1178.77 · Buy at or below 1178.77; 2021-07 · Price CHF 4522.00 · Value 1178.77 · Buy at or below 1178.77; 2021-08 · Price CHF 4595.00 · Value 1178.77 · Buy at or below 1178.77; 2021-09 · Price CHF 4262.00 · Value 1178.77 · Buy at or below 1178.77; 2021-10 · Price CHF 4309.00 · Value 1178.77 · Buy at or below 1178.77; 2021-11 · Price CHF 4500.00 · Value 1178.77 · Buy at or below 1178.77; 2021-12 · Price CHF 4792.00 · Value 1178.77 · Buy at or below 1178.77; 2022-01 · Price CHF 3818.00 · Value 1178.77 · Buy at or below 1178.77; 2022-02 · Price CHF 3851.00 · Value 1211.75 · Buy at or below 1211.75; 2022-03 · Price CHF 3827.00 · Value 1211.75 · Buy at or below 1211.75; 2022-04 · Price CHF 3895.00 · Value 1211.75 · Buy at or below 1211.75; 2022-05 · Price CHF 3522.00 · Value 1211.75 · Buy at or below 1211.75; 2022-06 · Price CHF 3357.00 · Value 1211.75 · Buy at or below 1211.75; 2022-07 · Price CHF 3315.00 · Value 1211.75 · Buy at or below 1211.75; 2022-08 · Price CHF 3129.00 · Value 1211.75 · Buy at or below 1211.75; 2022-09 · Price CHF 3003.00 · Value 1211.75 · Buy at or below 1211.75; 2022-10 · Price CHF 2990.00 · Value 1211.75 · Buy at or below 1211.75; 2022-11 · Price CHF 3166.00 · Value 1211.75 · Buy at or below 1211.75; 2022-12 · Price CHF 2833.00 · Value 1211.75 · Buy at or below 1211.75; 2023-01 · Price CHF 2956.00 · Value 1211.75 · Buy at or below 1211.75; 2023-02 · Price CHF 2841.00 · Value 1249.59 · Buy at or below 1249.59; 2023-03 · Price CHF 2973.00 · Value 1249.59 · Buy at or below 1249.59; 2023-04 · Price CHF 3122.00 · Value 1249.59 · Buy at or below 1249.59; 2023-05 · Price CHF 2996.00 · Value 1249.59 · Buy at or below 1249.59; 2023-06 · Price CHF 2965.00 · Value 1249.59 · Buy at or below 1249.59; 2023-07 · Price CHF 2939.00 · Value 1249.59 · Buy at or below 1249.59; 2023-08 · Price CHF 2948.00 · Value 1249.59 · Buy at or below 1249.59; 2023-09 · Price CHF 2994.00 · Value 1249.59 · Buy at or below 1249.59; 2023-10 · Price CHF 3020.00 · Value 1249.59 · Buy at or below 1249.59; 2023-11 · Price CHF 3272.00 · Value 1249.59 · Buy at or below 1249.59; 2023-12 · Price CHF 3484.00 · Value 1249.59 · Buy at or below 1249.59; 2024-01 · Price CHF 3609.00 · Value 1249.59 · Buy at or below 1249.59; 2024-02 · Price CHF 3707.00 · Value 1358.89 · Buy at or below 1358.89; 2024-03 · Price CHF 4016.00 · Value 1358.89 · Buy at or below 1358.89; 2024-04 · Price CHF 3946.00 · Value 1358.89 · Buy at or below 1358.89; 2024-05 · Price CHF 4237.00 · Value 1358.89 · Buy at or below 1358.89; 2024-06 · Price CHF 4260.00 · Value 1358.89 · Buy at or below 1358.89; 2024-07 · Price CHF 4307.00 · Value 1358.89 · Buy at or below 1358.89; 2024-08 · Price CHF 4356.00 · Value 1358.89 · Buy at or below 1358.89; 2024-09 · Price CHF 4640.00 · Value 1358.89 · Buy at or below 1358.89; 2024-10 · Price CHF 4097.00 · Value 1358.89 · Buy at or below 1358.89; 2024-11 · Price CHF 3881.00 · Value 1358.89 · Buy at or below 1358.89; 2024-12 · Price CHF 3966.00 · Value 1358.89 · Buy at or below 1358.89; 2025-01 · Price CHF 3987.00 · Value 1358.89 · Buy at or below 1358.89; 2025-02 · Price CHF 4058.00 · Value 1376.38 · Buy at or below 1376.38; 2025-03 · Price CHF 3798.00 · Value 1376.38 · Buy at or below 1376.38; 2025-04 · Price CHF 3982.00 · Value 1376.38 · Buy at or below 1376.38; 2025-05 · Price CHF 4128.00 · Value 1376.38 · Buy at or below 1376.38; 2025-06 · Price CHF 3841.00 · Value 1376.38 · Buy at or below 1376.38; 2025-07 · Price CHF 3411.00 · Value 1376.38 · Buy at or below 1376.38; 2025-08 · Price CHF 3370.00 · Value 1376.38 · Buy at or below 1376.38; 2025-09 · Price CHF 3232.00 · Value 1376.38 · Buy at or below 1376.38; 2025-10 · Price CHF 3298.00 · Value 1376.38 · Buy at or below 1376.38; 2025-11 · Price CHF 3387.00 · Value 1376.38 · Buy at or below 1376.38; 2025-12 · Price CHF 3146.00 · Value 1376.38 · Buy at or below 1376.38; 2026-01 · Price CHF 2988.00 · Value 1376.38 · Buy at or below 1376.38; 2026-02 · Price CHF 3092.00 · Value 1336.21 · Buy at or below 1336.21; 2026-03 · Price CHF 2684.00 · Value 1336.21 · Buy at or below 1336.21; 2026-04 · Price CHF 2785.00 · Value 1336.21 · Buy at or below 1336.21; 2026-05 · Price CHF 2900.00 · Value 1336.21 · Buy at or below 1336.21; 2026-06 · Price CHF 3420.00 · Value 1336.21 · Buy at or below 1336.21; 2026-07 · Price CHF 3230.00 · Value 1336.21 · Buy at or below 1336.21; 2026-08 · Price CHF 3282.00 · Value 1336.21 · Buy at or below 1336.21; 2026-09 · Price CHF 3410.00 · Value 1336.21 · Buy at or below 1336.21; 2026-10 · Price CHF 3817.00 · Value 1336.21 · Buy at or below 1336.21; 2026-10 · Price CHF 3935.00 · Value 1336.21 · Buy at or below 1336.21

CHF per share · annual estimates

Price & return math
Value range	CHF 1,176.48 – CHF 1,548.83
Buy at or below	Central value CHF 1,336.21
Discount to value	1 − 3935.00 / 1336.21 = -194.5%
Return / year	About 5.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CHF 105.98/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash CHF 18.04/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCHF 7.5B

Revenue

Owner earningsCHF 1.1B

Owner earnings

Operating margin18.5%

Operating margin

Net cash / debtCHF -3.7B

Net cash / debt

Diluted shares9.3M

Diluted shares

Prices 15 Oct 2026 · FY2025