# Helvetia Holding AG (HBAN.SW)

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

Analysis as of: 2026-10-16T07:34:32.169Z. Financial observations: FY2015–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 208.80 per share; close as of 2026-10-15.

Estimated value: low CHF 15.81 per share, central CHF 19.29 per share, high CHF 24.75 per share. Buy at or below the central value CHF 19.29 per share. Valuation as of 2026-10-16T07:34:32.169Z; scenarios are not confidence intervals.

Expected annual return: 5.9% at the stated quote. About 5.9% 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

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.33×

Chart: Net income; fiscal year observations.

- FY2016: CHF 377M

- FY2017: CHF 405M

- FY2018: CHF 433M

- FY2019: CHF 539M

- FY2020: CHF 265M

- FY2021: CHF 497M

- FY2022: CHF 439M

- FY2023: CHF 283M

- FY2024: CHF 482M

- FY2025: CHF 575M

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 7.5%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 4.5%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 6.8%

- FY2017: 6.9%

- FY2018: 7.5%

- FY2019: 9.3%

- FY2020: 4.5%

- FY2021: 8.4%

- FY2022: 12.7%

- FY2023: 7.4%

- FY2024: 11.7%

- FY2025: 4.3%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 13.4%

- Book return interval: 10 years

- Starting book value per share: CHF 122.05

- Ending book value per share: CHF 251.87

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 1.3%

- FY2017: 10.7%

- FY2018: 1.9%

- FY2019: -0.6%

- FY2020: -0.5%

- FY2021: 5.1%

- FY2022: -36.4%

- FY2023: 19.6%

- FY2024: 17.6%

- FY2025: 231.0%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 2.0%

- Diluted shares, 5-year annual growth: 0.3%

- Share growth excluding flagged crisis recapitalisations: 2.0%

- Five-year share growth excluding flagged crisis recapitalisations: 0.3%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 7.43×

- Book value created per share: CHF 129.81

- Earnings retained per share after dividends and buybacks: CHF 17.47

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 106

- FY2017: 107

- FY2018: 107

- FY2019: 113

- FY2020: 121

- FY2021: 121

- FY2022: 121

- FY2023: 121

- FY2024: 121

- FY2025: 122

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price is 1.1 times annual sales · net income +19.3%

Story as of 2026-10-16T10:00:01.115Z; price observation 2026-10-15.

The price is 1.1 times annual sales

### Net income · FY2025

net income +19.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 377M 

- FY2017: CHF 405M 

- FY2018: CHF 433M 

- FY2019: CHF 539M 

- FY2020: CHF 265M 

- FY2021: CHF 497M 

- FY2022: CHF 439M 

- FY2023: CHF 283M 

- FY2024: CHF 482M 

- FY2025: CHF 575M 

## Owner memo

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

### How it makes money

Operates in insurance diversified; annual sales are CHF 10.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.169Z); FY2025: revenue 10253100000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HBAN.SW: Helvetia Baloise Holding AG engages in life and non-life insurance, and reinsurance business. It offers life insurance products in the areas of investment-linked, group life, and traditional individual life others; non-life insurance products in the areas of property, motor vehicle, health/accident, liability, engineering, and transport; and pure risk, savings, endowment, and annuity insurance products, as well as pension plans and asset management services. The company also provides marine, aviation, and art insurance. It operates in Switzerland, Spain, Germany, Belgium, Luxembourg, Italian and Austrian Markets, France, and internationally The company was formerly known as Helvetia Holding AG and changed its name to Helvetia Baloise Holding AG in April 2022. Helvetia Baloise Holding AG was incorporated in 2017 and is headquartered in Basel, Switzerland.

### Why customers stay

It earns 7.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.169Z); 10-year return on tangible equity observations [[2016,0.0684490812264854],[2017,0.06857403898213318],[2018,0.07484040620729028],[2019,0.09251728693742386],[2020,0.044787984371564366],[2021,0.08389295717612122],[2022,0.1268574732581671],[2023,0.07428391564368901],[2024,0.11650626299753349],[2025,0.04263542887665623]]; median 0.07456216092548965. 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 34.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.169Z); Dividend observations: [[2016,213200000],[2017,232200000],[2018,250200000],[2019,260700000],[2020,275300000],[2021,292400000],[2022,311500000],[2023,318200000],[2024,352500000],[2025,374800000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.169Z); FY2025: cash repurchases 34900000 CHF.

### Are managers owners

Insiders own 22.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HBAN.SW SharesStats.PercentInsiders = 22.863 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.169Z); Closing price 208.8 CHF; reporting-to-trading FX 1; FY2025 annual sales per share 191.58441927298412; price multiple 1.0898589811861779. FY2025 cash earnings/share 11.867542145171477. Closing-price date 2026-10-15.

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

- 2016-10: CHF 103.00 per share

- 2016-11: CHF 105.70 per share

- 2016-12: CHF 109.70 per share

- 2017-01: CHF 111.70 per share

- 2017-02: CHF 112.70 per share

- 2017-03: CHF 111.00 per share

- 2017-04: CHF 110.50 per share

- 2017-05: CHF 112.10 per share

- 2017-06: CHF 109.70 per share

- 2017-07: CHF 108.10 per share

- 2017-08: CHF 109.90 per share

- 2017-09: CHF 105.20 per share

- 2017-10: CHF 107.30 per share

- 2017-11: CHF 108.60 per share

- 2017-12: CHF 109.70 per share

- 2018-01: CHF 110.90 per share

- 2018-02: CHF 113.80 per share

- 2018-03: CHF 113.90 per share

- 2018-04: CHF 118.10 per share

- 2018-05: CHF 111.30 per share

- 2018-06: CHF 113.30 per share

- 2018-07: CHF 117.20 per share

- 2018-08: CHF 116.40 per share

- 2018-09: CHF 119.60 per share

- 2018-10: CHF 123.40 per share

- 2018-11: CHF 123.60 per share

- 2018-12: CHF 114.90 per share

- 2019-01: CHF 117.60 per share

- 2019-02: CHF 119.80 per share

- 2019-03: CHF 121.60 per share

- 2019-04: CHF 129.50 per share

- 2019-05: CHF 123.20 per share

- 2019-06: CHF 122.50 per share

- 2019-07: CHF 126.70 per share

- 2019-08: CHF 129.00 per share

- 2019-09: CHF 137.70 per share

- 2019-10: CHF 138.40 per share

- 2019-11: CHF 136.50 per share

- 2019-12: CHF 136.80 per share

- 2020-01: CHF 138.80 per share

- 2020-02: CHF 127.90 per share

- 2020-03: CHF 83.30 per share

- 2020-04: CHF 88.35 per share

- 2020-05: CHF 85.15 per share

- 2020-06: CHF 88.35 per share

- 2020-07: CHF 82.30 per share

- 2020-08: CHF 85.05 per share

- 2020-09: CHF 78.30 per share

- 2020-10: CHF 71.80 per share

- 2020-11: CHF 89.25 per share

- 2020-12: CHF 93.40 per share

- 2021-01: CHF 89.30 per share

- 2021-02: CHF 99.70 per share

- 2021-03: CHF 111.00 per share

- 2021-04: CHF 109.80 per share

- 2021-05: CHF 100.40 per share

- 2021-06: CHF 99.50 per share

- 2021-07: CHF 98.70 per share

- 2021-08: CHF 104.90 per share

- 2021-09: CHF 101.90 per share

- 2021-10: CHF 109.00 per share

- 2021-11: CHF 101.70 per share

- 2021-12: CHF 107.40 per share

- 2022-01: CHF 115.80 per share

- 2022-02: CHF 111.80 per share

- 2022-03: CHF 120.70 per share

- 2022-04: CHF 126.00 per share

- 2022-05: CHF 118.10 per share

- 2022-06: CHF 111.70 per share

- 2022-07: CHF 108.60 per share

- 2022-08: CHF 108.10 per share

- 2022-09: CHF 92.90 per share

- 2022-10: CHF 99.40 per share

- 2022-11: CHF 105.80 per share

- 2022-12: CHF 107.80 per share

- 2023-01: CHF 114.10 per share

- 2023-02: CHF 120.70 per share

- 2023-03: CHF 127.40 per share

- 2023-04: CHF 133.10 per share

- 2023-05: CHF 129.30 per share

- 2023-06: CHF 121.00 per share

- 2023-07: CHF 128.80 per share

- 2023-08: CHF 134.60 per share

- 2023-09: CHF 128.40 per share

- 2023-10: CHF 121.80 per share

- 2023-11: CHF 119.70 per share

- 2023-12: CHF 115.90 per share

- 2024-01: CHF 125.10 per share

- 2024-02: CHF 124.90 per share

- 2024-03: CHF 124.30 per share

- 2024-04: CHF 120.30 per share

- 2024-05: CHF 121.10 per share

- 2024-06: CHF 121.50 per share

- 2024-07: CHF 131.20 per share

- 2024-08: CHF 134.30 per share

- 2024-09: CHF 146.00 per share

- 2024-10: CHF 146.20 per share

- 2024-11: CHF 154.40 per share

- 2024-12: CHF 149.40 per share

- 2025-01: CHF 159.50 per share

- 2025-02: CHF 168.80 per share

- 2025-03: CHF 182.70 per share

- 2025-04: CHF 181.30 per share

- 2025-05: CHF 194.80 per share

- 2025-06: CHF 186.10 per share

- 2025-07: CHF 196.30 per share

- 2025-08: CHF 205.80 per share

- 2025-09: CHF 194.70 per share

- 2025-10: CHF 197.40 per share

- 2025-11: CHF 208.40 per share

- 2025-12: CHF 209.20 per share

- 2026-01: CHF 195.70 per share

- 2026-02: CHF 200.00 per share

- 2026-03: CHF 205.40 per share

- 2026-04: CHF 214.00 per share

- 2026-05: CHF 203.00 per share

- 2026-06: CHF 208.60 per share

- 2026-07: CHF 216.80 per share

- 2026-08: CHF 214.40 per share

- 2026-09: CHF 205.40 per share

- 2026-10: CHF 205.60 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 68.06 per share, central CHF 83.37 per share, high CHF 107.58 per share

- FY2017: low CHF 71.04 per share, central CHF 85.44 per share, high CHF 107.18 per share

- FY2018: low CHF 71.84 per share, central CHF 86.87 per share, high CHF 109.85 per share

- FY2019: low CHF 56.53 per share, central CHF 67.95 per share, high CHF 85.16 per share

- FY2020: low CHF 42.85 per share, central CHF 50.64 per share, high CHF 61.90 per share

- FY2021: low CHF 47.10 per share, central CHF 55.39 per share, high CHF 67.22 per share

- FY2022: low CHF 32.88 per share, central CHF 36.17 per share, high CHF 40.19 per share

- FY2023: low CHF 40.45 per share, central CHF 44.49 per share, high CHF 49.43 per share

- FY2024: low CHF 51.62 per share, central CHF 56.79 per share, high CHF 63.10 per share

- FY2025: low CHF 29.24 per share, central CHF 35.69 per share, high CHF 45.79 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.

Helvetia Holding AG

HBAN · SW

STOXX Europe 600

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: CHF 208.80
Buy up to: CHF 19.29
Expected / yr: 5.9% 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

Profits were positive in 10 years (at least 8 needed).

Net income

10y median: CHF 436M
Worst year: CHF 265M
Latest · 2025: CHF 575M

Earned a median 7.5% on equity (minimum 10%).

Return on common equity

10y median: 7.5%
Worst year: 4.3%
Latest · 2025: 4.3%

Book value plus dividends grew 13.4% a year (minimum 7%).

Annual book + dividend return

10y median: 3.5%
Worst year: -36.4%
Latest · 2025: 231.0%

Ordinary share growth was 2% over the full period and 0.3% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 121
Worst year: 122
Latest · 2025: 122

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 8.4 CHF.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CHF 103.00 · Value 83.37 · Buy at or below 83.37; 2016-11 · Price CHF 105.70 · Value 83.37 · Buy at or below 83.37; 2016-12 · Price CHF 109.70 · Value 83.37 · Buy at or below 83.37; 2017-01 · Price CHF 111.70 · Value 83.37 · Buy at or below 83.37; 2017-02 · Price CHF 112.70 · Value 85.44 · Buy at or below 85.44; 2017-03 · Price CHF 111.00 · Value 85.44 · Buy at or below 85.44; 2017-04 · Price CHF 110.50 · Value 85.44 · Buy at or below 85.44; 2017-05 · Price CHF 112.10 · Value 85.44 · Buy at or below 85.44; 2017-06 · Price CHF 109.70 · Value 85.44 · Buy at or below 85.44; 2017-07 · Price CHF 108.10 · Value 85.44 · Buy at or below 85.44; 2017-08 · Price CHF 109.90 · Value 85.44 · Buy at or below 85.44; 2017-09 · Price CHF 105.20 · Value 85.44 · Buy at or below 85.44; 2017-10 · Price CHF 107.30 · Value 85.44 · Buy at or below 85.44; 2017-11 · Price CHF 108.60 · Value 85.44 · Buy at or below 85.44; 2017-12 · Price CHF 109.70 · Value 85.44 · Buy at or below 85.44; 2018-01 · Price CHF 110.90 · Value 85.44 · Buy at or below 85.44; 2018-02 · Price CHF 113.80 · Value 86.87 · Buy at or below 86.87; 2018-03 · Price CHF 113.90 · Value 86.87 · Buy at or below 86.87; 2018-04 · Price CHF 118.10 · Value 86.87 · Buy at or below 86.87; 2018-05 · Price CHF 111.30 · Value 86.87 · Buy at or below 86.87; 2018-06 · Price CHF 113.30 · Value 86.87 · Buy at or below 86.87; 2018-07 · Price CHF 117.20 · Value 86.87 · Buy at or below 86.87; 2018-08 · Price CHF 116.40 · Value 86.87 · Buy at or below 86.87; 2018-09 · Price CHF 119.60 · Value 86.87 · Buy at or below 86.87; 2018-10 · Price CHF 123.40 · Value 86.87 · Buy at or below 86.87; 2018-11 · Price CHF 123.60 · Value 86.87 · Buy at or below 86.87; 2018-12 · Price CHF 114.90 · Value 86.87 · Buy at or below 86.87; 2019-01 · Price CHF 117.60 · Value 86.87 · Buy at or below 86.87; 2019-02 · Price CHF 119.80 · Value 67.95 · Buy at or below 67.95; 2019-03 · Price CHF 121.60 · Value 67.95 · Buy at or below 67.95; 2019-04 · Price CHF 129.50 · Value 67.95 · Buy at or below 67.95; 2019-05 · Price CHF 123.20 · Value 67.95 · Buy at or below 67.95; 2019-06 · Price CHF 122.50 · Value 67.95 · Buy at or below 67.95; 2019-07 · Price CHF 126.70 · Value 67.95 · Buy at or below 67.95; 2019-08 · Price CHF 129.00 · Value 67.95 · Buy at or below 67.95; 2019-09 · Price CHF 137.70 · Value 67.95 · Buy at or below 67.95; 2019-10 · Price CHF 138.40 · Value 67.95 · Buy at or below 67.95; 2019-11 · Price CHF 136.50 · Value 67.95 · Buy at or below 67.95; 2019-12 · Price CHF 136.80 · Value 67.95 · Buy at or below 67.95; 2020-01 · Price CHF 138.80 · Value 67.95 · Buy at or below 67.95; 2020-02 · Price CHF 127.90 · Value 50.64 · Buy at or below 50.64; 2020-03 · Price CHF 83.30 · Value 50.64 · Buy at or below 50.64; 2020-04 · Price CHF 88.35 · Value 50.64 · Buy at or below 50.64; 2020-05 · Price CHF 85.15 · Value 50.64 · Buy at or below 50.64; 2020-06 · Price CHF 88.35 · Value 50.64 · Buy at or below 50.64; 2020-07 · Price CHF 82.30 · Value 50.64 · Buy at or below 50.64; 2020-08 · Price CHF 85.05 · Value 50.64 · Buy at or below 50.64; 2020-09 · Price CHF 78.30 · Value 50.64 · Buy at or below 50.64; 2020-10 · Price CHF 71.80 · Value 50.64 · Buy at or below 50.64; 2020-11 · Price CHF 89.25 · Value 50.64 · Buy at or below 50.64; 2020-12 · Price CHF 93.40 · Value 50.64 · Buy at or below 50.64; 2021-01 · Price CHF 89.30 · Value 50.64 · Buy at or below 50.64; 2021-02 · Price CHF 99.70 · Value 55.39 · Buy at or below 55.39; 2021-03 · Price CHF 111.00 · Value 55.39 · Buy at or below 55.39; 2021-04 · Price CHF 109.80 · Value 55.39 · Buy at or below 55.39; 2021-05 · Price CHF 100.40 · Value 55.39 · Buy at or below 55.39; 2021-06 · Price CHF 99.50 · Value 55.39 · Buy at or below 55.39; 2021-07 · Price CHF 98.70 · Value 55.39 · Buy at or below 55.39; 2021-08 · Price CHF 104.90 · Value 55.39 · Buy at or below 55.39; 2021-09 · Price CHF 101.90 · Value 55.39 · Buy at or below 55.39; 2021-10 · Price CHF 109.00 · Value 55.39 · Buy at or below 55.39; 2021-11 · Price CHF 101.70 · Value 55.39 · Buy at or below 55.39; 2021-12 · Price CHF 107.40 · Value 55.39 · Buy at or below 55.39; 2022-01 · Price CHF 115.80 · Value 55.39 · Buy at or below 55.39; 2022-02 · Price CHF 111.80 · Value 36.17 · Buy at or below 36.17; 2022-03 · Price CHF 120.70 · Value 36.17 · Buy at or below 36.17; 2022-04 · Price CHF 126.00 · Value 36.17 · Buy at or below 36.17; 2022-05 · Price CHF 118.10 · Value 36.17 · Buy at or below 36.17; 2022-06 · Price CHF 111.70 · Value 36.17 · Buy at or below 36.17; 2022-07 · Price CHF 108.60 · Value 36.17 · Buy at or below 36.17; 2022-08 · Price CHF 108.10 · Value 36.17 · Buy at or below 36.17; 2022-09 · Price CHF 92.90 · Value 36.17 · Buy at or below 36.17; 2022-10 · Price CHF 99.40 · Value 36.17 · Buy at or below 36.17; 2022-11 · Price CHF 105.80 · Value 36.17 · Buy at or below 36.17; 2022-12 · Price CHF 107.80 · Value 36.17 · Buy at or below 36.17; 2023-01 · Price CHF 114.10 · Value 36.17 · Buy at or below 36.17; 2023-02 · Price CHF 120.70 · Value 44.49 · Buy at or below 44.49; 2023-03 · Price CHF 127.40 · Value 44.49 · Buy at or below 44.49; 2023-04 · Price CHF 133.10 · Value 44.49 · Buy at or below 44.49; 2023-05 · Price CHF 129.30 · Value 44.49 · Buy at or below 44.49; 2023-06 · Price CHF 121.00 · Value 44.49 · Buy at or below 44.49; 2023-07 · Price CHF 128.80 · Value 44.49 · Buy at or below 44.49; 2023-08 · Price CHF 134.60 · Value 44.49 · Buy at or below 44.49; 2023-09 · Price CHF 128.40 · Value 44.49 · Buy at or below 44.49; 2023-10 · Price CHF 121.80 · Value 44.49 · Buy at or below 44.49; 2023-11 · Price CHF 119.70 · Value 44.49 · Buy at or below 44.49; 2023-12 · Price CHF 115.90 · Value 44.49 · Buy at or below 44.49; 2024-01 · Price CHF 125.10 · Value 44.49 · Buy at or below 44.49; 2024-02 · Price CHF 124.90 · Value 56.79 · Buy at or below 56.79; 2024-03 · Price CHF 124.30 · Value 56.79 · Buy at or below 56.79; 2024-04 · Price CHF 120.30 · Value 56.79 · Buy at or below 56.79; 2024-05 · Price CHF 121.10 · Value 56.79 · Buy at or below 56.79; 2024-06 · Price CHF 121.50 · Value 56.79 · Buy at or below 56.79; 2024-07 · Price CHF 131.20 · Value 56.79 · Buy at or below 56.79; 2024-08 · Price CHF 134.30 · Value 56.79 · Buy at or below 56.79; 2024-09 · Price CHF 146.00 · Value 56.79 · Buy at or below 56.79; 2024-10 · Price CHF 146.20 · Value 56.79 · Buy at or below 56.79; 2024-11 · Price CHF 154.40 · Value 56.79 · Buy at or below 56.79; 2024-12 · Price CHF 149.40 · Value 56.79 · Buy at or below 56.79; 2025-01 · Price CHF 159.50 · Value 56.79 · Buy at or below 56.79; 2025-02 · Price CHF 168.80 · Value 35.69 · Buy at or below 35.69; 2025-03 · Price CHF 182.70 · Value 35.69 · Buy at or below 35.69; 2025-04 · Price CHF 181.30 · Value 35.69 · Buy at or below 35.69; 2025-05 · Price CHF 194.80 · Value 35.69 · Buy at or below 35.69; 2025-06 · Price CHF 186.10 · Value 35.69 · Buy at or below 35.69; 2025-07 · Price CHF 196.30 · Value 35.69 · Buy at or below 35.69; 2025-08 · Price CHF 205.80 · Value 35.69 · Buy at or below 35.69; 2025-09 · Price CHF 194.70 · Value 35.69 · Buy at or below 35.69; 2025-10 · Price CHF 197.40 · Value 35.69 · Buy at or below 35.69; 2025-11 · Price CHF 208.40 · Value 35.69 · Buy at or below 35.69; 2025-12 · Price CHF 209.20 · Value 35.69 · Buy at or below 35.69; 2026-01 · Price CHF 195.70 · Value 35.69 · Buy at or below 35.69; 2026-02 · Price CHF 200.00 · Value 19.29 · Buy at or below 19.29; 2026-03 · Price CHF 205.40 · Value 19.29 · Buy at or below 19.29; 2026-04 · Price CHF 214.00 · Value 19.29 · Buy at or below 19.29; 2026-05 · Price CHF 203.00 · Value 19.29 · Buy at or below 19.29; 2026-06 · Price CHF 208.60 · Value 19.29 · Buy at or below 19.29; 2026-07 · Price CHF 216.80 · Value 19.29 · Buy at or below 19.29; 2026-08 · Price CHF 214.40 · Value 19.29 · Buy at or below 19.29; 2026-09 · Price CHF 205.40 · Value 19.29 · Buy at or below 19.29; 2026-10 · Price CHF 205.60 · Value 19.29 · Buy at or below 19.29; 2026-10 · Price CHF 208.80 · Value 19.29 · Buy at or below 19.29

CHF per share · annual estimates

Price & return math
Value range	CHF 15.81 – CHF 24.75
Buy at or below	Central value CHF 19.29
Discount to value	1 − 208.80 / 19.29 = -982.3%
Return / year	About 5.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CHF 9.80/share; ROE 14.4%; first payout CHF 0.87/share, growing 5.5% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCHF 575M

Net income

Book / shareCHF 251.87

Book / share

Dividend / shareCHF 7.00

Dividend / share

Return on equity4.3%

Return on equity

Diluted shares54M

Diluted shares

Prices 15 Oct 2026 · FY2025