# Mobimo Hldg (MOBN.SW)

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

Analysis as of: 2026-10-16T07:39:15.634Z. Financial observations: FY2005–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 333.50 per share; close as of 2026-10-15.

Estimated value: low CHF 292.24 per share, central CHF 373.65 per share, high CHF 436.35 per share. Buy at or below the central value CHF 373.65 per share. Valuation as of 2026-10-16T07:39:15.634Z; scenarios are not confidence intervals.

Expected annual return: 10.8% at the stated quote. About 10.8% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.33×

- FY2017: 0.29×

- FY2018: 0.36×

- FY2019: 0.41×

- FY2020: 0.42×

- FY2021: 0.52×

- FY2022: 0.49×

- FY2023: 0.53×

- FY2024: 0.52×

- FY2025: 0.43×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 8.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 2.9%

- ROIC, second-lowest year: 2.4%

- Typical minus recent gross margin: 8.3 pp

- Typical gross margin (annual median): 60.9%

- Recent gross margin (lower of latest and 3-year median): 52.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.7%

- ROIC including acquisitions, ten-year median: 3.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.2%

- FY2017: 2.6%

- FY2018: 1.9%

- FY2019: 2.4%

- FY2020: 2.8%

- FY2021: 3.4%

- FY2022: 3.1%

- FY2023: 2.8%

- FY2024: 3.0%

- FY2025: 3.1%

### economics: fail

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

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 625M

- Net income, five-year total: CHF 639M

- Return on incremental invested capital: 23.1%

- Working capital / revenue, annual change: 2.3 pp

- Working capital / revenue, change between three-year averages: 20.4 pp

- Working capital / revenue, final three-year average: 128.3%

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

- FY2021: 1.01×

- FY2022: 0.98×

- FY2023: 0.75×

- FY2024: 0.99×

- FY2025: 1.00×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 2.6% vs 3.0%

- Per-share earnings: 16.72 to 17.26 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.8%

- Ordinary dilution, 5-year annual growth: 2.2%

- Market cap gain: CHF 1.1B

- Cumulative retained earnings: CHF 851M

- Diluted shares, 10-year annual growth: 1.8%

- Diluted shares, 5-year annual growth: 2.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.4%

- Per-share value change: CHF 0.54

- Per-share value, starting three-year median: CHF 16.72

- Per-share value, ending three-year median: CHF 17.26

- Buybacks concentrated in cheaper years (correlation): 0.22

- Average buyback yield: 1.1%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: CHF 9.0M

- Cumulative net income, 10 years: CHF 1.2B

- ROIC, first three-year median: 2.6%

- ROIC, last three-year median: 3.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 25.52

- FY2017: CHF 14.74

- FY2018: CHF 13.96

- FY2019: CHF 15.64

- FY2020: CHF 14.47

- FY2021: CHF 20.87

- FY2022: CHF 18.48

- FY2023: CHF 6.43

- FY2024: CHF 17.26

- FY2025: CHF 25.99

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: 3.8%

- Receivables to sales index (DSRI): 1.69×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.11×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.5%

- FY2017: 0.4%

- FY2018: -0.4%

- FY2019: 2.6%

- FY2020: 0.2%

- FY2021: 1.6%

- FY2022: -1.0%

- FY2023: -1.8%

- FY2024: 0.1%

- FY2025: 3.8%

## Holders

## Price story

Price needs cash profits to grow 2.3% a year for ten years · sales +42.9%

Story as of 2026-10-16T10:00:10.670Z; price observation 2026-10-15.

Price needs cash profits to grow 2.3% a year for ten years

### Sales · FY2024–2025

sales +42.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 272M 

- FY2017: CHF 317M 

- FY2018: CHF 184M 

- FY2019: CHF 193M 

- FY2020: CHF 265M 

- FY2021: CHF 271M 

- FY2022: CHF 271M 

- FY2023: CHF 237M 

- FY2024: CHF 248M 

- FY2025: CHF 354M 

### Gross margin · FY2025

gross margin 52.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 37.3% 

- FY2017: 40.7% 

- FY2018: 60.1% 

- FY2019: 61.8% 

- FY2020: 57.3% 

- FY2021: 66.9% 

- FY2022: 64.4% 

- FY2024: 66.2% 

- FY2025: 52.7% 

## Owner memo

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

### How it makes money

Operates in real estate services; annual sales are CHF 353.8 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.634Z); FY2025: revenue 353798000; grossProfit 186433000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 52.7% to 100% during 2023–25; it earns 2.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.634Z); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.634Z); FY2024: grossProfit / revenue = 66.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.634Z); FY2025: grossProfit / revenue = 52.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.634Z); 10-year return on capital observations [[2016,0.03244176107671315],[2017,0.025684580511184968],[2018,0.01882945893542779],[2019,0.024099014452061245],[2020,0.028145915884361702],[2021,0.03364040606132538],[2022,0.03085134609960067],[2023,0.028460196460086806],[2024,0.030193551953247164],[2025,0.030746329677106856]]; median 0.029326874206666985. 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 37 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.634Z); FY2016: growth capex 5368398.473867163; upkeep 84211601.52613284; owner earnings 80042398.47386716. Growth capex / owner earnings = 0.0670694354020373.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.634Z); FY2017: growth capex 2957000; upkeep 3320000; owner earnings 91650000. Growth capex / owner earnings = 0.03226404800872886.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.634Z); FY2018: growth capex 0; upkeep 4077000; owner earnings 91033000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.634Z); FY2019: growth capex 0; upkeep 2631000; owner earnings 103328600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.634Z); FY2020: growth capex 0; upkeep 1248000; owner earnings 99184000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.634Z); FY2021: growth capex 0; upkeep 1651000; owner earnings 140944200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.634Z); FY2022: growth capex 10493.319763276726; upkeep 3441506.6802367233; owner earnings 132923893.31976327. Growth capex / owner earnings = 0.00007894231429133566.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.634Z); FY2023: growth capex 0; upkeep 12398000; owner earnings 34832000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.634Z); FY2024: growth capex 244000; upkeep 4591000; owner earnings 123796200. Growth capex / owner earnings = 0.001970981338684063.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.634Z); FY2025: growth capex 0; upkeep 4276000; owner earnings 192773400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.634Z); Dividend observations: [[2016,62153000],[2017,62174000],[2018,27352000],[2019,65982000],[2020,65991000],[2021,65979000],[2022,66002000],[2023,36287000],[2024,36285000],[2025,37364000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.634Z); FY2025: cash repurchases 37048000 CHF.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MOBN.SW SharesStats.PercentInsiders = 0.242 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.634Z); Ten-year compound average after fade. Initial solved rate 0.02067371423391584. Price 333.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -5.7886864072829045 → FY2025 25.966594377618232. Closing-price date 2026-10-15.

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

- 2016-10: CHF 238.10 per share

- 2016-11: CHF 244.50 per share

- 2016-12: CHF 254.75 per share

- 2017-01: CHF 259.00 per share

- 2017-02: CHF 266.75 per share

- 2017-03: CHF 259.25 per share

- 2017-04: CHF 267.50 per share

- 2017-05: CHF 273.00 per share

- 2017-06: CHF 269.00 per share

- 2017-07: CHF 276.00 per share

- 2017-08: CHF 265.25 per share

- 2017-09: CHF 261.50 per share

- 2017-10: CHF 252.00 per share

- 2017-11: CHF 251.75 per share

- 2017-12: CHF 261.50 per share

- 2018-01: CHF 260.00 per share

- 2018-02: CHF 257.50 per share

- 2018-03: CHF 253.00 per share

- 2018-04: CHF 256.50 per share

- 2018-05: CHF 250.00 per share

- 2018-06: CHF 245.00 per share

- 2018-07: CHF 246.00 per share

- 2018-08: CHF 241.50 per share

- 2018-09: CHF 232.00 per share

- 2018-10: CHF 224.50 per share

- 2018-11: CHF 233.50 per share

- 2018-12: CHF 234.00 per share

- 2019-01: CHF 243.50 per share

- 2019-02: CHF 237.00 per share

- 2019-03: CHF 250.50 per share

- 2019-04: CHF 235.00 per share

- 2019-05: CHF 241.00 per share

- 2019-06: CHF 259.50 per share

- 2019-07: CHF 265.50 per share

- 2019-08: CHF 279.50 per share

- 2019-09: CHF 282.00 per share

- 2019-10: CHF 278.00 per share

- 2019-11: CHF 287.00 per share

- 2019-12: CHF 288.50 per share

- 2020-01: CHF 311.00 per share

- 2020-02: CHF 289.50 per share

- 2020-03: CHF 270.50 per share

- 2020-04: CHF 265.00 per share

- 2020-05: CHF 273.50 per share

- 2020-06: CHF 274.00 per share

- 2020-07: CHF 256.50 per share

- 2020-08: CHF 265.50 per share

- 2020-09: CHF 270.50 per share

- 2020-10: CHF 265.00 per share

- 2020-11: CHF 265.00 per share

- 2020-12: CHF 286.00 per share

- 2021-01: CHF 281.00 per share

- 2021-02: CHF 283.50 per share

- 2021-03: CHF 288.50 per share

- 2021-04: CHF 290.00 per share

- 2021-05: CHF 303.00 per share

- 2021-06: CHF 304.00 per share

- 2021-07: CHF 311.00 per share

- 2021-08: CHF 323.00 per share

- 2021-09: CHF 310.50 per share

- 2021-10: CHF 308.50 per share

- 2021-11: CHF 300.00 per share

- 2021-12: CHF 305.50 per share

- 2022-01: CHF 303.00 per share

- 2022-02: CHF 308.00 per share

- 2022-03: CHF 295.00 per share

- 2022-04: CHF 279.50 per share

- 2022-05: CHF 253.00 per share

- 2022-06: CHF 232.00 per share

- 2022-07: CHF 244.50 per share

- 2022-08: CHF 240.00 per share

- 2022-09: CHF 215.00 per share

- 2022-10: CHF 233.50 per share

- 2022-11: CHF 230.00 per share

- 2022-12: CHF 236.00 per share

- 2023-01: CHF 235.00 per share

- 2023-02: CHF 236.50 per share

- 2023-03: CHF 238.00 per share

- 2023-04: CHF 239.00 per share

- 2023-05: CHF 237.00 per share

- 2023-06: CHF 241.00 per share

- 2023-07: CHF 257.50 per share

- 2023-08: CHF 258.50 per share

- 2023-09: CHF 245.50 per share

- 2023-10: CHF 251.00 per share

- 2023-11: CHF 259.00 per share

- 2023-12: CHF 261.00 per share

- 2024-01: CHF 255.50 per share

- 2024-02: CHF 259.00 per share

- 2024-03: CHF 259.00 per share

- 2024-04: CHF 257.00 per share

- 2024-05: CHF 257.00 per share

- 2024-06: CHF 254.50 per share

- 2024-07: CHF 263.00 per share

- 2024-08: CHF 269.50 per share

- 2024-09: CHF 272.50 per share

- 2024-10: CHF 267.50 per share

- 2024-11: CHF 286.50 per share

- 2024-12: CHF 293.00 per share

- 2025-01: CHF 302.50 per share

- 2025-02: CHF 308.00 per share

- 2025-03: CHF 312.50 per share

- 2025-04: CHF 318.50 per share

- 2025-05: CHF 318.50 per share

- 2025-06: CHF 324.50 per share

- 2025-07: CHF 318.50 per share

- 2025-08: CHF 316.00 per share

- 2025-09: CHF 327.00 per share

- 2025-10: CHF 341.00 per share

- 2025-11: CHF 359.00 per share

- 2025-12: CHF 366.00 per share

- 2026-01: CHF 389.00 per share

- 2026-02: CHF 400.50 per share

- 2026-03: CHF 379.50 per share

- 2026-04: CHF 373.00 per share

- 2026-05: CHF 355.00 per share

- 2026-06: CHF 347.50 per share

- 2026-07: CHF 349.50 per share

- 2026-08: CHF 342.50 per share

- 2026-09: CHF 328.50 per share

- 2026-10: CHF 329.50 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 140.69 per share, central CHF 156.35 per share, high CHF 177.20 per share

- FY2017: low CHF 149.04 per share, central CHF 172.80 per share, high CHF 198.91 per share

- FY2018: low CHF 112.58 per share, central CHF 124.92 per share, high CHF 141.34 per share

- FY2019: low CHF 100.13 per share, central CHF 113.06 per share, high CHF 130.28 per share

- FY2020: low CHF 176.54 per share, central CHF 198.93 per share, high CHF 228.74 per share

- FY2021: low CHF 229.86 per share, central CHF 270.17 per share, high CHF 313.87 per share

- FY2022: low CHF 211.82 per share, central CHF 251.62 per share, high CHF 292.50 per share

- FY2023: low CHF 180.17 per share, central CHF 204.35 per share, high CHF 236.54 per share

- FY2024: low CHF 188.48 per share, central CHF 213.74 per share, high CHF 247.36 per share

- FY2025: low CHF 294.08 per share, central CHF 375.73 per share, high CHF 438.59 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 2026-10-15T06:45:04.572Z 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.

Mobimo Hldg

MOBN · SW

STOXX Europe 600

Not a wonderful business

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

Share price: CHF 333.50
Buy up to: CHF 373.65
Expected / yr: 10.8% 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 19% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 42.0%
Worst year: 28.9%
Latest · 2025: 42.5%

Capital return excluding acquisitions: median 2.9% (minimum 15%), and the second-worst year 2.4% (minimum 10%), and gross margin fell 8.3 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 2.9%
Worst year: 1.9%
Latest · 2025: 3.1%

Working capital rose 20.4% of sales (limit 10%) to 128.3% (waived at zero or below).

Annual owner cash / profit

Five-year totals: 0.98×
Annual median: 0.99×
Latest · 2025: 1.00×

Share growth was 1.8% over ten years and 2.2% over five (either must be at most 1% a year).

Earnings per share

10y median: CHF 16.45
Worst year: CHF 6.43
Latest · 2025: CHF 25.99

Profits were backed by cash: accruals were 3.8% of assets (limit 10%).

Sloan accruals

10y median: 0.3%
Worst year: 3.8%
Latest · 2025: 3.8%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 42.9%, three-year average owner earnings per share 15.94 CHF.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CHF 238.10 · Value 156.35 · Buy at or below 156.35; 2016-11 · Price CHF 244.50 · Value 156.35 · Buy at or below 156.35; 2016-12 · Price CHF 254.75 · Value 156.35 · Buy at or below 156.35; 2017-01 · Price CHF 259.00 · Value 156.35 · Buy at or below 156.35; 2017-02 · Price CHF 266.75 · Value 172.80 · Buy at or below 172.80; 2017-03 · Price CHF 259.25 · Value 172.80 · Buy at or below 172.80; 2017-04 · Price CHF 267.50 · Value 172.80 · Buy at or below 172.80; 2017-05 · Price CHF 273.00 · Value 172.80 · Buy at or below 172.80; 2017-06 · Price CHF 269.00 · Value 172.80 · Buy at or below 172.80; 2017-07 · Price CHF 276.00 · Value 172.80 · Buy at or below 172.80; 2017-08 · Price CHF 265.25 · Value 172.80 · Buy at or below 172.80; 2017-09 · Price CHF 261.50 · Value 172.80 · Buy at or below 172.80; 2017-10 · Price CHF 252.00 · Value 172.80 · Buy at or below 172.80; 2017-11 · Price CHF 251.75 · Value 172.80 · Buy at or below 172.80; 2017-12 · Price CHF 261.50 · Value 172.80 · Buy at or below 172.80; 2018-01 · Price CHF 260.00 · Value 172.80 · Buy at or below 172.80; 2018-02 · Price CHF 257.50 · Value 124.92 · Buy at or below 124.92; 2018-03 · Price CHF 253.00 · Value 124.92 · Buy at or below 124.92; 2018-04 · Price CHF 256.50 · Value 124.92 · Buy at or below 124.92; 2018-05 · Price CHF 250.00 · Value 124.92 · Buy at or below 124.92; 2018-06 · Price CHF 245.00 · Value 124.92 · Buy at or below 124.92; 2018-07 · Price CHF 246.00 · Value 124.92 · Buy at or below 124.92; 2018-08 · Price CHF 241.50 · Value 124.92 · Buy at or below 124.92; 2018-09 · Price CHF 232.00 · Value 124.92 · Buy at or below 124.92; 2018-10 · Price CHF 224.50 · Value 124.92 · Buy at or below 124.92; 2018-11 · Price CHF 233.50 · Value 124.92 · Buy at or below 124.92; 2018-12 · Price CHF 234.00 · Value 124.92 · Buy at or below 124.92; 2019-01 · Price CHF 243.50 · Value 124.92 · Buy at or below 124.92; 2019-02 · Price CHF 237.00 · Value 113.06 · Buy at or below 113.06; 2019-03 · Price CHF 250.50 · Value 113.06 · Buy at or below 113.06; 2019-04 · Price CHF 235.00 · Value 113.06 · Buy at or below 113.06; 2019-05 · Price CHF 241.00 · Value 113.06 · Buy at or below 113.06; 2019-06 · Price CHF 259.50 · Value 113.06 · Buy at or below 113.06; 2019-07 · Price CHF 265.50 · Value 113.06 · Buy at or below 113.06; 2019-08 · Price CHF 279.50 · Value 113.06 · Buy at or below 113.06; 2019-09 · Price CHF 282.00 · Value 113.06 · Buy at or below 113.06; 2019-10 · Price CHF 278.00 · Value 113.06 · Buy at or below 113.06; 2019-11 · Price CHF 287.00 · Value 113.06 · Buy at or below 113.06; 2019-12 · Price CHF 288.50 · Value 113.06 · Buy at or below 113.06; 2020-01 · Price CHF 311.00 · Value 113.06 · Buy at or below 113.06; 2020-02 · Price CHF 289.50 · Value 198.93 · Buy at or below 198.93; 2020-03 · Price CHF 270.50 · Value 198.93 · Buy at or below 198.93; 2020-04 · Price CHF 265.00 · Value 198.93 · Buy at or below 198.93; 2020-05 · Price CHF 273.50 · Value 198.93 · Buy at or below 198.93; 2020-06 · Price CHF 274.00 · Value 198.93 · Buy at or below 198.93; 2020-07 · Price CHF 256.50 · Value 198.93 · Buy at or below 198.93; 2020-08 · Price CHF 265.50 · Value 198.93 · Buy at or below 198.93; 2020-09 · Price CHF 270.50 · Value 198.93 · Buy at or below 198.93; 2020-10 · Price CHF 265.00 · Value 198.93 · Buy at or below 198.93; 2020-11 · Price CHF 265.00 · Value 198.93 · Buy at or below 198.93; 2020-12 · Price CHF 286.00 · Value 198.93 · Buy at or below 198.93; 2021-01 · Price CHF 281.00 · Value 198.93 · Buy at or below 198.93; 2021-02 · Price CHF 283.50 · Value 270.17 · Buy at or below 270.17; 2021-03 · Price CHF 288.50 · Value 270.17 · Buy at or below 270.17; 2021-04 · Price CHF 290.00 · Value 270.17 · Buy at or below 270.17; 2021-05 · Price CHF 303.00 · Value 270.17 · Buy at or below 270.17; 2021-06 · Price CHF 304.00 · Value 270.17 · Buy at or below 270.17; 2021-07 · Price CHF 311.00 · Value 270.17 · Buy at or below 270.17; 2021-08 · Price CHF 323.00 · Value 270.17 · Buy at or below 270.17; 2021-09 · Price CHF 310.50 · Value 270.17 · Buy at or below 270.17; 2021-10 · Price CHF 308.50 · Value 270.17 · Buy at or below 270.17; 2021-11 · Price CHF 300.00 · Value 270.17 · Buy at or below 270.17; 2021-12 · Price CHF 305.50 · Value 270.17 · Buy at or below 270.17; 2022-01 · Price CHF 303.00 · Value 270.17 · Buy at or below 270.17; 2022-02 · Price CHF 308.00 · Value 251.62 · Buy at or below 251.62; 2022-03 · Price CHF 295.00 · Value 251.62 · Buy at or below 251.62; 2022-04 · Price CHF 279.50 · Value 251.62 · Buy at or below 251.62; 2022-05 · Price CHF 253.00 · Value 251.62 · Buy at or below 251.62; 2022-06 · Price CHF 232.00 · Value 251.62 · Buy at or below 251.62; 2022-07 · Price CHF 244.50 · Value 251.62 · Buy at or below 251.62; 2022-08 · Price CHF 240.00 · Value 251.62 · Buy at or below 251.62; 2022-09 · Price CHF 215.00 · Value 251.62 · Buy at or below 251.62; 2022-10 · Price CHF 233.50 · Value 251.62 · Buy at or below 251.62; 2022-11 · Price CHF 230.00 · Value 251.62 · Buy at or below 251.62; 2022-12 · Price CHF 236.00 · Value 251.62 · Buy at or below 251.62; 2023-01 · Price CHF 235.00 · Value 251.62 · Buy at or below 251.62; 2023-02 · Price CHF 236.50 · Value 204.35 · Buy at or below 204.35; 2023-03 · Price CHF 238.00 · Value 204.35 · Buy at or below 204.35; 2023-04 · Price CHF 239.00 · Value 204.35 · Buy at or below 204.35; 2023-05 · Price CHF 237.00 · Value 204.35 · Buy at or below 204.35; 2023-06 · Price CHF 241.00 · Value 204.35 · Buy at or below 204.35; 2023-07 · Price CHF 257.50 · Value 204.35 · Buy at or below 204.35; 2023-08 · Price CHF 258.50 · Value 204.35 · Buy at or below 204.35; 2023-09 · Price CHF 245.50 · Value 204.35 · Buy at or below 204.35; 2023-10 · Price CHF 251.00 · Value 204.35 · Buy at or below 204.35; 2023-11 · Price CHF 259.00 · Value 204.35 · Buy at or below 204.35; 2023-12 · Price CHF 261.00 · Value 204.35 · Buy at or below 204.35; 2024-01 · Price CHF 255.50 · Value 204.35 · Buy at or below 204.35; 2024-02 · Price CHF 259.00 · Value 213.74 · Buy at or below 213.74; 2024-03 · Price CHF 259.00 · Value 213.74 · Buy at or below 213.74; 2024-04 · Price CHF 257.00 · Value 213.74 · Buy at or below 213.74; 2024-05 · Price CHF 257.00 · Value 213.74 · Buy at or below 213.74; 2024-06 · Price CHF 254.50 · Value 213.74 · Buy at or below 213.74; 2024-07 · Price CHF 263.00 · Value 213.74 · Buy at or below 213.74; 2024-08 · Price CHF 269.50 · Value 213.74 · Buy at or below 213.74; 2024-09 · Price CHF 272.50 · Value 213.74 · Buy at or below 213.74; 2024-10 · Price CHF 267.50 · Value 213.74 · Buy at or below 213.74; 2024-11 · Price CHF 286.50 · Value 213.74 · Buy at or below 213.74; 2024-12 · Price CHF 293.00 · Value 213.74 · Buy at or below 213.74; 2025-01 · Price CHF 302.50 · Value 213.74 · Buy at or below 213.74; 2025-02 · Price CHF 308.00 · Value 375.73 · Buy at or below 375.73; 2025-03 · Price CHF 312.50 · Value 375.73 · Buy at or below 375.73; 2025-04 · Price CHF 318.50 · Value 375.73 · Buy at or below 375.73; 2025-05 · Price CHF 318.50 · Value 375.73 · Buy at or below 375.73; 2025-06 · Price CHF 324.50 · Value 375.73 · Buy at or below 375.73; 2025-07 · Price CHF 318.50 · Value 375.73 · Buy at or below 375.73; 2025-08 · Price CHF 316.00 · Value 375.73 · Buy at or below 375.73; 2025-09 · Price CHF 327.00 · Value 375.73 · Buy at or below 375.73; 2025-10 · Price CHF 341.00 · Value 375.73 · Buy at or below 375.73; 2025-11 · Price CHF 359.00 · Value 375.73 · Buy at or below 375.73; 2025-12 · Price CHF 366.00 · Value 375.73 · Buy at or below 375.73; 2026-01 · Price CHF 389.00 · Value 375.73 · Buy at or below 375.73; 2026-02 · Price CHF 400.50 · Value 373.65 · Buy at or below 373.65; 2026-03 · Price CHF 379.50 · Value 373.65 · Buy at or below 373.65; 2026-04 · Price CHF 373.00 · Value 373.65 · Buy at or below 373.65; 2026-05 · Price CHF 355.00 · Value 373.65 · Buy at or below 373.65; 2026-06 · Price CHF 347.50 · Value 373.65 · Buy at or below 373.65; 2026-07 · Price CHF 349.50 · Value 373.65 · Buy at or below 373.65; 2026-08 · Price CHF 342.50 · Value 373.65 · Buy at or below 373.65; 2026-09 · Price CHF 328.50 · Value 373.65 · Buy at or below 373.65; 2026-10 · Price CHF 329.50 · Value 373.65 · Buy at or below 373.65; 2026-10 · Price CHF 333.50 · Value 373.65 · Buy at or below 373.65

CHF per share · annual estimates

Price & return math
Value range	CHF 292.24 – CHF 436.35
Buy at or below	Central value CHF 373.65
Discount to value	1 − 333.50 / 373.65 = 10.7%
Return / year	About 10.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CHF 23.76/share; 4.1% growth for 5 years, then fades to 3.0%; excess cash CHF 1.71/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCHF 354M

Revenue

Owner earningsCHF 193M

Owner earnings

Operating margin42.5%

Operating margin

Net cash / debtCHF -1.9B

Net cash / debt

Diluted shares7.4M

Diluted shares

Prices 15 Oct 2026 · FY2025