# PSP Swiss Property AG (PSPN.SW)

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

Analysis as of: 2026-10-16T07:36:21.157Z. 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 145.70 per share; close as of 2026-10-15.

Estimated value: low CHF 93.56 per share, central CHF 106.38 per share, high CHF 123.43 per share. Buy at or below the central value CHF 106.38 per share. Valuation as of 2026-10-16T07:36:21.157Z; scenarios are not confidence intervals.

Expected annual return: 8.1% at the stated quote. About 8.1% 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: 0.34×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.52×

- FY2017: 1.02×

- FY2018: 1.31×

- FY2019: 1.46×

- FY2020: 1.08×

- FY2021: 1.95×

- FY2022: 1.01×

- FY2023: 0.80×

- FY2024: 1.32×

- FY2025: 0.82×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: 4.2%

- ROIC, second-lowest year: 2.8%

- Typical minus recent gross margin: -5.2 pp

- Typical gross margin (annual median): 84.6%

- Recent gross margin (lower of latest and 3-year median): 89.8%

- Years with nonpositive capital: 1

- Capital spending / revenue: 31.1%

- ROIC including acquisitions, ten-year median: 2.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.6%

- FY2017: 4.3%

- FY2018: 4.9%

- FY2019: 6.7%

- FY2020: 4.0%

- FY2021: 7.6%

- FY2022: 4.1%

- FY2023: 3.4%

- FY2024: 4.6%

- FY2025: 2.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.76×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 1.4B

- Net income, five-year total: CHF 1.9B

- Return on incremental invested capital: 3.8%

- Working capital / revenue, annual change: -5.1 pp

- Working capital / revenue, change between three-year averages: -40.6 pp

- Working capital / revenue, final three-year average: 12.0%

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

- FY2021: 0.73×

- FY2022: 0.55×

- FY2023: 1.00×

- FY2024: 0.75×

- FY2025: 0.84×

### 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: 4.3% vs 3.4%

- Per-share earnings: 4.09 to 8.17 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: CHF 2.5B

- Cumulative retained earnings: CHF 1.7B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.0%

- Per-share value change: CHF 4.08

- Per-share value, starting three-year median: CHF 4.09

- Per-share value, ending three-year median: CHF 8.17

- Buybacks concentrated in cheaper years (correlation): -0.64

- Average buyback yield: 0.0%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: CHF 9.6B

- Cumulative net income, 10 years: CHF 3.4B

- ROIC, first three-year median: 4.3%

- ROIC, last three-year median: 3.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 2.94

- FY2017: CHF 5.61

- FY2018: CHF 6.72

- FY2019: CHF 9.89

- FY2020: CHF 6.37

- FY2021: CHF 12.97

- FY2022: CHF 7.19

- FY2023: CHF 4.53

- FY2024: CHF 8.17

- FY2025: CHF 8.91

### accounting: pass

- Sloan accruals: 1.8%

- Receivables to sales index (DSRI): 0.54×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.56×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.0%

- FY2017: 1.1%

- FY2018: 1.3%

- FY2019: 2.6%

- FY2020: 1.0%

- FY2021: 3.2%

- FY2022: 0.1%

- FY2023: -0.7%

- FY2024: 1.6%

- FY2025: 1.8%

## Holders

## Price story

Price needs cash profits to grow 4.9% a year for ten years · sales +2.1%

Story as of 2026-10-16T10:00:07.257Z; price observation 2026-10-15.

Price needs cash profits to grow 4.9% a year for ten years

### Sales · FY2024–2025

sales +2.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 368M 

- FY2017: CHF 320M 

- FY2018: CHF 312M 

- FY2019: CHF 351M 

- FY2020: CHF 343M 

- FY2021: CHF 385M 

- FY2022: CHF 410M 

- FY2023: CHF 373M 

- FY2024: CHF 368M 

- FY2025: CHF 376M 

### Gross margin · FY2025

gross margin 89.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 73.0% 

- FY2017: 83.6% 

- FY2018: 85.7% 

- FY2019: 83.8% 

- FY2020: 85.3% 

- FY2021: 81.3% 

- FY2022: 77.3% 

- FY2023: 87.7% 

- FY2024: 93.3% 

- FY2025: 89.8% 

## Owner memo

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

### How it makes money

Operates in real estate services; annual sales are CHF 375.7 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.157Z); FY2025: revenue 375710000; grossProfit 337423000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 87.7% to 93.3% during 2023–25; it earns 4.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.157Z); FY2023: grossProfit / revenue = 87.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.157Z); FY2024: grossProfit / revenue = 93.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.157Z); FY2025: grossProfit / revenue = 89.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.157Z); 10-year return on capital observations [[2016,0.025684809011363687],[2017,0.043159794397878905],[2018,0.04901015603589089],[2019,0.06702249343252319],[2020,0.04004016632673471],[2021,0.07610060468320798],[2022,0.04118864408715648],[2023,0.0342369367645674],[2024,0.04615115805921216],[2025,0.027829675166761044]]; median 0.04217421924251769. 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 825000 of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.157Z); FY2016: growth capex 62832.770104274154; upkeep 108808167.22989573; owner earnings 26784832.770104274. Growth capex / owner earnings = 0.002345833951758122.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.157Z); FY2017: growth capex 0; upkeep 87300000; owner earnings 170931000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.157Z); FY2018: growth capex 0; upkeep 105736000; owner earnings 203500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.157Z); FY2019: growth capex 35092.769989699125; upkeep 114833907.2300103; owner earnings 336560692.7699897. Growth capex / owner earnings = 0.00010426877155759247.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.157Z); FY2020: growth capex 0; upkeep 133772000; owner earnings 156462000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.157Z); FY2021: growth capex 39560.03440481424; upkeep 158121439.9655952; owner earnings 436885560.0344048. Growth capex / owner earnings = 0.00009055010745079074.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.157Z); FY2022: growth capex 23040.903441041708; upkeep 149955959.09655896; owner earnings 179922840.90344104. Growth capex / owner earnings = 0.00012805991349040024.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.157Z); FY2023: growth capex 0; upkeep 193000; owner earnings 207230600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.157Z); FY2024: growth capex 0; upkeep 91562000; owner earnings 282989400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.157Z); FY2025: growth capex 11062.85534657538; upkeep 67119937.14465342; owner earnings 341115062.85534656. Growth capex / owner earnings = 0.00003243144777592744.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.157Z); Dividend observations: [[2016,151342000],[2017,153649000],[2018,155934000],[2019,160521000],[2020,165107000],[2021,167400000],[2022,171986000],[2023,174279000],[2024,176572000],[2025,178865000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.157Z); FY2025: cash repurchases 825000 CHF.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PSPN.SW SharesStats.PercentInsiders = 0.628 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.9% yearly over ten years; actual growth was 17.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.157Z); Ten-year compound average after fade. Initial solved rate 0.056595261343063696. Price 145.7; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.474277217836439 → FY2025 7.436901686263085. Closing-price date 2026-10-15.

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

- 2016-10: CHF 88.50 per share

- 2016-11: CHF 87.60 per share

- 2016-12: CHF 88.00 per share

- 2017-01: CHF 88.85 per share

- 2017-02: CHF 93.60 per share

- 2017-03: CHF 91.15 per share

- 2017-04: CHF 89.20 per share

- 2017-05: CHF 91.35 per share

- 2017-06: CHF 89.60 per share

- 2017-07: CHF 88.00 per share

- 2017-08: CHF 88.00 per share

- 2017-09: CHF 89.20 per share

- 2017-10: CHF 87.80 per share

- 2017-11: CHF 87.70 per share

- 2017-12: CHF 92.35 per share

- 2018-01: CHF 91.55 per share

- 2018-02: CHF 89.75 per share

- 2018-03: CHF 93.20 per share

- 2018-04: CHF 92.85 per share

- 2018-05: CHF 90.30 per share

- 2018-06: CHF 92.00 per share

- 2018-07: CHF 93.30 per share

- 2018-08: CHF 96.30 per share

- 2018-09: CHF 95.05 per share

- 2018-10: CHF 97.25 per share

- 2018-11: CHF 96.90 per share

- 2018-12: CHF 96.85 per share

- 2019-01: CHF 102.20 per share

- 2019-02: CHF 101.60 per share

- 2019-03: CHF 108.20 per share

- 2019-04: CHF 104.00 per share

- 2019-05: CHF 112.20 per share

- 2019-06: CHF 114.10 per share

- 2019-07: CHF 119.20 per share

- 2019-08: CHF 131.50 per share

- 2019-09: CHF 126.70 per share

- 2019-10: CHF 130.50 per share

- 2019-11: CHF 130.10 per share

- 2019-12: CHF 133.60 per share

- 2020-01: CHF 145.80 per share

- 2020-02: CHF 142.60 per share

- 2020-03: CHF 120.70 per share

- 2020-04: CHF 112.20 per share

- 2020-05: CHF 109.10 per share

- 2020-06: CHF 106.70 per share

- 2020-07: CHF 101.90 per share

- 2020-08: CHF 107.90 per share

- 2020-09: CHF 111.50 per share

- 2020-10: CHF 110.90 per share

- 2020-11: CHF 110.70 per share

- 2020-12: CHF 118.30 per share

- 2021-01: CHF 114.10 per share

- 2021-02: CHF 108.40 per share

- 2021-03: CHF 115.20 per share

- 2021-04: CHF 112.60 per share

- 2021-05: CHF 117.20 per share

- 2021-06: CHF 117.50 per share

- 2021-07: CHF 122.70 per share

- 2021-08: CHF 122.80 per share

- 2021-09: CHF 112.60 per share

- 2021-10: CHF 114.40 per share

- 2021-11: CHF 108.00 per share

- 2021-12: CHF 113.70 per share

- 2022-01: CHF 111.90 per share

- 2022-02: CHF 118.80 per share

- 2022-03: CHF 121.60 per share

- 2022-04: CHF 123.20 per share

- 2022-05: CHF 114.20 per share

- 2022-06: CHF 106.20 per share

- 2022-07: CHF 113.60 per share

- 2022-08: CHF 110.80 per share

- 2022-09: CHF 99.00 per share

- 2022-10: CHF 107.00 per share

- 2022-11: CHF 104.00 per share

- 2022-12: CHF 108.50 per share

- 2023-01: CHF 113.90 per share

- 2023-02: CHF 105.60 per share

- 2023-03: CHF 104.00 per share

- 2023-04: CHF 105.10 per share

- 2023-05: CHF 97.80 per share

- 2023-06: CHF 99.90 per share

- 2023-07: CHF 102.80 per share

- 2023-08: CHF 107.40 per share

- 2023-09: CHF 108.20 per share

- 2023-10: CHF 111.70 per share

- 2023-11: CHF 115.60 per share

- 2023-12: CHF 117.60 per share

- 2024-01: CHF 115.30 per share

- 2024-02: CHF 112.50 per share

- 2024-03: CHF 118.20 per share

- 2024-04: CHF 113.90 per share

- 2024-05: CHF 113.30 per share

- 2024-06: CHF 115.30 per share

- 2024-07: CHF 117.40 per share

- 2024-08: CHF 123.20 per share

- 2024-09: CHF 123.90 per share

- 2024-10: CHF 122.60 per share

- 2024-11: CHF 128.40 per share

- 2024-12: CHF 128.90 per share

- 2025-01: CHF 134.70 per share

- 2025-02: CHF 132.90 per share

- 2025-03: CHF 138.20 per share

- 2025-04: CHF 146.90 per share

- 2025-05: CHF 144.70 per share

- 2025-06: CHF 146.10 per share

- 2025-07: CHF 138.10 per share

- 2025-08: CHF 133.00 per share

- 2025-09: CHF 136.70 per share

- 2025-10: CHF 139.10 per share

- 2025-11: CHF 142.20 per share

- 2025-12: CHF 143.50 per share

- 2026-01: CHF 155.00 per share

- 2026-02: CHF 165.70 per share

- 2026-03: CHF 158.50 per share

- 2026-04: CHF 156.10 per share

- 2026-05: CHF 148.80 per share

- 2026-06: CHF 144.10 per share

- 2026-07: CHF 146.00 per share

- 2026-08: CHF 145.40 per share

- 2026-09: CHF 142.80 per share

- 2026-10: CHF 143.50 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 20.08 per share, central CHF 22.80 per share, high CHF 26.43 per share

- FY2017: low CHF 17.75 per share, central CHF 20.12 per share, high CHF 23.27 per share

- FY2018: low CHF 17.11 per share, central CHF 19.41 per share, high CHF 22.49 per share

- FY2019: low CHF 45.00 per share, central CHF 51.17 per share, high CHF 59.38 per share

- FY2020: low CHF 44.25 per share, central CHF 50.28 per share, high CHF 58.30 per share

- FY2021: low CHF 60.13 per share, central CHF 68.38 per share, high CHF 79.37 per share

- FY2022: low CHF 64.00 per share, central CHF 72.79 per share, high CHF 84.48 per share

- FY2023: low CHF 52.31 per share, central CHF 59.12 per share, high CHF 68.18 per share

- FY2024: low CHF 49.84 per share, central CHF 56.57 per share, high CHF 65.52 per share

- FY2025: low CHF 69.65 per share, central CHF 79.14 per share, high CHF 91.77 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 2026-10-15T06:42:07.077Z 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.

PSP Swiss Property AG

PSPN · SW

STOXX Europe 600

Not a wonderful business

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

Share price: CHF 145.70
Buy up to: CHF 106.38
Expected / yr: 8.1% 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 33.8% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 105.1%
Worst year: 51.9%
Latest · 2025: 82.0%

Capital return excluding acquisitions: median 4.2% (minimum 15%), and the second-worst year 2.8% (minimum 10%).

ROIC excluding acquisitions

10y median: 4.2%
Worst year: 2.6%
Latest · 2025: 2.8%

Each $1 of profit left $0.76 for owners over five years (minimum $0.80), and new investment earned 3.8% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.76×
Annual median: 0.75×
Latest · 2025: 0.84×

Per-share value rose from 4.09 to 8.17, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CHF 6.96
Worst year: CHF 2.94
Latest · 2025: CHF 8.91

Profits were backed by cash: accruals were 1.8% of assets (limit 10%).

Sloan accruals

10y median: 1.2%
Worst year: 3.2%
Latest · 2025: 1.8%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 113.0%, three-year average owner earnings per share 6.04 CHF.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CHF 88.50 · Value 22.80 · Buy at or below 22.80; 2016-11 · Price CHF 87.60 · Value 22.80 · Buy at or below 22.80; 2016-12 · Price CHF 88.00 · Value 22.80 · Buy at or below 22.80; 2017-01 · Price CHF 88.85 · Value 22.80 · Buy at or below 22.80; 2017-02 · Price CHF 93.60 · Value 20.12 · Buy at or below 20.12; 2017-03 · Price CHF 91.15 · Value 20.12 · Buy at or below 20.12; 2017-04 · Price CHF 89.20 · Value 20.12 · Buy at or below 20.12; 2017-05 · Price CHF 91.35 · Value 20.12 · Buy at or below 20.12; 2017-06 · Price CHF 89.60 · Value 20.12 · Buy at or below 20.12; 2017-07 · Price CHF 88.00 · Value 20.12 · Buy at or below 20.12; 2017-08 · Price CHF 88.00 · Value 20.12 · Buy at or below 20.12; 2017-09 · Price CHF 89.20 · Value 20.12 · Buy at or below 20.12; 2017-10 · Price CHF 87.80 · Value 20.12 · Buy at or below 20.12; 2017-11 · Price CHF 87.70 · Value 20.12 · Buy at or below 20.12; 2017-12 · Price CHF 92.35 · Value 20.12 · Buy at or below 20.12; 2018-01 · Price CHF 91.55 · Value 20.12 · Buy at or below 20.12; 2018-02 · Price CHF 89.75 · Value 19.41 · Buy at or below 19.41; 2018-03 · Price CHF 93.20 · Value 19.41 · Buy at or below 19.41; 2018-04 · Price CHF 92.85 · Value 19.41 · Buy at or below 19.41; 2018-05 · Price CHF 90.30 · Value 19.41 · Buy at or below 19.41; 2018-06 · Price CHF 92.00 · Value 19.41 · Buy at or below 19.41; 2018-07 · Price CHF 93.30 · Value 19.41 · Buy at or below 19.41; 2018-08 · Price CHF 96.30 · Value 19.41 · Buy at or below 19.41; 2018-09 · Price CHF 95.05 · Value 19.41 · Buy at or below 19.41; 2018-10 · Price CHF 97.25 · Value 19.41 · Buy at or below 19.41; 2018-11 · Price CHF 96.90 · Value 19.41 · Buy at or below 19.41; 2018-12 · Price CHF 96.85 · Value 19.41 · Buy at or below 19.41; 2019-01 · Price CHF 102.20 · Value 19.41 · Buy at or below 19.41; 2019-02 · Price CHF 101.60 · Value 51.17 · Buy at or below 51.17; 2019-03 · Price CHF 108.20 · Value 51.17 · Buy at or below 51.17; 2019-04 · Price CHF 104.00 · Value 51.17 · Buy at or below 51.17; 2019-05 · Price CHF 112.20 · Value 51.17 · Buy at or below 51.17; 2019-06 · Price CHF 114.10 · Value 51.17 · Buy at or below 51.17; 2019-07 · Price CHF 119.20 · Value 51.17 · Buy at or below 51.17; 2019-08 · Price CHF 131.50 · Value 51.17 · Buy at or below 51.17; 2019-09 · Price CHF 126.70 · Value 51.17 · Buy at or below 51.17; 2019-10 · Price CHF 130.50 · Value 51.17 · Buy at or below 51.17; 2019-11 · Price CHF 130.10 · Value 51.17 · Buy at or below 51.17; 2019-12 · Price CHF 133.60 · Value 51.17 · Buy at or below 51.17; 2020-01 · Price CHF 145.80 · Value 51.17 · Buy at or below 51.17; 2020-02 · Price CHF 142.60 · Value 50.28 · Buy at or below 50.28; 2020-03 · Price CHF 120.70 · Value 50.28 · Buy at or below 50.28; 2020-04 · Price CHF 112.20 · Value 50.28 · Buy at or below 50.28; 2020-05 · Price CHF 109.10 · Value 50.28 · Buy at or below 50.28; 2020-06 · Price CHF 106.70 · Value 50.28 · Buy at or below 50.28; 2020-07 · Price CHF 101.90 · Value 50.28 · Buy at or below 50.28; 2020-08 · Price CHF 107.90 · Value 50.28 · Buy at or below 50.28; 2020-09 · Price CHF 111.50 · Value 50.28 · Buy at or below 50.28; 2020-10 · Price CHF 110.90 · Value 50.28 · Buy at or below 50.28; 2020-11 · Price CHF 110.70 · Value 50.28 · Buy at or below 50.28; 2020-12 · Price CHF 118.30 · Value 50.28 · Buy at or below 50.28; 2021-01 · Price CHF 114.10 · Value 50.28 · Buy at or below 50.28; 2021-02 · Price CHF 108.40 · Value 68.38 · Buy at or below 68.38; 2021-03 · Price CHF 115.20 · Value 68.38 · Buy at or below 68.38; 2021-04 · Price CHF 112.60 · Value 68.38 · Buy at or below 68.38; 2021-05 · Price CHF 117.20 · Value 68.38 · Buy at or below 68.38; 2021-06 · Price CHF 117.50 · Value 68.38 · Buy at or below 68.38; 2021-07 · Price CHF 122.70 · Value 68.38 · Buy at or below 68.38; 2021-08 · Price CHF 122.80 · Value 68.38 · Buy at or below 68.38; 2021-09 · Price CHF 112.60 · Value 68.38 · Buy at or below 68.38; 2021-10 · Price CHF 114.40 · Value 68.38 · Buy at or below 68.38; 2021-11 · Price CHF 108.00 · Value 68.38 · Buy at or below 68.38; 2021-12 · Price CHF 113.70 · Value 68.38 · Buy at or below 68.38; 2022-01 · Price CHF 111.90 · Value 68.38 · Buy at or below 68.38; 2022-02 · Price CHF 118.80 · Value 72.79 · Buy at or below 72.79; 2022-03 · Price CHF 121.60 · Value 72.79 · Buy at or below 72.79; 2022-04 · Price CHF 123.20 · Value 72.79 · Buy at or below 72.79; 2022-05 · Price CHF 114.20 · Value 72.79 · Buy at or below 72.79; 2022-06 · Price CHF 106.20 · Value 72.79 · Buy at or below 72.79; 2022-07 · Price CHF 113.60 · Value 72.79 · Buy at or below 72.79; 2022-08 · Price CHF 110.80 · Value 72.79 · Buy at or below 72.79; 2022-09 · Price CHF 99.00 · Value 72.79 · Buy at or below 72.79; 2022-10 · Price CHF 107.00 · Value 72.79 · Buy at or below 72.79; 2022-11 · Price CHF 104.00 · Value 72.79 · Buy at or below 72.79; 2022-12 · Price CHF 108.50 · Value 72.79 · Buy at or below 72.79; 2023-01 · Price CHF 113.90 · Value 72.79 · Buy at or below 72.79; 2023-02 · Price CHF 105.60 · Value 59.12 · Buy at or below 59.12; 2023-03 · Price CHF 104.00 · Value 59.12 · Buy at or below 59.12; 2023-04 · Price CHF 105.10 · Value 59.12 · Buy at or below 59.12; 2023-05 · Price CHF 97.80 · Value 59.12 · Buy at or below 59.12; 2023-06 · Price CHF 99.90 · Value 59.12 · Buy at or below 59.12; 2023-07 · Price CHF 102.80 · Value 59.12 · Buy at or below 59.12; 2023-08 · Price CHF 107.40 · Value 59.12 · Buy at or below 59.12; 2023-09 · Price CHF 108.20 · Value 59.12 · Buy at or below 59.12; 2023-10 · Price CHF 111.70 · Value 59.12 · Buy at or below 59.12; 2023-11 · Price CHF 115.60 · Value 59.12 · Buy at or below 59.12; 2023-12 · Price CHF 117.60 · Value 59.12 · Buy at or below 59.12; 2024-01 · Price CHF 115.30 · Value 59.12 · Buy at or below 59.12; 2024-02 · Price CHF 112.50 · Value 56.57 · Buy at or below 56.57; 2024-03 · Price CHF 118.20 · Value 56.57 · Buy at or below 56.57; 2024-04 · Price CHF 113.90 · Value 56.57 · Buy at or below 56.57; 2024-05 · Price CHF 113.30 · Value 56.57 · Buy at or below 56.57; 2024-06 · Price CHF 115.30 · Value 56.57 · Buy at or below 56.57; 2024-07 · Price CHF 117.40 · Value 56.57 · Buy at or below 56.57; 2024-08 · Price CHF 123.20 · Value 56.57 · Buy at or below 56.57; 2024-09 · Price CHF 123.90 · Value 56.57 · Buy at or below 56.57; 2024-10 · Price CHF 122.60 · Value 56.57 · Buy at or below 56.57; 2024-11 · Price CHF 128.40 · Value 56.57 · Buy at or below 56.57; 2024-12 · Price CHF 128.90 · Value 56.57 · Buy at or below 56.57; 2025-01 · Price CHF 134.70 · Value 56.57 · Buy at or below 56.57; 2025-02 · Price CHF 132.90 · Value 79.14 · Buy at or below 79.14; 2025-03 · Price CHF 138.20 · Value 79.14 · Buy at or below 79.14; 2025-04 · Price CHF 146.90 · Value 79.14 · Buy at or below 79.14; 2025-05 · Price CHF 144.70 · Value 79.14 · Buy at or below 79.14; 2025-06 · Price CHF 146.10 · Value 79.14 · Buy at or below 79.14; 2025-07 · Price CHF 138.10 · Value 79.14 · Buy at or below 79.14; 2025-08 · Price CHF 133.00 · Value 79.14 · Buy at or below 79.14; 2025-09 · Price CHF 136.70 · Value 79.14 · Buy at or below 79.14; 2025-10 · Price CHF 139.10 · Value 79.14 · Buy at or below 79.14; 2025-11 · Price CHF 142.20 · Value 79.14 · Buy at or below 79.14; 2025-12 · Price CHF 143.50 · Value 79.14 · Buy at or below 79.14; 2026-01 · Price CHF 155.00 · Value 79.14 · Buy at or below 79.14; 2026-02 · Price CHF 165.70 · Value 106.38 · Buy at or below 106.38; 2026-03 · Price CHF 158.50 · Value 106.38 · Buy at or below 106.38; 2026-04 · Price CHF 156.10 · Value 106.38 · Buy at or below 106.38; 2026-05 · Price CHF 148.80 · Value 106.38 · Buy at or below 106.38; 2026-06 · Price CHF 144.10 · Value 106.38 · Buy at or below 106.38; 2026-07 · Price CHF 146.00 · Value 106.38 · Buy at or below 106.38; 2026-08 · Price CHF 145.40 · Value 106.38 · Buy at or below 106.38; 2026-09 · Price CHF 142.80 · Value 106.38 · Buy at or below 106.38; 2026-10 · Price CHF 143.50 · Value 106.38 · Buy at or below 106.38; 2026-10 · Price CHF 145.70 · Value 106.38 · Buy at or below 106.38

CHF per share · annual estimates

Price & return math
Value range	CHF 93.56 – CHF 123.43
Buy at or below	Central value CHF 106.38
Discount to value	1 − 145.70 / 106.38 = -37.0%
Return / year	About 8.1% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CHF 8.50/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash CHF 0.64/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCHF 376M

Revenue

Owner earningsCHF 341M

Owner earnings

Operating margin82.0%

Operating margin

Net cash / debtCHF -3.3B

Net cash / debt

Diluted shares46M

Diluted shares

Prices 15 Oct 2026 · FY2025