# SGS (SGSN.SW)

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

Analysis as of: 2026-10-16T07:34:35.703Z. Financial observations: FY2000–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 98.70 per share; close as of 2026-10-15.

Estimated value: low CHF 51.40 per share, central CHF 65.30 per share, high CHF 75.48 per share. Buy at or below the central value CHF 65.30 per share. Valuation as of 2026-10-16T07:34:35.703Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% 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

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.06×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.15×

- FY2018: 0.14×

- FY2019: 0.15×

- FY2020: 0.16×

- FY2021: 0.16×

- FY2022: 0.15×

- FY2023: 0.13×

- FY2024: 0.13×

- FY2025: 0.15×

### moat: pass

- ROIC, median of available years: 40.9%

- ROIC, second-lowest year: 39.5%

- Typical minus recent gross margin: -46.0 pp

- Typical gross margin (annual median): 39.9%

- Recent gross margin (lower of latest and 3-year median): 85.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.6%

- ROIC including acquisitions, ten-year median: 19.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 48.9%

- FY2017: 52.1%

- FY2018: 59.8%

- FY2019: 40.6%

- FY2020: 40.5%

- FY2021: 43.3%

- FY2022: 41.1%

- FY2023: 39.5%

- FY2024: 39.6%

- FY2025: 38.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.12×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 3.4B

- Net income, five-year total: CHF 3.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -4.9 pp

- Working capital / revenue, final three-year average: 16.1%

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

- FY2021: 1.05×

- FY2022: 1.08×

- FY2023: 1.14×

- FY2024: 1.18×

- FY2025: 1.15×

### 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: 52.1% vs 39.5%

- Per-share earnings: 2.89 to 3.08 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: 0.7%

- Market cap gain: CHF 2.5B

- Cumulative retained earnings: CHF -362M

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.8%

- Per-share value change: CHF 0.19

- Per-share value, starting three-year median: CHF 2.89

- Per-share value, ending three-year median: CHF 3.08

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 0.8%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: CHF 2.7B

- Cumulative net income, 10 years: CHF 6.0B

- ROIC, first three-year median: 52.1%

- ROIC, last three-year median: 39.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 2.86

- FY2017: CHF 3.33

- FY2018: CHF 3.37

- FY2019: CHF 3.50

- FY2020: CHF 2.57

- FY2021: CHF 3.27

- FY2022: CHF 3.14

- FY2023: CHF 2.99

- FY2024: CHF 3.08

- FY2025: CHF 3.46

### accounting: pass

- Sloan accruals: -7.0%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.83×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.46×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.8%

- FY2017: -6.2%

- FY2018: -7.1%

- FY2019: -6.7%

- FY2020: -9.5%

- FY2021: -7.2%

- FY2022: -5.6%

- FY2023: -8.4%

- FY2024: -9.5%

- FY2025: -7.0%

## Holders

## Price story

Price needs cash profits to grow 10.2% a year for ten years · sales +2.2%

Story as of 2026-10-16T10:00:01.472Z; price observation 2026-10-15.

Price needs cash profits to grow 10.2% a year for ten years

### Sales · FY2024–2025

sales +2.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 6.0B 

- FY2017: CHF 6.3B 

- FY2018: CHF 6.7B 

- FY2019: CHF 6.6B 

- FY2020: CHF 5.6B 

- FY2021: CHF 6.4B 

- FY2022: CHF 6.6B 

- FY2023: CHF 6.6B 

- FY2024: CHF 6.8B 

- FY2025: CHF 6.9B 

### Gross margin · FY2025

gross margin 85.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 43.6% 

- FY2017: 43.5% 

- FY2018: 43.2% 

- FY2019: 35.9% 

- FY2020: 35.8% 

- FY2021: 36.6% 

- FY2022: 36.3% 

- FY2023: 35.7% 

- FY2024: 85.9% 

- FY2025: 85.9% 

## Owner memo

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

### How it makes money

Operates in consulting services; annual sales are CHF 6.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.703Z); FY2025: revenue 6945000000; grossProfit 5968000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SGSN.SW: SGS SA operates as a testing, inspection, and certification company in the Asia Pacific, Europe, North America, Eastern Europe, the Middle East and Africa, and America. It operates in two segments, Testing & Inspection and Certification. The company offers testing services, such as crop production testing, agricultural commodities testing, field studies, laboratory studies, seed quality control, and seed research and development; and inspection services, including draft survey and marine services, e-certificates, loading and discharge supervision, pre-shipment inspection, quality and quantity inspection, and tally. It also provides consulting, digital trust assurance, medical devices regulatory compliance, product certification, supply chain assurance, sustainability assurance, and verification and assurance, as well as assessment, auditing, and certification services; and professional training services. The company serves agriculture and forestry, building and infrastructure, consumer products and retail, cosmetics and personal care, cybersecurity and technology, environmental, health and safety, food, government and trade facilitation, industrial manufacturing and processing, MedTech, mining, oil, gas and chemicals, pharma, power and utilities, and transportation industries. SGS SA was founded in 1878 and is headquartered in Baar, Switzerland.

### Why customers stay

Margins ranged from 35.7% to 85.9% during 2023–25; it earns 40.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.703Z); FY2023: grossProfit / revenue = 35.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.703Z); FY2024: grossProfit / revenue = 85.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.703Z); FY2025: grossProfit / revenue = 85.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.703Z); 10-year return on capital observations [[2016,0.48934847111916563],[2017,0.5211153708174234],[2018,0.5979002213824102],[2019,0.4058589032394158],[2020,0.40503012274616346],[2021,0.4331537809929166],[2022,0.41139348962725586],[2023,0.39458888878885817],[2024,0.39611651574510565],[2025,0.38227453553705454]]; median 0.40862619643333586. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 36% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.703Z); Gross margin observations: [[2021,0.365807962529274],[2022,0.3626919602529359],[2023,0.35653881002718213]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CHF 100 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.703Z); FY2016: growth capex 0; upkeep 289000000; owner earnings 559000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.703Z); FY2017: growth capex 0; upkeep 298000000; owner earnings 632000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.703Z); FY2018: growth capex 0; upkeep 304000000; owner earnings 655000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.703Z); FY2019: growth capex 0; upkeep 290000000; owner earnings 728200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.703Z); FY2020: growth capex 0; upkeep 263000000; owner earnings 541800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.703Z); FY2021: growth capex 0; upkeep 338000000; owner earnings 644800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.703Z); FY2022: growth capex 0; upkeep 332000000; owner earnings 634853333.3333334. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.703Z); FY2023: growth capex 0; upkeep 298000000; owner earnings 630438525.9631491. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.703Z); FY2024: growth capex 0; upkeep 251000000; owner earnings 687400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.703Z); FY2025: growth capex 0; upkeep 255000000; owner earnings 767000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.703Z); Dividend observations: [[2016,517000000],[2017,528000000],[2018,573000000],[2019,589000000],[2020,598000000],[2021,599000000],[2022,599000000],[2023,590000000],[2024,207000000],[2025,222000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.703Z); FY2025: cash repurchases 100000000 CHF.

### Are managers owners

Insiders own 14.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SGSN.SW SharesStats.PercentInsiders = 14.262 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.2% yearly over ten years; actual growth was 3.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.703Z); Ten-year compound average after fade. Initial solved rate 0.1754007240431225. Price 98.7; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.706964520367937 → FY2025 3.9715559955738122. Closing-price date 2026-10-15.

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

- 2016-11: CHF 78.46 per share

- 2016-12: CHF 79.58 per share

- 2017-01: CHF 80.34 per share

- 2017-02: CHF 82.00 per share

- 2017-03: CHF 82.07 per share

- 2017-04: CHF 85.99 per share

- 2017-05: CHF 88.52 per share

- 2017-06: CHF 89.18 per share

- 2017-07: CHF 82.11 per share

- 2017-08: CHF 82.30 per share

- 2017-09: CHF 89.22 per share

- 2017-10: CHF 94.63 per share

- 2017-11: CHF 93.40 per share

- 2017-12: CHF 97.59 per share

- 2018-01: CHF 96.13 per share

- 2018-02: CHF 92.44 per share

- 2018-03: CHF 90.18 per share

- 2018-04: CHF 92.83 per share

- 2018-05: CHF 97.90 per share

- 2018-06: CHF 101.47 per share

- 2018-07: CHF 99.32 per share

- 2018-08: CHF 98.05 per share

- 2018-09: CHF 99.24 per share

- 2018-10: CHF 91.87 per share

- 2018-11: CHF 90.87 per share

- 2018-12: CHF 84.88 per share

- 2019-01: CHF 91.98 per share

- 2019-02: CHF 97.74 per share

- 2019-03: CHF 95.21 per share

- 2019-04: CHF 103.27 per share

- 2019-05: CHF 97.36 per share

- 2019-06: CHF 95.51 per share

- 2019-07: CHF 94.48 per share

- 2019-08: CHF 93.33 per share

- 2019-09: CHF 95.02 per share

- 2019-10: CHF 98.63 per share

- 2019-11: CHF 99.93 per share

- 2019-12: CHF 101.81 per share

- 2020-01: CHF 107.19 per share

- 2020-02: CHF 92.10 per share

- 2020-03: CHF 86.11 per share

- 2020-04: CHF 83.92 per share

- 2020-05: CHF 86.60 per share

- 2020-06: CHF 88.91 per share

- 2020-07: CHF 91.83 per share

- 2020-08: CHF 89.79 per share

- 2020-09: CHF 94.82 per share

- 2020-10: CHF 87.99 per share

- 2020-11: CHF 99.43 per share

- 2020-12: CHF 102.54 per share

- 2021-01: CHF 104.04 per share

- 2021-02: CHF 99.66 per share

- 2021-03: CHF 102.97 per share

- 2021-04: CHF 103.70 per share

- 2021-05: CHF 107.65 per share

- 2021-06: CHF 109.61 per share

- 2021-07: CHF 112.64 per share

- 2021-08: CHF 110.53 per share

- 2021-09: CHF 104.69 per share

- 2021-10: CHF 104.00 per share

- 2021-11: CHF 106.65 per share

- 2021-12: CHF 117.02 per share

- 2022-01: CHF 100.81 per share

- 2022-02: CHF 101.20 per share

- 2022-03: CHF 98.93 per share

- 2022-04: CHF 96.86 per share

- 2022-05: CHF 91.41 per share

- 2022-06: CHF 83.92 per share

- 2022-07: CHF 88.91 per share

- 2022-08: CHF 82.80 per share

- 2022-09: CHF 81.61 per share

- 2022-10: CHF 84.84 per share

- 2022-11: CHF 84.49 per share

- 2022-12: CHF 82.57 per share

- 2023-01: CHF 85.45 per share

- 2023-02: CHF 82.88 per share

- 2023-03: CHF 77.23 per share

- 2023-04: CHF 77.35 per share

- 2023-05: CHF 77.62 per share

- 2023-06: CHF 81.19 per share

- 2023-07: CHF 81.07 per share

- 2023-08: CHF 77.18 per share

- 2023-09: CHF 73.95 per share

- 2023-10: CHF 71.03 per share

- 2023-11: CHF 71.34 per share

- 2023-12: CHF 69.65 per share

- 2024-01: CHF 76.85 per share

- 2024-02: CHF 81.42 per share

- 2024-03: CHF 84.01 per share

- 2024-04: CHF 81.06 per share

- 2024-05: CHF 84.00 per share

- 2024-06: CHF 80.00 per share

- 2024-07: CHF 96.10 per share

- 2024-08: CHF 94.64 per share

- 2024-09: CHF 94.34 per share

- 2024-10: CHF 91.50 per share

- 2024-11: CHF 87.48 per share

- 2024-12: CHF 90.88 per share

- 2025-01: CHF 88.52 per share

- 2025-02: CHF 92.60 per share

- 2025-03: CHF 87.92 per share

- 2025-04: CHF 80.72 per share

- 2025-05: CHF 85.78 per share

- 2025-06: CHF 80.50 per share

- 2025-07: CHF 82.80 per share

- 2025-08: CHF 81.56 per share

- 2025-09: CHF 82.48 per share

- 2025-10: CHF 90.62 per share

- 2025-11: CHF 92.16 per share

- 2025-12: CHF 90.86 per share

- 2026-01: CHF 92.80 per share

- 2026-02: CHF 97.00 per share

- 2026-03: CHF 84.10 per share

- 2026-04: CHF 84.64 per share

- 2026-05: CHF 88.88 per share

- 2026-06: CHF 93.72 per share

- 2026-07: CHF 95.78 per share

- 2026-08: CHF 92.76 per share

- 2026-09: CHF 95.32 per share

- 2026-10: CHF 97.50 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 41.30 per share, central CHF 49.43 per share, high CHF 56.86 per share

- FY2017: low CHF 46.60 per share, central CHF 55.74 per share, high CHF 63.87 per share

- FY2018: low CHF 45.96 per share, central CHF 51.12 per share, high CHF 58.00 per share

- FY2019: low CHF 45.57 per share, central CHF 52.28 per share, high CHF 59.65 per share

- FY2020: low CHF 40.95 per share, central CHF 45.36 per share, high CHF 51.24 per share

- FY2021: low CHF 44.38 per share, central CHF 49.50 per share, high CHF 56.32 per share

- FY2022: low CHF 45.24 per share, central CHF 50.45 per share, high CHF 57.39 per share

- FY2023: low CHF 45.02 per share, central CHF 50.23 per share, high CHF 57.18 per share

- FY2024: low CHF 43.69 per share, central CHF 48.94 per share, high CHF 55.91 per share

- FY2025: low CHF 58.33 per share, central CHF 72.56 per share, high CHF 82.98 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.

SGS

SGSN · SW

STOXX Europe 600

A wonderful business at too high a price

Passes the quality tests.

Share price: CHF 98.70
Buy up to: CHF 65.30
Expected / yr: 7.5% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 6.1% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 14.5%
Worst year: 13.3%
Latest · 2025: 14.6%

Capital return excluding acquisitions: median 40.9% (minimum 15%), and the second-worst year 39.5% (minimum 10%).

ROIC excluding acquisitions

10y median: 40.9%
Worst year: 38.2%
Latest · 2025: 38.2%

Each $1 of profit left $1.12 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.12×
Annual median: 1.14×
Latest · 2025: 1.15×

Per-share value rose from 2.89 to 3.08, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CHF 3.20
Worst year: CHF 2.57
Latest · 2025: CHF 3.46

Profits were backed by cash: accruals were -7% of assets (limit 10%).

Sloan accruals

10y median: -7.2%
Worst year: -5.6%
Latest · 2025: -7.0%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 14.5%, three-year average owner earnings per share 3.67 CHF.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price CHF 78.46 · Value 49.43 · Buy at or below 49.43; 2016-12 · Price CHF 79.58 · Value 49.43 · Buy at or below 49.43; 2017-01 · Price CHF 80.34 · Value 49.43 · Buy at or below 49.43; 2017-02 · Price CHF 82.00 · Value 55.74 · Buy at or below 55.74; 2017-03 · Price CHF 82.07 · Value 55.74 · Buy at or below 55.74; 2017-04 · Price CHF 85.99 · Value 55.74 · Buy at or below 55.74; 2017-05 · Price CHF 88.52 · Value 55.74 · Buy at or below 55.74; 2017-06 · Price CHF 89.18 · Value 55.74 · Buy at or below 55.74; 2017-07 · Price CHF 82.11 · Value 55.74 · Buy at or below 55.74; 2017-08 · Price CHF 82.30 · Value 55.74 · Buy at or below 55.74; 2017-09 · Price CHF 89.22 · Value 55.74 · Buy at or below 55.74; 2017-10 · Price CHF 94.63 · Value 55.74 · Buy at or below 55.74; 2017-11 · Price CHF 93.40 · Value 55.74 · Buy at or below 55.74; 2017-12 · Price CHF 97.59 · Value 55.74 · Buy at or below 55.74; 2018-01 · Price CHF 96.13 · Value 55.74 · Buy at or below 55.74; 2018-02 · Price CHF 92.44 · Value 51.12 · Buy at or below 51.12; 2018-03 · Price CHF 90.18 · Value 51.12 · Buy at or below 51.12; 2018-04 · Price CHF 92.83 · Value 51.12 · Buy at or below 51.12; 2018-05 · Price CHF 97.90 · Value 51.12 · Buy at or below 51.12; 2018-06 · Price CHF 101.47 · Value 51.12 · Buy at or below 51.12; 2018-07 · Price CHF 99.32 · Value 51.12 · Buy at or below 51.12; 2018-08 · Price CHF 98.05 · Value 51.12 · Buy at or below 51.12; 2018-09 · Price CHF 99.24 · Value 51.12 · Buy at or below 51.12; 2018-10 · Price CHF 91.87 · Value 51.12 · Buy at or below 51.12; 2018-11 · Price CHF 90.87 · Value 51.12 · Buy at or below 51.12; 2018-12 · Price CHF 84.88 · Value 51.12 · Buy at or below 51.12; 2019-01 · Price CHF 91.98 · Value 51.12 · Buy at or below 51.12; 2019-02 · Price CHF 97.74 · Value 52.28 · Buy at or below 52.28; 2019-03 · Price CHF 95.21 · Value 52.28 · Buy at or below 52.28; 2019-04 · Price CHF 103.27 · Value 52.28 · Buy at or below 52.28; 2019-05 · Price CHF 97.36 · Value 52.28 · Buy at or below 52.28; 2019-06 · Price CHF 95.51 · Value 52.28 · Buy at or below 52.28; 2019-07 · Price CHF 94.48 · Value 52.28 · Buy at or below 52.28; 2019-08 · Price CHF 93.33 · Value 52.28 · Buy at or below 52.28; 2019-09 · Price CHF 95.02 · Value 52.28 · Buy at or below 52.28; 2019-10 · Price CHF 98.63 · Value 52.28 · Buy at or below 52.28; 2019-11 · Price CHF 99.93 · Value 52.28 · Buy at or below 52.28; 2019-12 · Price CHF 101.81 · Value 52.28 · Buy at or below 52.28; 2020-01 · Price CHF 107.19 · Value 52.28 · Buy at or below 52.28; 2020-02 · Price CHF 92.10 · Value 45.36 · Buy at or below 45.36; 2020-03 · Price CHF 86.11 · Value 45.36 · Buy at or below 45.36; 2020-04 · Price CHF 83.92 · Value 45.36 · Buy at or below 45.36; 2020-05 · Price CHF 86.60 · Value 45.36 · Buy at or below 45.36; 2020-06 · Price CHF 88.91 · Value 45.36 · Buy at or below 45.36; 2020-07 · Price CHF 91.83 · Value 45.36 · Buy at or below 45.36; 2020-08 · Price CHF 89.79 · Value 45.36 · Buy at or below 45.36; 2020-09 · Price CHF 94.82 · Value 45.36 · Buy at or below 45.36; 2020-10 · Price CHF 87.99 · Value 45.36 · Buy at or below 45.36; 2020-11 · Price CHF 99.43 · Value 45.36 · Buy at or below 45.36; 2020-12 · Price CHF 102.54 · Value 45.36 · Buy at or below 45.36; 2021-01 · Price CHF 104.04 · Value 45.36 · Buy at or below 45.36; 2021-02 · Price CHF 99.66 · Value 49.50 · Buy at or below 49.50; 2021-03 · Price CHF 102.97 · Value 49.50 · Buy at or below 49.50; 2021-04 · Price CHF 103.70 · Value 49.50 · Buy at or below 49.50; 2021-05 · Price CHF 107.65 · Value 49.50 · Buy at or below 49.50; 2021-06 · Price CHF 109.61 · Value 49.50 · Buy at or below 49.50; 2021-07 · Price CHF 112.64 · Value 49.50 · Buy at or below 49.50; 2021-08 · Price CHF 110.53 · Value 49.50 · Buy at or below 49.50; 2021-09 · Price CHF 104.69 · Value 49.50 · Buy at or below 49.50; 2021-10 · Price CHF 104.00 · Value 49.50 · Buy at or below 49.50; 2021-11 · Price CHF 106.65 · Value 49.50 · Buy at or below 49.50; 2021-12 · Price CHF 117.02 · Value 49.50 · Buy at or below 49.50; 2022-01 · Price CHF 100.81 · Value 49.50 · Buy at or below 49.50; 2022-02 · Price CHF 101.20 · Value 50.45 · Buy at or below 50.45; 2022-03 · Price CHF 98.93 · Value 50.45 · Buy at or below 50.45; 2022-04 · Price CHF 96.86 · Value 50.45 · Buy at or below 50.45; 2022-05 · Price CHF 91.41 · Value 50.45 · Buy at or below 50.45; 2022-06 · Price CHF 83.92 · Value 50.45 · Buy at or below 50.45; 2022-07 · Price CHF 88.91 · Value 50.45 · Buy at or below 50.45; 2022-08 · Price CHF 82.80 · Value 50.45 · Buy at or below 50.45; 2022-09 · Price CHF 81.61 · Value 50.45 · Buy at or below 50.45; 2022-10 · Price CHF 84.84 · Value 50.45 · Buy at or below 50.45; 2022-11 · Price CHF 84.49 · Value 50.45 · Buy at or below 50.45; 2022-12 · Price CHF 82.57 · Value 50.45 · Buy at or below 50.45; 2023-01 · Price CHF 85.45 · Value 50.45 · Buy at or below 50.45; 2023-02 · Price CHF 82.88 · Value 50.23 · Buy at or below 50.23; 2023-03 · Price CHF 77.23 · Value 50.23 · Buy at or below 50.23; 2023-04 · Price CHF 77.35 · Value 50.23 · Buy at or below 50.23; 2023-05 · Price CHF 77.62 · Value 50.23 · Buy at or below 50.23; 2023-06 · Price CHF 81.19 · Value 50.23 · Buy at or below 50.23; 2023-07 · Price CHF 81.07 · Value 50.23 · Buy at or below 50.23; 2023-08 · Price CHF 77.18 · Value 50.23 · Buy at or below 50.23; 2023-09 · Price CHF 73.95 · Value 50.23 · Buy at or below 50.23; 2023-10 · Price CHF 71.03 · Value 50.23 · Buy at or below 50.23; 2023-11 · Price CHF 71.34 · Value 50.23 · Buy at or below 50.23; 2023-12 · Price CHF 69.65 · Value 50.23 · Buy at or below 50.23; 2024-01 · Price CHF 76.85 · Value 50.23 · Buy at or below 50.23; 2024-02 · Price CHF 81.42 · Value 48.94 · Buy at or below 48.94; 2024-03 · Price CHF 84.01 · Value 48.94 · Buy at or below 48.94; 2024-04 · Price CHF 81.06 · Value 48.94 · Buy at or below 48.94; 2024-05 · Price CHF 84.00 · Value 48.94 · Buy at or below 48.94; 2024-06 · Price CHF 80.00 · Value 48.94 · Buy at or below 48.94; 2024-07 · Price CHF 96.10 · Value 48.94 · Buy at or below 48.94; 2024-08 · Price CHF 94.64 · Value 48.94 · Buy at or below 48.94; 2024-09 · Price CHF 94.34 · Value 48.94 · Buy at or below 48.94; 2024-10 · Price CHF 91.50 · Value 48.94 · Buy at or below 48.94; 2024-11 · Price CHF 87.48 · Value 48.94 · Buy at or below 48.94; 2024-12 · Price CHF 90.88 · Value 48.94 · Buy at or below 48.94; 2025-01 · Price CHF 88.52 · Value 48.94 · Buy at or below 48.94; 2025-02 · Price CHF 92.60 · Value 72.56 · Buy at or below 72.56; 2025-03 · Price CHF 87.92 · Value 72.56 · Buy at or below 72.56; 2025-04 · Price CHF 80.72 · Value 72.56 · Buy at or below 72.56; 2025-05 · Price CHF 85.78 · Value 72.56 · Buy at or below 72.56; 2025-06 · Price CHF 80.50 · Value 72.56 · Buy at or below 72.56; 2025-07 · Price CHF 82.80 · Value 72.56 · Buy at or below 72.56; 2025-08 · Price CHF 81.56 · Value 72.56 · Buy at or below 72.56; 2025-09 · Price CHF 82.48 · Value 72.56 · Buy at or below 72.56; 2025-10 · Price CHF 90.62 · Value 72.56 · Buy at or below 72.56; 2025-11 · Price CHF 92.16 · Value 72.56 · Buy at or below 72.56; 2025-12 · Price CHF 90.86 · Value 72.56 · Buy at or below 72.56; 2026-01 · Price CHF 92.80 · Value 72.56 · Buy at or below 72.56; 2026-02 · Price CHF 97.00 · Value 65.30 · Buy at or below 65.30; 2026-03 · Price CHF 84.10 · Value 65.30 · Buy at or below 65.30; 2026-04 · Price CHF 84.64 · Value 65.30 · Buy at or below 65.30; 2026-05 · Price CHF 88.88 · Value 65.30 · Buy at or below 65.30; 2026-06 · Price CHF 93.72 · Value 65.30 · Buy at or below 65.30; 2026-07 · Price CHF 95.78 · Value 65.30 · Buy at or below 65.30; 2026-08 · Price CHF 92.76 · Value 65.30 · Buy at or below 65.30; 2026-09 · Price CHF 95.32 · Value 65.30 · Buy at or below 65.30; 2026-10 · Price CHF 97.50 · Value 65.30 · Buy at or below 65.30; 2026-10 · Price CHF 98.70 · Value 65.30 · Buy at or below 65.30

CHF per share · annual estimates

Price & return math
Value range	CHF 51.40 – CHF 75.48
Buy at or below	Central value CHF 65.30
Discount to value	1 − 98.70 / 65.30 = -51.1%
Return / year	About 7.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CHF 3.54/share; 6.4% growth fades over 10 years to 3.0%; excess cash CHF 5.47/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCHF 6.9B

Revenue

Owner earningsCHF 767M

Owner earnings

Operating margin14.6%

Operating margin

Net cash / debtCHF -3.0B

Net cash / debt

Diluted shares193M

Diluted shares

Prices 15 Oct 2026 · FY2025