# Swiss Prime Site AG (SPSN.SW)

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

Analysis as of: 2026-10-16T07:35:36.420Z. 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 122.60 per share; close as of 2026-10-15.

Estimated value: low CHF 44.07 per share, central CHF 50.13 per share, high CHF 58.21 per share. Buy at or below the central value CHF 50.13 per share. Valuation as of 2026-10-16T07:35:36.420Z; scenarios are not confidence intervals.

Expected annual return: 5.8% at the stated quote. About 5.8% 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

- FY2023 operating-margin dip fully recovered the next year and stayed recovered; holding that year at the preceding margin meets the existing variation limit. Raw variation still determines the price discount.

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.38×

- One fully recovered margin dip: Yes

- Variation with recovered dip held at prior margin: 0.33

- Recovered dip fiscal year: FY2023

Chart: Operating margin; fiscal year observations.

- FY2016: 0.36×

- FY2017: 0.35×

- FY2018: 0.34×

- FY2019: 0.33×

- FY2020: 0.42×

- FY2021: 0.49×

- FY2022: 0.50×

- FY2023: 0.23×

- FY2024: 0.81×

- FY2025: 0.73×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 2.9%

- ROIC, second-lowest year: 2.2%

- Typical minus recent gross margin: -3.5 pp

- Typical gross margin (annual median): 76.2%

- Recent gross margin (lower of latest and 3-year median): 79.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.6%

- ROIC including acquisitions, ten-year median: 3.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.7%

- FY2017: 3.3%

- FY2018: 3.2%

- FY2019: 4.0%

- FY2020: 2.6%

- FY2021: 2.4%

- FY2022: 2.2%

- FY2023: 1.3%

- FY2024: 3.6%

- FY2025: 2.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 1.7B

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

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -4.5 pp

- Working capital / revenue, final three-year average: 7.6%

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

- FY2021: 0.89×

- FY2022: 0.93×

- FY2023: 0.78×

- FY2024: 0.87×

- FY2025: 0.89×

### 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: 3.3% vs 2.5%

- Per-share earnings: 4.23 to 4.64 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.1%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: CHF 3.7B

- Cumulative retained earnings: CHF 3.2B

- Diluted shares, 10-year annual growth: 1.1%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 1.2%

- Per-share value change: CHF 0.41

- Per-share value, starting three-year median: CHF 4.23

- Per-share value, ending three-year median: CHF 4.64

- Buybacks concentrated in cheaper years (correlation): -0.04

- Average buyback yield: 0.0%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: CHF 530M

- Cumulative net income, 10 years: CHF 4.0B

- ROIC, first three-year median: 3.3%

- ROIC, last three-year median: 2.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 4.23

- FY2017: CHF 4.13

- FY2018: CHF 3.92

- FY2019: CHF 7.47

- FY2020: CHF 7.51

- FY2021: CHF 6.14

- FY2022: CHF 4.93

- FY2023: CHF 3.08

- FY2024: CHF 4.64

- FY2025: CHF 4.77

### accounting: pass

- Sloan accruals: 0.6%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.79×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.3%

- FY2017: -1.4%

- FY2018: -0.2%

- FY2019: 2.2%

- FY2020: 3.0%

- FY2021: 1.0%

- FY2022: 0.6%

- FY2023: -1.4%

- FY2024: -0.3%

- FY2025: 0.6%

## Holders

## Price story

Price needs cash profits to grow 12.2% a year for ten years · sales -16.1%

Story as of 2026-10-16T10:00:05.647Z; price observation 2026-10-15.

Price needs cash profits to grow 12.2% a year for ten years

### Sales · FY2024–2025

sales -16.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 1.1B 

- FY2017: CHF 1.1B 

- FY2018: CHF 1.2B 

- FY2019: CHF 1.3B 

- FY2020: CHF 793M 

- FY2021: CHF 750M 

- FY2022: CHF 647M 

- FY2023: CHF 654M 

- FY2024: CHF 660M 

- FY2025: CHF 553M 

### Gross margin · FY2025

gross margin 86.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 76.3% 

- FY2017: 76.1% 

- FY2018: 74.1% 

- FY2019: 73.9% 

- FY2020: 75.9% 

- FY2021: 78.0% 

- FY2022: 68.4% 

- FY2023: 76.4% 

- FY2024: 79.6% 

- FY2025: 86.6% 

## Owner memo

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

### How it makes money

Operates in real estate diversified; annual sales are CHF 553.4 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.420Z); FY2025: revenue 553391000; grossProfit 479102000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 76.4% to 86.6% during 2023–25; it earns 2.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.420Z); FY2023: grossProfit / revenue = 76.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.420Z); FY2024: grossProfit / revenue = 79.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.420Z); FY2025: grossProfit / revenue = 86.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.420Z); 10-year return on capital observations [[2016,0.03722027528082025],[2017,0.03310192582169129],[2018,0.03151859338639286],[2019,0.03974970408253584],[2020,0.025890391800367812],[2021,0.024438424503715316],[2022,0.02153598484310101],[2023,0.01265748276472127],[2024,0.03621788664440567],[2025,0.025151047448864688]]; median 0.028704492593380336. 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 8.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.420Z); FY2016: growth capex 0; upkeep 17965000; owner earnings 318164000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.420Z); FY2017: growth capex 0; upkeep 14589000; owner earnings 307217000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.420Z); FY2018: growth capex 0; upkeep 14920000; owner earnings 318008000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.420Z); FY2019: growth capex 13521000; upkeep 25002000; owner earnings 605872200. Growth capex / owner earnings = 0.022316587557574024.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.420Z); FY2020: growth capex 0; upkeep 21600000; owner earnings 606494000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.420Z); FY2021: growth capex 0; upkeep 20838000; owner earnings 444888600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.420Z); FY2022: growth capex 0; upkeep 11458000; owner earnings 377388200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.420Z); FY2023: growth capex 1601014.4033722533; upkeep 7042985.596627747; owner earnings 183651814.40337226. Growth capex / owner earnings = 0.00871766178065516.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.420Z); FY2024: growth capex 2006000; upkeep 8304000; owner earnings 312081000. Growth capex / owner earnings = 0.00642781841893611.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.420Z); FY2025: growth capex 0; upkeep 66000; owner earnings 339318400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.420Z); Dividend observations: [[2016,259608000],[2017,264471000],[2018,271618000],[2019,288591000],[2020,288678000],[2021,254496000],[2022,256975000],[2023,260794000],[2024,260842000],[2025,276804000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.420Z); FY2025: cash repurchases 8505000 CHF.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SPSN.SW SharesStats.PercentInsiders = 0.11 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.2% yearly over ten years; actual decline was 2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.420Z); Ten-year compound average after fade. Initial solved rate 0.16267117035178547. Price 122.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.174502211236667 → FY2025 4.229167835139949. Closing-price date 2026-10-15.

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

- 2016-10: CHF 82.05 per share

- 2016-11: CHF 83.20 per share

- 2016-12: CHF 83.35 per share

- 2017-01: CHF 82.30 per share

- 2017-02: CHF 87.20 per share

- 2017-03: CHF 88.15 per share

- 2017-04: CHF 86.25 per share

- 2017-05: CHF 89.20 per share

- 2017-06: CHF 87.10 per share

- 2017-07: CHF 87.25 per share

- 2017-08: CHF 86.80 per share

- 2017-09: CHF 87.05 per share

- 2017-10: CHF 85.15 per share

- 2017-11: CHF 84.80 per share

- 2017-12: CHF 90.00 per share

- 2018-01: CHF 90.00 per share

- 2018-02: CHF 88.40 per share

- 2018-03: CHF 92.45 per share

- 2018-04: CHF 93.05 per share

- 2018-05: CHF 91.95 per share

- 2018-06: CHF 91.15 per share

- 2018-07: CHF 90.85 per share

- 2018-08: CHF 89.35 per share

- 2018-09: CHF 83.65 per share

- 2018-10: CHF 81.80 per share

- 2018-11: CHF 82.40 per share

- 2018-12: CHF 79.55 per share

- 2019-01: CHF 84.15 per share

- 2019-02: CHF 84.25 per share

- 2019-03: CHF 87.40 per share

- 2019-04: CHF 81.80 per share

- 2019-05: CHF 81.60 per share

- 2019-06: CHF 85.25 per share

- 2019-07: CHF 87.55 per share

- 2019-08: CHF 98.50 per share

- 2019-09: CHF 97.65 per share

- 2019-10: CHF 101.60 per share

- 2019-11: CHF 105.60 per share

- 2019-12: CHF 111.90 per share

- 2020-01: CHF 117.80 per share

- 2020-02: CHF 116.00 per share

- 2020-03: CHF 94.75 per share

- 2020-04: CHF 91.70 per share

- 2020-05: CHF 89.40 per share

- 2020-06: CHF 87.60 per share

- 2020-07: CHF 83.15 per share

- 2020-08: CHF 81.35 per share

- 2020-09: CHF 83.60 per share

- 2020-10: CHF 77.10 per share

- 2020-11: CHF 81.80 per share

- 2020-12: CHF 86.90 per share

- 2021-01: CHF 86.70 per share

- 2021-02: CHF 85.10 per share

- 2021-03: CHF 87.15 per share

- 2021-04: CHF 88.75 per share

- 2021-05: CHF 91.80 per share

- 2021-06: CHF 91.80 per share

- 2021-07: CHF 96.55 per share

- 2021-08: CHF 97.95 per share

- 2021-09: CHF 91.40 per share

- 2021-10: CHF 93.00 per share

- 2021-11: CHF 87.20 per share

- 2021-12: CHF 89.65 per share

- 2022-01: CHF 91.25 per share

- 2022-02: CHF 90.15 per share

- 2022-03: CHF 91.25 per share

- 2022-04: CHF 95.50 per share

- 2022-05: CHF 96.50 per share

- 2022-06: CHF 83.75 per share

- 2022-07: CHF 86.55 per share

- 2022-08: CHF 84.30 per share

- 2022-09: CHF 79.00 per share

- 2022-10: CHF 80.80 per share

- 2022-11: CHF 78.50 per share

- 2022-12: CHF 80.15 per share

- 2023-01: CHF 81.40 per share

- 2023-02: CHF 79.50 per share

- 2023-03: CHF 76.05 per share

- 2023-04: CHF 80.85 per share

- 2023-05: CHF 76.85 per share

- 2023-06: CHF 77.65 per share

- 2023-07: CHF 84.40 per share

- 2023-08: CHF 84.90 per share

- 2023-09: CHF 83.95 per share

- 2023-10: CHF 84.40 per share

- 2023-11: CHF 88.00 per share

- 2023-12: CHF 89.85 per share

- 2024-01: CHF 87.70 per share

- 2024-02: CHF 84.50 per share

- 2024-03: CHF 85.05 per share

- 2024-04: CHF 85.10 per share

- 2024-05: CHF 83.30 per share

- 2024-06: CHF 85.20 per share

- 2024-07: CHF 88.05 per share

- 2024-08: CHF 95.60 per share

- 2024-09: CHF 94.85 per share

- 2024-10: CHF 93.65 per share

- 2024-11: CHF 97.35 per share

- 2024-12: CHF 98.80 per share

- 2025-01: CHF 104.10 per share

- 2025-02: CHF 104.10 per share

- 2025-03: CHF 108.60 per share

- 2025-04: CHF 116.30 per share

- 2025-05: CHF 116.90 per share

- 2025-06: CHF 118.80 per share

- 2025-07: CHF 112.60 per share

- 2025-08: CHF 111.20 per share

- 2025-09: CHF 111.30 per share

- 2025-10: CHF 114.30 per share

- 2025-11: CHF 118.50 per share

- 2025-12: CHF 123.20 per share

- 2026-01: CHF 131.30 per share

- 2026-02: CHF 146.70 per share

- 2026-03: CHF 135.00 per share

- 2026-04: CHF 135.30 per share

- 2026-05: CHF 130.90 per share

- 2026-06: CHF 131.90 per share

- 2026-07: CHF 131.80 per share

- 2026-08: CHF 124.90 per share

- 2026-09: CHF 120.70 per share

- 2026-10: CHF 120.20 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 66.12 per share, central CHF 83.27 per share, high CHF 96.94 per share

- FY2017: low CHF 61.60 per share, central CHF 69.84 per share, high CHF 80.80 per share

- FY2018: low CHF 58.16 per share, central CHF 74.24 per share, high CHF 86.43 per share

- FY2019: low CHF 60.39 per share, central CHF 79.19 per share, high CHF 92.36 per share

- FY2020: low CHF 33.06 per share, central CHF 37.40 per share, high CHF 43.18 per share

- FY2021: low CHF 47.71 per share, central CHF 54.29 per share, high CHF 63.04 per share

- FY2022: low CHF 50.28 per share, central CHF 57.22 per share, high CHF 66.44 per share

- FY2023: low CHF 54.51 per share, central CHF 62.00 per share, high CHF 71.99 per share

- FY2024: low CHF 54.33 per share, central CHF 61.80 per share, high CHF 71.74 per share

- FY2025: low CHF 44.27 per share, central CHF 50.34 per share, high CHF 58.41 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 2026-10-15T06:41:21.270Z 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.

Swiss Prime Site AG

SPSN · SW

STOXX Europe 600

Not a wonderful business

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

Share price: CHF 122.60
Buy up to: CHF 50.13
Expected / yr: 5.8% 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

One margin dip fully recovered; the remaining variation meets the limit, and no loss years were recorded (limit 2).

Operating margin

10y median: 39.0%
Worst year: 23.3%
Latest · 2025: 73.2%

Capital return excluding acquisitions: median 2.9% (minimum 15%), and the second-worst year 2.2% (minimum 10%).

ROIC excluding acquisitions

10y median: 2.9%
Worst year: 1.3%
Latest · 2025: 2.5%

New investment earned 0% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.88×
Annual median: 0.89×
Latest · 2025: 0.89×

Per-share value rose from 4.23 to 4.64, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CHF 4.70
Worst year: CHF 3.08
Latest · 2025: CHF 4.77

Profits were backed by cash: accruals were 0.6% of assets (limit 10%).

Sloan accruals

10y median: 0.4%
Worst year: 3.0%
Latest · 2025: 0.6%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 45.6%, three-year average owner earnings per share 3.55 CHF.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CHF 82.05 · Value 83.27 · Buy at or below 83.27; 2016-11 · Price CHF 83.20 · Value 83.27 · Buy at or below 83.27; 2016-12 · Price CHF 83.35 · Value 83.27 · Buy at or below 83.27; 2017-01 · Price CHF 82.30 · Value 83.27 · Buy at or below 83.27; 2017-02 · Price CHF 87.20 · Value 69.84 · Buy at or below 69.84; 2017-03 · Price CHF 88.15 · Value 69.84 · Buy at or below 69.84; 2017-04 · Price CHF 86.25 · Value 69.84 · Buy at or below 69.84; 2017-05 · Price CHF 89.20 · Value 69.84 · Buy at or below 69.84; 2017-06 · Price CHF 87.10 · Value 69.84 · Buy at or below 69.84; 2017-07 · Price CHF 87.25 · Value 69.84 · Buy at or below 69.84; 2017-08 · Price CHF 86.80 · Value 69.84 · Buy at or below 69.84; 2017-09 · Price CHF 87.05 · Value 69.84 · Buy at or below 69.84; 2017-10 · Price CHF 85.15 · Value 69.84 · Buy at or below 69.84; 2017-11 · Price CHF 84.80 · Value 69.84 · Buy at or below 69.84; 2017-12 · Price CHF 90.00 · Value 69.84 · Buy at or below 69.84; 2018-01 · Price CHF 90.00 · Value 69.84 · Buy at or below 69.84; 2018-02 · Price CHF 88.40 · Value 74.24 · Buy at or below 74.24; 2018-03 · Price CHF 92.45 · Value 74.24 · Buy at or below 74.24; 2018-04 · Price CHF 93.05 · Value 74.24 · Buy at or below 74.24; 2018-05 · Price CHF 91.95 · Value 74.24 · Buy at or below 74.24; 2018-06 · Price CHF 91.15 · Value 74.24 · Buy at or below 74.24; 2018-07 · Price CHF 90.85 · Value 74.24 · Buy at or below 74.24; 2018-08 · Price CHF 89.35 · Value 74.24 · Buy at or below 74.24; 2018-09 · Price CHF 83.65 · Value 74.24 · Buy at or below 74.24; 2018-10 · Price CHF 81.80 · Value 74.24 · Buy at or below 74.24; 2018-11 · Price CHF 82.40 · Value 74.24 · Buy at or below 74.24; 2018-12 · Price CHF 79.55 · Value 74.24 · Buy at or below 74.24; 2019-01 · Price CHF 84.15 · Value 74.24 · Buy at or below 74.24; 2019-02 · Price CHF 84.25 · Value 79.19 · Buy at or below 79.19; 2019-03 · Price CHF 87.40 · Value 79.19 · Buy at or below 79.19; 2019-04 · Price CHF 81.80 · Value 79.19 · Buy at or below 79.19; 2019-05 · Price CHF 81.60 · Value 79.19 · Buy at or below 79.19; 2019-06 · Price CHF 85.25 · Value 79.19 · Buy at or below 79.19; 2019-07 · Price CHF 87.55 · Value 79.19 · Buy at or below 79.19; 2019-08 · Price CHF 98.50 · Value 79.19 · Buy at or below 79.19; 2019-09 · Price CHF 97.65 · Value 79.19 · Buy at or below 79.19; 2019-10 · Price CHF 101.60 · Value 79.19 · Buy at or below 79.19; 2019-11 · Price CHF 105.60 · Value 79.19 · Buy at or below 79.19; 2019-12 · Price CHF 111.90 · Value 79.19 · Buy at or below 79.19; 2020-01 · Price CHF 117.80 · Value 79.19 · Buy at or below 79.19; 2020-02 · Price CHF 116.00 · Value 37.40 · Buy at or below 37.40; 2020-03 · Price CHF 94.75 · Value 37.40 · Buy at or below 37.40; 2020-04 · Price CHF 91.70 · Value 37.40 · Buy at or below 37.40; 2020-05 · Price CHF 89.40 · Value 37.40 · Buy at or below 37.40; 2020-06 · Price CHF 87.60 · Value 37.40 · Buy at or below 37.40; 2020-07 · Price CHF 83.15 · Value 37.40 · Buy at or below 37.40; 2020-08 · Price CHF 81.35 · Value 37.40 · Buy at or below 37.40; 2020-09 · Price CHF 83.60 · Value 37.40 · Buy at or below 37.40; 2020-10 · Price CHF 77.10 · Value 37.40 · Buy at or below 37.40; 2020-11 · Price CHF 81.80 · Value 37.40 · Buy at or below 37.40; 2020-12 · Price CHF 86.90 · Value 37.40 · Buy at or below 37.40; 2021-01 · Price CHF 86.70 · Value 37.40 · Buy at or below 37.40; 2021-02 · Price CHF 85.10 · Value 54.29 · Buy at or below 54.29; 2021-03 · Price CHF 87.15 · Value 54.29 · Buy at or below 54.29; 2021-04 · Price CHF 88.75 · Value 54.29 · Buy at or below 54.29; 2021-05 · Price CHF 91.80 · Value 54.29 · Buy at or below 54.29; 2021-06 · Price CHF 91.80 · Value 54.29 · Buy at or below 54.29; 2021-07 · Price CHF 96.55 · Value 54.29 · Buy at or below 54.29; 2021-08 · Price CHF 97.95 · Value 54.29 · Buy at or below 54.29; 2021-09 · Price CHF 91.40 · Value 54.29 · Buy at or below 54.29; 2021-10 · Price CHF 93.00 · Value 54.29 · Buy at or below 54.29; 2021-11 · Price CHF 87.20 · Value 54.29 · Buy at or below 54.29; 2021-12 · Price CHF 89.65 · Value 54.29 · Buy at or below 54.29; 2022-01 · Price CHF 91.25 · Value 54.29 · Buy at or below 54.29; 2022-02 · Price CHF 90.15 · Value 57.22 · Buy at or below 57.22; 2022-03 · Price CHF 91.25 · Value 57.22 · Buy at or below 57.22; 2022-04 · Price CHF 95.50 · Value 57.22 · Buy at or below 57.22; 2022-05 · Price CHF 96.50 · Value 57.22 · Buy at or below 57.22; 2022-06 · Price CHF 83.75 · Value 57.22 · Buy at or below 57.22; 2022-07 · Price CHF 86.55 · Value 57.22 · Buy at or below 57.22; 2022-08 · Price CHF 84.30 · Value 57.22 · Buy at or below 57.22; 2022-09 · Price CHF 79.00 · Value 57.22 · Buy at or below 57.22; 2022-10 · Price CHF 80.80 · Value 57.22 · Buy at or below 57.22; 2022-11 · Price CHF 78.50 · Value 57.22 · Buy at or below 57.22; 2022-12 · Price CHF 80.15 · Value 57.22 · Buy at or below 57.22; 2023-01 · Price CHF 81.40 · Value 57.22 · Buy at or below 57.22; 2023-02 · Price CHF 79.50 · Value 62.00 · Buy at or below 62.00; 2023-03 · Price CHF 76.05 · Value 62.00 · Buy at or below 62.00; 2023-04 · Price CHF 80.85 · Value 62.00 · Buy at or below 62.00; 2023-05 · Price CHF 76.85 · Value 62.00 · Buy at or below 62.00; 2023-06 · Price CHF 77.65 · Value 62.00 · Buy at or below 62.00; 2023-07 · Price CHF 84.40 · Value 62.00 · Buy at or below 62.00; 2023-08 · Price CHF 84.90 · Value 62.00 · Buy at or below 62.00; 2023-09 · Price CHF 83.95 · Value 62.00 · Buy at or below 62.00; 2023-10 · Price CHF 84.40 · Value 62.00 · Buy at or below 62.00; 2023-11 · Price CHF 88.00 · Value 62.00 · Buy at or below 62.00; 2023-12 · Price CHF 89.85 · Value 62.00 · Buy at or below 62.00; 2024-01 · Price CHF 87.70 · Value 62.00 · Buy at or below 62.00; 2024-02 · Price CHF 84.50 · Value 61.80 · Buy at or below 61.80; 2024-03 · Price CHF 85.05 · Value 61.80 · Buy at or below 61.80; 2024-04 · Price CHF 85.10 · Value 61.80 · Buy at or below 61.80; 2024-05 · Price CHF 83.30 · Value 61.80 · Buy at or below 61.80; 2024-06 · Price CHF 85.20 · Value 61.80 · Buy at or below 61.80; 2024-07 · Price CHF 88.05 · Value 61.80 · Buy at or below 61.80; 2024-08 · Price CHF 95.60 · Value 61.80 · Buy at or below 61.80; 2024-09 · Price CHF 94.85 · Value 61.80 · Buy at or below 61.80; 2024-10 · Price CHF 93.65 · Value 61.80 · Buy at or below 61.80; 2024-11 · Price CHF 97.35 · Value 61.80 · Buy at or below 61.80; 2024-12 · Price CHF 98.80 · Value 61.80 · Buy at or below 61.80; 2025-01 · Price CHF 104.10 · Value 61.80 · Buy at or below 61.80; 2025-02 · Price CHF 104.10 · Value 50.34 · Buy at or below 50.34; 2025-03 · Price CHF 108.60 · Value 50.34 · Buy at or below 50.34; 2025-04 · Price CHF 116.30 · Value 50.34 · Buy at or below 50.34; 2025-05 · Price CHF 116.90 · Value 50.34 · Buy at or below 50.34; 2025-06 · Price CHF 118.80 · Value 50.34 · Buy at or below 50.34; 2025-07 · Price CHF 112.60 · Value 50.34 · Buy at or below 50.34; 2025-08 · Price CHF 111.20 · Value 50.34 · Buy at or below 50.34; 2025-09 · Price CHF 111.30 · Value 50.34 · Buy at or below 50.34; 2025-10 · Price CHF 114.30 · Value 50.34 · Buy at or below 50.34; 2025-11 · Price CHF 118.50 · Value 50.34 · Buy at or below 50.34; 2025-12 · Price CHF 123.20 · Value 50.34 · Buy at or below 50.34; 2026-01 · Price CHF 131.30 · Value 50.34 · Buy at or below 50.34; 2026-02 · Price CHF 146.70 · Value 50.13 · Buy at or below 50.13; 2026-03 · Price CHF 135.00 · Value 50.13 · Buy at or below 50.13; 2026-04 · Price CHF 135.30 · Value 50.13 · Buy at or below 50.13; 2026-05 · Price CHF 130.90 · Value 50.13 · Buy at or below 50.13; 2026-06 · Price CHF 131.90 · Value 50.13 · Buy at or below 50.13; 2026-07 · Price CHF 131.80 · Value 50.13 · Buy at or below 50.13; 2026-08 · Price CHF 124.90 · Value 50.13 · Buy at or below 50.13; 2026-09 · Price CHF 120.70 · Value 50.13 · Buy at or below 50.13; 2026-10 · Price CHF 120.20 · Value 50.13 · Buy at or below 50.13; 2026-10 · Price CHF 122.60 · Value 50.13 · Buy at or below 50.13

CHF per share · annual estimates

Price & return math
Value range	CHF 44.07 – CHF 58.21
Buy at or below	Central value CHF 50.13
Discount to value	1 − 122.60 / 50.13 = -144.6%
Return / year	About 5.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CHF 4.03/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash CHF 0.06/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCHF 553M

Revenue

Owner earningsCHF 339M

Owner earnings

Operating margin73.2%

Operating margin

Net cash / debtCHF -5.8B

Net cash / debt

Diluted shares80M

Diluted shares

Prices 15 Oct 2026 · FY2025