# Sulzer AG (SUN.SW)

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

Analysis as of: 2026-10-16T07:36:44.054Z. Financial observations: FY2002–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 170.90 per share; close as of 2026-10-15.

Estimated value: low CHF 111.34 per share, central CHF 123.54 per share, high CHF 139.79 per share. Buy at or below the central value CHF 123.54 per share. Valuation as of 2026-10-16T07:36:44.054Z; scenarios are not confidence intervals.

Expected annual return: 7.7% at the stated quote. About 7.7% 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

- FY2022 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.

- 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: 0.37×

- One fully recovered margin dip: Yes

- Variation with recovered dip held at prior margin: 0.31

- Recovered dip fiscal year: FY2022

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.05×

- FY2018: 0.06×

- FY2019: 0.07×

- FY2020: 0.05×

- FY2021: 0.07×

- FY2022: 0.04×

- FY2023: 0.10×

- FY2024: 0.11×

- FY2025: 0.13×

### moat: pass

- ROIC, median of available years: 16.3%

- ROIC, second-lowest year: 11.9%

- Typical minus recent gross margin: -3.2 pp

- Typical gross margin (annual median): 30.3%

- Recent gross margin (lower of latest and 3-year median): 33.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.6%

- ROIC including acquisitions, ten-year median: 8.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 13.9%

- FY2017: 10.9%

- FY2018: 14.0%

- FY2019: 18.6%

- FY2020: 11.9%

- FY2021: 24.6%

- FY2022: 12.0%

- FY2023: 39.7%

- FY2024: 43.3%

- FY2025: 36.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.04×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 2.3B

- Net income, five-year total: CHF 2.2B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.0 pp

- Working capital / revenue, final three-year average: 36.3%

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

- FY2021: 1.02×

- FY2022: 1.95×

- FY2023: 1.10×

- FY2024: 1.03×

- FY2025: 1.02×

### management: pass

- 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: 13.9% vs 39.7%

- Per-share earnings: 2.16 to 7.65 (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: -0.1%

- Market cap gain: CHF 1.4B

- Cumulative retained earnings: CHF 253M

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

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 17.1%

- Per-share value change: CHF 5.48

- Per-share value, starting three-year median: CHF 2.16

- Per-share value, ending three-year median: CHF 7.65

- Buybacks concentrated in cheaper years (correlation): 0.18

- Average buyback yield: 2.3%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: CHF 1.4B

- Cumulative net income, 10 years: CHF 2.7B

- ROIC, first three-year median: 13.9%

- ROIC, last three-year median: 39.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 1.72

- FY2017: CHF 2.41

- FY2018: CHF 3.51

- FY2019: CHF 4.48

- FY2020: CHF 2.43

- FY2021: CHF 41.26

- FY2022: CHF 0.84

- FY2023: CHF 6.65

- FY2024: CHF 7.65

- FY2025: CHF 8.56

### accounting: pass

- Sloan accruals: -0.2%

- 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: 1.03×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.61×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.5%

- FY2017: -2.4%

- FY2018: -3.0%

- FY2019: -3.2%

- FY2020: -5.3%

- FY2021: 21.7%

- FY2022: -1.9%

- FY2023: -3.0%

- FY2024: -1.3%

- FY2025: -0.2%

## Holders

## Price story

Price needs cash profits to grow 5.7% a year for ten years · sales +0.7%

Story as of 2026-10-16T10:00:07.967Z; price observation 2026-10-15.

Price needs cash profits to grow 5.7% a year for ten years

### Sales · FY2024–2025

sales +0.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 2.9B 

- FY2017: CHF 3.0B 

- FY2018: CHF 3.4B 

- FY2019: CHF 3.7B 

- FY2020: CHF 3.0B 

- FY2021: CHF 3.2B 

- FY2022: CHF 3.2B 

- FY2023: CHF 3.3B 

- FY2024: CHF 3.5B 

- FY2025: CHF 3.6B 

### Gross margin · FY2025

gross margin 34.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 30.6% 

- FY2017: 30.7% 

- FY2018: 29.1% 

- FY2019: 30.1% 

- FY2020: 29.4% 

- FY2021: 30.0% 

- FY2022: 29.5% 

- FY2023: 33.0% 

- FY2024: 33.5% 

- FY2025: 34.4% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are CHF 3.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.054Z); FY2025: revenue 3555400000; grossProfit 1223300000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 33% to 34.4% during 2023–25; it earns 16.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.054Z); FY2023: grossProfit / revenue = 33%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.054Z); FY2024: grossProfit / revenue = 33.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.054Z); FY2025: grossProfit / revenue = 34.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.054Z); 10-year return on capital observations [[2016,0.13885304659498207],[2017,0.10864813125226522],[2018,0.14008023184214638],[2019,0.18582617981459035],[2020,0.11863340076421668],[2021,0.24639385421930268],[2022,0.12016262860935945],[2023,0.3966013892974715],[2024,0.43330468895946195],[2025,0.36939552054014757]]; median 0.16295320582836836. 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 18.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.054Z); FY2016: growth capex 0; upkeep 73500000; owner earnings 102300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.054Z); FY2017: growth capex 0; upkeep 78600000; owner earnings 130100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.054Z); FY2018: growth capex 0; upkeep 89300000; owner earnings 165100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.054Z); FY2019: growth capex 0; upkeep 114900000; owner earnings 184260000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.054Z); FY2020: growth capex 0; upkeep 105500000; owner earnings 79160000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.054Z); FY2021: growth capex 0; upkeep 86100000; owner earnings 1444040000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.054Z); FY2022: growth capex 0; upkeep 69800000; owner earnings 55680000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.054Z); FY2023: growth capex 0; upkeep 65600000; owner earnings 253120000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.054Z); FY2024: growth capex 0; upkeep 92400000; owner earnings 268720000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.054Z); FY2025: growth capex 0; upkeep 90000000; owner earnings 299380000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.054Z); Dividend observations: [[2016,617500000],[2017,119400000],[2018,43100000],[2019,81200000],[2020,92600000],[2021,91900000],[2022,80600000],[2023,80900000],[2024,86500000],[2025,264600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.054Z); FY2025: cash repurchases 18800000 CHF.

### Are managers owners

Insiders own 49% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SUN.SW SharesStats.PercentInsiders = 48.977 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.7% yearly over ten years; actual growth was 10.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.054Z); Ten-year compound average after fade. Initial solved rate 0.06907644308736216. Price 170.9; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.3296532416531712 → FY2025 8.74812256371595. Closing-price date 2026-10-15.

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

- 2016-10: CHF 97.50 per share

- 2016-11: CHF 104.00 per share

- 2016-12: CHF 105.00 per share

- 2017-01: CHF 111.70 per share

- 2017-02: CHF 104.40 per share

- 2017-03: CHF 104.80 per share

- 2017-04: CHF 116.10 per share

- 2017-05: CHF 112.90 per share

- 2017-06: CHF 108.70 per share

- 2017-07: CHF 108.50 per share

- 2017-08: CHF 106.00 per share

- 2017-09: CHF 114.40 per share

- 2017-10: CHF 127.80 per share

- 2017-11: CHF 115.00 per share

- 2017-12: CHF 118.20 per share

- 2018-01: CHF 132.40 per share

- 2018-02: CHF 126.40 per share

- 2018-03: CHF 125.50 per share

- 2018-04: CHF 114.90 per share

- 2018-05: CHF 113.00 per share

- 2018-06: CHF 120.60 per share

- 2018-07: CHF 121.50 per share

- 2018-08: CHF 121.20 per share

- 2018-09: CHF 117.90 per share

- 2018-10: CHF 101.20 per share

- 2018-11: CHF 93.35 per share

- 2018-12: CHF 78.05 per share

- 2019-01: CHF 91.15 per share

- 2019-02: CHF 98.70 per share

- 2019-03: CHF 97.10 per share

- 2019-04: CHF 107.30 per share

- 2019-05: CHF 94.35 per share

- 2019-06: CHF 106.70 per share

- 2019-07: CHF 100.50 per share

- 2019-08: CHF 94.00 per share

- 2019-09: CHF 98.15 per share

- 2019-10: CHF 99.60 per share

- 2019-11: CHF 107.20 per share

- 2019-12: CHF 108.00 per share

- 2020-01: CHF 106.60 per share

- 2020-02: CHF 88.25 per share

- 2020-03: CHF 61.10 per share

- 2020-04: CHF 68.30 per share

- 2020-05: CHF 76.05 per share

- 2020-06: CHF 75.50 per share

- 2020-07: CHF 75.20 per share

- 2020-08: CHF 80.45 per share

- 2020-09: CHF 74.05 per share

- 2020-10: CHF 67.00 per share

- 2020-11: CHF 90.30 per share

- 2020-12: CHF 93.10 per share

- 2021-01: CHF 96.40 per share

- 2021-02: CHF 101.80 per share

- 2021-03: CHF 106.30 per share

- 2021-04: CHF 104.00 per share

- 2021-05: CHF 114.60 per share

- 2021-06: CHF 127.80 per share

- 2021-07: CHF 132.80 per share

- 2021-08: CHF 138.00 per share

- 2021-09: CHF 89.20 per share

- 2021-10: CHF 90.05 per share

- 2021-11: CHF 87.35 per share

- 2021-12: CHF 89.85 per share

- 2022-01: CHF 87.90 per share

- 2022-02: CHF 77.55 per share

- 2022-03: CHF 76.90 per share

- 2022-04: CHF 73.50 per share

- 2022-05: CHF 67.55 per share

- 2022-06: CHF 59.30 per share

- 2022-07: CHF 63.50 per share

- 2022-08: CHF 58.50 per share

- 2022-09: CHF 57.25 per share

- 2022-10: CHF 66.75 per share

- 2022-11: CHF 72.25 per share

- 2022-12: CHF 72.00 per share

- 2023-01: CHF 77.60 per share

- 2023-02: CHF 81.75 per share

- 2023-03: CHF 77.45 per share

- 2023-04: CHF 74.50 per share

- 2023-05: CHF 71.10 per share

- 2023-06: CHF 76.90 per share

- 2023-07: CHF 85.50 per share

- 2023-08: CHF 90.00 per share

- 2023-09: CHF 87.65 per share

- 2023-10: CHF 74.70 per share

- 2023-11: CHF 87.00 per share

- 2023-12: CHF 85.90 per share

- 2024-01: CHF 83.75 per share

- 2024-02: CHF 103.40 per share

- 2024-03: CHF 109.70 per share

- 2024-04: CHF 111.60 per share

- 2024-05: CHF 122.80 per share

- 2024-06: CHF 124.20 per share

- 2024-07: CHF 130.80 per share

- 2024-08: CHF 130.80 per share

- 2024-09: CHF 138.40 per share

- 2024-10: CHF 133.40 per share

- 2024-11: CHF 132.80 per share

- 2024-12: CHF 131.00 per share

- 2025-01: CHF 148.80 per share

- 2025-02: CHF 156.00 per share

- 2025-03: CHF 149.80 per share

- 2025-04: CHF 139.20 per share

- 2025-05: CHF 155.00 per share

- 2025-06: CHF 143.20 per share

- 2025-07: CHF 157.20 per share

- 2025-08: CHF 149.80 per share

- 2025-09: CHF 134.80 per share

- 2025-10: CHF 134.20 per share

- 2025-11: CHF 140.20 per share

- 2025-12: CHF 147.40 per share

- 2026-01: CHF 166.20 per share

- 2026-02: CHF 170.00 per share

- 2026-03: CHF 164.60 per share

- 2026-04: CHF 148.40 per share

- 2026-05: CHF 148.30 per share

- 2026-06: CHF 134.20 per share

- 2026-07: CHF 146.40 per share

- 2026-08: CHF 160.60 per share

- 2026-09: CHF 157.30 per share

- 2026-10: CHF 172.80 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 45.83 per share, central CHF 50.65 per share, high CHF 57.08 per share

- FY2017: low CHF 49.32 per share, central CHF 54.41 per share, high CHF 61.19 per share

- FY2018: low CHF 75.26 per share, central CHF 81.25 per share, high CHF 89.24 per share

- FY2019: low CHF 80.17 per share, central CHF 87.14 per share, high CHF 96.42 per share

- FY2020: low CHF 80.06 per share, central CHF 85.61 per share, high CHF 92.99 per share

- FY2021: low CHF 92.07 per share, central CHF 98.87 per share, high CHF 107.91 per share

- FY2022: low CHF 83.76 per share, central CHF 90.67 per share, high CHF 99.86 per share

- FY2023: low CHF 77.92 per share, central CHF 85.02 per share, high CHF 94.46 per share

- FY2024: low CHF 114.70 per share, central CHF 126.53 per share, high CHF 142.27 per share

- FY2025: low CHF 112.61 per share, central CHF 124.68 per share, high CHF 140.76 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.

Sulzer AG

SUN · SW

STOXX Europe 600

A wonderful business at too high a price

Passes the quality tests.

Share price: CHF 170.90
Buy up to: CHF 123.54
Expected / yr: 7.7% 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: 6.5%
Worst year: 3.5%
Latest · 2025: 12.5%

Capital return excluding acquisitions: median 16.3% (minimum 15%), and the second-worst year 11.9% (minimum 10%).

ROIC excluding acquisitions

10y median: 16.3%
Worst year: 10.9%
Latest · 2025: 36.9%

Each $1 of profit left $1.04 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.04×
Annual median: 1.03×
Latest · 2025: 1.02×

Per-share value rose from 2.16 to 7.65, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CHF 4.00
Worst year: CHF 0.84
Latest · 2025: CHF 8.56

Profits were backed by cash: accruals were -0.2% of assets (limit 10%).

Sloan accruals

10y median: -2.7%
Worst year: 21.7%
Latest · 2025: -0.2%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 7.3%, three-year average owner earnings per share 7.98 CHF.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CHF 97.50 · Value 50.65 · Buy at or below 50.65; 2016-11 · Price CHF 104.00 · Value 50.65 · Buy at or below 50.65; 2016-12 · Price CHF 105.00 · Value 50.65 · Buy at or below 50.65; 2017-01 · Price CHF 111.70 · Value 50.65 · Buy at or below 50.65; 2017-02 · Price CHF 104.40 · Value 54.41 · Buy at or below 54.41; 2017-03 · Price CHF 104.80 · Value 54.41 · Buy at or below 54.41; 2017-04 · Price CHF 116.10 · Value 54.41 · Buy at or below 54.41; 2017-05 · Price CHF 112.90 · Value 54.41 · Buy at or below 54.41; 2017-06 · Price CHF 108.70 · Value 54.41 · Buy at or below 54.41; 2017-07 · Price CHF 108.50 · Value 54.41 · Buy at or below 54.41; 2017-08 · Price CHF 106.00 · Value 54.41 · Buy at or below 54.41; 2017-09 · Price CHF 114.40 · Value 54.41 · Buy at or below 54.41; 2017-10 · Price CHF 127.80 · Value 54.41 · Buy at or below 54.41; 2017-11 · Price CHF 115.00 · Value 54.41 · Buy at or below 54.41; 2017-12 · Price CHF 118.20 · Value 54.41 · Buy at or below 54.41; 2018-01 · Price CHF 132.40 · Value 54.41 · Buy at or below 54.41; 2018-02 · Price CHF 126.40 · Value 81.25 · Buy at or below 81.25; 2018-03 · Price CHF 125.50 · Value 81.25 · Buy at or below 81.25; 2018-04 · Price CHF 114.90 · Value 81.25 · Buy at or below 81.25; 2018-05 · Price CHF 113.00 · Value 81.25 · Buy at or below 81.25; 2018-06 · Price CHF 120.60 · Value 81.25 · Buy at or below 81.25; 2018-07 · Price CHF 121.50 · Value 81.25 · Buy at or below 81.25; 2018-08 · Price CHF 121.20 · Value 81.25 · Buy at or below 81.25; 2018-09 · Price CHF 117.90 · Value 81.25 · Buy at or below 81.25; 2018-10 · Price CHF 101.20 · Value 81.25 · Buy at or below 81.25; 2018-11 · Price CHF 93.35 · Value 81.25 · Buy at or below 81.25; 2018-12 · Price CHF 78.05 · Value 81.25 · Buy at or below 81.25; 2019-01 · Price CHF 91.15 · Value 81.25 · Buy at or below 81.25; 2019-02 · Price CHF 98.70 · Value 87.14 · Buy at or below 87.14; 2019-03 · Price CHF 97.10 · Value 87.14 · Buy at or below 87.14; 2019-04 · Price CHF 107.30 · Value 87.14 · Buy at or below 87.14; 2019-05 · Price CHF 94.35 · Value 87.14 · Buy at or below 87.14; 2019-06 · Price CHF 106.70 · Value 87.14 · Buy at or below 87.14; 2019-07 · Price CHF 100.50 · Value 87.14 · Buy at or below 87.14; 2019-08 · Price CHF 94.00 · Value 87.14 · Buy at or below 87.14; 2019-09 · Price CHF 98.15 · Value 87.14 · Buy at or below 87.14; 2019-10 · Price CHF 99.60 · Value 87.14 · Buy at or below 87.14; 2019-11 · Price CHF 107.20 · Value 87.14 · Buy at or below 87.14; 2019-12 · Price CHF 108.00 · Value 87.14 · Buy at or below 87.14; 2020-01 · Price CHF 106.60 · Value 87.14 · Buy at or below 87.14; 2020-02 · Price CHF 88.25 · Value 85.61 · Buy at or below 85.61; 2020-03 · Price CHF 61.10 · Value 85.61 · Buy at or below 85.61; 2020-04 · Price CHF 68.30 · Value 85.61 · Buy at or below 85.61; 2020-05 · Price CHF 76.05 · Value 85.61 · Buy at or below 85.61; 2020-06 · Price CHF 75.50 · Value 85.61 · Buy at or below 85.61; 2020-07 · Price CHF 75.20 · Value 85.61 · Buy at or below 85.61; 2020-08 · Price CHF 80.45 · Value 85.61 · Buy at or below 85.61; 2020-09 · Price CHF 74.05 · Value 85.61 · Buy at or below 85.61; 2020-10 · Price CHF 67.00 · Value 85.61 · Buy at or below 85.61; 2020-11 · Price CHF 90.30 · Value 85.61 · Buy at or below 85.61; 2020-12 · Price CHF 93.10 · Value 85.61 · Buy at or below 85.61; 2021-01 · Price CHF 96.40 · Value 85.61 · Buy at or below 85.61; 2021-02 · Price CHF 101.80 · Value 98.87 · Buy at or below 98.87; 2021-03 · Price CHF 106.30 · Value 98.87 · Buy at or below 98.87; 2021-04 · Price CHF 104.00 · Value 98.87 · Buy at or below 98.87; 2021-05 · Price CHF 114.60 · Value 98.87 · Buy at or below 98.87; 2021-06 · Price CHF 127.80 · Value 98.87 · Buy at or below 98.87; 2021-07 · Price CHF 132.80 · Value 98.87 · Buy at or below 98.87; 2021-08 · Price CHF 138.00 · Value 98.87 · Buy at or below 98.87; 2021-09 · Price CHF 89.20 · Value 98.87 · Buy at or below 98.87; 2021-10 · Price CHF 90.05 · Value 98.87 · Buy at or below 98.87; 2021-11 · Price CHF 87.35 · Value 98.87 · Buy at or below 98.87; 2021-12 · Price CHF 89.85 · Value 98.87 · Buy at or below 98.87; 2022-01 · Price CHF 87.90 · Value 98.87 · Buy at or below 98.87; 2022-02 · Price CHF 77.55 · Value 90.67 · Buy at or below 90.67; 2022-03 · Price CHF 76.90 · Value 90.67 · Buy at or below 90.67; 2022-04 · Price CHF 73.50 · Value 90.67 · Buy at or below 90.67; 2022-05 · Price CHF 67.55 · Value 90.67 · Buy at or below 90.67; 2022-06 · Price CHF 59.30 · Value 90.67 · Buy at or below 90.67; 2022-07 · Price CHF 63.50 · Value 90.67 · Buy at or below 90.67; 2022-08 · Price CHF 58.50 · Value 90.67 · Buy at or below 90.67; 2022-09 · Price CHF 57.25 · Value 90.67 · Buy at or below 90.67; 2022-10 · Price CHF 66.75 · Value 90.67 · Buy at or below 90.67; 2022-11 · Price CHF 72.25 · Value 90.67 · Buy at or below 90.67; 2022-12 · Price CHF 72.00 · Value 90.67 · Buy at or below 90.67; 2023-01 · Price CHF 77.60 · Value 90.67 · Buy at or below 90.67; 2023-02 · Price CHF 81.75 · Value 85.02 · Buy at or below 85.02; 2023-03 · Price CHF 77.45 · Value 85.02 · Buy at or below 85.02; 2023-04 · Price CHF 74.50 · Value 85.02 · Buy at or below 85.02; 2023-05 · Price CHF 71.10 · Value 85.02 · Buy at or below 85.02; 2023-06 · Price CHF 76.90 · Value 85.02 · Buy at or below 85.02; 2023-07 · Price CHF 85.50 · Value 85.02 · Buy at or below 85.02; 2023-08 · Price CHF 90.00 · Value 85.02 · Buy at or below 85.02; 2023-09 · Price CHF 87.65 · Value 85.02 · Buy at or below 85.02; 2023-10 · Price CHF 74.70 · Value 85.02 · Buy at or below 85.02; 2023-11 · Price CHF 87.00 · Value 85.02 · Buy at or below 85.02; 2023-12 · Price CHF 85.90 · Value 85.02 · Buy at or below 85.02; 2024-01 · Price CHF 83.75 · Value 85.02 · Buy at or below 85.02; 2024-02 · Price CHF 103.40 · Value 126.53 · Buy at or below 126.53; 2024-03 · Price CHF 109.70 · Value 126.53 · Buy at or below 126.53; 2024-04 · Price CHF 111.60 · Value 126.53 · Buy at or below 126.53; 2024-05 · Price CHF 122.80 · Value 126.53 · Buy at or below 126.53; 2024-06 · Price CHF 124.20 · Value 126.53 · Buy at or below 126.53; 2024-07 · Price CHF 130.80 · Value 126.53 · Buy at or below 126.53; 2024-08 · Price CHF 130.80 · Value 126.53 · Buy at or below 126.53; 2024-09 · Price CHF 138.40 · Value 126.53 · Buy at or below 126.53; 2024-10 · Price CHF 133.40 · Value 126.53 · Buy at or below 126.53; 2024-11 · Price CHF 132.80 · Value 126.53 · Buy at or below 126.53; 2024-12 · Price CHF 131.00 · Value 126.53 · Buy at or below 126.53; 2025-01 · Price CHF 148.80 · Value 126.53 · Buy at or below 126.53; 2025-02 · Price CHF 156.00 · Value 124.68 · Buy at or below 124.68; 2025-03 · Price CHF 149.80 · Value 124.68 · Buy at or below 124.68; 2025-04 · Price CHF 139.20 · Value 124.68 · Buy at or below 124.68; 2025-05 · Price CHF 155.00 · Value 124.68 · Buy at or below 124.68; 2025-06 · Price CHF 143.20 · Value 124.68 · Buy at or below 124.68; 2025-07 · Price CHF 157.20 · Value 124.68 · Buy at or below 124.68; 2025-08 · Price CHF 149.80 · Value 124.68 · Buy at or below 124.68; 2025-09 · Price CHF 134.80 · Value 124.68 · Buy at or below 124.68; 2025-10 · Price CHF 134.20 · Value 124.68 · Buy at or below 124.68; 2025-11 · Price CHF 140.20 · Value 124.68 · Buy at or below 124.68; 2025-12 · Price CHF 147.40 · Value 124.68 · Buy at or below 124.68; 2026-01 · Price CHF 166.20 · Value 124.68 · Buy at or below 124.68; 2026-02 · Price CHF 170.00 · Value 123.54 · Buy at or below 123.54; 2026-03 · Price CHF 164.60 · Value 123.54 · Buy at or below 123.54; 2026-04 · Price CHF 148.40 · Value 123.54 · Buy at or below 123.54; 2026-05 · Price CHF 148.30 · Value 123.54 · Buy at or below 123.54; 2026-06 · Price CHF 134.20 · Value 123.54 · Buy at or below 123.54; 2026-07 · Price CHF 146.40 · Value 123.54 · Buy at or below 123.54; 2026-08 · Price CHF 160.60 · Value 123.54 · Buy at or below 123.54; 2026-09 · Price CHF 157.30 · Value 123.54 · Buy at or below 123.54; 2026-10 · Price CHF 172.80 · Value 123.54 · Buy at or below 123.54; 2026-10 · Price CHF 170.90 · Value 123.54 · Buy at or below 123.54

CHF per share · annual estimates

Price & return math
Value range	CHF 111.34 – CHF 139.79
Buy at or below	Central value CHF 123.54
Discount to value	1 − 170.90 / 123.54 = -38.3%
Return / year	About 7.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CHF 8.10/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash CHF 22.81/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCHF 3.6B

Revenue

Owner earningsCHF 299M

Owner earnings

Operating margin12.5%

Operating margin

Net cash / debtCHF -267M

Net cash / debt

Diluted shares34M

Diluted shares

Prices 15 Oct 2026 · FY2025