# Valiant Holding AG (VATN.SW)

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

Analysis as of: 2026-10-16T07:39:31.034Z. Financial observations: FY2015–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 147.80 per share; close as of 2026-10-15.

Estimated value: low CHF 62.00 per share, central CHF 70.04 per share, high CHF 80.48 per share. Buy at or below the central value CHF 70.04 per share. Valuation as of 2026-10-16T07:39:31.034Z; scenarios are not confidence intervals.

Expected annual return: 5.9% at the stated quote. About 5.9% 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

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.03×

Chart: Net income; fiscal year observations.

- FY2016: CHF 118M

- FY2017: CHF 119M

- FY2018: CHF 120M

- FY2019: CHF 121M

- FY2020: CHF 122M

- FY2021: CHF 123M

- FY2022: CHF 130M

- FY2023: CHF 144M

- FY2024: CHF 150M

- FY2025: CHF 155M

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 5.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 5.2%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 5.5%

- FY2017: 5.4%

- FY2018: 5.3%

- FY2019: 5.2%

- FY2020: 5.2%

- FY2021: 5.1%

- FY2022: 5.2%

- FY2023: 5.6%

- FY2024: 5.6%

- FY2025: 5.6%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 6.2%

- Book return interval: 10 years

- Starting book value per share: CHF 130.03

- Ending book value per share: CHF 175.02

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 6.2%

- FY2017: 6.3%

- FY2018: 5.9%

- FY2019: 5.3%

- FY2020: 5.3%

- FY2021: 5.0%

- FY2022: 6.2%

- FY2023: 7.6%

- FY2024: 7.3%

- FY2025: 6.7%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

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

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

- Share growth excluding flagged crisis recapitalisations: 0.0%

- Five-year share growth excluding flagged crisis recapitalisations: -0.0%

- Flagged crisis recapitalisations: 0

- Book value created per share: CHF 44.98

- Earnings retained per share after dividends and buybacks: CHF -188.13

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 6.3% a year forever · "Valiant H1 2025 Slides: Commission Business Up 7.7%, Dividend Increased to CHF 5.80" (investing.com, Jul 2025) · net income +2.9%

Story as of 2026-10-16T10:00:10.826Z; price observation 2026-10-15.

The price assumes profits grow 6.3% a year forever

- 2025-07-25: Valiant H1 2025 Slides: Commission Business Up 7.7%, Dividend Increased to CHF 5.80 ([investing.com](https://www.investing.com/news/company-news/valiant-h1-2025-slides-commission-business-up-77-dividend-increased-to-chf-580-93CH-4152566))

### Net income · FY2025

net income +2.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 118M 

- FY2017: CHF 119M 

- FY2018: CHF 120M 

- FY2019: CHF 121M 

- FY2020: CHF 122M 

- FY2021: CHF 123M 

- FY2022: CHF 130M 

- FY2023: CHF 144M 

- FY2024: CHF 150M 

- FY2025: CHF 155M 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are CHF 737.1 million.

- Source: https://eodhd.com/api/fundamentals/VATN.SW.json#2025-12-31 (filed 2026-10-16T07:39:31.034Z); FY2025: revenue 737073000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VATN.SW: Valiant Holding AG, together with its subsidiaries, provides financial products and services in the areas of financing, payments, savings, investments, and retirement planning in Switzerland. The company offers savings; real estate financing; loans for working capital and other basic services for businesses; unsecured and consumer loans; payment transactions and other banking transactions through Valiant app; and retirement planning and investment solutions, as well as personal advisory services. It serves private clients, affluent clients, self-employed individuals and small companies, and medium-sized companies. The company was founded in 1824 and is based in Bern, Switzerland.

### Why customers stay

It earns 5.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.034Z); 10-year return on tangible equity observations [[2016,0.05532046505081109],[2017,0.05423201827858463],[2018,0.053123537566333784],[2019,0.052268310574597805],[2020,0.051648182593737324],[2021,0.05132871010169859],[2022,0.052489070687232596],[2023,0.05601020068623222],[2024,0.05616729886920653],[2025,0.05597428299558961]]; median 0.0536777779224592. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.034Z); Dividend observations: [[2016,56853000],[2017,60011000],[2018,63170000],[2019,69487000],[2020,78962000],[2021,78962000],[2022,78962000],[2023,78962000],[2024,86859000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VATN.SW SharesStats.PercentInsiders = 0.346 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.034Z); Price 147.8; FX 1; original perpetual distributable cash 5.402615047902117; discount 0.1; growth 0.06344644757847012. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: CHF 93.85 per share

- 2016-11: CHF 97.35 per share

- 2016-12: CHF 101.40 per share

- 2017-01: CHF 105.10 per share

- 2017-02: CHF 105.20 per share

- 2017-03: CHF 106.60 per share

- 2017-04: CHF 114.20 per share

- 2017-05: CHF 112.70 per share

- 2017-06: CHF 110.30 per share

- 2017-07: CHF 114.00 per share

- 2017-08: CHF 104.80 per share

- 2017-09: CHF 105.20 per share

- 2017-10: CHF 102.70 per share

- 2017-11: CHF 107.00 per share

- 2017-12: CHF 105.40 per share

- 2018-01: CHF 112.40 per share

- 2018-02: CHF 115.00 per share

- 2018-03: CHF 113.20 per share

- 2018-04: CHF 119.20 per share

- 2018-05: CHF 108.20 per share

- 2018-06: CHF 112.40 per share

- 2018-07: CHF 105.80 per share

- 2018-08: CHF 111.20 per share

- 2018-09: CHF 111.20 per share

- 2018-10: CHF 113.80 per share

- 2018-11: CHF 110.40 per share

- 2018-12: CHF 108.00 per share

- 2019-01: CHF 107.20 per share

- 2019-02: CHF 113.60 per share

- 2019-03: CHF 114.40 per share

- 2019-04: CHF 114.20 per share

- 2019-05: CHF 107.00 per share

- 2019-06: CHF 106.00 per share

- 2019-07: CHF 102.40 per share

- 2019-08: CHF 103.00 per share

- 2019-09: CHF 99.20 per share

- 2019-10: CHF 100.00 per share

- 2019-11: CHF 97.10 per share

- 2019-12: CHF 98.40 per share

- 2020-01: CHF 99.20 per share

- 2020-02: CHF 95.50 per share

- 2020-03: CHF 77.60 per share

- 2020-04: CHF 93.30 per share

- 2020-05: CHF 85.80 per share

- 2020-06: CHF 88.50 per share

- 2020-07: CHF 85.30 per share

- 2020-08: CHF 86.40 per share

- 2020-09: CHF 77.60 per share

- 2020-10: CHF 73.50 per share

- 2020-11: CHF 84.90 per share

- 2020-12: CHF 86.50 per share

- 2021-01: CHF 85.40 per share

- 2021-02: CHF 90.80 per share

- 2021-03: CHF 98.40 per share

- 2021-04: CHF 101.20 per share

- 2021-05: CHF 93.60 per share

- 2021-06: CHF 91.70 per share

- 2021-07: CHF 94.30 per share

- 2021-08: CHF 92.40 per share

- 2021-09: CHF 88.90 per share

- 2021-10: CHF 90.60 per share

- 2021-11: CHF 86.70 per share

- 2021-12: CHF 91.30 per share

- 2022-01: CHF 93.20 per share

- 2022-02: CHF 95.50 per share

- 2022-03: CHF 95.80 per share

- 2022-04: CHF 97.80 per share

- 2022-05: CHF 87.60 per share

- 2022-06: CHF 83.90 per share

- 2022-07: CHF 85.60 per share

- 2022-08: CHF 92.80 per share

- 2022-09: CHF 94.00 per share

- 2022-10: CHF 98.10 per share

- 2022-11: CHF 100.80 per share

- 2022-12: CHF 100.00 per share

- 2023-01: CHF 104.40 per share

- 2023-02: CHF 103.80 per share

- 2023-03: CHF 98.20 per share

- 2023-04: CHF 103.60 per share

- 2023-05: CHF 92.90 per share

- 2023-06: CHF 93.20 per share

- 2023-07: CHF 95.80 per share

- 2023-08: CHF 94.90 per share

- 2023-09: CHF 94.90 per share

- 2023-10: CHF 99.00 per share

- 2023-11: CHF 94.20 per share

- 2023-12: CHF 95.40 per share

- 2024-01: CHF 103.40 per share

- 2024-02: CHF 102.60 per share

- 2024-03: CHF 105.80 per share

- 2024-04: CHF 107.40 per share

- 2024-05: CHF 103.00 per share

- 2024-06: CHF 101.80 per share

- 2024-07: CHF 99.70 per share

- 2024-08: CHF 98.70 per share

- 2024-09: CHF 99.40 per share

- 2024-10: CHF 100.60 per share

- 2024-11: CHF 105.00 per share

- 2024-12: CHF 105.60 per share

- 2025-01: CHF 108.00 per share

- 2025-02: CHF 115.80 per share

- 2025-03: CHF 119.40 per share

- 2025-04: CHF 121.60 per share

- 2025-05: CHF 120.80 per share

- 2025-06: CHF 120.80 per share

- 2025-07: CHF 128.20 per share

- 2025-08: CHF 132.20 per share

- 2025-09: CHF 128.60 per share

- 2025-10: CHF 132.20 per share

- 2025-11: CHF 140.00 per share

- 2025-12: CHF 151.00 per share

- 2026-01: CHF 155.20 per share

- 2026-02: CHF 167.00 per share

- 2026-03: CHF 176.80 per share

- 2026-04: CHF 181.60 per share

- 2026-05: CHF 159.00 per share

- 2026-06: CHF 160.80 per share

- 2026-07: CHF 158.00 per share

- 2026-08: CHF 149.60 per share

- 2026-09: CHF 153.00 per share

- 2026-10: CHF 149.80 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 86.03 per share, central CHF 94.63 per share, high CHF 105.15 per share

- FY2017: low CHF 79.06 per share, central CHF 86.96 per share, high CHF 96.63 per share

- FY2018: low CHF 72.55 per share, central CHF 79.81 per share, high CHF 88.67 per share

- FY2019: low CHF 73.03 per share, central CHF 80.33 per share, high CHF 89.26 per share

- FY2020: low CHF 72.91 per share, central CHF 80.20 per share, high CHF 89.11 per share

- FY2021: low CHF 72.76 per share, central CHF 80.04 per share, high CHF 88.93 per share

- FY2022: low CHF 51.37 per share, central CHF 58.14 per share, high CHF 66.97 per share

- FY2023: low CHF 54.00 per share, central CHF 61.15 per share, high CHF 70.49 per share

- FY2024: low CHF 59.04 per share, central CHF 66.77 per share, high CHF 76.82 per share

- FY2025: low CHF 61.89 per share, central CHF 69.91 per share, high CHF 80.32 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:45:17.302Z 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.

Valiant Holding AG

VATN · SW

STOXX Europe 600

Not a wonderful business

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

Share price: CHF 147.80
Buy up to: CHF 70.04
Expected / yr: 5.9% 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

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: CHF 122M
Worst year: CHF 118M
Latest · 2025: CHF 155M

Earned a median 5.4% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 5.4%
Worst year: 5.1%
Latest · 2025: 5.6%

Book value plus dividends grew 6.2% a year (minimum 7%).

Annual book + dividend return

10y median: 6.2%
Worst year: 5.0%
Latest · 2025: 6.7%

Ordinary share growth was 0% over the full period and 0% over five years (either must be at most 2% a year).

Filing signals · estimated likelihood

per-share value change
Passing bar: ≥ CHF 0

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 9.48 CHF.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CHF 93.85 · Value 94.63 · Buy at or below 94.63; 2016-11 · Price CHF 97.35 · Value 94.63 · Buy at or below 94.63; 2016-12 · Price CHF 101.40 · Value 94.63 · Buy at or below 94.63; 2017-01 · Price CHF 105.10 · Value 94.63 · Buy at or below 94.63; 2017-02 · Price CHF 105.20 · Value 86.96 · Buy at or below 86.96; 2017-03 · Price CHF 106.60 · Value 86.96 · Buy at or below 86.96; 2017-04 · Price CHF 114.20 · Value 86.96 · Buy at or below 86.96; 2017-05 · Price CHF 112.70 · Value 86.96 · Buy at or below 86.96; 2017-06 · Price CHF 110.30 · Value 86.96 · Buy at or below 86.96; 2017-07 · Price CHF 114.00 · Value 86.96 · Buy at or below 86.96; 2017-08 · Price CHF 104.80 · Value 86.96 · Buy at or below 86.96; 2017-09 · Price CHF 105.20 · Value 86.96 · Buy at or below 86.96; 2017-10 · Price CHF 102.70 · Value 86.96 · Buy at or below 86.96; 2017-11 · Price CHF 107.00 · Value 86.96 · Buy at or below 86.96; 2017-12 · Price CHF 105.40 · Value 86.96 · Buy at or below 86.96; 2018-01 · Price CHF 112.40 · Value 86.96 · Buy at or below 86.96; 2018-02 · Price CHF 115.00 · Value 79.81 · Buy at or below 79.81; 2018-03 · Price CHF 113.20 · Value 79.81 · Buy at or below 79.81; 2018-04 · Price CHF 119.20 · Value 79.81 · Buy at or below 79.81; 2018-05 · Price CHF 108.20 · Value 79.81 · Buy at or below 79.81; 2018-06 · Price CHF 112.40 · Value 79.81 · Buy at or below 79.81; 2018-07 · Price CHF 105.80 · Value 79.81 · Buy at or below 79.81; 2018-08 · Price CHF 111.20 · Value 79.81 · Buy at or below 79.81; 2018-09 · Price CHF 111.20 · Value 79.81 · Buy at or below 79.81; 2018-10 · Price CHF 113.80 · Value 79.81 · Buy at or below 79.81; 2018-11 · Price CHF 110.40 · Value 79.81 · Buy at or below 79.81; 2018-12 · Price CHF 108.00 · Value 79.81 · Buy at or below 79.81; 2019-01 · Price CHF 107.20 · Value 79.81 · Buy at or below 79.81; 2019-02 · Price CHF 113.60 · Value 80.33 · Buy at or below 80.33; 2019-03 · Price CHF 114.40 · Value 80.33 · Buy at or below 80.33; 2019-04 · Price CHF 114.20 · Value 80.33 · Buy at or below 80.33; 2019-05 · Price CHF 107.00 · Value 80.33 · Buy at or below 80.33; 2019-06 · Price CHF 106.00 · Value 80.33 · Buy at or below 80.33; 2019-07 · Price CHF 102.40 · Value 80.33 · Buy at or below 80.33; 2019-08 · Price CHF 103.00 · Value 80.33 · Buy at or below 80.33; 2019-09 · Price CHF 99.20 · Value 80.33 · Buy at or below 80.33; 2019-10 · Price CHF 100.00 · Value 80.33 · Buy at or below 80.33; 2019-11 · Price CHF 97.10 · Value 80.33 · Buy at or below 80.33; 2019-12 · Price CHF 98.40 · Value 80.33 · Buy at or below 80.33; 2020-01 · Price CHF 99.20 · Value 80.33 · Buy at or below 80.33; 2020-02 · Price CHF 95.50 · Value 80.20 · Buy at or below 80.20; 2020-03 · Price CHF 77.60 · Value 80.20 · Buy at or below 80.20; 2020-04 · Price CHF 93.30 · Value 80.20 · Buy at or below 80.20; 2020-05 · Price CHF 85.80 · Value 80.20 · Buy at or below 80.20; 2020-06 · Price CHF 88.50 · Value 80.20 · Buy at or below 80.20; 2020-07 · Price CHF 85.30 · Value 80.20 · Buy at or below 80.20; 2020-08 · Price CHF 86.40 · Value 80.20 · Buy at or below 80.20; 2020-09 · Price CHF 77.60 · Value 80.20 · Buy at or below 80.20; 2020-10 · Price CHF 73.50 · Value 80.20 · Buy at or below 80.20; 2020-11 · Price CHF 84.90 · Value 80.20 · Buy at or below 80.20; 2020-12 · Price CHF 86.50 · Value 80.20 · Buy at or below 80.20; 2021-01 · Price CHF 85.40 · Value 80.20 · Buy at or below 80.20; 2021-02 · Price CHF 90.80 · Value 80.04 · Buy at or below 80.04; 2021-03 · Price CHF 98.40 · Value 80.04 · Buy at or below 80.04; 2021-04 · Price CHF 101.20 · Value 80.04 · Buy at or below 80.04; 2021-05 · Price CHF 93.60 · Value 80.04 · Buy at or below 80.04; 2021-06 · Price CHF 91.70 · Value 80.04 · Buy at or below 80.04; 2021-07 · Price CHF 94.30 · Value 80.04 · Buy at or below 80.04; 2021-08 · Price CHF 92.40 · Value 80.04 · Buy at or below 80.04; 2021-09 · Price CHF 88.90 · Value 80.04 · Buy at or below 80.04; 2021-10 · Price CHF 90.60 · Value 80.04 · Buy at or below 80.04; 2021-11 · Price CHF 86.70 · Value 80.04 · Buy at or below 80.04; 2021-12 · Price CHF 91.30 · Value 80.04 · Buy at or below 80.04; 2022-01 · Price CHF 93.20 · Value 80.04 · Buy at or below 80.04; 2022-02 · Price CHF 95.50 · Value 58.14 · Buy at or below 58.14; 2022-03 · Price CHF 95.80 · Value 58.14 · Buy at or below 58.14; 2022-04 · Price CHF 97.80 · Value 58.14 · Buy at or below 58.14; 2022-05 · Price CHF 87.60 · Value 58.14 · Buy at or below 58.14; 2022-06 · Price CHF 83.90 · Value 58.14 · Buy at or below 58.14; 2022-07 · Price CHF 85.60 · Value 58.14 · Buy at or below 58.14; 2022-08 · Price CHF 92.80 · Value 58.14 · Buy at or below 58.14; 2022-09 · Price CHF 94.00 · Value 58.14 · Buy at or below 58.14; 2022-10 · Price CHF 98.10 · Value 58.14 · Buy at or below 58.14; 2022-11 · Price CHF 100.80 · Value 58.14 · Buy at or below 58.14; 2022-12 · Price CHF 100.00 · Value 58.14 · Buy at or below 58.14; 2023-01 · Price CHF 104.40 · Value 58.14 · Buy at or below 58.14; 2023-02 · Price CHF 103.80 · Value 61.15 · Buy at or below 61.15; 2023-03 · Price CHF 98.20 · Value 61.15 · Buy at or below 61.15; 2023-04 · Price CHF 103.60 · Value 61.15 · Buy at or below 61.15; 2023-05 · Price CHF 92.90 · Value 61.15 · Buy at or below 61.15; 2023-06 · Price CHF 93.20 · Value 61.15 · Buy at or below 61.15; 2023-07 · Price CHF 95.80 · Value 61.15 · Buy at or below 61.15; 2023-08 · Price CHF 94.90 · Value 61.15 · Buy at or below 61.15; 2023-09 · Price CHF 94.90 · Value 61.15 · Buy at or below 61.15; 2023-10 · Price CHF 99.00 · Value 61.15 · Buy at or below 61.15; 2023-11 · Price CHF 94.20 · Value 61.15 · Buy at or below 61.15; 2023-12 · Price CHF 95.40 · Value 61.15 · Buy at or below 61.15; 2024-01 · Price CHF 103.40 · Value 61.15 · Buy at or below 61.15; 2024-02 · Price CHF 102.60 · Value 66.77 · Buy at or below 66.77; 2024-03 · Price CHF 105.80 · Value 66.77 · Buy at or below 66.77; 2024-04 · Price CHF 107.40 · Value 66.77 · Buy at or below 66.77; 2024-05 · Price CHF 103.00 · Value 66.77 · Buy at or below 66.77; 2024-06 · Price CHF 101.80 · Value 66.77 · Buy at or below 66.77; 2024-07 · Price CHF 99.70 · Value 66.77 · Buy at or below 66.77; 2024-08 · Price CHF 98.70 · Value 66.77 · Buy at or below 66.77; 2024-09 · Price CHF 99.40 · Value 66.77 · Buy at or below 66.77; 2024-10 · Price CHF 100.60 · Value 66.77 · Buy at or below 66.77; 2024-11 · Price CHF 105.00 · Value 66.77 · Buy at or below 66.77; 2024-12 · Price CHF 105.60 · Value 66.77 · Buy at or below 66.77; 2025-01 · Price CHF 108.00 · Value 66.77 · Buy at or below 66.77; 2025-02 · Price CHF 115.80 · Value 69.91 · Buy at or below 69.91; 2025-03 · Price CHF 119.40 · Value 69.91 · Buy at or below 69.91; 2025-04 · Price CHF 121.60 · Value 69.91 · Buy at or below 69.91; 2025-05 · Price CHF 120.80 · Value 69.91 · Buy at or below 69.91; 2025-06 · Price CHF 120.80 · Value 69.91 · Buy at or below 69.91; 2025-07 · Price CHF 128.20 · Value 69.91 · Buy at or below 69.91; 2025-08 · Price CHF 132.20 · Value 69.91 · Buy at or below 69.91; 2025-09 · Price CHF 128.60 · Value 69.91 · Buy at or below 69.91; 2025-10 · Price CHF 132.20 · Value 69.91 · Buy at or below 69.91; 2025-11 · Price CHF 140.00 · Value 69.91 · Buy at or below 69.91; 2025-12 · Price CHF 151.00 · Value 69.91 · Buy at or below 69.91; 2026-01 · Price CHF 155.20 · Value 69.91 · Buy at or below 69.91; 2026-02 · Price CHF 167.00 · Value 70.04 · Buy at or below 70.04; 2026-03 · Price CHF 176.80 · Value 70.04 · Buy at or below 70.04; 2026-04 · Price CHF 181.60 · Value 70.04 · Buy at or below 70.04; 2026-05 · Price CHF 159.00 · Value 70.04 · Buy at or below 70.04; 2026-06 · Price CHF 160.80 · Value 70.04 · Buy at or below 70.04; 2026-07 · Price CHF 158.00 · Value 70.04 · Buy at or below 70.04; 2026-08 · Price CHF 149.60 · Value 70.04 · Buy at or below 70.04; 2026-09 · Price CHF 153.00 · Value 70.04 · Buy at or below 70.04; 2026-10 · Price CHF 149.80 · Value 70.04 · Buy at or below 70.04; 2026-10 · Price CHF 147.80 · Value 70.04 · Buy at or below 70.04

CHF per share · annual estimates

Price & return math
Value range	CHF 62.00 – CHF 80.48
Buy at or below	Central value CHF 70.04
Discount to value	1 − 147.80 / 70.04 = -111.0%
Return / year	About 5.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CHF 175.35/share; ROE 5.4%; first payout CHF 5.40/share, growing 2.3% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCHF 155M

Net income

Book / shareCHF 175.02

Book / share

Dividend / shareCHF 5.80

Dividend / share

Return on tangible equity5.6%

Return on tangible equity

Diluted shares16M

Diluted shares

Prices 15 Oct 2026 · FY2025