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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Fair Value | CHF 110.15 - CHF 158.17 | CHF 129.66 |
| Upside | 30.9% - 88.0% | 54.1% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (CHF in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 2,922 | 3,544 | 3,800 | 3,983 | 4,114 | 3,830 | 3,830 | |
| % Growth | -4.0% | 21.3% | 7.2% | 4.8% | 3.3% | -6.9% | ||
| Payout Ratio | 54.2% | 61.0% | 68.0% | 75.0% | 82.0% | 90.0% | 92.5% | |
| Projected Dividends | 1,583 | 2,162 | 2,584 | 2,987 | 3,373 | 3,447 | 3,543 | |
| % Growth | 36.6% | 19.5% | 15.6% | 12.9% | 2.2% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (CHF in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 1,246 | 1,245 | 1,352 | 1,441 | 1,583 | 1,441 | 1,583 | |
| % Growth | 0% | 9% | 7% | 10% | 10% | |||
| Net Income to Common | 1,679 | 2,280 | 3,291 | 3,043 | 2,922 | 3,043 | 2,922 | |
| % Growth | 36% | 44% | -8% | -4% | -4% | |||
| Payout Ratio | 74% | 55% | 41% | 47% | 54% | 47% | 54% | |
| Retention Ratio | 26% | 45% | 59% | 53% | 46% | 53% | 46% | |
| Adjusted EBITDA | 4,836 | 5,522 | 5,338 | 5,875 | 5,966 | 5,875 | 5,966 | |
| % Growth | 14% | -3% | 10% | 2% | 2% | |||
| Total Debt | 13,774 | 16,905 | 16,130 | 14,081 | 13,856 | 14,081 | 13,856 | |
| Shareholder's Equity | 26,071 | 27,685 | 28,674 | 25,997 | 27,239 | 25,997 | 27,239 | |
| Debt / EBITDA | 2.8 | 3.1 | 3.0 | 2.4 | 2.3 | 2.3 | ||
| Debt / Equity | 53% | 61% | 56% | 54% | 51% | 54% | 51% | |
| 3-Yr Avg. Dividend Growth | 8.3% | |||||||
| 5-Yr Median Payout Ratio | 54.2% | |||||||