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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 10.4% - 9.4% | 9.9% |
| Fair Value | CHF 283.52 - CHF 319.54 | CHF 297.65 |
| Upside | -46.7% - -39.9% | -44.1% |
| 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 | 1,542 | 1,549 | 1,516 | 1,669 | 1,574 | 1,654 | 1,654 | |
| % Growth | -9.9% | 0.4% | -2.1% | 10.1% | -5.7% | 5.1% | ||
| Payout Ratio | 73.9% | 77.0% | 80.0% | 83.0% | 86.0% | 90.0% | 92.5% | |
| Projected Dividends | 1,140 | 1,192 | 1,213 | 1,386 | 1,354 | 1,489 | 1,530 | |
| % Growth | 4.6% | 1.7% | 14.2% | -2.3% | 10.0% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (CHF in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Mar-24 | Mar-25 | |
| Cash Dividends Paid | 1,140 | 1,140 | 1,140 | 1,140 | 1,140 | 0 | 0 | |
| % Growth | 0% | 0% | 0% | 0% | NM | |||
| Net Income to Common | 1,530 | 1,832 | 1,602 | 1,711 | 1,542 | 455 | 367 | |
| % Growth | 20% | -13% | 7% | -10% | -19% | |||
| Payout Ratio | 75% | 62% | 71% | 67% | 74% | 0% | 0% | |
| Retention Ratio | 25% | 38% | 29% | 33% | 26% | 100% | 100% | |
| Adjusted EBITDA | 3,620 | 3,799 | 3,677 | 3,872 | 3,611 | 1,090 | 1,292 | |
| % Growth | 5% | -3% | 5% | -7% | 19% | |||
| Total Debt | 9,030 | 8,462 | 7,913 | 7,580 | 17,535 | 7,666 | 17,034 | |
| Shareholder's Equity | 9,490 | 10,811 | 11,168 | 11,619 | 12,155 | 12,180 | 12,598 | |
| Debt / EBITDA | 2.5 | 2.2 | 2.2 | 2.0 | 4.9 | 4.5 | ||
| Debt / Equity | 95% | 78% | 71% | 65% | 144% | 63% | 135% | |
| 3-Yr Avg. Dividend Growth | 0.0% | |||||||
| 5-Yr Median Payout Ratio | 71.2% | |||||||