Flughafen Zürich AG

SWX:FHZN Stock Report

Market Cap: CHF 7.5b

Flughafen Zürich Valuation

Is FHZN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of FHZN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
CHF 151.09
Fair Value
61.0% overvalued intrinsic discount
14
Number of Analysts

Below Fair Value: FHZN (CHF243.2) is trading above our estimate of fair value (CHF151.09)

Significantly Below Fair Value: FHZN is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FHZN?

Key metric: As FHZN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for FHZN. This is calculated by dividing FHZN's market cap by their current earnings.
What is FHZN's PE Ratio?
PE Ratio22.9x
EarningsCHF 326.70m
Market CapCHF 7.47b

Price to Earnings Ratio vs Peers

How does FHZN's PE Ratio compare to its peers?

The above table shows the PE ratio for FHZN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average30.6x
KBHL Københavns Lufthavne
50.8xn/aDKK 51.8b
FRA Fraport
17.8x5.65%€7.0b
600009 Shanghai International Airport
39.1x15.39%CN¥80.9b
ASUR B Grupo Aeroportuario del Sureste S. A. B. de C. V
14.7x9.91%Mex$183.7b
FHZN Flughafen Zürich
22.9x2.44%CHF 7.5b

Price-To-Earnings vs Peers: FHZN is good value based on its Price-To-Earnings Ratio (22.9x) compared to the peer average (30.6x).

Price to Earnings Ratio vs Industry

How does FHZN's PE Ratio compare vs other companies in the European Infrastructure Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
FHZN 22.9xIndustry Avg. 19.4xNo. of Companies9PE01632486480+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FHZN is expensive based on its Price-To-Earnings Ratio (22.9x) compared to the European Infrastructure industry average (19.4x).

Price to Earnings Ratio vs Fair Ratio

What is FHZN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FHZN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio22.9x
Fair PE Ratio18.6x

Price-To-Earnings vs Fair Ratio: FHZN is expensive based on its Price-To-Earnings Ratio (22.9x) compared to the estimated Fair Price-To-Earnings Ratio (18.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst FHZN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCHF 243.20
CHF 235.36
-3.22%
8.24%CHF 270.00CHF 200.00n/a14
Aug ’26CHF 230.00
CHF 233.93
+1.71%
7.83%CHF 270.00CHF 200.00n/a14
Jul ’26CHF 225.80
CHF 237.07
+4.99%
8.82%CHF 270.00CHF 200.00n/a15
Jun ’26CHF 228.00
CHF 230.69
+1.18%
10.49%CHF 270.00CHF 181.00n/a16
May ’26CHF 207.40
CHF 230.69
+11.23%
10.49%CHF 270.00CHF 181.00n/a16
Apr ’26CHF 210.80
CHF 232.38
+10.23%
9.98%CHF 270.00CHF 181.00n/a16
Mar ’26CHF 221.60
CHF 233.25
+5.26%
10.41%CHF 270.00CHF 181.00n/a16
Feb ’26CHF 220.00
CHF 231.94
+5.43%
10.26%CHF 270.00CHF 181.00n/a16
Jan ’26CHF 217.60
CHF 228.53
+5.02%
10.86%CHF 270.00CHF 181.00n/a15
Dec ’25CHF 209.40
CHF 221.00
+5.54%
12.06%CHF 265.00CHF 177.00n/a15
Nov ’25CHF 205.20
CHF 221.00
+7.70%
12.06%CHF 265.00CHF 177.00n/a15
Oct ’25CHF 201.20
CHF 222.81
+10.74%
12.01%CHF 265.00CHF 177.00n/a16
Sep ’25CHF 198.50
CHF 222.19
+11.93%
11.69%CHF 265.00CHF 177.00n/a16
Aug ’25CHF 203.40
CHF 223.63
+9.94%
11.69%CHF 265.00CHF 177.00CHF 230.0016
Jul ’25CHF 196.10
CHF 218.00
+11.17%
11.86%CHF 253.00CHF 177.00CHF 225.8016
Jun ’25CHF 191.90
CHF 214.69
+11.87%
11.52%CHF 253.00CHF 177.00CHF 228.0016
May ’25CHF 184.20
CHF 214.75
+16.59%
11.54%CHF 253.00CHF 177.00CHF 207.4016
Apr ’25CHF 204.60
CHF 211.50
+3.37%
13.54%CHF 253.00CHF 156.00CHF 210.8016
Mar ’25CHF 187.30
CHF 204.63
+9.25%
12.82%CHF 245.00CHF 156.00CHF 221.6016
Feb ’25CHF 177.00
CHF 203.53
+14.99%
13.01%CHF 245.00CHF 156.00CHF 220.0015
Jan ’25CHF 175.60
CHF 202.80
+15.49%
13.29%CHF 245.00CHF 156.00CHF 217.6015
Dec ’24CHF 187.10
CHF 203.07
+8.53%
13.24%CHF 245.00CHF 156.00CHF 209.4015
Nov ’24CHF 169.70
CHF 202.57
+19.37%
12.28%CHF 245.00CHF 156.00CHF 205.2014
Oct ’24CHF 174.80
CHF 199.40
+14.07%
12.14%CHF 245.00CHF 156.00CHF 201.2015
Sep ’24CHF 181.70
CHF 203.63
+12.07%
9.90%CHF 240.00CHF 170.00CHF 198.5016
Aug ’24CHF 184.30
CHF 197.67
+7.25%
9.20%CHF 234.00CHF 170.00CHF 203.4015
AnalystConsensusTarget
Consensus Narrative from 14 Analysts
CHF 235.36
Fair Value
3.3% overvalued intrinsic discount
14
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/08/24 22:51
End of Day Share Price 2025/08/22 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Flughafen Zürich AG is covered by 31 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
José ArroyasBanco Santander
Andrew LobbenbergBarclays
Susanna InvernizziBarclays