Has the Swiss Market valuation changed over the past few years?

Investors are relatively neutral on the market at the moment, indicating that they expect earnings will grow in line with historical growth rates. The market is trading close to its 3-year average PE ratio of 20.6x.

Which sectors have driven the changes within the Swiss Market?

Investors are most optimistic about the Materials sector, which is trading close to its 3-year average PE ratio of 34.4x. Analysts are expecting annual earnings growth of 11%, which is lower than the prior year's growth of 31% per year. This could indicate that the market believes that analysts are underestimating future growth. Investors are most pessimistic about the Real Estate sector, which is trading below its 3-year average of 14.1x.

Swiss (SMI) Market Analysis & Valuation

Date	Market Cap	Revenue	Earnings	PE
Wed, 25 May 2022	CHF1.8t	CHF803.1b	CHF105.4b	17.8x
Fri, 22 Apr 2022	CHF1.9t	CHF817.4b	CHF130.7b	18.7x
Sun, 20 Mar 2022	CHF1.9t	CHF809.4b	CHF129.6b	18.3x
Tue, 15 Feb 2022	CHF1.9t	CHF822.3b	CHF141.7b	19.3x
Thu, 13 Jan 2022	CHF2.0t	CHF813.9b	CHF126.2b	21x
Sat, 11 Dec 2021	CHF2.0t	CHF814.8b	CHF126.4b	20.4x
Mon, 08 Nov 2021	CHF2.0t	CHF808.3b	CHF124.7b	21.1x
Wed, 06 Oct 2021	CHF1.9t	CHF824.4b	CHF138.5b	20.8x
Fri, 03 Sep 2021	CHF2.0t	CHF822.4b	CHF137.9b	22.6x
Sun, 01 Aug 2021	CHF2.0t	CHF822.4b	CHF137.9b	21.7x
Wed, 05 May 2021	CHF1.8t	CHF834.2b	CHF165.0b	22.9x
Sat, 06 Feb 2021	CHF1.7t	CHF725.6b	CHF83.2b	22.9x
Tue, 10 Nov 2020	CHF1.6t	CHF726.4b	CHF74.3b	21.9x
Mon, 03 Aug 2020	CHF1.6t	CHF734.6b	CHF75.0b	22.3x
Thu, 07 May 2020	CHF1.6t	CHF756.2b	CHF69.3b	19.1x
Sun, 09 Feb 2020	CHF1.7t	CHF832.6b	CHF121.1b	19.9x
Sat, 02 Nov 2019	CHF1.6t	CHF821.9b	CHF112.4b	19x
Tue, 06 Aug 2019	CHF1.6t	CHF769.8b	CHF83.1b	18.8x


CH Market	-2.48%
Healthcare	0.85%
Energy	0%
Utilities	-0.13%
Telecom	-1.00%
Real Estate	-1.06%
Financials	-1.63%
Materials	-2.56%
Industrials	-2.65%
Tech	-4.42%
Consumer Staples	-6.23%
Consumer Discretionary	-12.38%

Company	Last Price	7D	1Y	Valuation	Sector
ROG Roche Holding	CHF331.45	2.8% +CHF7.3b	6.1%	PS19x	Healthcare
UBSG UBS Group	CHF17.78	2.1% +CHF1.2b	23.5%	PS8x	Financials
NOVN Novartis	CHF87.68	0.3% +CHF586.4m	10.4%	PS8.2x	Healthcare
SCHN Schindler Holding	CHF191.20	2.5% +CHF495.2m	-24.8%	PS27.1x	Industrials
LONN Lonza Group	CHF555.00	0.4% +CHF163.2m	-3.5%	PS61.1x	Healthcare

May 23

Idorsia Ltd Announces Positive Phase 3 Study with Aprocitentan Demonstrates Significant Antihypertensive Efficacy in Patients with Resistant Hypertension

Idorsia Ltd. announced positive top-line results ofof PRECISION, the Phase 3 study investigating aprocitentan, Idorsia's dual endothelin receptor antagonist, for the treatment of patients whose blood pressure is not adequately controlled despite receiving at least triple antihypertensive therapy -- known as resistant hypertension.Aprocitentan significantly reduced blood pressure when added to standardized combination background antihypertensive therapy in patients with resistant hypertension over 48 weeks of treatment. Hypertension is one of the most common cardiovascular risk factors, and its prevalence continues to rise. According toa recent study, there are more than one billion people living with hypertension worldwide -- a number which has almost doubled in the past 40 years While many patients with hypertension are successfully treated with various existing anti-hypertensive therapies, 10-- 20% of the hypertensive population have blood pressure that remains high despite receiving at least three antihypertensive medications of different pharmacological classes, including a diuretic, at optimal doses, and they are categorized in hypertension guidelines(2) (,3,4) and in the medical community as having resistant hypertension. Certain populations are at a particular high risk of developing resistant hypertension later in life; these include patients with a high body mass index (BMI), African Americans, post-menopausal women and patients with obstructive sleep apnea.(5) (,) (6) (,) (7) It is estimated that by 2025, there could be approximately 10 million patients in the US who could be classified as having resistant hypertension and a similar number of patients in Europe.(3,) (4) (,) (8) Uncontrolled hypertension can lead to multiple cardiovascular and renal adverse outcomes, including stroke, heart disease, and kidney failure.

May 21

Novartis Cosentyx (secukinumab) receives positive CHMP opinion for expanded use in childhood arthritic conditions

Novartis announced the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has adopted a positive opinion for Cosentyx® (secukinumab), used alone or in combination with methotrexate, in the juvenile idiopathic arthritis (JIA) categories of enthesitis-related arthritis (ERA) and juvenile psoriatic arthritis (JPsA) in patients 6 years and older whose disease has responded inadequately to, or who cannot tolerate, conventional therapy. ERA and JPsA are progressive, debilitating autoimmune diseases. ERA is characterized by joint swelling and pain where tendons and ligaments attach to bone and may present with lower back pain or tenderness at the palpation of the hips. JPsA is characterized by joint swelling and skin psoriasis and may present with nail changes, inflammation of fingers and/or toes or psoriatic skin changes in a first-degree relative. If left untreated, they can lead to high levels of pain and disability. The positive CHMP opinion is based on data from the Phase III JUNIPERA study, a 2-year, three-part, double-blind, placebo-controlled, randomized withdrawal trial showing significantly longer time to flare in Cosentyx vs placebo (P<0.001) in pediatric ERA and JPsA patients16. Safety in this pediatric population was consistent with the known safety profile of Cosentyx across approved adult and pediatric indications. This CHMP recommendation supports Novartis ongoing commitment to the pediatric community across a range of inflammatory conditions. In July 2020, Cosentyx received EMA approval as a first-line systemic treatment for pediatric psoriasis in patients aged 6-18 years old and recently received approval in the US and China. In 2021, Cosentyx was also approved in Japan to treat both PsA and psoriasis in pediatric patients aged 6 years or older, as well as those with generalized pustular psoriasis. Earlier this year, Cosentyx was also approved in Brazil to treat ERA in patients 4 years or older and JPsA in patients aged 2 years and older. The positive CHMP opinion is based on data from the Phase III JUNIPERA study, a 2-year, three-part, double-blind, placebo-controlled, randomized withdrawal trial that enrolled 86 children and adolescents aged 2–18 years old with a confirmed diagnosis of ERA or JPsA according to a modified International League of Associations for Rheumatology classification criteria16. The primary endpoint of the study was time to flare in the treatment period 2 (Week 12 to Week 104)16. The study met its primary endpoint and demonstrated a statistically significant longer time to disease flare in treatment period 2 for ERA and JPsA with secukinumab versus placebo. The risk of flare was reduced by 72% for patients on secukinumab compared with patients on placebo in treatment period 2 (Hazard ratio=0.28, 95% CI: 0.13 to 0.63, p<0.001). A total of 21 patients in the placebo group experienced a flare event (11 JPsA and 10 ERA) compared with 10 patients in the secukinumab group (4 JPsA and 6 ERA) during the placebo-controlled treatment period 2 of the study8, 10. Safety in this pediatric population was consistent with the known safety profile of Cosentyx for the treatment of adult and pediatric plaque psoriasis, PsA and axial spondyloarthritis9. Highlights: Positive opinion could expand the role of Cosentyx® (secukinumab) in reducing flare risk inpediatric enthesitis-related arthritis (ERA) and psoriatic arthritis (PsA) patients in the EU. Safety in these pediatric populations was consistent with the known safety profile across approved adult and pediatric indications. Since its initial approval, Cosentyx has a proven sustained efficacy profile across several systemic inflammatory conditions and has treated more than 700,000 patients worldwide.

Swiss (SMI) Market Analysis & Valuation

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

Latest News

DAE

Price target decreased to CHF336

NESN

Craig Grant Connolly to Take New Role as Global Head of Financial Services Based in Nestlé S.A

CFR

Compagnie Financière Richemont (VTX:CFR) Will Pay A Larger Dividend Than Last Year At CHF3.25

IDIA

Idorsia Ltd Announces Positive Phase 3 Study with Aprocitentan Demonstrates Significant Antihypertensive Efficacy in Patients with Resistant Hypertension

STMN

Straumann Holding AG (SWX:STMN) signed an agreement to acquire Sunshine Smile GmbH for CHF 135 million.

ZURN

A group of eleven management team of JSC Zurich Reliable Insurance agreed to acquire JSC Zurich Reliable Insurance from Zurich Insurance Group AG (SWX:ZURN).

NOVN

Novartis Cosentyx (secukinumab) receives positive CHMP opinion for expanded use in childhood arthritic conditions

UHR

Upcoming dividend of CHF5.50 per share

SIGN

SIG Group AG has completed a Follow-on Equity Offering in the amount of €213.4 million.

ROG

Roche Holding AG Reports Interim Results for Phase III SKYSCRAPER-01 Study in PD-L1-High Metastatic Non-Small Cell Lung Cancer

CSGN

Price target decreased to CHF7.89

SREN

Consensus forecasts updated

UBSG

UBS Appoints Michelle Lau as Head of Wealth Planning, Southeast Asia

LONN

Upcoming dividend of CHF3.00 per share

SCHN

First quarter 2022 earnings: EPS exceeds analyst expectations

LISN

Full year 2021 earnings: Revenues and EPS in line with analyst expectations