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

Investors are optimistic on the Swiss market, and appear confident in strong long term growth rates. The market is trading at a PE ratio of 19.6x which is higher than its 3-year average PE of 16.8x.

Which sectors have driven the changes within the Swiss Market?

Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 27.9x. The market's confidence is likely because analysts are expecting annual earnings growth of 21.0% which is higher than its past year's earnings decline of 14.4% per year. The Financials sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average of 7.1x.

Swiss (SMI) Market Analysis & Valuation

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Fri, 19 Jun 2026	CHF 2.0t	CHF 779.7b	CHF 104.6b	20x	19.6x	2.6x
Sun, 17 May 2026	CHF 2.0t	CHF 773.8b	CHF 103.3b	20.5x	19.2x	2.6x
Tue, 14 Apr 2026	CHF 2.0t	CHF 778.3b	CHF 109.4b	21x	18.1x	2.5x
Thu, 12 Mar 2026	CHF 1.9t	CHF 776.0b	CHF 108.9b	19.9x	17.8x	2.5x
Sat, 07 Feb 2026	CHF 2.0t	CHF 790.0b	CHF 117.7b	20.9x	17.1x	2.6x
Mon, 05 Jan 2026	CHF 2.0t	CHF 796.7b	CHF 114.8b	20.3x	17.3x	2.5x
Wed, 03 Dec 2025	CHF 1.9t	CHF 806.9b	CHF 115.2b	19.4x	16.9x	2.4x
Fri, 31 Oct 2025	CHF 1.9t	CHF 777.8b	CHF 92.0b	19.4x	20.4x	2.4x
Sun, 28 Sep 2025	CHF 1.8t	CHF 774.4b	CHF 90.3b	19x	20.1x	2.3x
Tue, 26 Aug 2025	CHF 1.9t	CHF 777.3b	CHF 90.2b	21x	20.7x	2.4x
Thu, 24 Jul 2025	CHF 1.8t	CHF 784.8b	CHF 107.0b	20.3x	17.1x	2.3x
Sat, 21 Jun 2025	CHF 1.8t	CHF 782.1b	CHF 106.5b	20x	16.8x	2.3x
Mon, 19 May 2025	CHF 1.8t	CHF 790.2b	CHF 107.0b	20.2x	17.2x	2.3x
Wed, 16 Apr 2025	CHF 1.7t	CHF 834.2b	CHF 156.9b	18.5x	10.9x	2x
Fri, 14 Mar 2025	CHF 1.9t	CHF 850.6b	CHF 158.5b	19.8x	11.9x	2.2x
Sun, 09 Feb 2025	CHF 1.9t	CHF 822.9b	CHF 116.7b	21.9x	16x	2.3x
Tue, 07 Jan 2025	CHF 1.8t	CHF 816.7b	CHF 117.7b	21x	14.9x	2.1x
Thu, 05 Dec 2024	CHF 1.8t	CHF 809.9b	CHF 117.0b	20.8x	15x	2.2x
Sat, 02 Nov 2024	CHF 1.8t	CHF 810.7b	CHF 117.9b	20.5x	15.1x	2.2x
Mon, 30 Sep 2024	CHF 1.8t	CHF 795.9b	CHF 114.6b	22x	16x	2.3x
Wed, 28 Aug 2024	CHF 1.8t	CHF 798.9b	CHF 113.5b	22.1x	16.1x	2.3x
Fri, 26 Jul 2024	CHF 1.8t	CHF 796.2b	CHF 125.5b	21.2x	14.4x	2.3x
Sun, 23 Jun 2024	CHF 1.8t	CHF 799.8b	CHF 125.5b	21.7x	14.4x	2.3x
Tue, 21 May 2024	CHF 1.8t	CHF 802.7b	CHF 126.5b	21.9x	14.3x	2.3x
Thu, 18 Apr 2024	CHF 1.7t	CHF 767.4b	CHF 96.9b	21x	17.7x	2.2x
Sat, 16 Mar 2024	CHF 1.8t	CHF 766.8b	CHF 98.0b	20.8x	17.9x	2.3x
Mon, 12 Feb 2024	CHF 1.7t	CHF 766.6b	CHF 109.2b	19.3x	15.4x	2.2x
Wed, 10 Jan 2024	CHF 1.7t	CHF 761.3b	CHF 109.5b	18.3x	15.4x	2.2x
Fri, 08 Dec 2023	CHF 1.6t	CHF 768.5b	CHF 110.8b	18.3x	14.9x	2.1x
Sun, 05 Nov 2023	CHF 1.6t	CHF 771.2b	CHF 112.8b	17.8x	14.1x	2.1x
Tue, 03 Oct 2023	CHF 1.6t	CHF 751.1b	CHF 100.0b	18.3x	16.4x	2.2x
Thu, 31 Aug 2023	CHF 1.7t	CHF 746.0b	CHF 74.7b	19.1x	22.4x	2.2x
Sat, 29 Jul 2023	CHF 1.7t	CHF 740.8b	CHF 77.2b	18.3x	22.2x	2.3x
Mon, 26 Jun 2023	CHF 1.7t	CHF 757.7b	CHF 77.0b	18.9x	22.3x	2.3x


CH Market	1.96%
Materials	6.62%
Consumer Discretionary	6.39%
Industrials	5.15%
Financials	4.13%
Tech	2.64%
Real Estate	0.32%
Consumer Staples	-0.69%
Utilities	-0.94%
Healthcare	-1.28%
Telecom	-2.55%

Company	Last Price	7D	1Y	Valuation	Sector
UBSG UBS Group	CHF 41.06	9.4% +CHF 10.7b	65.8%	PE17x	Financials
ABBN ABB	CHF 86.86	6.9% +CHF 10.1b	84.8%	PE40.3x	Industrials
CFR Compagnie Financière Richemont	CHF 185.05	6.6% +CHF 6.7b	26.0%	PE34.1x	Consumer Discretionary
SIKA Sika	CHF 165.50	13.0% +CHF 3.0b	-22.1%	PE25.4x	Materials
HOLN Holcim	CHF 77.44	7.1% +CHF 2.9b	-15.6%	PE110.1x	Materials

Announcement • 4h

Holcim AG (SWX:HOLN) completed the acquisition of Xella International GmbH from Lone Star Fund X, L.P. managed by Lone Star Americas Acquisitions, Inc.

Holcim AG (SWX:HOLN) signed a binding agreement to acquire Xella International GmbH from Lone Star Fund X, L.P. managed by Lone Star Americas Acquisitions, Inc. for a transaction valued at €1.9 billion on October 20, 2025. The transaction values Xella at €1.85 billion, represents a pro forma 2026 EBITDA multiple of 8.9x, or 6.9x after run-rate synergies of €60 million realized in year three. It is earnings per share (EPS) and free cash flow accretive in year one and return on invested capital (ROIC) accretive in year three. The transaction is subject to customary conditions and regulatory clearances and antitrust approval. The transaction is expected to close in second half of 2026. Until the transaction closes, Xella and Holcim will continue to operate independently from each other. As of June 12, 2026, the transaction has been approved by European Commission. J.P. Morgan Securities LLC acted as financial advisor for Lone Star Americas Acquisitions, Inc. Marco G. Carbonare, Martina Farkas, Dominic da Gama Campos, Christoph Barth, Dominik Wegener, Matthew Devey, Jamie Coomber, Oliver Rosenberg, Przemyslaw Lipin, George Casey, Heiko Schiwek, Joseph R. Profaizer, Markus, Jana Hager, Manfred Müller, Sinziana Ianc, Atif Wolfgang Bhatti, Jane Jin, Patrick Fincham, Morgane Amiot, Luca Rawe, Lasse Petersen Weis, Hida Ozveren and Nursel Tevetoglu of Linklaters LLP acted as legal advisor for Holcim AG. Mark Sperotto and Dirk Oberbracht of Gibson, Dunn & Crutcher LLP acted as legal advisor for Lone Star Americas Acquisitions, Inc. Michael Marschall, Lukas Pirringer, Alexander Popp, Teresa Waidmann, Bernd Rajal, Nina Zafoschnig, Alexandra Doytchinova, Dimitar Kairakov, Katerina Kaloyanova-Toshkova, Gergana Roussinova-Ivanova, Tereza Shishkova, Antoniya Peeva, Yoana Strateva, Vladimir Cizek, Michal Jendzelovsky, Sebastian Špeta, Helena Hangler, Marie Gremillot and Kristýna Zmatlíková, Vice Mandaric, Dina Vlahov Buhin, Lucija Krznar, Kinga Hetenyi, Daniel Gera, Alexandra Bognar, Eva Mester, Gergely Horváth, Márk Kovács, Viktoria Hiesz, Monica Cojocaru, Simona Lehniuc, Vlad Cordea, Valentina Pruteanu-Bujor, Oana Grecu, Adina Damaschin, Mara Moga Paler, Darius Trusculete, Raluca Dragusin, Ionut Sava, Sabina Aionesei, Vojimir Kurtic, Aleksa Bošnjovic, Marko Kostic, Bojan Rajic, Sona Hekelová, Ján Farbiak, Michal Lucivjanský, Peter Devínsky, Bojan Brežan, Maks Osojnik, Matej Crnilec, Marko Frantar, Peter Gorše, Jan Primožic, Špela Lovšin and Tilen Žagar of Schoenherr acted as legal advisor for Holcim AG. Holcim AG (SWX:HOLN) completed the acquisition of Xella International GmbH from Lone Star Fund X, L.P. managed by Lone Star Americas Acquisitions, Inc. on June 19, 2026

Announcement • Jun 18

Roche Receives FDA Acceptance for Supplemental Biologics License Application For Lunsumio And Polivy Combination For Relapsed Or Refractory Large B-Cell Lymphoma

Roche announced that the US Food and Drug Administration (FDA) has accepted the company’s supplemental Biologics License Application (sBLA) for Lunsumio VELO (mosunetuzumab), as a subcutaneous formulation, in combination with Polivy (polatuzumab vedotin) for the treatment of adult patients with relapsed or refractory large B-cell lymphoma (LBCL), including diffuse large B-cell lymphoma (DLBCL), after at least one prior line of systemic therapy. The FDA is expected to make a decision on approval by 9 February 2027. The sBLA acceptance is based on results from the phase III SUNMO study. At a median follow-up of 23.2 months, the Lunsumio VELO and Polivy combination demonstrated a 59% reduction in risk of disease progression or death (progression-free survival [PFS]) compared to MabThera/Rituxan (rituximab), gemcitabine and oxaliplatin (R-GemOx) (hazard ratio [HR] 0.41, 95% confidence interval [CI]: 0.28–0.61; p<0.0001) and a three-times longer median PFS at 11.5 months (95% CI: 5.6-17.6), compared to 3.8 months for R-GemOx (95% CI: 2.9-4.1). The safety profile of the Lunsumio and Polivy combination was consistent with the known profiles of the individual study medicines. The incidence of cytokine release syndrome events (CRS) in the Lunsumio VELO plus Polivy arm was low, occurring in one in four patients, with less than 5% of patients experiencing Grade 2 or 3 CRS events. Updated data were presented recently at the American Society of Clinical Oncology Annual Meeting and the European Hematology Association Congress, which showed that with longer follow-up, this treatment combination continued to demonstrate clinical benefit in PFS, particularly in the second-line setting, with no new safety signals. LBCL, composed predominantly of DLBCL, is the most common type of non-Hodgkin lymphoma with more than 18,000 new diagnoses each year in the US. While it is generally responsive to treatment in the frontline, as many as 40% of people will relapse or have refractory disease, at which time salvage therapy options are limited and survival is short. Because this stage of disease is time-sensitive, delays caused by referral requirements, inpatient coordination, or complex treatment logistics can have meaningful clinical consequences. The potential new Lunsumio VELO and Polivy combination may address this critical access issue by offering treatment options closer to where a patient lives. Lunsumio is part of Roche’s industry-leading CD20xCD3 bispecific antibody programme. It is designed with the unique needs and preferences of patients in mind, offering the possibility of outpatient treatment and flexibility between intravenous (IV) and subcutaneous administration routes. Lunsumio IV and Lunsumio VELO are approved for people with third-line or later follicular lymphoma (FL). Lunsumio holds the most extensive long-term data for any bispecific antibody in lymphoma. Ongoing development of Lunsumio in combination with other treatments includes the phase III CELESTIMO and MorningLyte studies in second-line or later and frontline FL, respectively. The SUNMO study [NCT05171647] is a phase III, randomised, open-label, multicentre trial evaluating the efficacy and safety of Lunsumio VELO (mosunetuzumab) in combination with intravenously administered Polivy (polatuzumab vedotin) versus MabThera/Rituxan (rituximab) plus gemcitabine and oxaliplatin in patients with relapsed or refractory large B-cell lymphoma who have received at least one prior systemic therapy and are ineligible for autologous stem cell transplant. Outcome measures include progression-free survival and objective response rate (dual primary endpoints), overall survival, duration of objective response, complete response rate, duration of complete response, safety and tolerability, and patient-reported outcomes. Large B-cell lymphomas, composed predominantly of diffuse large B-cell lymphoma (DLBCL), are the most common type of non-Hodgkin lymphoma (NHL) that affect B-cell lymphocytes, a type of white blood cell. DLBCL is a highly aggressive and life-threatening disease. While it is generally responsive to treatment in the frontline, as many as 40% of people will relapse or have refractory disease, at which time salvage therapy options are limited and survival is short. While existing intensive standard-of-care treatments exist, structural, geographical, and clinical access barriers mean that many patients — particularly those in rural communities or receiving care outside of specialised academic transplant centres — face significant burdens and inequities in obtaining timely treatment. Improving treatments earlier in the course of the disease and providing much needed alternative options could help to improve long-term outcomes. Lunsumio is a first-in-class CD20xCD3 T-cell engaging bispecific antibody designed to target CD20 on the surface of B cells and CD3 on the surface of T cells. This dual targeting activates and redirects a patient’s existing T cells to engage and eliminate malignant B cells. Lunsumio is currently approved as a fixed-duration monotherapy for the treatment of adult patients with third-line or later relapsed or refractory follicular lymphoma (FL) in both intravenous and subcutaneous (Lunsumio VELO) formulations. A robust, global development programme is ongoing to explore the clinical utility of Lunsumio earlier in the disease course and in novel combinations, including the phase III CELESTIMO trial in second-line or later FL. Polivy is a first-in-class antibody-drug conjugate (ADC) targeted against CD79b, a protein preferentially expressed on the surface of mature B cells. Polivy binds to CD79b on the lymphoma cells and delivers a cytotoxic chemotherapy agent directly into the cell, inducing cell death via apoptosis while minimising damage to healthy tissue. Polivy is widely approved globally in combination with MabThera/Rituxan (rituximab) plus cyclophosphamide, doxorubicin and prednisone for previously untreated (first-line) diffuse large B-cell lymphoma (DLBCL), as well as in combination with bendamustine and MabThera/Rituxan for relapsed or refractory DLBCL.

Swiss (SMI) Market Analysis & Valuation

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

Market Insights

Watt's left in the overcrowded power trade?

Latest News

UBS AG Appoints Damian Robinson to Market Team Head Role in Australia

Holcim AG (SWX:HOLN) completed the acquisition of Xella International GmbH from Lone Star Fund X, L.P. managed by Lone Star Americas Acquisitions, Inc.

Nestlé Announces Appointment of Antonia Wanner as Chief Communications and Sustainability Officer and Member of the Group Executive Board, Effective September 1, 2026

Roche Receives FDA Acceptance for Supplemental Biologics License Application For Lunsumio And Polivy Combination For Relapsed Or Refractory Large B-Cell Lymphoma

Straumann Holding AG to Report First Half, 2026 Results on Aug 19, 2026

Sika (SWX:SIKA) Stock Could Be 11.2% Undervalued After Belgian Expansion

Alcon Stock Eyes Growth as UNITY CS Cataract System Launches in Canada

Now 20% overvalued after recent price rise

Construction And Data Center Expansion Will Support Stronger Long Term Insurance Earnings

Amrize AG to Report Q3, 2026 Results between Oct 26, 2026 and Oct 30, 2026

KNIN: Recent Upgrades And Margin Assumptions Will Shape Future P/E Upside

SFZN: Raised 2026 Sales Guidance Will Support Future Rerating Potential

ABB Wins Contract to Modernize Buzzard North Sea Platform Automation Systems

Novartis AG Presents RemIND Data At EAACI Demonstrating Rhapsido Potential As First Targeted Therapy For Chronic Inducible Urticaria

LISN: Recent Derating And Buyback Will Reset Premium Risk Reward Profile

Swisscom AG to Report Q2, 2027 Results on Aug 05, 2027