Sulzer Valuation

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

SUN (CHF133.4) is trading below our estimate of [[fair value]] (CHF303.81)

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

Valuation Score

4/6

Valuation Score 4/6

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 SUN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SUN (CHF133.4) is trading below our estimate of fair value (CHF303.81)

Significantly Below Fair Value: SUN is trading below fair value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SUN. This is calculated by dividing SUN's market cap by their current earnings.
What is SUN's PE Ratio?
PE Ratio	18.7x
Earnings	CHF 241.80m
Market Cap	CHF 4.52b

SUN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.4x
Enterprise Value/EBITDA	11.1x
PEG Ratio	1.7x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SUN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	33.5x
GF Georg Fischer	28x	17.7%	CHF 5.9b
SFSN SFS Group	19.7x	10.1%	CHF 5.0b
DAE Dätwyler Holding	33.4x	24.9%	CHF 2.4b
VACN VAT Group	52.8x	21.7%	CHF 10.6b
SUN Sulzer	18.7x	11.2%	CHF 4.5b

Price-To-Earnings vs Peers: SUN is good value based on its Price-To-Earnings Ratio (18.7x) compared to the peer average (33.5x).

Price to Earnings Ratio vs Industry

How does SUN's PE Ratio compare vs other companies in the European Machinery Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: SUN is expensive based on its Price-To-Earnings Ratio (18.7x) compared to the European Machinery industry average (17.8x).

Price to Earnings Ratio vs Fair Ratio

What is SUN'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.

SUN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	18.7x
Fair PE Ratio	23.4x

Price-To-Earnings vs Fair Ratio: SUN is good value based on its Price-To-Earnings Ratio (18.7x) compared to the estimated Fair Price-To-Earnings Ratio (23.4x).

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 SUN forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	CHF 133.40	CHF 151.43 +13.5%	19.8%	CHF 185.00	CHF 89.00	n/a	7
Dec ’25	CHF 132.80	CHF 154.14 +16.1%	20.1%	CHF 185.00	CHF 89.00	n/a	7
Nov ’25	CHF 133.80	CHF 154.14 +15.2%	20.1%	CHF 185.00	CHF 89.00	n/a	7
Oct ’25	CHF 137.20	CHF 149.80 +9.2%	23.8%	CHF 185.00	CHF 89.00	n/a	5
Sep ’25	CHF 130.80	CHF 149.80 +14.5%	23.8%	CHF 185.00	CHF 89.00	n/a	5
Aug ’25	CHF 130.80	CHF 149.80 +14.5%	23.8%	CHF 185.00	CHF 89.00	n/a	5
Jul ’25	CHF 125.60	CHF 124.40 -1.0%	18.0%	CHF 150.00	CHF 89.00	n/a	5
Jun ’25	CHF 122.80	CHF 123.80 +0.8%	17.7%	CHF 150.00	CHF 89.00	n/a	5
May ’25	CHF 111.60	CHF 123.80 +10.9%	17.7%	CHF 150.00	CHF 89.00	n/a	5
Apr ’25	CHF 109.70	CHF 111.60 +1.7%	21.2%	CHF 140.00	CHF 79.00	n/a	5
Mar ’25	CHF 104.40	CHF 111.60 +6.9%	21.2%	CHF 140.00	CHF 79.00	n/a	5
Feb ’25	CHF 85.95	CHF 104.00 +21.0%	17.6%	CHF 125.00	CHF 79.00	n/a	5
Jan ’25	CHF 85.90	CHF 104.00 +21.1%	17.6%	CHF 125.00	CHF 79.00	n/a	5
Dec ’24	CHF 86.00	CHF 104.00 +20.9%	17.6%	CHF 125.00	CHF 79.00	CHF 132.80	5
Nov ’24	CHF 74.90	CHF 104.00 +38.9%	17.6%	CHF 125.00	CHF 79.00	CHF 133.80	5
Oct ’24	CHF 87.65	CHF 104.00 +18.7%	17.6%	CHF 125.00	CHF 79.00	CHF 137.20	5
Sep ’24	CHF 89.00	CHF 105.00 +18.0%	16.1%	CHF 125.00	CHF 79.00	CHF 130.80	6
Aug ’24	CHF 85.50	CHF 102.67 +20.1%	16.2%	CHF 125.00	CHF 79.00	CHF 130.80	6
Jul ’24	CHF 76.90	CHF 100.33 +30.5%	17.3%	CHF 120.00	CHF 76.00	CHF 125.60	6
Jun ’24	CHF 71.95	CHF 100.33 +39.4%	17.3%	CHF 120.00	CHF 76.00	CHF 122.80	6
May ’24	CHF 74.50	CHF 100.33 +34.7%	17.3%	CHF 120.00	CHF 76.00	CHF 111.60	6
Apr ’24	CHF 77.45	CHF 99.50 +28.5%	17.6%	CHF 120.00	CHF 76.00	CHF 109.70	6
Mar ’24	CHF 82.85	CHF 95.17 +14.9%	17.3%	CHF 120.00	CHF 70.00	CHF 104.40	6
Feb ’24	CHF 78.85	CHF 94.67 +20.1%	17.1%	CHF 120.00	CHF 70.00	CHF 85.95	6
Jan ’24	CHF 72.00	CHF 94.67 +31.5%	17.1%	CHF 120.00	CHF 70.00	CHF 85.90	6
Dec ’23	CHF 73.95	CHF 95.50 +29.1%	17.0%	CHF 120.00	CHF 70.00	CHF 86.00	6

Analyst Forecast: Target price is less than 20% higher than the current share price.