Upcoming Dividend • Apr 10
Upcoming dividend of CHF0.90 per share Eligible shareholders must have bought the stock before 17 April 2026. Payment date: 21 April 2026. Payout ratio is on the higher end at 85% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Swiss dividend payers (3.5%). Lower than average of industry peers (5.5%). Announcement • Mar 25
V-ZUG Holding AG, Annual General Meeting, Apr 14, 2026 V-ZUG Holding AG, Annual General Meeting, Apr 14, 2026, at 10:30 W. Europe Standard Time. New Risk • Mar 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Declared Dividend • Mar 08
Dividend of CHF0.90 announced Dividend of CHF0.90 is the same as last year. Ex-date: 17th April 2026 Payment date: 21st April 2026 Dividend yield will be 2.3%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (40% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 73% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 06
Full year 2025 earnings released: EPS: CHF1.06 (vs CHF3.33 in FY 2024) Full year 2025 results: EPS: CHF1.06 (down from CHF3.33 in FY 2024). Revenue: CHF567.4m (down 4.1% from FY 2024). Net income: CHF6.83m (down 68% from FY 2024). Profit margin: 1.2% (down from 3.6% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 2 years compared to a 6.4% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Announcement • Mar 06
V-ZUG Holding AG announces Annual dividend, payable on April 21, 2026 V-ZUG Holding AG announced Annual dividend of CHF 0.4500 per share payable on April 21, 2026, ex-date on April 17, 2026 and record date on April 20, 2026. New Risk • Feb 06
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Paying a dividend despite having no free cash flows. Major Estimate Revision • Nov 02
Consensus EPS estimates fall by 49% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from CHF2.23 to CHF1.13. Revenue forecast unchanged from CHF584.1m at last update. Net income forecast to grow 11% next year vs 29% growth forecast for Consumer Durables industry in Switzerland. Consensus price target of CHF55.00 unchanged from last update. Share price fell 9.4% to CHF41.40 over the past week. New Risk • Aug 11
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.2% average weekly change). Major Estimate Revision • Jul 30
Consensus EPS estimates fall by 43% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from CHF3.90 to CHF2.23. Revenue forecast unchanged from CHF607.4m at last update. Net income forecast to grow 91% next year vs 15% growth forecast for Consumer Durables industry in Switzerland. Consensus price target of CHF55.00 unchanged from last update. Share price was steady at CHF52.80 over the past week. Reported Earnings • Jul 27
First half 2025 earnings released: EPS: CHF0.25 (vs CHF1.36 in 1H 2024) First half 2025 results: EPS: CHF0.25 (down from CHF1.36 in 1H 2024). Revenue: CHF271.2m (down 4.5% from 1H 2024). Net income: CHF1.59m (down 82% from 1H 2024). Profit margin: 0.6% (down from 3.1% in 1H 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Jul 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swiss stocks, typically moving 3.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CHF53.20, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Consumer Durables industry in Europe. Total loss to shareholders of 31% over the past three years. Price Target Changed • Mar 27
Price target increased by 36% to CHF76.00 Up from CHF56.00, the current price target is provided by 1 analyst. New target price is 12% above last closing price of CHF67.60. Stock is up 13% over the past year. The company is forecast to post earnings per share of CHF4.18 for next year compared to CHF3.33 last year. Reported Earnings • Mar 09
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: CHF3.33 (up from CHF1.82 in FY 2023). Revenue: CHF591.7m (up 1.1% from FY 2023). Net income: CHF21.4m (up 83% from FY 2023). Profit margin: 3.6% (up from 2.0% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.7%. Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. New Risk • Mar 07
New major risk - Revenue and earnings growth Earnings have declined by 29% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 29% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.0% average weekly change). Announcement • Mar 07
V-ZUG Holding AG announces Annual dividend, payable on April 15, 2025 V-ZUG Holding AG announced Annual dividend of CHF 0.4500 per share payable on April 15, 2025, ex-date on April 11, 2025 and record date on April 14, 2025. Price Target Changed • Feb 27
Price target decreased by 25% to CHF56.00 Down from CHF75.00, the current price target is provided by 1 analyst. New target price is 12% above last closing price of CHF50.00. Stock is down 17% over the past year. The company is forecast to post earnings per share of CHF3.39 for next year compared to CHF1.82 last year. New Risk • Feb 04
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (5.0% average weekly change). New Risk • Jan 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swiss stocks, typically moving 4.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Major Estimate Revision • Jul 26
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from CHF3.00 to CHF3.31. Revenue forecast steady at CHF587.2m. Net income forecast to grow 75% next year vs 12% growth forecast for Consumer Durables industry in Switzerland. Consensus price target down from CHF87.00 to CHF74.00. Share price rose 4.5% to CHF55.40 over the past week. Reported Earnings • Jul 23
First half 2024 earnings released: EPS: CHF1.36 (vs CHF0.67 in 1H 2023) First half 2024 results: EPS: CHF1.36 (up from CHF0.67 in 1H 2023). Revenue: CHF284.1m (down 4.7% from 1H 2023). Net income: CHF8.73m (up 102% from 1H 2023). Profit margin: 3.1% (up from 1.5% in 1H 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance. Announcement • Jul 19
V-ZUG Holding AG to Report Fiscal Year 2024 Results on Mar 26, 2025 V-ZUG Holding AG announced that they will report fiscal year 2024 results on Mar 26, 2025 Announcement • Apr 26
V-ZUG Holding AG to Report Fiscal Year 2024 Results on Mar 06, 2025 V-ZUG Holding AG announced that they will report fiscal year 2024 results on Mar 06, 2025 Major Estimate Revision • Mar 20
Consensus EPS estimates fall by 33% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CHF611.8m to CHF597.1m. EPS estimate also fell from CHF4.59 per share to CHF3.09 per share. Net income forecast to grow 75% next year vs 6.9% growth forecast for Consumer Durables industry in Switzerland. Consensus price target of CHF87.00 unchanged from last update. Share price was steady at CHF59.10 over the past week. Announcement • Mar 15
V-ZUG Holding AG, Annual General Meeting, Apr 23, 2024 V-ZUG Holding AG, Annual General Meeting, Apr 23, 2024. Reported Earnings • Mar 13
Third quarter 2023 earnings released: EPS: CHF0.58 (vs CHF0.32 in 3Q 2022) Third quarter 2023 results: EPS: CHF0.58 (up from CHF0.32 in 3Q 2022). Revenue: CHF143.6m (down 15% from 3Q 2022). Net income: CHF3.68m (up 76% from 3Q 2022). Profit margin: 2.6% (up from 1.2% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. New Risk • Mar 06
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Profit margins are more than 30% lower than last year (1.3% net profit margin). Major Estimate Revision • Feb 20
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CHF622.2m to CHF604.5m. EPS estimate also fell from CHF3.03 per share to CHF2.71 per share. Net income forecast to grow 175% next year vs 12% growth forecast for Consumer Durables industry in Switzerland. Consensus price target of CHF87.00 unchanged from last update. Share price was steady at CHF60.00 over the past week. New Risk • Feb 13
New major risk - Revenue and earnings growth Earnings have declined by 19% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 19% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Profit margins are more than 30% lower than last year (1.3% net profit margin). New Risk • Feb 06
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (5.0% average weekly change). Profit margins are more than 30% lower than last year (1.3% net profit margin). Major Estimate Revision • Jan 07
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from CHF3.10 to CHF3.54. Revenue forecast unchanged at CHF622.2m. Net income forecast to grow 235% next year vs 4.9% growth forecast for Consumer Durables industry in Switzerland. Consensus price target of CHF94.50 unchanged from last update. Share price was steady at CHF64.00 over the past week. Major Estimate Revision • Nov 01
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from CHF3.54 to CHF3.10. Revenue forecast unchanged from CHF622.2m at last update. Net income forecast to grow 235% next year vs 7.8% growth forecast for Consumer Durables industry in Switzerland. Consensus price target of CHF94.33 unchanged from last update. Share price was steady at CHF58.50 over the past week. Announcement • Sep 18
V-ZUG Holding AG(SWX:VZUG) dropped from S&P Global BMI Index V-ZUG Holding AG(SWX:VZUG) dropped from S&P Global BMI Index New Risk • Aug 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swiss stocks, typically moving 4.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (4.9% average weekly change). Profit margins are more than 30% lower than last year (1.3% net profit margin). Price Target Changed • Jun 07
Price target decreased by 8.1% to CHF94.33 Down from CHF103, the current price target is an average from 3 analysts. New target price is 18% above last closing price of CHF80.10. Stock is down 20% over the past year. The company is forecast to post earnings per share of CHF3.46 for next year compared to CHF1.23 last year. Reported Earnings • Mar 16
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: CHF1.23 (down from CHF8.62 in FY 2021). Revenue: CHF646.9m (up 2.2% from FY 2021). Net income: CHF7.94m (down 86% from FY 2021). Profit margin: 1.2% (down from 8.8% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 55%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Europe are expected to remain flat. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Director Tobias Knechtle was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Dec 22
Price target decreased to CHF103 Down from CHF113, the current price target is an average from 2 analysts. New target price is 13% above last closing price of CHF91.20. Stock is down 26% over the past year. The company is forecast to post earnings per share of CHF2.93 for next year compared to CHF8.62 last year. Major Estimate Revision • Dec 22
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from CHF3.37 to CHF2.93 per share. Revenue forecast steady at CHF638.9m. Net income forecast to grow 23% next year vs 12% growth forecast for Consumer Durables industry in Switzerland. Consensus price target of CHF103 unchanged from last update. Share price rose 6.7% to CHF91.20 over the past week. Major Estimate Revision • Dec 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from CHF4.25 to CHF3.37. Revenue forecast unchanged from CHF637.9m at last update. Net income forecast to grow 40% next year vs 13% growth forecast for Consumer Durables industry in Switzerland. Consensus price target of CHF111 unchanged from last update. Share price was steady at CHF83.30 over the past week. Price Target Changed • Nov 16
Price target decreased to CHF113 Down from CHF130, the current price target is an average from 2 analysts. New target price is 37% above last closing price of CHF82.40. Stock is down 34% over the past year. The company is forecast to post earnings per share of CHF4.25 for next year compared to CHF8.62 last year. Reported Earnings • Jul 22
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down CHF34.0m from profit in 1H 2021). Profit margin: (down from 11% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 8.8%, compared to a 5.0% growth forecast for the industry in Switzerland. Price Target Changed • Jul 12
Price target decreased to CHF110 Down from CHF130, the current price target is provided by 1 analyst. New target price is 25% above last closing price of CHF88.00. Stock is down 38% over the past year. The company is forecast to post earnings per share of CHF7.20 for next year compared to CHF8.62 last year. Buying Opportunity • Jun 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be CHF109, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has grown by 7.4%. Reported Earnings • Jul 27
First half 2021 earnings released: EPS CHF5.28 (vs CHF2.19 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: CHF308.3m (up 19% from 1H 2020). Net income: CHF34.0m (up 201% from 1H 2020). Profit margin: 11% (up from 4.4% in 1H 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improved over the past week After last week's 16% share price gain to CHF104, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Consumer Durables industry in Europe. Announcement • Jan 19
V-ZUG Holding AG Announces Management Change Max Herger, Senior Vice President Operations /Chief Operations Officer, will leave the V-ZUG Group in summer 2021 when he enters retirement. Adrian Theiler has been appointed as his successor and as a new member of the management team. Manuel Faeh, Senior Vice President Business Development, will leave the V-ZUG Group in the first half of 2021. The position of Senior Vice President Business Development will be realigned as a result of evolving requirements. In its place, the V-ZUG Group will create the position of Chief Marketing Officer with a strong emphasis on digitalization.- During the course of summer 2021, Max Herger, a current member of V-ZUG's executive committee, will take early retirement at his own request after many years of service at the V-ZUG Group. Since joining the company in 2001, Max Herger has taken on various roles, including CEO of V-ZUG Cooling Technology Ltd. in Arbon from 2013 to 2019 as well as a previous four-year stint as Head of Operations and member of management of V-ZUG Ltd. The Board of Directors and the CEO of the V-ZUG Group would like to thank Mr. Herger for his many years of commitment and wish him a very happy retirement. As his successor, the Board of Directors of the V-ZUG Group has appointed Adrian Theiler, who will assume the position of Chief Operations Officer and member of V-ZUG's executive committee no later than 1 August 2021. Adrian Theiler studied Industrial Management and Manufacturing at ETH Zurich before completing the Executive MBA programme at the University of Zurich. Mr. Theiler currently holds the position of Vice President Supply Chain Management EMEA at Landis+Gyr. He began working for this company back in 2003, occupying various roles in the areas of Supply Chain and Logistics as well as in the management of Business Lines with P&L responsibility. The ongoing transformation process at the V-ZUG Group, which requires increasing digitalization as well as development of platform technologies and marketing via these platforms, calls for an adjustment of the management structure associated with the upcoming departure of Manuel Faeh, incumbent Senior Vice President Business Development, in the first half of 2021. His position will not be replaced in its present form. Instead, the current organization will be adjusted in line with the evolving requirements. Consequently, the management will be reinforced through the addition of a Chief Marketing Officer. This new position will be responsible for the areas of product management, strategic distribution channel management and pricing as well as marketing communications. It will also include a significant part of digitalization. Recruitment for this position is already underway. Is New 90 Day High Low • Jan 06
New 90-day high: CHF93.80 The company is up 28% from its price of CHF73.50 on 08 October 2020. The Swiss market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 21
New 90-day high: CHF89.00 The company is up 19% from its price of CHF75.10 on 22 September 2020. The Swiss market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Durables industry, which is up 21% over the same period. Is New 90 Day High Low • Dec 01
New 90-day high: CHF79.90 The company is up 2.0% from its price of CHF78.00 on 02 September 2020. The Swiss market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 02
New 90-day low: CHF67.70 The company is down 10.0% from its price of CHF75.00 on 04 August 2020. The Swiss market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is flat over the same period. Is New 90 Day High Low • Oct 14
New 90-day low: CHF72.90 The company is down 8.0% from its price of CHF79.53 on 16 July 2020. The Swiss market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 5.0% over the same period. Announcement • Aug 17
V-ZUG Holding AG Announces Management Changes V-ZUG Holding AG announced new CEO as of 1 September 2020. Peter Spirig was appointed as CEO of the V-ZUG Group in March 2020. He will take over the role of CEO from Heinz M. Buhofer, who has held this post on an interim basis since 1 September 2019.