V-ZUG Holding Valuation

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

VZUG (CHF46.4) is trading below our estimate of [[fair value]] (CHF268.86)

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

Below Fair Value: VZUG (CHF46.4) is trading below our estimate of fair value (CHF268.86)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for VZUG. This is calculated by dividing VZUG's market cap by their current earnings.
What is VZUG's PE Ratio?
PE Ratio	18.5x
Earnings	CHF 16.09m
Market Cap	CHF 292.50m

VZUG 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	0.4x
Enterprise Value/EBITDA	4.9x
PEG Ratio	0.5x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for VZUG 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	40x
001387 Hefei Snowky Electric	22x	n/a	CN¥2.8b
1614 Taiwan Sanyo ElectricLtd	56.4x	n/a	NT$10.2b
301448 Keystone Electrical (Zhejiang)Ltd	35.1x	n/a	CN¥2.3b
300885 Yangzhou Seashine New MaterialsLtd	46.5x	n/a	CN¥3.0b
VZUG V-ZUG Holding	18.5x	38.7%	CHF 292.5m

Price-To-Earnings vs Peers: VZUG is good value based on its Price-To-Earnings Ratio (18.5x) compared to the peer average (40x).

Price to Earnings Ratio vs Industry

How does VZUG's PE Ratio compare vs other companies in the European Consumer Durables Industry?

5 Companies	Price / Earnings	Estimated Growth	Market Cap

5 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: VZUG is expensive based on its Price-To-Earnings Ratio (18.5x) compared to the European Consumer Durables industry average (12.6x).

Price to Earnings Ratio vs Fair Ratio

What is VZUG'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.

VZUG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	18.5x
Fair PE Ratio	21.4x

Price-To-Earnings vs Fair Ratio: VZUG is good value based on its Price-To-Earnings Ratio (18.5x) compared to the estimated Fair Price-To-Earnings Ratio (21.4x).

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 VZUG 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 46.40	CHF 74.50 +60.6%	16.8%	CHF 87.00	CHF 62.00	n/a	2
Nov ’25	CHF 55.60	CHF 74.50 +34.0%	16.8%	CHF 87.00	CHF 62.00	n/a	2
Oct ’25	CHF 55.00	CHF 74.00 +34.5%	17.6%	CHF 87.00	CHF 61.00	n/a	2
Sep ’25	CHF 53.80	CHF 74.00 +37.5%	17.6%	CHF 87.00	CHF 61.00	n/a	2
Aug ’25	CHF 56.80	CHF 74.00 +30.3%	17.6%	CHF 87.00	CHF 61.00	n/a	2
Feb ’25	CHF 61.80	CHF 94.50 +52.9%	7.9%	CHF 102.00	CHF 87.00	n/a	2
Jan ’25	CHF 64.80	CHF 94.33 +45.6%	6.5%	CHF 102.00	CHF 87.00	n/a	3
Dec ’24	CHF 63.20	CHF 94.33 +49.3%	6.5%	CHF 102.00	CHF 87.00	n/a	3
Nov ’24	CHF 60.00	CHF 94.33 +57.2%	6.5%	CHF 102.00	CHF 87.00	CHF 55.60	3
Oct ’24	CHF 63.20	CHF 94.33 +49.3%	6.5%	CHF 102.00	CHF 87.00	CHF 55.00	3
Sep ’24	CHF 67.80	CHF 94.33 +39.1%	6.5%	CHF 102.00	CHF 87.00	CHF 53.80	3
Aug ’24	CHF 71.10	CHF 94.33 +32.7%	6.5%	CHF 102.00	CHF 87.00	CHF 56.80	3
Jul ’24	CHF 71.50	CHF 94.33 +31.9%	6.5%	CHF 102.00	CHF 87.00	CHF 49.20	3
Jun ’24	CHF 77.30	CHF 102.67 +32.8%	6.4%	CHF 111.00	CHF 95.00	CHF 52.20	3
May ’24	CHF 81.80	CHF 102.67 +25.5%	6.4%	CHF 111.00	CHF 95.00	CHF 57.20	3
Apr ’24	CHF 82.60	CHF 102.67 +24.3%	6.4%	CHF 111.00	CHF 95.00	CHF 59.70	3
Mar ’24	CHF 92.70	CHF 105.33 +13.6%	6.9%	CHF 111.00	CHF 95.00	CHF 60.20	3
Feb ’24	CHF 91.50	CHF 105.33 +15.1%	6.9%	CHF 111.00	CHF 95.00	CHF 61.80	3
Jan ’24	CHF 91.00	CHF 103.00 +13.2%	7.8%	CHF 111.00	CHF 95.00	CHF 64.80	2
Dec ’23	CHF 82.10	CHF 110.50 +34.6%	0.5%	CHF 111.00	CHF 110.00	CHF 63.20	2
Nov ’23	CHF 73.20	CHF 113.00 +54.4%	2.7%	CHF 116.00	CHF 110.00	CHF 60.00	2

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.