Baloise Holding AG

SWX:BALN Stock Report

Market Cap: CHF 9.1b

Baloise Holding Valuation

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

Valuation Score

2/6

Valuation Score 2/6

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

CHF 303.12
Fair Value
33.0% undervalued intrinsic discount
4
Number of Analysts

Below Fair Value: BALN (CHF201.4) is trading below our estimate of fair value (CHF302.87)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for BALN. This is calculated by dividing BALN's market cap by their current earnings.
What is BALN's PE Ratio?
PE Ratio20.7x
EarningsCHF 440.90m
Market CapCHF 9.13b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for BALN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17.5x
HELN Helvetia Holding
19.7x4.08%CHF 10.6b
VAHN Vaudoise Assurances Holding
12.2xn/aCHF 1.8b
ZURN Zurich Insurance Group
17.3x6.59%CHF 81.8b
SLHN Swiss Life Holding
20.9x6.63%CHF 24.7b
BALN Baloise Holding
20.7x3.49%CHF 9.1b

Price-To-Earnings vs Peers: BALN is expensive based on its Price-To-Earnings Ratio (20.7x) compared to the peer average (17.5x).

Price to Earnings Ratio vs Industry

How does BALN's PE Ratio compare vs other companies in the European Insurance Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BALN 20.7xIndustry Avg. 12.9xNo. of Companies14PE0816243240+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BALN is expensive based on its Price-To-Earnings Ratio (20.7x) compared to the European Insurance industry average (12.9x).

Price to Earnings Ratio vs Fair Ratio

What is BALN'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.

BALN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.7x
Fair PE Ratio16.4x

Price-To-Earnings vs Fair Ratio: BALN is expensive based on its Price-To-Earnings Ratio (20.7x) compared to the estimated Fair Price-To-Earnings Ratio (16.4x).

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 BALN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCHF 201.40
CHF 218.15
+8.32%
8.94%CHF 232.60CHF 185.00n/a4
Oct ’26CHF 197.10
CHF 213.90
+8.52%
8.33%CHF 232.60CHF 185.00n/a4
Sep ’26CHF 203.40
CHF 213.90
+5.16%
8.33%CHF 232.60CHF 185.00n/a4
Aug ’26CHF 195.30
CHF 212.35
+8.73%
7.69%CHF 226.40CHF 185.00n/a4
Jul ’26CHF 188.70
CHF 212.35
+12.53%
7.69%CHF 226.40CHF 185.00n/a4
Jun ’26CHF 195.20
CHF 202.08
+3.52%
9.19%CHF 226.40CHF 185.00n/a5
May ’26CHF 183.30
CHF 200.07
+9.15%
8.77%CHF 226.40CHF 185.00n/a6
Apr ’26CHF 187.50
CHF 172.07
-8.23%
8.46%CHF 190.00CHF 150.00n/a7
Mar ’26CHF 173.70
CHF 169.21
-2.58%
7.37%CHF 190.00CHF 150.00n/a7
Feb ’26CHF 166.50
CHF 168.50
+1.20%
7.10%CHF 190.00CHF 150.00n/a7
Jan ’26CHF 164.10
CHF 168.50
+2.68%
7.10%CHF 190.00CHF 150.00n/a7
Dec ’25CHF 167.40
CHF 168.64
+0.74%
6.49%CHF 190.00CHF 155.00n/a7
Nov ’25CHF 167.60
CHF 166.07
-0.91%
7.79%CHF 190.00CHF 146.00n/a7
Oct ’25CHF 172.10
CHF 166.75
-3.11%
8.31%CHF 190.00CHF 146.00CHF 197.106
Sep ’25CHF 164.10
CHF 152.00
-7.37%
2.33%CHF 155.00CHF 146.00CHF 203.404
Aug ’25CHF 157.50
CHF 152.00
-3.49%
2.33%CHF 155.00CHF 146.00CHF 195.304
Jul ’25CHF 158.20
CHF 151.25
-4.39%
2.21%CHF 155.00CHF 146.00CHF 188.704
Jun ’25CHF 155.90
CHF 151.25
-2.98%
2.21%CHF 155.00CHF 146.00CHF 195.204
May ’25CHF 138.80
CHF 151.25
+8.97%
2.21%CHF 155.00CHF 146.00CHF 183.304
Apr ’25CHF 141.30
CHF 145.00
+2.62%
2.23%CHF 149.00CHF 140.00CHF 187.504
Mar ’25CHF 142.90
CHF 147.75
+3.39%
1.61%CHF 151.00CHF 145.00CHF 173.704
Feb ’25CHF 138.00
CHF 146.75
+6.34%
1.70%CHF 151.00CHF 145.00CHF 166.504
Jan ’25CHF 131.80
CHF 145.50
+10.39%
2.68%CHF 151.00CHF 140.00CHF 164.104
Dec ’24CHF 133.70
CHF 149.25
+11.63%
3.80%CHF 159.00CHF 145.00CHF 167.404
Nov ’24CHF 130.50
CHF 153.50
+17.62%
4.26%CHF 161.00CHF 147.00CHF 167.604
Oct ’24CHF 132.90
CHF 156.75
+17.95%
3.62%CHF 161.00CHF 147.00CHF 172.104
CHF 218.15
Fair Value
6.9% undervalued intrinsic discount
4
Number of Analysts

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/10/09 00:42
End of Day Share Price 2025/10/09 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Baloise Holding AG is covered by 22 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Guenther HollfelderBaader Helvea Equity Research
Stefan SchürmannBank Vontobel AG
Thomas BatemanBerenberg