Buy Or Sell Opportunity • May 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to CHF160. The fair value is estimated to be CHF203, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has declined by 10%. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Major Estimate Revision • Mar 17
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from €13.61 to €10.92 per share. Revenue forecast steady at €14.3b. Net income forecast to grow 24% next year vs 64% growth forecast for Electronic industry in Switzerland. Consensus price target down from CHF283 to CHF236. Share price fell 7.0% to CHF153 over the past week. Upcoming Dividend • Mar 13
Upcoming dividend of CHF5.30 per share Eligible shareholders must have bought the stock before 20 March 2026. Payment date: 24 March 2026. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Swiss dividend payers (3.5%). Higher than average of industry peers (2.1%). Announcement • Mar 05
ALSO Holding AG (SWX:ALSN) announces an Equity Buyback for €120 million worth of its shares. ALSO Holding AG (SWX:ALSN) announces a share repurchase program. Under the program, the company will repurchase up to 9.74% of its issued share capital, for €120 million. The repurchased shares will be used for treasury purposes including the financing of potential acquisitions, increasing liquidity, and long-term incentives for the management of the company. Announcement • Feb 27
ALSO Holding AG, Annual General Meeting, Mar 18, 2026 ALSO Holding AG, Annual General Meeting, Mar 18, 2026, at 14:30 W. Europe Standard Time. New Risk • Feb 22
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.8% Last year net profit margin: 1.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (0.8% net profit margin). Reported Earnings • Feb 22
Full year 2025 earnings: Revenues in line with analyst expectations Full year 2025 results: Revenue: €13.5b (up 42% from FY 2024). Net income: €109.3m (down 5.0% from FY 2024). Profit margin: 0.8% (down from 1.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Electronic industry in Switzerland. Declared Dividend • Feb 19
Dividend of CHF5.30 announced Shareholders will receive a dividend of CHF5.30. Ex-date: 20th March 2026 Payment date: 24th March 2026 Dividend yield will be 3.5%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (58% 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 dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 59% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 18
ALSO Holding AG announces Annual dividend, payable on March 24, 2026 ALSO Holding AG announced Annual dividend of CHF 5.3000 per share payable on March 24, 2026, ex-date on March 20, 2026 and record date on March 23, 2026. New Risk • Feb 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swiss stocks, typically moving 3.0% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (3.0% average weekly change). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment deteriorates as stock falls 35% After last week's 35% share price decline to CHF133, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 19x in the Electronic industry in Switzerland. Total loss to shareholders of 21% over the past three years. Buy Or Sell Opportunity • Sep 01
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at CHF258. The fair value is estimated to be CHF212, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.4% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to grow by 36% in 2 years. Earnings are forecast to grow by 75% in the next 2 years. Major Estimate Revision • Jul 29
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €13.9b to €13.6b. EPS estimate also fell from €14.15 per share to €12.20 per share. Net income forecast to grow 43% next year vs 54% growth forecast for Electronic industry in Switzerland. Consensus price target down from CHF317 to CHF308. Share price fell 13% to CHF256 over the past week. Reported Earnings • Jul 24
First half 2025 earnings released: EPS: €3.38 (vs €3.40 in 1H 2024) First half 2025 results: EPS: €3.38. Revenue: €5.93b (up 39% from 1H 2024). Net income: €43.0m (up 3.1% from 1H 2024). Profit margin: 0.7% (down from 1.0% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Electronic industry in Switzerland. Board Change • Apr 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. 1 experienced director. 5 highly experienced directors. Independent Director Thomas Furer was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 22
ALSO Holding AG Approves Dividend, Distribution to Shareholders Starting March 25, 2025 ALSO Holding AG at the Annual General Meeting on 19 March 2025 approved an increase in the dividend by CHF 0.30 to CHF 5.10. The dividend will be distributed to shareholders starting March 25, 2025. Upcoming Dividend • Mar 14
Upcoming dividend of CHF5.10 per share Eligible shareholders must have bought the stock before 21 March 2025. Payment date: 25 March 2025. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Swiss dividend payers (4.1%). Lower than average of industry peers (2.7%). Major Estimate Revision • Mar 03
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €14.81 to €13.32. Revenue forecast unchanged from €13.9b at last update. Net income forecast to grow 43% next year vs 64% growth forecast for Electronic industry in Switzerland. Consensus price target of CHF299 unchanged from last update. Share price rose 2.2% to CHF278 over the past week. Announcement • Feb 27
ALSO Holding AG, Annual General Meeting, Mar 19, 2025 ALSO Holding AG, Annual General Meeting, Mar 19, 2025, at 14:30 W. Europe Standard Time. Declared Dividend • Feb 21
Dividend of CHF5.10 announced Shareholders will receive a dividend of CHF5.10. Ex-date: 21st March 2025 Payment date: 25th March 2025 Dividend yield will be 1.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 74% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 20
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: €9.39 (down from €10.07 in FY 2023). Revenue: €9.51b (down 4.6% from FY 2023). Net income: €115.1m (down 7.0% from FY 2023). Profit margin: 1.2% (in line with FY 2023). Revenue missed analyst estimates by 4.4%. Earnings per share (EPS) also missed analyst estimates by 9.8%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Electronic industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Feb 19
ALSO Holding AG to Report First Half, 2025 Results on Jul 22, 2025 ALSO Holding AG announced that they will report first half, 2025 results on Jul 22, 2025 Announcement • Feb 18
ALSO Holding AG Proposes Thirteen Consecutive Dividend Increase ALSO Holding AG announced that due to the solid liquidity position and the excellent prospects, the Board of Directors is proposing another increased dividend of CHF 5.10 to shareholders. ALSO proposed 13th consecutive dividend increase. Buy Or Sell Opportunity • Jan 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to CHF223. The fair value is estimated to be CHF280, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Earnings per share has declined by 7.6%. Revenue is forecast to grow by 51% in 2 years. Earnings are forecast to grow by 82% in the next 2 years. Buy Or Sell Opportunity • Dec 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to CHF222. The fair value is estimated to be CHF280, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Earnings per share has declined by 7.6%. Revenue is forecast to grow by 61% in 2 years. Earnings are forecast to grow by 82% in the next 2 years. Announcement • Nov 17
ALSO Holding AG to Report Fiscal Year 2024 Results on Feb 18, 2025 ALSO Holding AG announced that they will report fiscal year 2024 results on Feb 18, 2025 Reported Earnings • Jul 28
First half 2024 earnings released: EPS: €3.40 (vs €4.24 in 1H 2023) First half 2024 results: EPS: €3.40 (down from €4.24 in 1H 2023). Revenue: €4.28b (down 11% from 1H 2023). Net income: €41.7m (down 21% from 1H 2023). Profit margin: 1.0% (in line with 1H 2023). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Electronic industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CHF233, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 22x in the Electronic industry in Switzerland. Total loss to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF438 per share. Upcoming Dividend • Mar 18
Upcoming dividend of CHF4.80 per share Eligible shareholders must have bought the stock before 25 March 2024. Payment date: 27 March 2024. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Swiss dividend payers (4.1%). In line with average of industry peers (1.9%). Announcement • Mar 15
ALSO Holding AG Appoints Future Group Management ALSO Holding AG announced future group management board. The plan for the optimum alignment of the company to the tasks of the future is entering its next phase. In order to improve sales and profitability even more and at the same time further increase the necessary speed and flexibility, the Group Management Board will in future consist of a team of eight people. Ingo Adolphs, Tom Brunner, Jorge Gállego, Wolfgang Krainz and Espen Zachariassen will join Jan Bogdanovich, Andreas Kuhn, and Thomas Meyerhans. The future CEO will be appointed from among these experienced managers, all of whom have been with the company for years. Announcement • Feb 20
ALSO Holding AG to Report First Half, 2024 Results on Jul 24, 2024 ALSO Holding AG announced that they will report first half, 2024 results on Jul 24, 2024 Announcement • Dec 23
ALSO Holding AG, Annual General Meeting, Mar 21, 2024 ALSO Holding AG, Annual General Meeting, Mar 21, 2024. Announcement • Dec 14
ALSO Announces Resignation of Beate Flamm as SVP Sustainable Change ALSO announced the resignation of Beate Flamm, SVP Sustainable Change, after the next Annual General Meeting. Under her leadership, the coordination of Investor Relations was established within the company and the commitment to environmental, social and governance topics, as an increasingly important part of capital market communication, was further expanded. In future, both IR and ESG will be part of the Finance division. Marketing, for which Flamm was also responsible, continues to be managed as an independent Centre of Competence and will be staffed internally. Announcement • Dec 12
ALSO Holding AG (SWX:ALSN) acquired Commaxx As. ALSO Holding AG (SWX:ALSN) agreed to acquire Commaxx As on June 29, 2023. The transaction is subject to the standard regulatory approvals. Jostein Sæberg Gultvedt of Danske Bank A/S, Norway Branch acted as financial advisor of Commaxx As.
ALSO Holding AG (SWX:ALSN) completed the acquisition of Commaxx As on December 11, 2023. The acquisition is completed after receiving regulatory approvals in Denmark, Sweden and Norway. Announcement • Dec 07
ALSO Holding AG to Report Fiscal Year 2023 Results on Feb 20, 2024 ALSO Holding AG announced that they will report fiscal year 2023 results on Feb 20, 2024 Announcement • Nov 17
ALSO Holding AG (SWX:ALSN) agreed to acquire Target Holding GmbH. ALSO Holding AG (SWX:ALSN) agreed to acquire Target Holding GmbH on November 15, 2023. The acquisition is subject to the standard regulatory approvals. Major Estimate Revision • Aug 03
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €12.1b to €10.8b. EPS estimate fell from €12.38 to €12.22 per share. Net income forecast to grow 12% next year vs 7.7% decline forecast for Electronic industry in Switzerland. Consensus price target broadly unchanged at CHF266. Share price was steady at CHF202 over the past week. Reported Earnings • Jul 28
First half 2023 earnings released: EPS: €4.24 (vs €4.91 in 1H 2022) First half 2023 results: EPS: €4.24 (down from €4.91 in 1H 2022). Revenue: €4.83b (down 13% from 1H 2022). Net income: €52.5m (down 17% from 1H 2022). Profit margin: 1.1% (in line with 1H 2022). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Electronic industry in Switzerland. 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 5% per year, which means it is significantly lagging earnings. Announcement • Jun 30
ALSO Holding AG (SWX:ALSN) agreed to acquire Commaxx As. ALSO Holding AG (SWX:ALSN) agreed to acquire Commaxx As on June 29, 2023. The transaction is subject to the standard regulatory approvals. Buying Opportunity • May 15
Now 20% undervalued Over the last 90 days, the stock is up 1.8%. The fair value is estimated to be CHF237, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 5.2% per annum. Earnings is also forecast to grow by 9.0% per annum over the same time period. Buying Opportunity • Apr 18
Now 21% undervalued Over the last 90 days, the stock is up 2.2%. The fair value is estimated to be CHF239, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 5.2% per annum. Earnings is also forecast to grow by 9.0% per annum over the same time period. Upcoming Dividend • Mar 14
Upcoming dividend of CHF4.60 per share at 2.5% yield Eligible shareholders must have bought the stock before 21 March 2023. Payment date: 23 March 2023. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Swiss dividend payers (4.2%). In line with average of industry peers (2.4%). Reported Earnings • Feb 22
Full year 2022 earnings released: EPS: €11.91 (vs €12.01 in FY 2021) Full year 2022 results: EPS: €11.91 (down from €12.01 in FY 2021). Revenue: €11.6b (flat on FY 2021). Net income: €152.1m (down 1.3% from FY 2021). Profit margin: 1.3% (in line with FY 2021). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Electronic industry in Switzerland. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Vice Chairman & Lead Director Walter P. Droege was the last independent director to join the board, commencing their role in 2011. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Aug 10
ALSO Holding AG (SWX:ALSN) announces an Equity Buyback for 9.74% of its issued share capital, for €100 million. ALSO Holding AG (SWX:ALSN) announces a share repurchase program. Under the program, the company will repurchase up to 9.74% of its issued share capital, for €100 million, pursuant to an agreement with Zürcher Kantonalbank. The repurchased shares will be used for treasury purposes including the financing of potential acquisitions, increasing liquidity, and long-term incentives for the management of the company. The program is valid until August 9, 2024. Announcement • Jul 13
ALSO Holding AG to Report First Half, 2022 Results on Jul 20, 2022 ALSO Holding AG announced that they will report first half, 2022 results on Jul 20, 2022 Announcement • Jul 06
ALSO Holding AG (SWX:ALSN) completed the acquisition of IT Divisions from Jp Sá Couto, SA. ALSO Holding AG (SWX:ALSN) agreed to acquire IT Divisions from Jp Sá Couto, SA on December 23, 2021. The transaction is subject to regulatory approvals. Nuno Miguel Prata of Sociedade Rebelo de Sousa & Advogados Associados, SP, RL acted as legal advisor to JP Sá Couto, SA.
ALSO Holding AG (SWX:ALSN) completed the acquisition of IT Divisions from Jp Sá Couto, SA on July 4, 2022. The transaction was approved by Antitrust authorities. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Vice Chairman & Lead Director Walter P. Droege was the last independent director to join the board, commencing their role in 2011. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 15
Upcoming dividend of CHF4.30 per share Eligible shareholders must have bought the stock before 22 March 2022. Payment date: 24 March 2022. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Swiss dividend payers (3.7%). Lower than average of industry peers (2.6%). Announcement • Feb 25
ALSO Holding AG Proposes Dividend ALSO Holding AG proposed payment of a dividend of 4.30 swiss france (15% compared to 2021), shareholders will decide on further important issues. Reported Earnings • Feb 24
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: €12.01 (up from €10.14 in FY 2020). Revenue: €12.4b (up 4.2% from FY 2020). Net income: €154.0m (up 18% from FY 2020). Profit margin: 1.2% (up from 1.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 8.1%, compared to a 11% growth forecast for the industry in Switzerland. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 22% per year. Announcement • Feb 01
ALSO Holding AG, Annual General Meeting, Mar 18, 2022 ALSO Holding AG, Annual General Meeting, Mar 18, 2022. Buying Opportunity • Jan 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €315, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% per annum over the last 3 years. Earnings per share has grown by 22% per annum over the last 3 years. Announcement • Dec 23
ALSO Holding AG (SWX:ALSN) agreed to acquire IT Divisions from Jp Sá Couto, SA. ALSO Holding AG (SWX:ALSN) agreed to acquire IT Divisions from Jp Sá Couto, SA on December 23, 2021. The transaction is subject to regulatory approvals. Announcement • Dec 10
ALSO Holding AG (SWX:ALSN) acquired Ramiris' IT division in Hungary from Ramiris Europe Kft.. ALSO Holding AG (SWX:ALSN) acquired Ramiris' IT division in Hungary from Ramiris Europe Kft. on December 10, 2021.
ALSO Holding AG (SWX:ALSN) completed the acquisition of Ramiris' IT division in Hungary from Ramiris Europe Kft. on December 10, 2021.