Upcoming Dividend • Apr 23
Upcoming dividend of CHF7.00 per share Eligible shareholders must have bought the stock before 30 April 2026. Payment date: 05 May 2026. Payout ratio and cash payout ratio are on the higher end at 98% and 91% respectively. Trailing yield: 1.2%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (2.0%). Announcement • Apr 04
VAT Group AG, Annual General Meeting, Apr 28, 2026 VAT Group AG, Annual General Meeting, Apr 28, 2026, at 15:00 W. Europe Standard Time. Buy Or Sell Opportunity • Mar 31
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to CHF484. The fair value is estimated to be CHF402, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.4%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Declared Dividend • Mar 05
Dividend increased to CHF7.00 Dividend of CHF7.00 is 12% higher than last year. Ex-date: 30th April 2026 Payment date: 5th May 2026 Dividend yield will be 1.3%, which is lower than the industry average of 2.7%. Payout Ratios Payout ratio: 98%. Cash payout ratio: 91%. Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: CHF7.15 (vs CHF7.07 in FY 2024) Full year 2025 results: EPS: CHF7.15 (up from CHF7.07 in FY 2024). Revenue: CHF1.07b (up 14% from FY 2024). Net income: CHF214.3m (up 1.2% from FY 2024). Profit margin: 20% (down from 23% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Announcement • Mar 05
VAT Group AG announces Annual dividend, payable on May 05, 2026 VAT Group AG announced Annual dividend of CHF 7.0000 per share payable on May 05, 2026, ex-date on April 30, 2026 and record date on May 04, 2026. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CHF513, the stock trades at a forward P/E ratio of 60x. Average forward P/E is 20x in the Machinery industry in the United Kingdom. Total returns to shareholders of 88% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF334 per share. New Risk • Jan 15
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 British stocks, typically moving 7.7% 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 • Jan 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CHF444, the stock trades at a forward P/E ratio of 53x. Average forward P/E is 19x in the Machinery industry in the United Kingdom. Total returns to shareholders of 71% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF335 per share. Buy Or Sell Opportunity • Jan 05
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to CHF426. The fair value is estimated to be CHF332, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.8% over the last 3 years. Earnings per share has declined by 12%. For the next 3 years, revenue is forecast to grow by 9.9% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Announcement • Dec 11
VAT Group AG to Report Q4, 2025 Results on Jan 15, 2026 VAT Group AG announced that they will report Q4, 2025 results on Jan 15, 2026 Announcement • Oct 17
VAT Group AG Provides Earnings Guidance for the Final Quarter of 2025 VAT Group AG provided earnings guidance for the final quarter of 2025. The company expects sales of CHF 225 million to CHF 245 million. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CHF369, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 18x in the Machinery industry in the United Kingdom. Total returns to shareholders of 85% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF256 per share. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CHF336, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 18x in the Machinery industry in the United Kingdom. Total returns to shareholders of 67% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF258 per share. Buy Or Sell Opportunity • Sep 16
Now 21% overvalued Over the last 90 days, the stock has fallen 5.7% to CHF319. The fair value is estimated to be CHF264, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.8% over the last 3 years. Earnings per share has declined by 12%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Announcement • Sep 01
VAT Group AG Announces Executive changes VAT Group AG announced that Finn Felsberg, Executive Vice President of the Semiconductor Solutions Group (SSG) and a member of the Group Executive Committee, is leaving VAT to pursue opportunities outside the company. Finn joined VAT in December 2023 and in this capacity has been responsible for the Group’s Semiconductor business including the core valve activities, the adjacency business and the corporate R&D function. During his tenure, VAT has further strengthened its leading product and market position, especially in the core valve business while at the same time capturing substantial additional business opportunities in adjacent products and services. He also focused on the development of a strong and agile internal mindset regarding additional future business areas along the vacuum chain. Effective immediately and until the succession planning is concluded, Urs Gantner, CEO and former EVP of the Semiconductor Solutions Group, will lead the semiconductor business activities. Reported Earnings • Jul 25
First half 2025 earnings released: EPS: CHF3.52 (vs CHF3.14 in 1H 2024) First half 2025 results: EPS: CHF3.52 (up from CHF3.14 in 1H 2024). Revenue: CHF558.0m (up 24% from 1H 2024). Net income: CHF105.6m (up 12% from 1H 2024). Profit margin: 19% (down from 21% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. New Risk • Jul 24
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 101% Dividend yield: 2.2% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CHF290, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 18x in the Machinery industry in the United Kingdom. Total returns to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF278 per share. Announcement • Jul 23
VAT Group AG to Report Q4, 2025 Results on Mar 03, 2026 VAT Group AG announced that they will report Q4, 2025 results on Mar 03, 2026 Buy Or Sell Opportunity • Jul 03
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to CHF336. The fair value is estimated to be CHF280, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last 3 years. Earnings per share has declined by 9.9%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Upcoming Dividend • Apr 25
Upcoming dividend of CHF6.25 per share Eligible shareholders must have bought the stock before 02 May 2025. Payment date: 06 May 2025. Payout ratio is on the higher end at 88%, and the cash payout ratio is above 100%. Trailing yield: 2.1%. Lower than top quartile of British dividend payers (6.1%). Lower than average of industry peers (2.6%). Announcement • Apr 07
VAT Group AG, Annual General Meeting, Apr 29, 2025 VAT Group AG, Annual General Meeting, Apr 29, 2025, at 13:00 W. Europe Standard Time. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CHF283, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 17x in the Machinery industry in the United Kingdom. Total loss to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF283 per share. Buy Or Sell Opportunity • Mar 27
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at CHF345. The fair value is estimated to be CHF284, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last 3 years. Earnings per share has declined by 9.9%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Announcement • Mar 06
VAT Group AG announces Annual dividend, payable on May 06, 2025 VAT Group AG announced Annual dividend of CHF 6.2500 per share payable on May 06, 2025, ex-date on May 02, 2025 and record date on May 05, 2025. Buy Or Sell Opportunity • Mar 05
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 3.4% to CHF358. The fair value is estimated to be CHF282, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last 3 years. Earnings per share has declined by 9.9%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Reported Earnings • Mar 05
Full year 2024 earnings released: EPS: CHF7.06 (vs CHF6.35 in FY 2023) Full year 2024 results: EPS: CHF7.06 (up from CHF6.35 in FY 2023). Revenue: CHF942.2m (up 6.4% from FY 2023). Net income: CHF211.8m (up 11% from FY 2023). Profit margin: 23% (up from 22% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Machinery industry in the United Kingdom. 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 2% per year, which means it is well ahead of earnings. Announcement • Mar 05
VAT Group AG Provides Sales Guidance for the First Quarter 2025 VAT Group AG provided sales guidance for the first quarter 2025. For the quarter, the company expected sales between CHF 275 million and CHF 295 million. Buy Or Sell Opportunity • Oct 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to CHF416. The fair value is estimated to be CHF521, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Buy Or Sell Opportunity • Aug 02
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to CHF388. The fair value is estimated to be CHF520, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Reported Earnings • Jul 20
First half 2024 earnings released: EPS: CHF3.14 (vs CHF2.81 in 1H 2023) First half 2024 results: EPS: CHF3.14 (up from CHF2.81 in 1H 2023). Revenue: CHF449.6m (flat on 1H 2023). Net income: CHF94.0m (up 12% from 1H 2023). Profit margin: 21% (up from 19% in 1H 2023). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Upcoming Dividend • May 09
Upcoming dividend of CHF6.25 per share Eligible shareholders must have bought the stock before 16 May 2024. Payment date: 21 May 2024. Payout ratio is on the higher end at 98%, and the cash payout ratio is above 100%. Trailing yield: 1.4%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (2.1%). Declared Dividend • Mar 07
Dividend of CHF6.25 announced Shareholders will receive a dividend of CHF6.25. Ex-date: 16th May 2024 Payment date: 21st May 2024 Dividend yield will be 1.4%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio) nor is it covered by cash flows (100% cash payout ratio). The dividend has increased by an average of 6.6% per year over the past 7 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 9.4% to bring the payout ratio under control. EPS is expected to grow by 69% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Mar 07
VAT Group AG to Report First Half, 2024 Results on Jul 18, 2024 VAT Group AG announced that they will report first half, 2024 results on Jul 18, 2024 Reported Earnings • Mar 06
Full year 2023 earnings released: EPS: CHF6.35 (vs CHF10.23 in FY 2022) Full year 2023 results: EPS: CHF6.35 (down from CHF10.23 in FY 2022). Revenue: CHF885.3m (down 23% from FY 2022). Net income: CHF190.3m (down 38% from FY 2022). Profit margin: 22% (down from 27% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 28
VAT Group AG Announces Executive Changes VAT Group AG has appointed Urs Gantner (53), currently EVP of VAT's Semiconductor Solutions Group, as the new Chief Executive Officer, effective January 1, 2024. Urs Gantner succeeds Mike Allison (60) who in February announced his decision to step down as CEO by the end of the business year 2023. Urs Gantner, who holds a Master of Science degree in mechanical engineering from the Federal Institute of Technology (ETH), joined VAT in 2004 as a product manager for customized transfer valve solutions. He was named head of the Semiconductor business unit in 2015, helping to grow the business more than twice as fast as the overall market while improving its operational structure and performance by taking advantage of the company's growing global footprint. Mr. Gantner also played a central role in the development and growth of VAT's manufacturing facility in Malaysia, including the localization of engineering and product management. In addition, he has led the successful expansion of VAT's valves business into profitable adjacent product markets. In August of 2022, Mr. Gantner was appointed to the VAT Group Executive Committee as Executive Vice-President, Semiconductor Solutions Group. Reported Earnings • Jul 28
First half 2023 earnings released: EPS: CHF2.81 (vs CHF4.92 in 1H 2022) First half 2023 results: EPS: CHF2.81 (down from CHF4.92 in 1H 2022). Revenue: CHF453.8m (down 17% from 1H 2022). Net income: CHF84.2m (down 43% from 1H 2022). Profit margin: 19% (down from 27% in 1H 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 27% per year. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CHF381, the stock trades at a forward P/E ratio of 54x. Average forward P/E is 16x in the Machinery industry in the United Kingdom. Total returns to shareholders of 127% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF186 per share. Upcoming Dividend • May 12
Upcoming dividend of CHF6.25 per share at 2.0% yield Eligible shareholders must have bought the stock before 19 May 2023. Payment date: 23 May 2023. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (2.5%). Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Maria Heriz was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 30% share price gain to CHF293, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 15x in the Machinery industry in the United Kingdom. Total returns to shareholders of 113% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF204 per share. Announcement • Nov 11
VAT Group AG to Report First Half, 2023 Results on Jul 27, 2023 VAT Group AG announced that they will report first half, 2023 results on Jul 27, 2023 Buying Opportunity • Oct 07
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 5.6%. 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 grown by 21% over the last 3 years. Earnings per share has grown by 45%. For the next 3 years, revenue is forecast to grow by 7.8% per annum. Earnings is also forecast to grow by 5.3% per annum over the same time period. Reported Earnings • Aug 12
First half 2022 earnings released: EPS: CHF4.92 (vs CHF3.23 in 1H 2021) First half 2022 results: EPS: CHF4.92 (up from CHF3.23 in 1H 2021). Revenue: CHF549.0m (up 32% from 1H 2021). Net income: CHF147.6m (up 52% from 1H 2021). Profit margin: 27% (up from 23% in 1H 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 12%, compared to a 10% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jun 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be CHF352, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 29%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 12% per annum over the same time period. Upcoming Dividend • May 12
Upcoming dividend of CHF5.50 per share Eligible shareholders must have bought the stock before 19 May 2022. Payment date: 24 May 2022. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of British dividend payers (4.8%). In line with average of industry peers (2.1%). Buying Opportunity • May 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be CHF351, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 29%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 13% per annum over the same time period. Board Change • Apr 27
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Director Daniel Lippuner was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Aug 06
First half 2021 earnings released: EPS CHF3.31 (vs CHF1.86 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: CHF416.4m (up 31% from 1H 2020). Net income: CHF99.2m (up 78% from 1H 2020). Profit margin: 24% (up from 18% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 06
VAT Group AG Provides Sales Guidance for the Third Quarter of 2021 VAT Group AG provides sales guidance for the third quarter of 2021. For the quarter, the company expects sales to be CHF 220 - 230 million. Upcoming Dividend • May 13
Upcoming dividend of CHF4.50 per share Eligible shareholders must have bought the stock before 20 May 2021. Payment date: 25 May 2021. Trailing yield: 1.8%. Lower than top quartile of British dividend payers (4.1%). In line with average of industry peers (1.9%). Reported Earnings • Mar 06
Full year 2020 earnings released: EPS CHF4.45 (vs CHF2.50 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CHF692.4m (up 21% from FY 2019). Net income: CHF133.5m (up 78% from FY 2019). Profit margin: 19% (up from 13% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Mar 06
Revenue beats expectations Revenue exceeded analyst estimates by 0.6%. Over the next year, revenue is forecast to grow 11% while theMachinery industry in the United Kingdom is not expected to grow. Is New 90 Day High Low • Feb 08
New 90-day high: CHF262 The company is up 49% from its price of CHF176 on 10 November 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CHF152 per share. Is New 90 Day High Low • Jan 09
New 90-day high: CHF235 The company is up 31% from its price of CHF180 on 09 October 2020. The British market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CHF139 per share. Is New 90 Day High Low • Dec 23
New 90-day high: CHF219 The company is up 28% from its price of CHF171 on 24 September 2020. The British market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CHF138 per share. Is New 90 Day High Low • Dec 05
New 90-day high: CHF198 The company is up 20% from its price of CHF165 on 04 September 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CHF121 per share. Is New 90 Day High Low • Nov 05
New 90-day high: CHF190 The company is up 7.0% from its price of CHF178 on 07 August 2020. The British market is down 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Machinery industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CHF127 per share. 