Baloise Holding AG

BATS-CHIXE:BALNZ Stock Report

Market Cap: CHF 7.5b

Baloise Holding Valuation

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

Below Fair Value: BALNZ (CHF167.3) is trading below our estimate of fair value (CHF240.64)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for BALNZ. This is calculated by dividing BALNZ's market cap by their current earnings.
What is BALNZ's PE Ratio?
PE Ratio29.7x
EarningsCHF 253.70m
Market CapCHF 7.54b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for BALNZ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average21.2x
AV. Aviva
10.1x4.2%UK£12.9b
LGEN Legal & General Group
45.6x28.0%UK£13.0b
PRU Prudential
24.6x28.4%UK£17.5b
BEZ Beazley
4.6x-17.9%UK£4.9b
BALNZ Baloise Holding
29.9x15.7%CHF 7.6b

Price-To-Earnings vs Peers: BALNZ is expensive based on its Price-To-Earnings Ratio (29.9x) compared to the peer average (21.5x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
No. of Companies13PE0816243240+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BALNZ is expensive based on its Price-To-Earnings Ratio (29.9x) compared to the European Insurance industry average (11.8x).

Price to Earnings Ratio vs Fair Ratio

What is BALNZ'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.

BALNZ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio29.7x
Fair PE Ratio16.6x

Price-To-Earnings vs Fair Ratio: BALNZ is expensive based on its Price-To-Earnings Ratio (29.9x) compared to the estimated Fair Price-To-Earnings Ratio (16.6x).

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 BALNZ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCHF 166.40
CHF 168.64
+1.3%
6.5%CHF 190.00CHF 155.00n/a7
Nov ’25CHF 168.20
CHF 166.07
-1.3%
7.8%CHF 190.00CHF 146.00n/a7
Oct ’25CHF 172.15
CHF 166.75
-3.1%
8.3%CHF 190.00CHF 146.00n/a6
Sep ’25CHF 163.00
CHF 152.00
-6.7%
2.3%CHF 155.00CHF 146.00n/a4
Aug ’25CHF 158.10
CHF 152.00
-3.9%
2.3%CHF 155.00CHF 146.00n/a4
Jul ’25CHF 158.90
CHF 151.25
-4.8%
2.2%CHF 155.00CHF 146.00n/a4
Jun ’25CHF 155.40
CHF 151.25
-2.7%
2.2%CHF 155.00CHF 146.00n/a4
May ’25CHF 139.20
CHF 151.25
+8.7%
2.2%CHF 155.00CHF 146.00n/a4
Apr ’25CHF 141.30
CHF 145.00
+2.6%
2.2%CHF 149.00CHF 140.00n/a4
Mar ’25CHF 142.95
CHF 147.75
+3.4%
1.6%CHF 151.00CHF 145.00n/a4
Feb ’25CHF 138.30
CHF 146.75
+6.1%
1.7%CHF 151.00CHF 145.00n/a4
Jan ’25CHF 131.60
CHF 145.50
+10.6%
2.7%CHF 151.00CHF 140.00n/a4
Dec ’24CHF 133.60
CHF 149.25
+11.7%
3.8%CHF 159.00CHF 145.00n/a4
Nov ’24CHF 130.50
CHF 153.50
+17.6%
4.3%CHF 161.00CHF 147.00CHF 168.204
Oct ’24CHF 133.10
CHF 156.75
+17.8%
3.6%CHF 161.00CHF 147.00CHF 172.154
Sep ’24CHF 138.80
CHF 156.75
+12.9%
3.6%CHF 161.00CHF 147.00CHF 163.004
Aug ’24CHF 135.40
CHF 156.40
+15.5%
3.3%CHF 161.00CHF 147.00CHF 158.105
Jul ’24CHF 131.10
CHF 156.40
+19.3%
3.3%CHF 161.00CHF 147.00CHF 158.905
Jun ’24CHF 139.90
CHF 156.40
+11.8%
3.3%CHF 161.00CHF 147.00CHF 155.405
May ’24CHF 149.30
CHF 156.40
+4.8%
3.3%CHF 161.00CHF 147.00CHF 139.205
Apr ’24CHF 142.90
CHF 156.40
+9.4%
3.3%CHF 161.00CHF 147.00CHF 141.305
Mar ’24CHF 156.20
CHF 157.60
+0.9%
6.0%CHF 174.00CHF 147.00CHF 142.955
Feb ’24CHF 149.30
CHF 157.60
+5.6%
6.0%CHF 174.00CHF 147.00CHF 138.305
Jan ’24CHF 143.00
CHF 155.20
+8.5%
8.2%CHF 174.00CHF 135.00CHF 131.605
Dec ’23CHF 143.40
CHF 155.20
+8.2%
8.2%CHF 174.00CHF 135.00CHF 133.605
Nov ’23CHF 136.40
CHF 156.64
+14.8%
8.0%CHF 174.00CHF 135.00CHF 130.505

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

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