Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.
Price updated 06 Nov 2026 14:48; Fiscal year 2025; Annual financials downloaded 06 Nov 2026 15:54.
Starts from Fiscal year 2025 financials in CHF and a share price of CHF 84.91. Growth begins at 3.0% a year (the valuation's blended assumption) and fades to 2.4% by year 10. Margins held at EBITDA 19.5%, net 10.0%, free cash flow 12.7% of revenue. Bear and bull move starting growth by 4.5 points and long-run growth by 1 point.
Confidence: Earnings-based DCF agrees; annual data only; profit and cash flow steady for 3 years.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -1.6% | CHF 11.25B | -0.1% |
| Base | 2.9% | CHF 14.81B | 2.7% |
| Bull | 7.4% | CHF 19.33B | 5.4% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2025 | – | CHF 89.89B | CHF 17.54B | CHF 9.03B | CHF 11.38B | 3.51 | 4.42 | 3.05 | 12.74 | 84.91 |
| Year 1 | 2.9% | CHF 92.49B | CHF 18.05B | CHF 9.29B | CHF 11.71B | 3.61 | 4.54 | 3.14 | 13.21 | 81.68 |
| Year 2 | 2.9% | CHF 95.17B | CHF 18.57B | CHF 9.56B | CHF 12.05B | 3.71 | 4.68 | 3.23 | 13.70 | 78.20 |
| Year 3 | 2.8% | CHF 97.86B | CHF 19.10B | CHF 9.83B | CHF 12.39B | 3.82 | 4.81 | 3.32 | 14.20 | 74.39 |
| Year 4 | 2.8% | CHF 100.57B | CHF 19.62B | CHF 10.11B | CHF 12.73B | 3.92 | 4.94 | 3.41 | 14.71 | 70.26 |
| Year 5 | 2.7% | CHF 103.29B | CHF 20.15B | CHF 10.38B | CHF 13.07B | 4.03 | 5.08 | 3.50 | 15.24 | 65.81 |
| Year 6 | 2.6% | CHF 106.02B | CHF 20.69B | CHF 10.65B | CHF 13.42B | 4.14 | 5.21 | 3.59 | 15.78 | 67.55 |
| Year 7 | 2.6% | CHF 108.76B | CHF 21.22B | CHF 10.93B | CHF 13.77B | 4.24 | 5.34 | 3.69 | 16.34 | 69.30 |
| Year 8 | 2.5% | CHF 111.50B | CHF 21.76B | CHF 11.21B | CHF 14.11B | 4.35 | 5.48 | 3.78 | 16.91 | 71.05 |
| Year 9 | 2.5% | CHF 114.25B | CHF 22.29B | CHF 11.48B | CHF 14.46B | 4.46 | 5.61 | 3.87 | 17.49 | 72.80 |
| Year 10 | 2.4% | CHF 116.99B | CHF 22.83B | CHF 11.76B | CHF 14.81B | 4.56 | 5.75 | 3.97 | 18.09 | 74.54 |
EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.