CALIDA Holding AG (CALN.SW) : juste valeur

Thèse ACCE

Calida is a Swiss maker of intimate apparel and sleepwear, selling under its own brands and through licensed labels such as the Calida, Satellite and Wolford names, with retail and wholesale channels across Europe. The case for a closer look rests on valuation: at 11.1 times trailing earnings and 7.5 times forward, with a market capitalisation of about 94M CHF, the shares trade well below what the earnings multiple would suggest for a branded apparel company. The forward multiple sitting roughly a third below the trailing one implies analysts expect earnings to rise meaningfully, though the margin and growth data we have for the company are not filled in, so that recovery needs confirming from the filings. The stock is outside any index membership, which keeps it under-followed and can leave mispricing in place for longer than in larger names. The next step is to pull the latest annual and half-year reports to test whether gross and operating margins support the forward earnings estimate.