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EMSN.SW
ACCE-researched

EMS-CHEMIE HOLDING AG (EMSN.SW) fair value

Basic Materials · Specialty Chemicals · SIX · Switzerland
CHF 876.00-0.85%
Market cap CHF 20.5BNext earnings 2027-02-05Updated Oct 22, 2026
Add earnings to calendarGoogle
Our verdict
Trades 189% above our fair value
Price
CHF 876.00
Model fair valueConfidence: good
CHF 304
Model range
CHF 241 to CHF 366
Fair value CHF 304
Price CHF 876
2 models fit EMS-CHEMIE HOLDING AG and they disagree: 0 of 2 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Bronze53
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionEMS-CHEMIE HOLDING AG (EMSN.SW)
Fair value (2 models)
CHF 304
ACCE price target
CHF 917
Rating
Overvalued
Horizon
12 months
Fair value published on 22 Oct 2026, 12:04 CEST.
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Rating published on 22 Oct 2026, 12:04 CEST.
Price used: CHF 876 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Full methodology
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
188.6% above
-65.3% to fair value
ACCE score
59
out of 100
P/E
43.2x
forward 38.2x
1-year return
+52.9%
Dividend yield
1.66%

EMS-CHEMIE HOLDING AG in four questions

Plain answers, details below
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OverviewAsk ACCEValuationQualityAnalystsSmart MoneyCompareNews and Record

Overview

ACCE thesis

EMS-Chemie makes high-performance polyamides and specialty engineering plastics, including the Grilamid and Grilon grades used in automotive components, electrical connectors and medical devices, and it sells a large share of them into Europe and Asia. The moat is in qualification: once a grade is specified into a long-lived part, switching costs are high, and the group's 48.8% gross margin and 30.6% operating margin reflect that pricing power. Revenue fell 0.9%, so the growth case rests on volume recovery in automotive and electronics and on margin resilience rather than top-line momentum. The shares trade at 43.6x trailing and 38.5x forward earnings with a 22.7% ROE, a premium that already prices in high-quality compounding, so the open question is whether the current revenue softness is cyclical or the start of a slower volume trend. It merits a deeper look to test that distinction against order intake and end-market data, since a flat top line leaves little room for the multiple to hold if margins come under pressure.

AI-assisted·How I use AIWritten Oct 23, 2026
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
  • moderate
    Revenue shrinking slightly
    Revenue is down 0.9% year on year and the 5-year revenue CAGR is only 1.6%, so top-line growth has stalled while the stock trades at a P/E of 44.3.
  • moderate
    Rich valuation on flat growth
    EV/EBITDA of 32.2 and P/S of 10.8 price in far more growth than the 1.6% five-year revenue CAGR and 3.1% earnings growth currently show.
  • moderate
    Heavy insider ownership limits float
    Insiders hold 70.9% of the shares and institutions 11.5%, so a small free float can make the price more sensitive to modest buying or selling.

AI research notes

AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
  • Net margin of 24.4% and return on equity of 22.7% show the business turns sales into profit very efficiently.
  • Free cash flow of CHF 509M over the last twelve months gives the company plenty of cash to fund itself and reward shareholders.
  • Debt to equity of 0.02 means the balance sheet carries almost no borrowing, leaving little financial risk.
Why it could disappoint
  • Revenue fell 0.9% year over year, and the five-year average growth of only 1.6% per year is thin for a stock at this price.
  • At a trailing P/E of 44.3x and a free cash flow yield of 2.4%, the shares are priced for growth the recent numbers do not show.
  • The analysts' mean price target of CHF 751.29 sits 16.1% below the current share price, suggesting limited upside on their view.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.

Next results

Feb 5, 2027
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle

Walk me through this stock

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Valuation

INVESTOR
Where EMSN.SW's valuation models land
Price
CHF 876.00
Model fair value
CHF 304
Model range
CHF 241 to CHF 366
Fair value CHF 304
Price CHF 876
The price is above the whole model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
Graham number
P/E comparison
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See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.

Quality

INVESTOR
Quality and conviction INVESTOR FEATURE

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  • +A plain reason under every score
  • +Conviction breakdown and growth / value / quality / momentum scores
  • +Score history: how each score moved over time

Analysts

Wall Street consensus

No analyst coverage yet.
Analyst intelligence INVESTOR FEATURE

The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.

  • +Price-target low / average / high vs the current price, with implied upside
  • +Forward revenue and EPS consensus by fiscal year
  • +ACCE fair-value models lined up against the Street

Smart Money

PRO

In one line

Trades are only made public after a delay. We show the delay so you know how old the news is.

Company insiders
No trades filed
Last 90 days
Congress
No trades filed
Last 180 days
Average delay
No trades filed
From trade to public filing
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Smart money tracking PRO FEATURE

Follow the informed money: 13F position changes, insider and Congress trades, and 13D activist filings.

  • +Quarter-over-quarter institutional position changes
  • +Every insider and Congress trade, with how late it was disclosed
  • +Active 13D activist filings and top holders

Compare

Where it sits vs peers

News and Record

Recent performance

1 week
-1.0%
1 month
+5.5%
3 months
+11.0%
6 months
+30.6%
YTD
+59.4%
1 year
+52.9%

Recommendation history, last 12 months

DateTypeNewPreviousPrice
22 Oct 2026, 16:00 CESTACCE price targetCHF 917first publicationCHF 896
22 Oct 2026, 12:04 CESTRatingOvervaluedfirst publicationCHF 896
22 Oct 2026, 12:04 CESTFair valueCHF 304first publicationCHF 896

This analysis is not personalised investment advice and does not take your situation, objectives or risk tolerance into account. ACCE Investments is not an authorised investment firm.

Investing in shares carries a risk of losing capital. The value of an investment can go down as well as up.

This security trades in CHF. Exchange-rate movements can increase or reduce the result in your own currency.

Valuation horizon: 12 months from the publication date.

Conflicts of interest. ACCE Investments is operated by Adrien Chantreuil, who may hold personal positions in the securities analysed. Positions are declared on each security. ACCE receives no payment from the companies analysed or from any intermediary for this analysis.

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Snapshot

Growth19Value30Quality91Momentum97Total59
Valuation
Trailing P/E
43.2x
Forward P/E
38.2x
PEG
14.01
P/B
9.26x
EV / Revenue
9.6x
Book value/sh
CHF 89.67
Enterprise value
CHF 18.6B
Profitability
ROE
22.7%
FCF yield
2.47%
ROIC
20.3%
Health and risk
Debt / equity
0.02
Dividend yield
1.66%
Beta
0.76

Price

+52.7% · 1Y

Ask anything about EMSN.SW

Answered from EMS-CHEMIE HOLDING AG fundamentals + recent valuations. Every number shows its source and date.

This stock Peer Peer median weaker → stronger
P/Ebetter than 33% of peers
low 0.0x43.2xhigh 90.2x
ROEbetter than 100% of peers
low -6%23%high 23%
Div yieldbetter than 33% of peers
low 1.2%1.7%high 6.5%

Peers

Prices Oct 23, 2026
CompanyPriceFair valuevs fair valueP/EROEQualityScore
EMSN.SW EMS-CHEMIE HOLDING AGCHF 876.00CHF 304189% above43.2x22.7%9159
PPG PPG Industries Inc. Common Stock$113.09$8534% above15.8x19.3%6859
IFF International Flavors & Fragrances Inc. Common Stock$93.83$5279% above90.2x-5.5%4948
ASIANPAINT.NS Asian Paints₹2284.80--46.4x20.9%8459
LYB LyondellBasell Industries NV Ordinary Shares Class A (Netherlands)$65.37----2.3%3063
DSFIR.AS DSM-Firmenich AG€108.80€36203% above-1.9%4352
4612.T Nippon Paint Holdings Co., Ltd.¥1249.00--20.3x11.2%6371

Sector report card

Where EMSN.SW ranks against its sector peers on each metric.

Computing percentiles…