2 models fit Helvetia Baloise 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)
Valued as an insurer: Residual income, P/E comparison, and Dividend discount.
ACCE opinionHelvetia Baloise Holding AG (HBAN.SW)
Fair value (2 models)
CHF 98.88
ACCE price target
CHF 227
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 211 at the close on 23 Oct 2026, 17:30 CEST.
Models: P/E comparison and Dividend discount.
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
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
113.6% above
-53.2% to fair value
ACCE score
53
out of 100
P/E
40.4x
forward 16.0x
1-year return
+6.9%
Dividend yield
3.55%
Helvetia Baloise Holding AG in four questions
Plain answers, details below
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Overview
ACCE thesis
Helvetia Baloise writes property and casualty, life and pension business across Switzerland, Germany, Austria, Italy and Spain, selling motor, household, commercial and occupational pension cover mostly through bancassurance partnerships and its own agent network. The company's edge is its Swiss franchise and the distribution reach it gained from the Baloise merger, which gives it scale in home markets where insurance is sold alongside banking relationships. The 73.0% revenue growth reflects that combination flowing through the reported numbers, so it is a merger effect rather than organic momentum and should be read that way. Trailing P/E of 41.5 looks stretched but compares to a forward P/E of 16.5, which points to earnings recovering sharply from a depressed base. Against that, ROE of 3.9% and an operating margin of 3.1% show the profit pool has not yet been restored, so the deeper look should focus on whether integration savings and the combined book lift returns toward the company's targets.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Earnings collapse despite revenue jump
Revenue grew 73.0% year on year while earnings fell 88.5%, and net margin is only 2.3%. The top-line gain is not reaching profit, so the trailing P/E of 41.6 looks stretched against the 11.5 forward figure.
moderate
Weak long-run growth
Five-year revenue CAGR is -0.3%, so the one-year surge looks more like a single-period swing than a durable trend. ROE of 3.9% is also thin for an insurer.
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
Free cash flow over the last twelve months reached CHF 716M, giving the insurer real cash generation to support its dividend.
Analysts' mean price target of CHF 232.74 sits 7.1% above the current share price, suggesting modest upside in their view.
The stock trades at 11.5x forward earnings, well below its 41.6x trailing multiple, implying profits are expected to recover.
Why it could disappoint
Net margin of 2.3% and return on equity of 3.9% leave little profit for shareholders from the business.
Revenue has shrunk by 0.3% per year on average over five years, so the one-year jump of 73.0% looks like the exception.
The diluted share count rose 1.2% last year, so each share claims a slightly smaller slice of future profit.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Mar 17, 2027
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where HBAN.SW's valuation models land
Price
CHF 211.20
Model fair value
CHF 98.88
Model range
CHF 59.24 to CHF 139
Fair value CHF 98.88
Price CHF 211
The price is above the whole model range.
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Fair value
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