3 models fit INFICON Holding AG and they disagree: 0 of 3 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Bronze58
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionINFICON Holding AG (IFCN.SW)
Fair value (3 models)
CHF 75.84
ACCE price target
CHF 172
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 165 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, and EV/EBITDA 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
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
117.6% above
-54.0% to fair value
ACCE score
73
out of 100
P/E
51.9x
forward 28.7x
1-year return
+68.4%
Dividend yield
1.20%
INFICON Holding AG in four questions
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Overview
ACCE thesis
INFICON makes vacuum measurement and process control instruments, including thin-film deposition monitors and leak detectors, sold mainly into semiconductor fabs, flat-panel and coatings production, and vacuum-based manufacturing. Its edge rests on installed-base sensors and gauges that customers recalibrate and replace over time, which gives a recurring consumables and service tail on top of capital equipment sales. Revenue grew 16.4% and the business earns a 45.0% gross margin and 18.9% operating margin, so the growth is coming with real pricing power rather than being bought. The stock trades at 52.4 times trailing earnings but 29.0 times forward, which means the market is paying for earnings growth that has yet to show up in the reported numbers. A 24.5% return on equity and no index membership at a CHF 4.1bn market cap make this worth a closer look at whether the forward multiple is justified by the semiconductor capex cycle.
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
moderate
Rich valuation multiples
P/E of 54.6 and EV/EBITDA of 37.2 price in a lot of future growth. Forward P/E of 28.7 is the more reasonable read, but any earnings miss could hit the stock hard.
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
Revenue grew 16.4% year over year in the latest interim report, ahead of its 12.2% five-year average pace.
Return on equity of 24.5% and return on invested capital of 15.5% show the business earns solid returns on the money it uses.
Latest quarterly earnings per share came in 30.4% above expectations, at 1.33 against 1.02 forecast.
Why it could disappoint
At a trailing P/E of 54.6x, the shares price in a lot of future growth, leaving little room for error.
Free cash flow yield of just 1.4% means the stock returns little cash to owners at today's price of CHF 165.00.
Analysts' mean price target of CHF 199.47 sits 17.2% above the share price, but that is their view, not ours, and targets can be wrong.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 27, 2026
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 IFCN.SW's valuation models land
Price
CHF 165.00
Model fair value
CHF 75.84
Model range
CHF 52.03 to CHF 114
Fair value CHF 75.84
Price CHF 165
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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