4 models fit Sika AG and they disagree: 0 of 4 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Bronze51
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionSika AG (SIKA.SW)
Fair value (4 models)
CHF 107
ACCE price target
CHF 197
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 180 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
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
68.0% above
-40.5% to fair value
ACCE score
52
out of 100
P/E
27.8x
forward 21.6x
1-year return
+1.8%
Dividend yield
2.01%
Sika AG in four questions
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Overview
ACCE thesis
Sika makes construction chemicals: concrete admixtures, waterproofing membranes, structural adhesives and sealants, and flooring systems sold alongside the building work they go into, which gives it a 55.2% gross margin that few industrial peers match. Its edge is specification: once an engineer writes a Sika product into a project, the contractor tends to stay with it, and that stickiness is what supports the premium multiple. Revenue fell 1.5%, so the near-term story depends on volumes recovering in construction and on pricing holding through the soft patch. At 22.0x forward earnings against a 28.5x trailing multiple, the market is pricing in a clear earnings rebound, and a 16.0% ROE with a 14.3% operating margin shows the business still converts capital well while it waits. Worth a deeper look if you believe construction activity turns in the next 12 to 18 months; the flat top line is the thing to test.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Revenue and earnings declining
Revenue fell 1.5% and earnings fell 0.6% year over year, breaking the 5-year revenue CAGR of +7.3%. Worth watching whether this is cyclical or structural.
moderate
Rich valuation multiples
P/E of 28.7 and EV/EBITDA of 17.2 leave little room for further earnings softness, with the stock at CHF 180.20.
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
Sika generated CHF 1.2B of free cash flow over the last twelve months, a sizeable cash engine for a chemicals business.
Return on equity of 16.0% shows the company earns solid profit on the capital shareholders have put in.
Analysts' mean price target of CHF 203.06 sits 10.1% above the current share price, implying further upside in their view.
Why it could disappoint
Revenue fell 1.5% year over year, breaking a 5-year average growth rate of 7.3% per year.
Earnings per share missed expectations by 24.5% in the latest quarter, a sharp disappointment for investors.
At 28.7 times trailing earnings the shares look expensive, and return on invested capital of 7.0% is modest for that price.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Feb 18, 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
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Where SIKA.SW's valuation models land
Price
CHF 180.20
Model fair value
CHF 107
Model range
CHF 77.70 to CHF 129
Fair value CHF 107
Price CHF 180
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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