Financial Services · Insurance - Diversified · SIX · Switzerland
CHF 929.60-0.39%
Market cap CHF 26.0BNext earnings 2026-11-11Updated Oct 22, 2026
Our verdict
Trades 56% above our fair value
Price
CHF 929.60
Model fair valueConfidence: good
CHF 597
Model range
CHF 482 to CHF 736
Fair value CHF 597
Price CHF 930
3 models fit Swiss Life Holding AG and they disagree: 1 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)
Valued as an insurer: Residual income, P/E comparison, and Dividend discount.
ACCE opinionSwiss Life Holding AG (SLHN.SW)
Fair value (3 models)
CHF 597
ACCE price target
CHF 903
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 930 at the close on 23 Oct 2026, 17:30 CEST.
Models: P/E comparison, Dividend discount, and Residual income.
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
55.7% above
-35.8% to fair value
ACCE score
57
out of 100
P/E
20.2x
forward 18.1x
1-year return
+6.8%
Dividend yield
3.91%
Swiss Life Holding AG in four questions
Plain answers, details below
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Overview
ACCE thesis
Swiss Life writes life, pension and asset management business across Switzerland, France, Germany and Luxembourg, with its Swiss occupational pensions franchise and the Swiss Life Asset Managers platform as the two engines. The moat is a large, sticky base of Swiss BVG pension mandates and long-dated savings policies that renew through the cycle, which gives the group distribution depth that is hard to replicate quickly. Near-term growth rests on rising rates lifting reinvestment yields on the general account and on continued fee growth in asset management, though revenue growth of 3.4% is modest for the sector. At 20.3x trailing and 18.2x forward earnings, with a 19.4% return on equity, the stock is priced for steady compounding rather than a re-rating, so the case for a deeper look depends on whether that ROE holds as capital requirements tighten.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Heavy leverage on equity
Debt/Equity of 2.01 means borrowings are about twice shareholder equity. For an insurer this is partly structural, but it leaves less cushion if markets or credit spreads turn.
moderate
Long-run revenue decline
Revenue has shrunk at a 7.5% CAGR over five years, even though the latest year shows +3.4%. Current growth is recovering from a weaker base, not a sustained trend.
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 2.5B, a strong cash return for a company of this size.
A free cash flow yield of 9.5% at CHF 929.60 suggests the shares generate substantial cash relative to what investors pay.
The dividend yield of 3.9% gives income investors a meaningful cash payment while they wait for the shares to re-rate.
Why it could disappoint
Revenue has shrunk by an average of 7.5% a year over five years, which raises doubts about long-term growth.
Return on invested capital of 4.7% is weak, far below the 19.4% return on equity, pointing to heavy reliance on borrowing.
Earnings per share missed expectations by 7.8% in the latest quarter, and analysts' mean target sits 4.9% below the share price.
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Walk me through this stock
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Valuation
INVESTOR
Where SLHN.SW's valuation models land
Price
CHF 929.60
Model fair value
CHF 597
Model range
CHF 482 to CHF 736
Fair value CHF 597
Price CHF 930
The price is above the whole model range.
Model
Fair value
Upside
Dividend discount
P/E comparison
Residual income
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
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Analysts
Wall Street consensus
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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
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In one line
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