4 models fit Sulzer AG and they disagree: 0 of 4 land within 15% of the average.
Two or more of our models back this value.
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Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, Discounted cash flow, and Graham number.
ACCE opinionSulzer AG (SUN.SW)
Fair value (4 models)
CHF 131
ACCE price target
CHF 190
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 171 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
31.0% above
-23.7% to fair value
ACCE score
60
out of 100
P/E
19.1x
forward 15.9x
1-year return
+28.9%
Dividend yield
2.80%
Sulzer AG in four questions
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Overview
ACCE thesis
Sulzer makes pumps, mixers, and reactors for the chemicals, oil and gas, water, and power markets, and its Flow Equipment and Chemtech divisions sell large rotating equipment and process technology that customers buy for long plant lifecycles. The moat sits in installed-base service and spare parts, which carry higher margins than new orders and keep revenue flowing through cycles. Revenue fell 4.1% over the latest period, so the near-term story depends on a turn in order intake and aftermarket demand rather than on top-line momentum. What makes the name worth a closer look is the profitability: a 24.7% return on equity, a 35.1% gross margin and a 12.2% operating margin, against a forward P/E of 15.7 versus a trailing 19.1, which implies the market expects earnings to recover. The open question is whether that recovery shows up in reported numbers before the multiple compresses further.
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
moderate
Revenue shrinking year on year
Revenue fell 4.1% year on year while earnings rose 8.3%, so the profit growth is coming from margins or cost cuts rather than sales. Top-line growth over five years averages only 3.7%.
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
Return on equity of 24.7% shows the business turns shareholder capital into profit efficiently.
Free cash flow of CHF 213M over the last twelve months gives the company real cash to fund dividends and investment.
On forward earnings the shares trade at 10.9x, well below the 19.7x trailing multiple, implying expected profit recovery.
Why it could disappoint
Revenue fell 4.1% year over year, below the company's 3.7% average annual growth over five years.
Net margin of 8.7% leaves little cushion if sales weaken further.
Debt to equity of 0.92 means borrowing is substantial relative to the equity base.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Feb 25, 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 SUN.SW's valuation models land
Price
CHF 171.40
Model fair value
CHF 131
Model range
CHF 73.06 to CHF 256
Fair value CHF 131
Price CHF 171
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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