Zehnder Group makes radiators, convectors and ventilation units for residential and commercial buildings, sold largely under its own brands across Europe. The case rests on a high gross margin of 65.4%, which points to pricing power in a niche of building equipment, and an 18.5% return on equity. Revenue growth of 3.2% is modest, so the thesis depends on margin expansion from the current 8.1% operating margin rather than on top-line acceleration. At 13.7x forward earnings against 18.1x trailing, the market is pricing in a meaningful earnings recovery, which is the number to test first. The stock sits outside any major index, which may keep coverage thin and leave the valuation gap open for longer than a larger name would allow.
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| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 01:52 CEST | ACCE price target | CHF 82.00 | first publication | CHF 69.90 |
| 22 Oct 2026, 12:04 CEST | Rating | Fairly valued | first publication | CHF 72.60 |
| 22 Oct 2026, 12:04 CEST | Fair value | CHF 73.33 | first publication | CHF 72.60 |
Answered from Zehnder Group AG fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| ZEHN.SW Zehnder Group AG | CHF 69.70 | CHF 73 | 5% below | 18.0x | 18.5% | 81 | 61 |
| LIAB.ST Lindab International AB (publ) | kr 131.50 | kr 150 | 12% below | 14.8x | 9.6% | 52 | 44 |
| 1952.T Shin Nippon Air Technologies Co., Ltd. | ¥2948.00 | ¥4494 | 34% below | 10.2x | 17.8% | 55 | 67 |
| INWI.ST Inwido AB (publ) | kr 187.20 | kr 152 | 23% above | 18.9x | 11.2% | 56 | 73 |
| 1979.T Taikisha Ltd. | ¥3645.00 | - | - | 15.9x | 9.6% | 52 | 54 |
| FMM-B.ST FM Mattsson AB (publ) | kr 124.00 | kr 78 | 58% above | 30.8x | 16.3% | 68 | 71 |
| SYSR.ST Systemair AB (publ) | kr 85.60 | kr 76 | 13% above | 22.3x | 12.9% | 68 | 64 |
Where ZEHN.SW ranks against its sector peers on each metric.