Also Holding AG (ALSN) fair value: what the stock is really worth
As of Nov 2, 2026: fair value (intrinsic value) of Also Holding AG stock CHF 223, price CHF 202, upside +10.2%, quality 54 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 31, 2026.
How to read this chart
60‑month range CHF 128.03 – CHF 282.33 · fair‑value band CHF 167.02 – CHF 278.36 · the CHF 202.00 price screens below the CHF 222.69 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 31, 2026.
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ALSO Holding AG, together with its subsidiaries, operates as a technology services provider for the ICT industry in Switzerland, Germany, the Netherlands, United Kingdom, Poland, and internationally. The company distributes hardware and software products, including printers.
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It also offers information technology, Internet of Things, and digital platform services; and cloud and as-a-service, logistics, and finance services.
In addition, the company offers cloud marketplace; artificial intelligence, virtualization, streaming, and cloud gaming; cybersecurity; training and events; aftersales; and recycling and refurbishment services.
Further, it offers solutions stack, workplace as a service, device as a service, infrastructure as a service, software as a service, device management, support, cloud management, Microsoft Azure deployment, migration assessment, and IT consultancy services.
The company also serves vendors, resellers, retailers, public institutions, and e-tailers, value-add resellers, SMB resellers and corporate resellers, and end users. ALSO Holding AG was formerly known as ALSO-Actebis Holding AG and changed its name to ALSO Holding AG in March 2013.
The company is headquartered in Emmen, Switzerland. ALSO Holding AG is a subsidiary of Special Distribution Holding GmbH.
Stock analysis
Also Holding AG (ALSN) currently trades at CHF 202.00, while our model-based Fair Value estimate is CHF 222.69, so the stock looks roughly fairly valued today (gap 9.3%).
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Valuation
Bull case: the DCF Models group reads highest at a median of CHF 305.71 per share, and 14 of the 26 models we run sit above the CHF 202.00 price.
Bear case: the Earnings-Based group reads lowest at CHF 63.05, and 12 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: CHF 167.02 (bear) to CHF 278.36 (bull), the price of CHF 202.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 54/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Also Holding AG reported revenue of €13.6B in FY2025 versus €12.4B in FY2021, a compound +2.3%/yr. Reported net income was €110M in FY2025, compounding −8.1%/yr from FY2021.
Key figures
Market cap CHF 2.6B Mid · P/E ratio 20.3 · P/S ratio 0.19 · EPS (TTM) CHF 9.93 · Dividend yield 2.6% · Net margin 0.9% · Return on equity 11.3% · Return on assets (EBIT) 6.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 33 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 57% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −11% fair-value upside, at 10%, ALSN screens cheaper than that median.
Fair Value models
BearCHF 167.02Fair Value CHF 222.69BullCHF 278.36
Price CHF 202.00 · Upside +10.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (CHF 3.88 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.58/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+43.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.7%
Start year 2020 (pandemic). Over 10 years: +5.7% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−0.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.0%
Dividend (yield on the price)2.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−3.0% vs 5.9%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.2% → 2%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−1.2%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −3.4% a year for the price and +1.6% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (14 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: The company's strength is its broad reseller ecosystem that supports cybersecurity distribution across Europe, while its main weakness remains persistently low margins from a volume-driven model with limited moat.
Main risk: If the new cybersecurity services fail to raise returns above traditional distribution volumes, this would hit overall margins and profitability in the core business model.
ALSO is extending its cybersecurity reach by partnering to distribute an agentic security platform across 31 European countries through its cloud marketplace. This builds on the company's ecosystem of resellers and strong cloud growth, yet the core distribution model must show whether these services lift overall returns beyond traditional volumes. Our models currently see it as undervalued. Does the integration mainly increase scale or deliver lasting margin gains?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electronics & Computer Distribution · 150 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside+10.2% · Above median
Profitability
Return on equity (12 months)11.3% · Above median
Return on assets2.1% · Below median
Net margin (12 months)0.9% · Below median
Operating margin (12 months)1.8% · Below median
Growth and dividend
Revenue growth (quarter YoY)19.6% · Above median
Dividend yield (12 months)2.6% · Below median
Balance sheet
Debt / equity0.21× · Highest 25%
Valuation Multiplesvs Electronics & Computer Distribution median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Also Holding AG Fair Value". https://www.fairvalue-calculator.com/stock/ALSN.SW
Frequently asked questions
Is Also Holding AG (ALSN) overvalued or undervalued?
As of Oct 31, 2026, our model estimates a fair value of CHF 222.69 versus a price of CHF 202.00, about +10% upside (fairly valued).
What is the fair value of ALSN?
Our model-based fair value for Also Holding AG is CHF 222.69 (as of Oct 31, 2026), built from audited fundamentals. The current price: CHF 202.00.
What is the quality score of ALSN?
Also Holding AG has a Quality Score of 54/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Also Holding AG (ALSN)?
Our model-based price target is the fair value of CHF 222.69 (as of Oct 31, 2026) from 26 valuation models. Cautious scenario CHF 167.02, optimistic scenario CHF 278.36. It is a calculation from audited fundamentals, not an analyst target.
What is the Also Holding AG stock forecast for 2026?
Our models put fair value at CHF 222.69, about +10% upside versus a price of CHF 202.00 (fairly valued). Cautious scenario CHF 167.02, optimistic scenario CHF 278.36. The calculation is refreshed regularly with new filings.
What is the revenue of Also Holding AG (ALSN)?
Also Holding AG reported trailing-twelve-month revenue of about €14.7B (latest available figure, as of Oct 31, 2026).
Does Also Holding AG pay a dividend?
Also Holding AG currently shows a dividend yield of 2.62% relative to its recent price (as of Oct 31, 2026).
What growth is priced into Also Holding AG (ALSN)?
For today's price to be fair in a discounted-cash-flow model, Also Holding AG would have to grow free cash flow by -1.2 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.7 % per year. As of Oct 31, 2026.
What discount rate (WACC) does the fair value of ALSN use?
Our models discount Also Holding AG at 9.1 %: a base by market capitalisation (mid), damped by beta 0.82, country premium for Switzerland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Also Holding AG that is -1.2 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has Also Holding AG (ALSN) delivered so far?
Over the past 5 years revenue at Also Holding AG grew +2.7 % a year. The price currently implies -1.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Also Holding AG (ALSN) growing?
The median revenue growth in the sector is +11.0 % a year. That is the yardstick for the growth priced into Also Holding AG (-1.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Also Holding AG (ALSN)?
The free-cash-flow yield on the price is 6.69 %: that much free cash flow Also Holding AG produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Also Holding AG (ALSN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Also Holding AG it is CHF 222.69 per share (as of Oct 31, 2026), against a price of CHF 202.00. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Also Holding AG stock overvalued or undervalued in 2026?
As of Oct 31, 2026, ALSN trades below its calculated fair value: price CHF 202.00, fair value CHF 222.69, a gap of about +10% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ALSN?
No. The price is what the market pays today (CHF 202.00); the fair value is what the company's own numbers justify (CHF 222.69). For Also Holding AG the two are CHF 20.69 per share apart. That gap is exactly why we show both numbers side by side.
How much is Also Holding AG worth?
The market values Also Holding AG at about CHF 2.6B (market capitalisation, as of Oct 31, 2026). Per share that is CHF 202.00; our models calculate a fair value of CHF 222.69 per share.
What do the bullish and bearish scenarios say about ALSN?
Our models span a range for Also Holding AG: cautious scenario CHF 167.02, base CHF 222.69, optimistic CHF 278.36 per share (as of Oct 31, 2026, price CHF 202.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ALSN?
Also Holding AG trades at a price-to-earnings ratio of 20.3 (as of Oct 31, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 222.69 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 21.1. Other multiples: P/B 2.2, P/S 0.2, EV/EBITDA 7.3.
How solid is the balance sheet of Also Holding AG (ALSN)?
Balance-sheet figures for Also Holding AG (as of Oct 31, 2026): return on equity 11.3%, debt of 0.21 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is ALSN from its 52-week high?
Also Holding AG trades at CHF 202.00, about 9% below its 52-week high of CHF 222.97 and 57% above the low of CHF 128.76 (as of Nov 2, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 222.69 is for.
Which stocks are comparable to Also Holding AG?
From the same area (Technology) we also value TD SYNNEX Corporation, Arrow Electronics, Inc, Rexel S.A, Unisplendour Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Also Holding AG stock attractive at the current price?
The data as of Oct 31, 2026: price CHF 202.00, calculated fair value CHF 222.69 (+10%), Quality Score 54/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ALSN calculated?
We run Also Holding AG through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of CHF 222.69, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. Also Holding AG currently trades 9 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Also Holding AG (ALSN)?
The closing price on Nov 2, 2026 was CHF 202.00. Our model-based fair value is CHF 222.69, about +10% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Also Holding AG right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Also Holding AG (ALSN) come from?
Earnings per share at Also Holding AG grew +6.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.5 %, EBIT margin −5.2 %, tax rate −0.4 %, residual (interest, one-offs) +7.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Also Holding AG
How large is the market capitalisation of Also Holding AG (ALSN)?
The market capitalisation of Also Holding AG is CHF 2.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Also Holding AG (ALSN)?
The price-to-sales ratio of Also Holding AG is 0.19 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Also Holding AG (ALSN)?
Earnings per share at Also Holding AG are CHF 9.93 (price ÷ EPS = P/E 20.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Also Holding AG (ALSN)?
The dividend yield of Also Holding AG is 2.6% (payout 53.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Also Holding AG (ALSN)?
The net margin of Also Holding AG is 0.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Also Holding AG (ALSN)?
The return on equity (ROE) of Also Holding AG is 11.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Also Holding AG (ALSN)?
On an EBIT basis the return on assets of Also Holding AG is 6.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Also Holding AG (ALSN)?
The operating margin of Also Holding AG is 1.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Also Holding AG (ALSN)?
Revenue at Also Holding AG is growing +19.6% versus a year earlier (3y avg +5.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Also Holding AG (ALSN)?
Earnings per share at Also Holding AG are growing +61.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Also Holding AG (ALSN) hold?
Also Holding AG holds more cash than debt, €39.8M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Oct 31, 2026