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Data-driven stock valuation

HBM Healthcare Investments (HBMN) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of HBM Healthcare Investments stock CHF 349, price CHF 222, upside +57.3%, quality 78 out of 100. Rating: strongly undervalued. Calculated from audited financials with 8 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services CH · ISIN CH0012627250

HH HBM Healthcare Investments logo Some data Nov 8, 2026

HBM Healthcare Investments

HBMN · SW
Meets all rules

The stock costs 36% less than our calculation considers fair.

Fair value CHF 349.14 · Strongly undervalued
Quality 78/100
Highly profitable · 98.9% net margin (TTM)
Low debt
Ranks above peers (12/13)
Costs just 2.3 times its yearly profit.
Mixed Growth (revenue 5y −18.6 %/yr in CHF)
4.1% dividend yield · Watch coverage
Wide moat 82/100 · thin data
Some data
Negative free cash flow
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

CHF 298.16 CHF 129.20 Fair Value CHF 349.14 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range CHF 129.20 – CHF 298.16 · fair‑value band CHF 273.21 – CHF 546.47 · the CHF 222.00 price screens below the CHF 349.14 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

HBM Healthcare Investments AG specializes in fund of funds and direct investments in middle market and mature companies.

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The fund prefers to invest in start up, early stage, mid stage, mid venture, late venture, and late stage private companies, unlisted emerging companies, small cap public companies, buyouts, growth capital, and private investment in public equities (PIPES). Within fund of funds, it invests in venture capital funds.

It also seeks to finance spin-offs of product lines or departments from larger corporations and the expansion or restructuring of established companies, seed stages, venture capital, expansion capital stages, spin-offs, and buyouts.

The fund prefers to invest in the private and public companies in the healthcare sector with a focus on human medicine, drugs, pharma , biopharma, biotechnology, diagnostics, medical technology, and related industries.

It seeks to make initial investments in companies whose primary products are in clinical development or the immediately preceding stage. The fund typically invests globally with a focus on Asia Pacific, Asia, North America, and Europe.

In case of public companies, it focuses on those which originate from its private portfolio.

The fund increases its investment in portfolio companies by participating in a follow-on financing or after the portfolio company's IPO. It may acquire majority participations in portfolio companies, usually takes a seat on the portfolio company's Board of Directors, and largely makes equity investments but may also invest through other instruments including convertible bonds, debt securities, structured products, and derivatives.

The fund exits its portfolio companies through trade sale or IPO.

Stock analysis

HBM Healthcare Investments (HBMN) currently trades at CHF 222.00, while our model-based Fair Value estimate is CHF 349.14, implying the stock looks roughly 36% undervalued today.

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Valuation

Bull case: the Earnings-Based group reads highest at a median of CHF 1,741 per share, and 5 of the 8 models we run sit above the CHF 222.00 price.

Bear case: the Dividend Discount group reads lowest at CHF 74.02, and 3 of the 8 models stay below the price. Data coverage for this calculation is medium.

Scenario range: CHF 273.21 (bear) to CHF 546.47 (bull), the price of CHF 222.00 sits below 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 78/100 (high quality), in the Financial Services sector.

Mixed Growth: Spin-off in 2005: revenue and profit before it include the divested business. Growth is measured afresh from 2005.

HBM Healthcare Investments reported revenue of CHF 274M in FY2026 versus −CHF 76.5M in FY2022. Reported net income was CHF 272M in FY2026.

Key figures

Market cap CHF 1.5B Small · P/E ratio 2.3 · P/S ratio 2.25 · EPS (TTM) CHF 97.65 · Dividend yield 4.1% · Net margin 99.1% · Return on equity 19.5% · Return on assets (EBIT) −2.1% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 82 out of 100 (low confidence).

What moves the price

The share trades about 13% below its 52-week high and 19% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at 57%, HBMN screens cheaper than that median.

Fair Value models

Bear CHF 273.21 Fair Value CHF 349.14 Bull CHF 546.47
Price CHF 222.00 · Upside +57.3%
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 2026 figures (about 7 months old). Earnings retained since then (CHF 54.16 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.
Best data coverage
Residual Income CHF 273.21 CHF 349.14 CHF 546.47 70
Gordon GGM CHF 41.56 CHF 78.24 CHF 112.02 63
DDM Multi-Stage CHF 41.56 CHF 69.80 CHF 83.17 63
All 8 models by family
Earnings-Based
Graham-Dodd CHF 287.22 CHF 2,003 CHF 2,811 59
Lynch FV CHF 1,035 CHF 1,478 CHF 1,922 57
Dividend Discount
Gordon GGM CHF 41.56 CHF 78.24 CHF 112.02 63
DDM Multi-Stage CHF 41.56 CHF 69.80 CHF 83.17 63
Multiples
P/E Multiple CHF 411.82 CHF 549.10 CHF 686.37 63
P/B Multiple CHF 183.73 CHF 244.97 CHF 306.21 55
Asset-Based
NCAV (Graham) CHF 142.99 CHF 191.60 CHF 285.98 54
Economic Profit
Residual Income CHF 273.21 CHF 349.14 CHF 546.47 70

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Quality Score breakdown

Overall quality 78/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 48
How much profit the company makes from its sales and capital
Quality Growth 93
Are margins and returns getting better?
Cashflow 42
Do the profits arrive as real cash?
Financial strength 66
Debt, balance sheet and risk of trouble
Investment 97
Does it invest with discipline instead of growing at any price?
Low Volatility 84
How calm the share price moves, does not count
Price momentum 43
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 51
Distance to the 52-week high, does not count
New shares 98
Buys back shares or issues new ones?

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Revenue & earnings trend

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. 55/100
Spin-off in 2005: revenue and profit before it include the divested business. Growth is measured afresh from 2005.
Revenue growth 1 year
+1,126.7%
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.
−18.6%
Start year 2021 (pandemic)
Revenue growth 21 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.
+4.8%
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.
−5.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−9.6%
Dividend (yield on the price)4.1%
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.−9.6% vs 7.9%, slowing
Profit margin 2021 to 2026 ⓘ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.99% → −1%
Pace: the 5-year rate starts in 2021 (pandemic)
⚠ Revenue per share shrinking 20.6%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

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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.Asset Management · 587 stocks

Beats the industry median on 12/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 78 · Top 25%
Fair Value upside +57.3% · Above median
Profitability
Return on equity (12 months) 19.5% · Top 25%
Return on assets 14.0% · Top 25%
Net margin (12 months) 98.9% · Top 25%
Operating margin (12 months) 101.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 328.0% · Top 25%
Dividend yield (12 months) 4.1% · Above median
Balance sheet
Debt / equity 0.05× · Below median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/E (12 months) 2.3× · Cheapest 25%
P/B 0.80× · Cheaper than median
P/S (12 months) 4.15× · Pricier than median
EV/EBITDA 5.8× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 60
FUTURE (revenue growth)100 · sector 38
PAST (return on equity)78 · sector 29
HEALTH (low debt)97 · sector 96
DIVIDEND (yield)81 · sector 80

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Exor N.V EXO €73.35 €139.37 +90% vs HBMN
Raymond James Financial, Inc RJF $162.81 $281.42 +73% vs HBMN
Apollo Global Management, Inc APO $116.75 $197.52 +69% vs HBMN
Ameriprise Financial, Inc AMP $501.49 $609.56 +22% vs HBMN
State Street Corporation STT $165.56 $139.37 −16% vs HBMN
Ares Management Corporation ARES $133.98 $99.35 −26% vs HBMN
Northern Trust Corporation NTRS $172.76 $123.42 −29% vs HBMN
Brookfield Asset Management Ltd BAM $52.95 $31.26 −41% vs HBMN
Blackstone Inc BX $119.50 $52.29 −56% vs HBMN
KKR & Co KKR $96.48 $27.32 −72% vs HBMN

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HBM Healthcare Investments: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "HBM Healthcare Investments Fair Value". https://www.fairvalue-calculator.com/stock/HBMN

Frequently asked questions

Is HBM Healthcare Investments (HBMN) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of CHF 349.14 versus a price of CHF 222.00, about +57% upside (undervalued).
What is the fair value of HBMN?
Our model-based fair value for HBM Healthcare Investments is CHF 349.14 (as of Nov 8, 2026), built from audited fundamentals. The current price: CHF 222.00.
What is the quality score of HBMN?
HBM Healthcare Investments has a Quality Score of 78/100. 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 HBM Healthcare Investments (HBMN)?
Our model-based price target is the fair value of CHF 349.14 (as of Nov 8, 2026) from 8 valuation models. Cautious scenario CHF 273.21, optimistic scenario CHF 546.47. It is a calculation from audited fundamentals, not an analyst target.
What is the HBM Healthcare Investments stock forecast for 2026?
Our models put fair value at CHF 349.14, about +57% upside versus a price of CHF 222.00 (undervalued). Cautious scenario CHF 273.21, optimistic scenario CHF 546.47. The calculation is refreshed regularly with new filings.
What is the revenue of HBM Healthcare Investments (HBMN)?
HBM Healthcare Investments reported trailing-twelve-month revenue of about CHF 357M (latest available figure, as of Nov 8, 2026).
Does HBM Healthcare Investments pay a dividend?
HBM Healthcare Investments currently shows a dividend yield of 4.05% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of HBM Healthcare Investments (HBMN) and when is the ex-dividend date?
HBM Healthcare Investments pays a dividend of CHF 9.00 per share a year, a dividend yield of 4.1%. The last ex-dividend date was Jun 17, 2026. A dividend has been paid every year since at least 2014. The payout ratio is 9.2% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of HBM Healthcare Investments (HBMN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HBM Healthcare Investments it is CHF 349.14 per share (as of Nov 8, 2026), against a price of CHF 222.00. It is the blended result of 8 valuation models in 5 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is HBM Healthcare Investments stock overvalued or undervalued in 2026?
As of Nov 8, 2026, HBMN trades below its calculated fair value: price CHF 222.00, fair value CHF 349.14, a gap of about +57% (undervalued). 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 HBMN?
No. The price is what the market pays today (CHF 222.00); the fair value is what the company's own numbers justify (CHF 349.14). For HBM Healthcare Investments the two are CHF 127.14 per share apart. That gap is exactly why we show both numbers side by side.
How much is HBM Healthcare Investments worth?
The market values HBM Healthcare Investments at about CHF 1.5B (market capitalisation, as of Nov 8, 2026). Per share that is CHF 222.00; our models calculate a fair value of CHF 349.14 per share.
What do the bullish and bearish scenarios say about HBMN?
Our models span a range for HBM Healthcare Investments: cautious scenario CHF 273.21, base CHF 349.14, optimistic CHF 546.47 per share (as of Nov 8, 2026, price CHF 222.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HBMN?
HBM Healthcare Investments trades at a price-to-earnings ratio of 2.3 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 349.14 is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2017 to 2026), reported earnings: 6.4. Other multiples: P/B 0.8, P/S 4.2, EV/EBITDA 5.8.
How solid is the balance sheet of HBM Healthcare Investments (HBMN)?
Balance-sheet figures for HBM Healthcare Investments (as of Nov 8, 2026): return on equity 19.5%, debt of 0.05 per unit of equity. They feed the Quality Score of 78/100, which measures business quality independently of the share price.
How far is HBMN from its 52-week high?
HBM Healthcare Investments trades at CHF 222.00, about 13% below its 52-week high of CHF 255.50 and 19% above the low of CHF 186.74 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 349.14 is for.
Which stocks are comparable to HBM Healthcare Investments?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, 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 HBM Healthcare Investments stock attractive at the current price?
The data as of Nov 8, 2026: price CHF 222.00, calculated fair value CHF 349.14 (+57%), Quality Score 78/100, from 8 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 HBMN calculated?
We run HBM Healthcare Investments through 8 models from 5 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of CHF 349.14 builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. HBM Healthcare Investments currently trades 36% 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 HBM Healthcare Investments (HBMN)?
The closing price on Nov 6, 2026 was CHF 222.00. Our model-based fair value is CHF 349.14, about +57% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HBM Healthcare Investments right now?
The rarer combination: high quality (78/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (CHF 273.21). The market is more pessimistic than our downside scenario. A fairly wide model range (CHF 273.21 to CHF 546.47) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of HBM Healthcare Investments

How large is the market capitalisation of HBM Healthcare Investments (HBMN)?
The market capitalisation of HBM Healthcare Investments is CHF 1.5B. 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 HBM Healthcare Investments (HBMN)?
The price-to-sales ratio of HBM Healthcare Investments is 2.25 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of HBM Healthcare Investments (HBMN)?
Earnings per share at HBM Healthcare Investments are CHF 97.65 (price ÷ EPS = P/E 2.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of HBM Healthcare Investments (HBMN)?
The dividend yield of HBM Healthcare Investments is 4.1% (payout 9.2%). 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 HBM Healthcare Investments (HBMN)?
The net margin of HBM Healthcare Investments is 99.1% (fiscal year 2026). 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 HBM Healthcare Investments (HBMN)?
The return on equity (ROE) of HBM Healthcare Investments is 19.5% (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 HBM Healthcare Investments (HBMN)?
On an EBIT basis the return on assets of HBM Healthcare Investments is −2.1% (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 HBM Healthcare Investments (HBMN)?
The operating margin of HBM Healthcare Investments is 101% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HBM Healthcare Investments (HBMN)?
Revenue at HBM Healthcare Investments is growing +328% versus a year earlier. 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 HBM Healthcare Investments (HBMN)?
Earnings per share at HBM Healthcare Investments are growing +343% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does HBM Healthcare Investments (HBMN) generate?
The free cash flow of HBM Healthcare Investments is −CHF 2.7M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does HBM Healthcare Investments (HBMN) carry?
The net debt of HBM Healthcare Investments is CHF 94.3M (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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