Zueblin Immobilien Holding AG (ZUBN) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Zueblin Immobilien Holding AG stock CHF 15.74, price CHF 51.20, that is 69.3% below the price, quality 64 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range CHF 20.02 – CHF 64.69 · fair‑value band CHF 11.10 – CHF 23.69 · the CHF 51.20 price screens above the CHF 15.74 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Züblin Immobilien Holding AG and its subsidiaries (together the Züblin Group) are focused on the management of the Group's real estate portfolio. As of 31 March 2025, the Züblin Group is solely operational in Switzerland and has employed four persons (31 March 2024: four persons).
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Züblin Immobilien Holding AG is a Swiss stock corporation domiciled at Hardturmstrasse 76, Zurich, Switzerland, and is the parent company of the Züblin Group. The company's shares are traded on the main segment of SIX Swiss Exchange.
Stock analysis
Zueblin Immobilien Holding AG (ZUBN) currently trades at CHF 51.20, while our model-based Fair Value estimate is CHF 15.74, 69% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of CHF 33.58 per share, and 0 of the 16 models we run sit above the CHF 51.20 price.
Bear case: the Dividend Discount group reads lowest at CHF 5.14, and 16 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: CHF 11.10 (bear) to CHF 23.69 (bull), the price of CHF 51.20 sits above 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 64/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Zueblin Immobilien Holding AG reported revenue of CHF 9.8M in FY2026 versus CHF 8.6M in FY2022, a compound +3.4%/yr. Reported net income was CHF 7.5M in FY2026, compounding +5.9%/yr from FY2022.
Key figures
Market cap CHF 170M Micro · P/E ratio 22.9 · P/S ratio 17.2 · EPS (TTM) CHF 2.24 · Dividend yield 4.4% · Net margin 76.4% · Return on equity 5.2% · Return on assets (EBIT) 2.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 64 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 21% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at −69%, ZUBN screens richer than that median.
Fair Value models
BearCHF 11.10Fair Value CHF 15.74BullCHF 23.69
Price CHF 51.20 · Downside -69.3%
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.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.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+4.3%
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.
+3.7%
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.
+1.4%
Start year 2021 (pandemic). Over 10 years: +2.2% a year
Revenue growth 24 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.
−8.5%
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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. Basis: EBIT basis.
+7.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.4%
Dividend (yield on the price)4.4%
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.10.2% vs 8.8%, steady
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.63% → 69%
Pace: the 5-year rate starts in 2021 (pandemic)
⚠ Revenue per share shrinking 10.1%/yr over ~10Y (margins intact) ⓘ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.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
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).
+25.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Switzerland: IMF forecast 0.6% a year to 2030, 0.8% from 2016 to 2025) that is about +24.6% a year for the price.
Compare Zueblin Immobilien Holding AG with another stock
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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.Real Estate Services · 472 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score64 · Top 25%
Fair Value upside−69.3% · Bottom 25%
Profitability
Return on equity (12 months)5.2% · Above median
Return on assets2.9% · Above median
Net margin (12 months)76.4% · Top 25%
Operating margin (12 months)68.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)1.5% · Below median
Dividend yield (12 months)4.4% · Above median
Balance sheet
Debt / equity0.21× · Below median
Valuation Multiplesvs Real Estate Services 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). "Zueblin Immobilien Holding AG Fair Value". https://www.fairvalue-calculator.com/stock/ZUBN
Frequently asked questions
Is Zueblin Immobilien Holding AG (ZUBN) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of CHF 15.74 versus a price of CHF 51.20, about 69% lower (overvalued).
What is the fair value of ZUBN?
Our model-based fair value for Zueblin Immobilien Holding AG is CHF 15.74 (as of Nov 5, 2026), built from audited fundamentals. The current price: CHF 51.20.
What is the quality score of ZUBN?
Zueblin Immobilien Holding AG has a Quality Score of 64/100. 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 Zueblin Immobilien Holding AG (ZUBN)?
Our model-based price target is the fair value of CHF 15.74 (as of Nov 5, 2026) from 16 valuation models. Cautious scenario CHF 11.10, optimistic scenario CHF 23.69. It is a calculation from audited fundamentals, not an analyst target.
What is the Zueblin Immobilien Holding AG stock forecast for 2026?
Our models put fair value at CHF 15.74, about 69% lower versus a price of CHF 51.20 (overvalued). Cautious scenario CHF 11.10, optimistic scenario CHF 23.69. The calculation is refreshed regularly with new filings.
What is the revenue of Zueblin Immobilien Holding AG (ZUBN)?
Zueblin Immobilien Holding AG reported trailing-twelve-month revenue of about CHF 9.8M (latest available figure, as of Nov 5, 2026).
Does Zueblin Immobilien Holding AG pay a dividend?
Zueblin Immobilien Holding AG currently shows a dividend yield of 4.39% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Zueblin Immobilien Holding AG (ZUBN) and when is the ex-dividend date?
Zueblin Immobilien Holding AG pays a dividend of CHF 2.25 per share a year, a dividend yield of 4.4%. The last ex-dividend date was Jul 3, 2026. A dividend has been paid every year since 2018. The payout ratio is 100% of earnings. Free cash flow covers the dividend 0.80 times. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What growth is priced into Zueblin Immobilien Holding AG (ZUBN)?
For today's price to be fair in a discounted-cash-flow model, Zueblin Immobilien Holding AG would have to grow free cash flow by +25.4 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.4 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of ZUBN use?
Our models discount Zueblin Immobilien Holding AG at 11.0 %: a base by market capitalisation (micro), damped by beta 0.02, 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 Zueblin Immobilien Holding AG that is +25.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has Zueblin Immobilien Holding AG (ZUBN) delivered so far?
Over the past 5 years revenue at Zueblin Immobilien Holding AG grew +1.4 % a year. The price currently implies free-cash-flow growth of +25.4 % per 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 Zueblin Immobilien Holding AG (ZUBN) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Zueblin Immobilien Holding AG (+25.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Zueblin Immobilien Holding AG (ZUBN)?
The free-cash-flow yield on the price is 3.52 %: that much free cash flow Zueblin Immobilien Holding AG produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Zueblin Immobilien Holding AG (ZUBN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zueblin Immobilien Holding AG it is CHF 15.74 per share (as of Nov 5, 2026), against a price of CHF 51.20. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Zueblin Immobilien Holding AG stock overvalued or undervalued in 2026?
As of Nov 5, 2026, ZUBN trades above its calculated fair value: price CHF 51.20, fair value CHF 15.74, a gap of about −69% (overvalued). 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 ZUBN?
No. The price is what the market pays today (CHF 51.20); the fair value is what the company's own numbers justify (CHF 15.74). For Zueblin Immobilien Holding AG the two are CHF 35.46 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zueblin Immobilien Holding AG worth?
The market values Zueblin Immobilien Holding AG at about CHF 170M (market capitalisation, as of Nov 5, 2026). Per share that is CHF 51.20; our models calculate a fair value of CHF 15.74 per share.
What do the bullish and bearish scenarios say about ZUBN?
Our models span a range for Zueblin Immobilien Holding AG: cautious scenario CHF 11.10, base CHF 15.74, optimistic CHF 23.69 per share (as of Nov 5, 2026, price CHF 51.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ZUBN?
Zueblin Immobilien Holding AG trades at a price-to-earnings ratio of 22.9 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 15.74 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2017 to 2026), reported earnings: 20.7. Other multiples: P/B 1.1, P/S 17.2, EV/EBITDA 27.8.
How solid is the balance sheet of Zueblin Immobilien Holding AG (ZUBN)?
Balance-sheet figures for Zueblin Immobilien Holding AG (as of Nov 5, 2026): return on equity 5.2%, debt of 0.21 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is ZUBN from its 52-week high?
Zueblin Immobilien Holding AG trades at CHF 51.20, about 8% below its 52-week high of CHF 55.40 and 21% above the low of CHF 42.17 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 15.74 is for.
Which stocks are comparable to Zueblin Immobilien Holding AG?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties Limited, 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 Zueblin Immobilien Holding AG stock attractive at the current price?
The data as of Nov 5, 2026: price CHF 51.20, calculated fair value CHF 15.74 (−69%), Quality Score 64/100, from 16 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 ZUBN calculated?
We run Zueblin Immobilien Holding AG through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of CHF 15.74 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. Zueblin Immobilien Holding AG itself currently trades above fair value. 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 Zueblin Immobilien Holding AG (ZUBN)?
The closing price on Nov 6, 2026 was CHF 51.20. Our model-based fair value is CHF 15.74, about 69% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zueblin Immobilien Holding AG right now?
The price sits above even our optimistic bull case (CHF 23.69). The favourable scenario is already priced in. Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (CHF 11.10 to CHF 23.69) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Zueblin Immobilien Holding AG (ZUBN) come from?
Earnings per share at Zueblin Immobilien Holding AG grew +7.5 % a year from 2016 to 2026. Broken into its drivers: revenue per share +1.2 %, EBIT margin +9.1 %, tax rate −2.3 %, residual (interest, one-offs) −0.3 %. 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 Zueblin Immobilien Holding AG
How large is the market capitalisation of Zueblin Immobilien Holding AG (ZUBN)?
The market capitalisation of Zueblin Immobilien Holding AG is CHF 170M. 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 Zueblin Immobilien Holding AG (ZUBN)?
The price-to-sales ratio of Zueblin Immobilien Holding AG is 17.2 (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 Zueblin Immobilien Holding AG (ZUBN)?
Earnings per share at Zueblin Immobilien Holding AG are CHF 2.24 (price ÷ EPS = P/E 22.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Zueblin Immobilien Holding AG (ZUBN)?
The dividend yield of Zueblin Immobilien Holding AG is 4.4% (payout 100%). 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 Zueblin Immobilien Holding AG (ZUBN)?
The net margin of Zueblin Immobilien Holding AG is 76.4% (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 Zueblin Immobilien Holding AG (ZUBN)?
The return on equity (ROE) of Zueblin Immobilien Holding AG is 5.2% (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 Zueblin Immobilien Holding AG (ZUBN)?
On an EBIT basis the return on assets of Zueblin Immobilien Holding AG is 2.7% (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 Zueblin Immobilien Holding AG (ZUBN)?
The operating margin of Zueblin Immobilien Holding AG is 68.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zueblin Immobilien Holding AG (ZUBN)?
Revenue at Zueblin Immobilien Holding AG is growing +1.5% versus a year earlier (3y avg +3.7%). 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 Zueblin Immobilien Holding AG (ZUBN)?
Earnings per share at Zueblin Immobilien Holding AG are growing −49.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Zueblin Immobilien Holding AG (ZUBN) carry?
The net debt of Zueblin Immobilien Holding AG is CHF 58.9M (fiscal year 2026, ≈ 9.9 yrs of FCF). 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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Broad data
Nov 5, 2026