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Swiss Life Holding (0QMG) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Swiss Life Holding CHF 315, price CHF 885, upside -64.4%, quality 61 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Financial Services · GB · Home Switzerland · ISIN CH0014852781

SL Some data Sep 29, 2026

Swiss Life Holding

0QMG · LSE

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value CHF 314.70 · Strongly overvalued (−64.4%)
✓Quality 61/100
!Weak Growth (revenue 5y +1.6 %/yr)
✓Solidly profitable · 10.5% net margin (TTM)
✓Moderate debt · generates free cash flow
✓4.1% dividend yield · Sustainable
!Moderate moat 53/100
!Evidence only medium, so the estimate is less certain

What runs behind every stock

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

Price vs Fair Value

CHF 956.50 CHF 347.25 Fair Value CHF 314.70 Jun 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.

How to read this chart

60‑month range CHF 347.25 – CHF 956.50 · fair‑value band CHF 261.78 – CHF 386.08 · the CHF 884.50 price screens above the CHF 314.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 29, 2026.

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Company profile

Swiss Life Holding AG provides life, pensions, and financial solutions for private and corporate clients. It operates through Switzerland, France, Germany, International, Asset Managers, and Other segments. The company offers a various life, pension, health, annuity, and investment-type policies to groups and individuals, as well as disability coverage.

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Swiss Life Holding AG provides life, pensions, and financial solutions for private and corporate clients. It operates through Switzerland, France, Germany, International, Asset Managers, and Other segments. The company offers a various life, pension, health, annuity, and investment-type policies to groups and individuals, as well as disability coverage. It also provides property and casualty, liability and motor, accident, health, and payment protection insurance products. In addition, the company manages assets and provides advisory services. Further, it engages in the private equity, information technology, real estate, finance, banking, reinsurance, brokering, and investment funds businesses. Additionally, the company distributes its products through its sales force and distribution partners. It provides its products under the Swiss Life Select, Tecis, Horbach, Proventus, and Chase de Vere brands. The company also operates in the United Kingdom and Luxembourg. Swiss Life Holding AG was founded in 1857 and is headquartered in Zurich, Switzerland.

Stock analysis

Swiss Life Holding (0QMG) currently trades at CHF 884.50, while our model-based Fair Value estimate is CHF 314.70, 64.4% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Dividend Discount group reads highest at a median of CHF 302.49 per share, and 0 of the 6 models we run sit above the CHF 884.50 price.

Bear case: the Asset-Based group reads lowest at CHF 138.98, and 6 of the 6 models stay below the price. Evidence for this calculation is medium.

Scenario range: CHF 261.78 (bear) to CHF 386.08 (bull), the price of CHF 884.50 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 61/100 (solid quality), in the Financial Services sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

Swiss Life Holding reported revenue of CHF 24.3B in FY2025 versus CHF 21.5B in FY2021, a compound +3.1%/yr. Reported net income was CHF 1.3B in FY2025, compounding +0.2%/yr from FY2021.

Key figures

Market cap CHF 25.2B · P/E ratio 0.1 · EPS (TTM) CHF 39.93 · Dividend yield 4.1% · Net margin 5.2% · Return on equity 16.6% · Return on assets (EBIT) 0.8% · Operating margin 16.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).

What moves the price

The share trades about 8% below its 52-week high and 15% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −22% fair-value upside, at −64%, 0QMG screens richer than that median.

Fair Value models

Bear CHF 261.78 Fair Value CHF 314.70 Bull CHF 386.08
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (CHF 2.59 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. Evidence ⓘEvidence = 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.
Highest evidence
Residual Income CHF 232.81 CHF 278.37 CHF 373.86 76
Gordon GGM CHF 267.27 CHF 302.49 CHF 347.65 69
DDM Multi-Stage CHF 267.27 CHF 347.00 CHF 450.98 67
All 6 models by family
Dividend Discount
Gordon GGM CHF 267.27 CHF 302.49 CHF 347.65 69
DDM Multi-Stage CHF 267.27 CHF 347.00 CHF 450.98 67
Multiples
P/E Multiple CHF 359.70 CHF 479.60 CHF 599.50 63
P/B Multiple CHF 217.80 CHF 290.40 CHF 363.00 55
Asset-Based
NCAV (Graham) CHF 103.72 CHF 138.98 CHF 207.43 54
Economic Profit
Residual Income CHF 232.81 CHF 278.37 CHF 373.86 76

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Quality Score breakdown

Overall quality 61/100

Of which business quality 53 · Market factors (momentum, volatility) 62

Profitability 28
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 74
Earnings quality: real cash, not paper profit
Fin. Strength 8
Balance sheet, leverage, solvency risk
Investment 98
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 52
Distance to the 52-week high (market factor)
Net Issuance 93
Share count: buybacks or dilution?

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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. 40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+68.5%
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.
+6.1%
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.
+1.6%
Start year 2020 (pandemic). Over 10 years: +1.8% a year
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.
+0.4%
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.
+7.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.8%
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.3.8% vs 5.6%, steady
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.7% → 7%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 1.4%/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 less growth than the company has delivered so far and more 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).
−6.3%
Yearly growth needed for the next five years to justify today's price.
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.
−10.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (Switzerland: IMF forecast 0.6% a year to 2030, 0.8% from 2016 to 2025) that is about −6.8% a year for the price and −11.2% for the forecasts.
Forecast 2026 (sales)−47.4%
Forecast 2027 (sales)+2.0%
Projected 2028 (sales)+2.0%
Projected 2029 (sales)+2.0%
Projected 2030 (sales)+2.0%

0QMG screens overvalued: fair value 64% below the price. Compare with Allianz SE →

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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.Insurance - Diversified · 82 stocks

Beats the industry median on 7/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 59 · Above median
Fair Value upside −62.6% · Bottom 25%
Profitability
Return on equity (TTM) 16.6% · Above median
Return on assets 0.5% · Bottom 25%
Net margin (TTM) 10.5% · Above median
Operating margin (TTM) 16.6% · Above median
Growth and dividend
Revenue growth 1.1% · Below median
Dividend yield (TTM) 4.1% · Above median
Balance sheet
Debt / equity 0.56× · Highest 25%

Valuation Multiplesvs Insurance - Diversified median · lower = cheaper

P/E (TTM) 0.1× · Cheapest 25%
P/FCF 8.0× · Cheaper than median

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 Insurance - Diversified stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Allianz SE ALV €412.00 €229.84 −44%
Zurich Insurance Group ZURN CHF 563.60 CHF 328.80 −42%
AXA SA CS €41.90 €36.28 −13%
Assicurazioni Generali S.p.A G €42.75 €10.92 −74%
Sun Life Financial Inc SLF $79.48 $41.03 −48%
American International Group AIG $74.17 $71.58 −3%
Talanx AG TLX €117.40 €91.88 −22%
The Hartford Insurance Group HIG $126.04 $115.03 −9%
Arch Capital Group ACGL $94.26 $127.51 +35%
Sampo Oyj SAMPO €8.81 €6.08 −31%

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Cite: Fair Value Calculator (2026). "Swiss Life Holding Fair Value". https://www.fairvalue-calculator.com/stock/0QMG

Frequently asked questions

Is Swiss Life Holding (0QMG) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of CHF 314.70 versus a price of CHF 884.50, about −64% upside (overvalued).
What is the fair value of 0QMG?
Our model-based fair value for Swiss Life Holding is CHF 314.70 (as of Sep 29, 2026), built from audited fundamentals. The current price: CHF 884.50.
What is the quality score of 0QMG?
Swiss Life Holding has a Quality Score of 61/100. 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 Swiss Life Holding (0QMG)?
Our model-based price target is the fair value of CHF 314.70 (as of Sep 29, 2026) from 6 valuation models. Cautious scenario CHF 261.78, optimistic scenario CHF 386.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Swiss Life Holding stock forecast for 2026?
Our models put fair value at CHF 314.70, about −64% upside versus a price of CHF 884.50 (overvalued). Cautious scenario CHF 261.78, optimistic scenario CHF 386.08. The calculation is refreshed regularly with new filings.
What is the revenue of Swiss Life Holding (0QMG)?
Swiss Life Holding reported trailing-twelve-month revenue of about CHF 11.7B (latest available figure, as of Sep 29, 2026).
Does Swiss Life Holding pay a dividend?
Swiss Life Holding currently shows a dividend yield of about 4.13% relative to its recent price (as of Sep 29, 2026).
What growth is priced into Swiss Life Holding (0QMG)?
For today's price to be fair in a discounted-cash-flow model, Swiss Life Holding would have to grow free cash flow by -6.3 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.6 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of 0QMG use?
Our models discount Swiss Life Holding at 8.6 %: a base by market capitalisation (large), damped by beta 0.53, country premium for United Kingdom. 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 Swiss Life Holding that is -6.3 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Swiss Life Holding (0QMG) delivered so far?
Over the past 5 years revenue at Swiss Life Holding grew +1.6 % a year. The price currently implies -6.3 % 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.
What is the free cash flow yield of Swiss Life Holding (0QMG)?
The free-cash-flow yield on the price is 9.88 %: that much free cash flow Swiss Life Holding produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Swiss Life Holding (0QMG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Swiss Life Holding it is CHF 314.70 per share (as of Sep 29, 2026), against a price of CHF 884.50. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Swiss Life Holding stock overvalued or undervalued in 2026?
As of Sep 29, 2026, 0QMG trades above its calculated fair value: price CHF 884.50, fair value CHF 314.70, a gap of about −64% (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 0QMG?
No. The price is what the market pays today (CHF 884.50); the fair value is what the company's own numbers justify (CHF 314.70). For Swiss Life Holding the two are CHF 569.80 per share apart. That gap is exactly why we show both numbers side by side.
How much is Swiss Life Holding worth?
The market values Swiss Life Holding at about CHF 25.2B (market capitalisation, as of Sep 29, 2026). Per share that is CHF 884.50; our models calculate a fair value of CHF 314.70 per share.
What do the bullish and bearish scenarios say about 0QMG?
Our models span a range for Swiss Life Holding: cautious scenario CHF 261.78, base CHF 314.70, optimistic CHF 386.08 per share (as of Sep 29, 2026, price CHF 884.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0QMG?
Swiss Life Holding trades at a price-to-earnings ratio of 0.1 (as of Sep 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 314.70 is built from several models across several years.
How solid is the balance sheet of Swiss Life Holding (0QMG)?
Balance-sheet figures for Swiss Life Holding (as of Sep 29, 2026): return on equity 16.6%, debt of 0.56 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is 0QMG from its 52-week high?
Swiss Life Holding trades at CHF 884.50, about 8% below its 52-week high of CHF 956.50 and 15% above the low of CHF 770.62 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 314.70 is for.
Which stocks are comparable to Swiss Life Holding?
From the same area (Financial Services) we also value Allianz SE, Zurich Insurance Group, AXA SA, Assicurazioni Generali S.p.A, 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 Swiss Life Holding stock attractive at the current price?
The data as of Sep 29, 2026: price CHF 884.50, calculated fair value CHF 314.70 (−64%), Quality Score 61/100, from 6 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 0QMG calculated?
We run Swiss Life Holding through 6 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 314.70, 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 14.5 % above its aggregate fair value. Swiss Life Holding 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 Swiss Life Holding (0QMG)?
The closing price on Oct 2, 2026 was CHF 884.50. Our model-based fair value is CHF 314.70, about −64% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Swiss Life Holding right now?
The price sits above even our optimistic bull case (CHF 386.08). The favourable scenario is already priced in. Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Swiss Life Holding (0QMG) come from?
Earnings per share at Swiss Life Holding grew +5.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.2 %, EBIT margin −2.1 %, tax rate +0.0 %, residual (interest, one-offs) +7.5 %. 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 Swiss Life Holding

How large is the market capitalisation of Swiss Life Holding (0QMG)?
The market capitalisation of Swiss Life Holding is CHF 25.2B. 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 are the earnings per share of Swiss Life Holding (0QMG)?
Earnings per share at Swiss Life Holding are CHF 39.93 (price ÷ EPS = P/E 0.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Swiss Life Holding (0QMG)?
The dividend yield of Swiss Life Holding is 4.1% (payout 91.4%). 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 Swiss Life Holding (0QMG)?
The net margin of Swiss Life Holding is 5.2% (fiscal year 2025). 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 Swiss Life Holding (0QMG)?
The return on equity (ROE) of Swiss Life Holding is 16.6% (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 Swiss Life Holding (0QMG)?
On an EBIT basis the return on assets of Swiss Life Holding is 0.8% (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 Swiss Life Holding (0QMG)?
The operating margin of Swiss Life Holding is 16.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Swiss Life Holding (0QMG)?
Revenue at Swiss Life Holding is growing +1.1% versus a year earlier (3y avg +6.1%). 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 Swiss Life Holding (0QMG)?
Earnings per share at Swiss Life Holding are growing +9.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Swiss Life Holding (0QMG) carry?
The net debt of Swiss Life Holding is CHF 9.3B (fiscal year 2025, ≈ 3.7 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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