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Alpine Select AG (ALPN) Fair Value & Analysis

Financial Services · CH · Market cap CHF 76.6M

AS Alpine Select AG ALPN · SW
PriceCHF 9.25
Fair ValueCHF 12.72
Upside+37.5%
Quality79/100
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Mixed Growth
Highly profitable · 82.1% net margin
negative free cash flow
6.49% dividend yield
Ranks above peers (9/12)
Wide moat 75/100
Evidence: Medium Range CHF 9.54 – CHF 15.90 Share as image

Fair value as of: Jul 18, 2026

From 6 valuation models · updated 23 days ago

Share price −0.5% over the past month.

A strong business, screening 38% undervalued on our models.

What matters now

  • The rarer combination: high quality (79/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (CHF 9.54). The market is more pessimistic than our downside scenario.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

CHF 9.35 CHF 6.16 Fair Value CHF 12.72 Feb 2019 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range CHF 6.16 – CHF 9.35 · fair‑value band CHF 9.54 – CHF 15.90 · the CHF 9.25 price screens below the CHF 12.72 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Alpine Select AG (ALPN) currently trades at CHF 9.25, while our model-based Fair Value estimate is CHF 12.72, implying the stock looks roughly 37.5% undervalued today. The Quality Score stands at 79/100 (high quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Alpine Select AG generated revenue of CHF 12.6M at a net margin of 82.1%. Revenue declined 51.0% year over year. It earns a return on equity of 14.3%. Net debt stands at CHF 2.0M. Fundamentals as of Jul 18, 2026

Our scenario range runs from CHF 9.54 (bear case) to CHF 15.90 (bull case); at CHF 9.25, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 5% below its 52-week high and 32% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at 38%, ALPN screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Residual Income CHF 7.85 CHF 8.89 CHF 14.25 76
P/E Multiple CHF 11.95 CHF 15.93 CHF 19.91 63
P/B Multiple CHF 9.54 CHF 12.72 CHF 15.90 55
All 6 models by family
Earnings-Based
Graham-Dodd CHF 8.33 CHF 58.11 CHF 81.55 54
Lynch FV CHF 30.02 CHF 42.89 CHF 55.75 50
Multiples
P/E Multiple CHF 11.95 CHF 15.93 CHF 19.91 63
P/B Multiple CHF 9.54 CHF 12.72 CHF 15.90 55
Asset-Based
NCAV (Graham) CHF 4.54 CHF 6.09 CHF 9.08 50
Economic Profit
Residual Income CHF 7.85 CHF 8.89 CHF 14.25 76

Widest divergence: Earnings-Based (CHF 42.89) versus Asset-Based (CHF 6.09). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) CHF 12.6M
Revenue growth (YoY) -51.0%
Net margin 82.1%
Return on equity 14.3%
Free cash flow −CHF 1.0M FY2025
P/E ratio 7.5
More key figures
Operating margin 92.0%
EPS (TTM) CHF 1.21
Dividend yield 6.5%
EPS growth (YoY) -64.9%
Net debt CHF 2.0M FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 79/100

Of which business quality 70 · Market factors (momentum, volatility) 72

Profitability 52
Margins and returns on capital today
Quality Growth 93
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 61
Price trend over the last 3–12 months (market factor)
52W Momentum 83
Distance to the 52-week high (market factor)
Net Issuance 97
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Alpine Select AG is a publicly owned hedge fund manager. It provides its services to institutional and individual investors. It invests in the public equity markets across the globe. It invests in diversified alternative investment portfolios. The firm employs discount-, risk- arbitrage, tactical exploitation strategies.

Full company description

Alpine Select AG is a publicly owned hedge fund manager. It provides its services to institutional and individual investors. It invests in the public equity markets across the globe. It invests in diversified alternative investment portfolios. The firm employs discount-, risk- arbitrage, tactical exploitation strategies. Alpine Select AG was founded in September 1997 and is based in Zug, Switzerland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Alpine Select AG reported revenue of CHF 12.6M in FY2025 versus CHF 28.2M in FY2021, a compound −18.2%/yr. Reported net income was CHF 10.3M in FY2025, compounding −18.3%/yr from FY2021.

Growth Quality 43/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
CHF 12.6M
Latest YoY
+392.9%
Avg. growth/yr (5Y) 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.
+7.1%
Avg. growth/yr (23Y) 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.
−1.9%
Revenue −18.2%/yr
FY21 CHF 28.2M
FY22 −CHF 28.8M
FY23 CHF 1.4M
FY24 CHF 2.6M
FY25 CHF 12.6M
Net income −18.3%/yr
FY21 CHF 23.1M
FY22 −CHF 30.0M
FY23 −CHF 422K
FY24 CHF 1.2M
FY25 CHF 10.3M
Character of growth · EPS growth decomposed (2014-2025) −5.3 % p.a.
Revenue per share −3.8 pp

of which total revenue −8.5 pp · buybacks/dilution +4.7 pp

EBIT margin −1.5 pp
Tax rate +0.0 pp
Residual (interest, one-offs) +0.1 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Alpine Select AG Fair Value". https://www.fairvalue-calculator.com/stock/ALPN

Peer Group

Asset Management · 971 stocks

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.

Quality Score 78 · Top 25%
Fair Value upside +38% · Above median
Return on equity (TTM) 14% · Above median
Return on assets 9% · Top 25%
Net margin (TTM) 82% · Top 25%
Operating margin (TTM) 92% · Top 25%
Revenue growth -51% · Bottom 25%
Dividend yield (TTM) 6.5% · Top 25%

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 7.5× · Cheaper than median
P/B 1.24× · Pricier than median
P/S (TTM) 7.54× · Pricier than median
EV/EBITDA 8.6× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 83 · sector 37
FUTURE 0 · sector 6
PAST 57 · sector 26
HEALTH 0 · sector 95
DIVIDEND 100 · sector 69

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Fondul Proprietatea SA FP $0.0420 $0.0800 +90%
BlackRock, Inc BLK $1,136 $465.75 -59%
Blackstone Inc BX $124.56 $16.35 -87%
Investor AB INVEB kr 423.70 kr 847.40 +100%
Brookfield Corporation BN C$62.45 C$10.12 -84%
KKR & Co KKR $100.94 $44.88 -56%
AB Industrivärden INDUA kr 532.50 kr 1,065 +100%
Jio Financial Services Limited JIOFIN ₹242.98 ₹40.19 -83%
Hedef Holding HEDEF 267.25 TRY 320.98 TRY +20%
Bajaj Holdings BAJAJHLDNG ₹10,398 ₹9,202 -12%

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Frequently asked questions

Is Alpine Select AG (ALPN) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of CHF 12.72 versus a price of CHF 9.25, about +38% (undervalued).
What is the fair value of ALPN?
Our model-based fair value for Alpine Select AG is CHF 12.72 (as of Jul 18, 2026), built from audited fundamentals. The current price is CHF 9.25.
What is the quality score of ALPN?
Alpine Select AG has a Quality Score of 79/100. 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 revenue of Alpine Select AG (ALPN)?
Alpine Select AG reported trailing-twelve-month revenue of about CHF 12.6M (latest available figure, as of Jul 18, 2026).
What is the net profit margin of ALPN?
The net profit margin of Alpine Select AG is about 82.1%, meaning it keeps roughly 82.1% of revenue as net income. Based on the latest reported figures.
Does Alpine Select AG pay a dividend?
Alpine Select AG currently shows a dividend yield of about 6.49% relative to its recent price (as of Jul 18, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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