APG SGA SA (APGN) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of APG SGA SA stock CHF 154, price CHF 203, that is 24.1% below the price, quality 77 out of 100. Rating: overvalued. Calculated from audited financials with 24 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 112.79 – CHF 230.54 · fair‑value band CHF 119.50 – CHF 211.68 · the CHF 203.00 price screens above the CHF 154.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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APG|SGA SA provides advertising services primarily in Switzerland and Serbia.
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The company offers its products in various formats, including F4, F12, F200, and F24 classic analog poster formats; bigposter; roofstrip bus and tram; eboard; epanel; windowsdecal; fullwrap bus, tram and locomotive; fullrearwrap; hangingdisplay; hangingdisplay with dispenser; megaposter; mobile targeting; mountain screen; pylonposter; railposter; railpostermidi; rearwindows and rearbody vinyl; time/informationboard; trafficboard; and trafficmediascreen.
It also provides outdoor advertising on streets, squares, railway stations, shopping centers, the mountains, airports, and other points of interest, as well as digital and mobile advertising, such as ChannelOOH, programmatic adverting, Next level DOOH, and aymo mobile targeting solutions.
In addition, the company involved in real estate services. The company was founded in 1900 and is headquartered in Geneva, Switzerland.
Stock analysis
APG SGA SA (APGN) currently trades at CHF 203.00, while our model-based Fair Value estimate is CHF 154.00, 24% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of CHF 168.86 per share, and 0 of the 24 models we run sit above the CHF 203.00 price.
Bear case: the Economic Profit group reads lowest at CHF 79.31, and 24 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: CHF 119.50 (bear) to CHF 211.68 (bull), the price of CHF 203.00 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 77/100 (high quality), in the Communication Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
APG SGA SA reported revenue of CHF 327M in FY2025 versus CHF 266M in FY2021, a compound +5.3%/yr. Reported net income was CHF 27.1M in FY2025, compounding +20.9%/yr from FY2021.
Key figures
Market cap CHF 609M Small · P/E ratio 20.2 · P/S ratio 1.77 · EPS (TTM) CHF 10.03 · Dividend yield 5.9% · Net margin 8.7% · Return on equity 54.5% · Return on assets (EBIT) 15.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 68 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 15% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 10% fair-value upside, at −24%, APGN screens richer than that median.
Fair Value models
BearCHF 119.50Fair Value CHF 154.00BullCHF 211.68
Price CHF 203.00 · Downside -24.1%
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.73/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+0.0%
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.
+1.7%
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.
+4.5%
Start year 2020 (pandemic). Over 10 years: +0.4% 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.
+0.3%
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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.
≈ +21.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +15.4%
Dividend (yield on the price)5.9%
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.base effect: 15.4% / −6.5%
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.6% → 10%
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 4.42 per share, median 17.4 in 2015 to 2018). It measures the recovery from the trough, not lasting growth.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+6.5%
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 +5.8% a year for the price.
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.Advertising Agencies · 170 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score77 · Top 25%
Fair Value upside−24.1% · Below median
Profitability
Return on equity (12 months)54.5% · Top 25%
Return on assets14.9% · Top 25%
Net margin (12 months)8.7% · Top 25%
Operating margin (12 months)10.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)10.3% · Above median
Dividend yield (12 months)5.9% · Top 25%
Balance sheet
Debt / equity0.01× · Below median
Valuation Multiplesvs Advertising Agencies median · lower = cheaper
P/E (12 months)20.2× · Pricier than median
P/B8.35× · Priciest 25%
P/S (12 months)1.77× · Pricier than median
Price / free cash flow (fiscal year)18.8× · Pricier than median
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). "APG SGA SA Fair Value". https://www.fairvalue-calculator.com/stock/APGN
Frequently asked questions
Is APG SGA SA (APGN) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of CHF 154.00 versus a price of CHF 203.00, about 24% lower (overvalued).
What is the fair value of APGN?
Our model-based fair value for APG SGA SA is CHF 154.00 (as of Nov 5, 2026), built from audited fundamentals. The current price: CHF 203.00.
What is the quality score of APGN?
APG SGA SA has a Quality Score of 77/100. 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 APG SGA SA (APGN)?
Our model-based price target is the fair value of CHF 154.00 (as of Nov 5, 2026) from 24 valuation models. Cautious scenario CHF 119.50, optimistic scenario CHF 211.68. It is a calculation from audited fundamentals, not an analyst target.
What is the APG SGA SA stock forecast for 2026?
Our models put fair value at CHF 154.00, about 24% lower versus a price of CHF 203.00 (overvalued). Cautious scenario CHF 119.50, optimistic scenario CHF 211.68. The calculation is refreshed regularly with new filings.
What is the revenue of APG SGA SA (APGN)?
APG SGA SA reported trailing-twelve-month revenue of about CHF 344M (latest available figure, as of Nov 5, 2026).
Does APG SGA SA pay a dividend?
APG SGA SA currently shows a dividend yield of 5.91% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of APG SGA SA (APGN) and when is the ex-dividend date?
APG SGA SA pays a dividend of CHF 12.00 per share a year, a dividend yield of 5.9%. The last ex-dividend date was Apr 27, 2026. A dividend has been paid every year since 2022. The payout ratio is 120% of earnings. Free cash flow covers the dividend 0.90 times. Our assessment: Payout strained. The dividend exceeds reported earnings (though reported profit is often depressed by one-off charges), and free cash flow only just covers it (or coverage is unknown). Not an emergency, but little room for error.
What growth is priced into APG SGA SA (APGN)?
For today's price to be fair in a discounted-cash-flow model, APG SGA SA would have to grow free cash flow by +6.5 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.5 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of APGN use?
Our models discount APG SGA SA at 9.6 %: a base by market capitalisation (small), damped by beta 0.40, 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 APG SGA SA that is +6.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has APG SGA SA (APGN) delivered so far?
Over the past 5 years revenue at APG SGA SA grew +4.5 % a year. The price currently implies free-cash-flow growth of +6.5 % 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 APG SGA SA (APGN) growing?
The median revenue growth in the sector is +3.8 % a year. That is the yardstick for the growth priced into APG SGA SA (+6.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of APG SGA SA (APGN)?
The free-cash-flow yield on the price is 5.33 %: that much free cash flow APG SGA SA produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of APG SGA SA (APGN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For APG SGA SA it is CHF 154.00 per share (as of Nov 5, 2026), against a price of CHF 203.00. It is the blended result of 24 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is APG SGA SA stock overvalued or undervalued in 2026?
As of Nov 5, 2026, APGN trades above its calculated fair value: price CHF 203.00, fair value CHF 154.00, a gap of about −24% (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 APGN?
No. The price is what the market pays today (CHF 203.00); the fair value is what the company's own numbers justify (CHF 154.00). For APG SGA SA the two are CHF 49.00 per share apart. That gap is exactly why we show both numbers side by side.
How much is APG SGA SA worth?
The market values APG SGA SA at about CHF 609M (market capitalisation, as of Nov 5, 2026). Per share that is CHF 203.00; our models calculate a fair value of CHF 154.00 per share.
What do the bullish and bearish scenarios say about APGN?
Our models span a range for APG SGA SA: cautious scenario CHF 119.50, base CHF 154.00, optimistic CHF 211.68 per share (as of Nov 5, 2026, price CHF 203.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of APGN?
APG SGA SA trades at a price-to-earnings ratio of 20.2 (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 154.00 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: 20.8. Other multiples: PEG 1.8, P/B 8.4, P/S 1.8, EV/EBITDA 12.5.
What is the PEG ratio of APGN?
The PEG ratio of APG SGA SA is 1.77 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of APG SGA SA (APGN)?
Balance-sheet figures for APG SGA SA (as of Nov 5, 2026): return on equity 54.5%, debt of 0.01 per unit of equity. They feed the Quality Score of 77/100, which measures business quality independently of the share price.
How far is APGN from its 52-week high?
APG SGA SA trades at CHF 203.00, about 2% below its 52-week high of CHF 208.00 and 15% above the low of CHF 177.00 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 154.00 is for.
Which stocks are comparable to APG SGA SA?
From the same area (Communication Services) we also value AppLovin Corporation, Publicis Groupe S.A, Omnicom Group, Focus Media Information Technology Co, 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 APG SGA SA stock attractive at the current price?
The data as of Nov 5, 2026: price CHF 203.00, calculated fair value CHF 154.00 (−24%), Quality Score 77/100, from 24 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 APGN calculated?
We run APG SGA SA through 24 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of CHF 154.00 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 13.0% above its aggregate fair value. APG SGA SA 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 APG SGA SA (APGN)?
The closing price on Nov 6, 2026 was CHF 203.00. Our model-based fair value is CHF 154.00, about 24% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with APG SGA SA right now?
A high-quality business (quality 77/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of APG SGA SA (APGN) come from?
Earnings per share at APG SGA SA grew −7.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.4 %, EBIT margin −7.6 %, tax rate +0.4 %, residual (interest, one-offs) −1.1 %. 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 APG SGA SA
How large is the market capitalisation of APG SGA SA (APGN)?
The market capitalisation of APG SGA SA is CHF 609M. 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 APG SGA SA (APGN)?
The price-to-sales ratio of APG SGA SA is 1.77 (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 APG SGA SA (APGN)?
Earnings per share at APG SGA SA are CHF 10.03 (price ÷ EPS = P/E 20.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of APG SGA SA (APGN)?
The dividend yield of APG SGA SA is 5.9% (payout 120%). 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 APG SGA SA (APGN)?
The net margin of APG SGA SA is 8.7% (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 APG SGA SA (APGN)?
The return on equity (ROE) of APG SGA SA is 54.5% (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 APG SGA SA (APGN)?
On an EBIT basis the return on assets of APG SGA SA is 15.1% (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 APG SGA SA (APGN)?
The operating margin of APG SGA SA is 10.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at APG SGA SA (APGN)?
Revenue at APG SGA SA is growing +10.3% versus a year earlier (3y avg +1.7%). 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 APG SGA SA (APGN)?
Earnings per share at APG SGA SA are growing +24.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does APG SGA SA (APGN) hold?
APG SGA SA holds more cash than debt, CHF 53.0M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 5, 2026