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Comet Holding (COTN) Fair Value & Analysis

Technology · CH · Market cap CHF 3.1B

CH Comet Holding COTN · SW
PriceCHF 382.80
Fair ValueCHF 38.56
Upside-89.9%
Quality57/100
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Healthy Growth
Thin margins · 2.7% net margin
Low debt · generates free cash flow
0.13% dividend yield
Trails peers (5/15)
Narrow moat 35/100
Evidence: High Range CHF 27.52 – CHF 52.49 Share as image

Fair value as of: Aug 13, 2026

From 25 valuation models · updated today

Fair value updated Aug 13, 2026, revised from CHF 31.42 to CHF 38.56 (+22.7%) since Jul 14, 2026. Share price −3.7% over the past month.

A solid business, but screening 90% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (CHF 52.49). The favourable scenario is already priced in.
  • Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (CHF 27.52 to CHF 52.49) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

CHF 437.00 CHF 135.54 Fair Value CHF 38.56 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range CHF 135.54 – CHF 437.00 · fair‑value band CHF 27.52 – CHF 52.49 · the CHF 382.80 price screens above the CHF 38.56 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Comet Holding (COTN) currently trades at CHF 382.80, while our model-based Fair Value estimate is CHF 38.56, implying the stock looks roughly 89.9% overvalued today. The Quality Score stands at 57/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Comet Holding generated revenue of CHF 457M at a net margin of 2.7%. Revenue declined 10.2% year over year. It earns a return on equity of 3.9%. The balance sheet holds a net cash position of CHF 5.3M. Fundamentals as of Aug 13, 2026

Our scenario range runs from CHF 27.52 (bear case) to CHF 52.49 (bull case); at CHF 382.80, the current price sits above 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 near its 52-week high and 130% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -46% fair-value upside, at -90%, COTN screens richer 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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (CHF 10.78 to CHF 103.92). Read the values as a conservative anchor, not as a price target.
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
Growth DCF CHF 22.03 CHF 26.48 CHF 32.63 80
Residual Income CHF 29.44 CHF 29.42 CHF 26.44 76
Rev-Margin DCF CHF 28.76 CHF 40.33 CHF 53.64 74
All 25 models by family
DCF Models
FCF DCF CHF 21.91 CHF 27.00 CHF 34.50 38
5Y Revenue Exit CHF 28.76 CHF 40.54 CHF 55.82 39
5Y EBITDA Exit CHF 54.92 CHF 89.74 CHF 131.06 41
5Y P/E Exit CHF 34.64 CHF 51.59 CHF 69.60 38
10Y Revenue Exit CHF 25.47 CHF 35.48 CHF 49.29 36
10Y EBITDA Exit CHF 42.44 CHF 68.96 CHF 105.70 37
10Y P/E Exit CHF 29.76 CHF 43.00 CHF 59.62 35
Earnings-Based
Graham-Dodd CHF 10.68 CHF 34.14 CHF 45.52 54
Lynch FV CHF 7.54 CHF 10.78 CHF 14.01 50
PEG = 1.0 CHF 7.54 CHF 10.78 CHF 14.01 46
EPV CHF 24.04 CHF 25.88 CHF 27.46 59
Dividend Discount
Gordon GGM CHF 13.17 CHF 26.25 CHF 39.75 70
DDM Multi-Stage CHF 13.17 CHF 21.66 CHF 27.71 61
Multiples
P/E Multiple CHF 32.99 CHF 43.99 CHF 54.99 63
P/S Multiple CHF 20.03 CHF 26.71 CHF 33.39 58
P/B Multiple CHF 20.03 CHF 26.71 CHF 33.39 55
EV/EBIT CHF 54.29 CHF 68.25 CHF 82.20 53
EV/EBITDA CHF 81.05 CHF 103.92 CHF 126.80 54
EV/Revenue CHF 33.59 CHF 42.66 CHF 51.73 43
Asset-Based
NCAV (Graham) CHF 19.87 CHF 26.62 CHF 39.74 50
Growth DCF
Growth DCF CHF 22.03 CHF 26.48 CHF 32.63 80
Rev-Margin DCF CHF 28.76 CHF 40.33 CHF 53.64 74
Economic Profit
Residual Income CHF 29.44 CHF 29.42 CHF 26.44 76
ROIC Compounder CHF 24.04 CHF 25.88 CHF 27.46 72
Growth Earnings
Growth-Adj P/E CHF 26.78 CHF 38.25 CHF 49.73 68

Widest divergence: DCF Models (CHF 43.00) versus Earnings-Based (CHF 10.78). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) CHF 457M
Revenue growth (YoY) -10.2%
Net margin 2.7%
Return on equity 3.9%
Free cash flow CHF 6.8M FY2025
P/E ratio 247.0
More key figures
Operating margin 6.3%
EPS (TTM) CHF 1.55
Dividend yield 0.1%
EPS growth (YoY) -84.9%
Net cash CHF 5.3M FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 57 · Market factors (momentum, volatility) 62

Profitability 41
Margins and returns on capital today
Quality Growth 23
Are margins and returns improving?
Cashflow 42
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 87
Disciplined investing over empire-building
Low Volatility 11
Calm price path (market factor)
Momentum 82
Price trend over the last 3–12 months (market factor)
52W Momentum 88
Distance to the 52-week high (market factor)
Net Issuance 82
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

Comet Holding AG, together with its subsidiaries, provides X-ray and radio frequency (RF) power technology solutions in Europe, North America, Asia, and internationally. It operates through three divisions: Plasma Control Technologies, X-Ray Systems, and Industrial X-Ray Modules.

Full company description

Comet Holding AG, together with its subsidiaries, provides X-ray and radio frequency (RF) power technology solutions in Europe, North America, Asia, and internationally. It operates through three divisions: Plasma Control Technologies, X-Ray Systems, and Industrial X-Ray Modules. The Plasma Control Technologies division develops, manufactures, and markets vacuum capacitors, RF generators, and RF impedance matching networks for the high-precision control of plasma processes required in the production of memory chips and flat panel displays. The X-Ray Systems division develops, manufactures, and markets compact x-ray and provides related services, for non destructive examination using x-ray computed tomography. The Industrial X-Ray Modules division develops, manufactures, and markets compact X-ray sources and portable X-ray modules for non-destructive examination, steel metrology, and security inspection. The company offers its products under the Comet and Comet Yxlon brands. The company serves manufacturers in the semiconductor, aerospace, automotive, and security sectors. Comet Holding AG was founded in 1948 and is headquartered in Flamatt, Switzerland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Comet Holding reported revenue of CHF 457M in FY2025 versus CHF 514M in FY2021, a compound −2.9%/yr. Reported net income was CHF 12.2M in FY2025, compounding −34.8%/yr from FY2021.

Growth Quality 62/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
CHF 457M
Latest YoY
+2.6%
Avg. growth/yr (3Y) 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.
−8.0%
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.
+2.9%
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.
+8.2%
Revenue −2.9%/yr
FY21 CHF 514M
FY22 CHF 586M
FY23 CHF 397M
FY24 CHF 445M
FY25 CHF 457M
Net income −34.8%/yr
FY21 CHF 67.4M
FY22 CHF 78.1M
FY23 CHF 15.4M
FY24 CHF 35.1M
FY25 CHF 12.2M
Character of growth · EPS growth decomposed (2014-2025) −1.4 % p.a.
Revenue per share +4.1 pp

of which total revenue +4.1 pp · buybacks/dilution −0.1 pp

EBIT margin −5.4 pp
Tax rate −0.4 pp
Residual (interest, one-offs) +0.3 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).

COTN screens 90% overvalued. Compare with Keysight Technologies, Inc →

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Cite: Fair Value Calculator (2026). "Comet Holding Fair Value". https://www.fairvalue-calculator.com/stock/COTN

Peer Group

Scientific & Technical Instruments · 169 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 57 · Above median
Fair Value upside −90% · Bottom 25%
Return on equity (TTM) 4% · Below median
Return on assets 3% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 6% · Above median
Revenue growth -10% · Bottom 25%
Dividend yield (TTM) 0.1% · Bottom 25%

Valuation Multiples vs Scientific & Technical Instruments median · lower = cheaper

P/E (TTM) 247.0× · Pricier than 75% of peers
P/B 12.23× · Pricier than 75% of peers
P/S (TTM) 8.27× · Pricier than 75% of peers
P/FCF 557.1× · Pricier than 75% of peers
EV/EBITDA 94.3× · Pricier than 75% of peers
PEG 1.45× · 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 0 · sector 0
FUTURE 0 · sector 27
PAST 15 · sector 23
HEALTH 100 · sector 98
DIVIDEND 3 · sector 19

VALUE 0: the price sits above our fair-value range.

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 Scientific & Technical Instruments stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Keysight Technologies, Inc KEYS $354.50 $107.22 -70%
Garmin Ltd GRMN $309.98 $139.44 -55%
Teledyne Technologies Incorporated TDY $686.49 $488.95 -29%
Hexagon AB HEXAB kr 95.06 kr 73.99 -22%
MKS Inc MKSI $294.38 $76.00 -74%
AVIC Chengdu Aircraft Company 302132 ¥57.89 ¥34.47 -40%
Fortive Corporation FTV $61.54 $33.48 -46%
Trimble Inc TRMB $57.98 $34.12 -41%
Cognex Corporation CGNX $60.67 $19.25 -68%
Wuhan Guide Infrared Co 002414 ¥13.99 ¥4.50 -68%

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Frequently asked questions

Is Comet Holding (COTN) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of CHF 38.56 versus a price of CHF 382.80, about −90% (overvalued).
What is the fair value of COTN?
Our model-based fair value for Comet Holding is CHF 38.56 (as of Aug 13, 2026), built from audited fundamentals. The current price is CHF 382.80.
What is the quality score of COTN?
Comet Holding has a Quality Score of 57/100. 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 Comet Holding (COTN)?
Comet Holding reported trailing-twelve-month revenue of about CHF 457M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of COTN?
The net profit margin of Comet Holding is about 2.7%, meaning it keeps roughly 2.7% of revenue as net income. Based on the latest reported figures.
Does Comet Holding pay a dividend?
Comet Holding currently shows a dividend yield of about 0.13% relative to its recent price (as of Aug 13, 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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