Dottikon Es Holding AG (DESN) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Dottikon Es Holding AG CHF 86.76, price CHF 258, upside -66.4%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range CHF 170.00 – CHF 392.00 · fair‑value band CHF 56.15 – CHF 147.65 · the CHF 258.00 price screens above the CHF 86.76 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Dottikon ES Holding AG manufactures and sells performance chemicals, intermediates, and active pharmaceutical ingredients for the chemical, biotech, and pharmaceutical maceutic industries in Europe, Switzerland, the United States, and Asia.
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Dottikon ES Holding AG manufactures and sells performance chemicals, intermediates, and active pharmaceutical ingredients for the chemical, biotech, and pharmaceutical maceutic industries in Europe, Switzerland, the United States, and Asia. The company's chemicals and intermediates include amines, anilines, azaindoles, benzimidazoles, benzoic acid derivatives, benzyl compounds, boron building blocks, chiral compounds, cyclohexane derivatives, cyclopropyl building blocks, indazoles, indoles, N-heterocycles, nitrate esters, nitroaromatic compounds, O-heterocycles, phenols and anisoles, and pyridine building blocks. It also offers Dottisol, an isosorbide dimethyl ether for application as a solubility enhancer in cosmetic, pharma, and agro products, as well as a performance additive in various industries. In addition, the company is involved in recycling and waste treatment which includes the recycling, thermal recovery, and high-temperature incineration of waste streams, as well as wastewater treatment and purification activities. Further, it offers chemical custom manufacturing, nitrosamine risk assessment, and containment services; and performance chemicals, including aromatic and alicyclic diamines, bio-based organosilanes, and phlegmatized azides. The company was founded in 1913 and is headquartered in Dottikon, Switzerland. Dottikon ES Holding AG is a subsidiary of EVOLMA Holding AG.
Stock analysis
Dottikon Es Holding AG (DESN) currently trades at CHF 258.00, while our model-based Fair Value estimate is CHF 86.76, implying the stock looks roughly 197.4% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of CHF 119.64 per share, and 0 of the 24 models we run sit above the CHF 258.00 price.
Bear case: the Growth DCF group reads lowest at CHF 42.67, and 24 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: CHF 56.15 (bear) to CHF 147.65 (bull), the price of CHF 258.00 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 56/100 (solid quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Dottikon Es Holding AG reported revenue of CHF 428M in FY2026 versus CHF 252M in FY2022, a compound +14.2%/yr. Reported net income was CHF 104M in FY2026, compounding +15.0%/yr from FY2022.
Key figures
Market cap CHF 3.6B · P/E ratio 34.4 · P/S ratio 8.33 · EPS (TTM) CHF 7.49 · Net margin 24.2% · Return on equity 9.9% · Return on assets (EBIT) 8.5% · Operating margin 27.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 34% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −25% fair-value upside, at −66%, DESN screens richer than that median.
Fair Value models
Bear CHF 56.15Fair Value CHF 86.76Bull CHF 147.65
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 2026 figures (about 6 months old). Earnings retained since then (CHF 3.63 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.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.
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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+11.2%
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.
+10.3%
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.
+14.4%
Start year 2021 (pandemic). Over 10 years: +13.3% 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.
+5.7%
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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.
+12.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.5%
Dividend (yield on the price)0.0%
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.13% vs 21%, slowing
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.27% → 27%
Start year 2021 (pandemic)
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).
+44.0%
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 +43.2% 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.Chemicals · 350 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−66% · Bottom 25%
Profitability
Return on equity (TTM)10% · Above median
Return on assets5% · Top 25%
Net margin (TTM)24% · Top 25%
Operating margin (TTM)27% · Top 25%
Growth and dividend
Revenue growth3% · Below median
Balance sheet
Debt / equity0.12× · Below median
Valuation Multiplesvs Chemicals median · lower = cheaper
P/E (TTM)34.4× · Pricier than median
P/B3.94× · Priciest 25%
P/S (TTM)9.83× · Priciest 25%
P/FCF147.7× · Priciest 25%
EV/EBITDA28.7× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)15· sector 24
PAST (return on equity)40· sector 19
HEALTH (low debt)94· sector 94
DIVIDEND (yield)0· sector 31
VALUE 0: the price sits above our fair-value range.
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). "Dottikon Es Holding AG Fair Value". https://www.fairvalue-calculator.com/stock/DESN
Frequently asked questions
Is Dottikon Es Holding AG (DESN) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of CHF 86.76 versus a price of CHF 258.00, about −66% upside (overvalued).
What is the fair value of DESN?
Our model-based fair value for Dottikon Es Holding AG is CHF 86.76 (as of Sep 23, 2026), built from audited fundamentals. The current price: CHF 258.00.
What is the quality score of DESN?
Dottikon Es Holding AG has a Quality Score of 56/100. 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 Dottikon Es Holding AG (DESN)?
Our model-based price target is the fair value of CHF 86.76 (as of Sep 23, 2026) from 24 valuation models. Cautious scenario CHF 56.15, optimistic scenario CHF 147.65. It is a calculation from audited fundamentals, not an analyst target.
What is the Dottikon Es Holding AG stock forecast for 2026?
Our models put fair value at CHF 86.76, about −66% upside versus a price of CHF 258.00 (overvalued). Cautious scenario CHF 56.15, optimistic scenario CHF 147.65. The calculation is refreshed regularly with new filings.
What is the revenue of Dottikon Es Holding AG (DESN)?
Dottikon Es Holding AG reported trailing-twelve-month revenue of about CHF 440M (latest available figure, as of Sep 23, 2026).
What growth is priced into Dottikon Es Holding AG (DESN)?
For today's price to be fair in a discounted-cash-flow model, Dottikon Es Holding AG would have to grow free cash flow by +44.0 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.4 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of DESN use?
Our models discount Dottikon Es Holding AG at 9.5 %: a base by market capitalisation (mid), damped by beta 1.00, 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 Dottikon Es Holding AG that is +44.0 % per year a year over ten years, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Dottikon Es Holding AG (DESN) delivered so far?
Over the past 5 years revenue at Dottikon Es Holding AG grew +14.4 % a year. The price currently implies +44.0 % 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.
How fast is the sector of Dottikon Es Holding AG (DESN) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Dottikon Es Holding AG (+44.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Dottikon Es Holding AG (DESN)?
The free-cash-flow yield on the price is 0.82 %: that much free cash flow Dottikon Es Holding AG produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Dottikon Es Holding AG (DESN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dottikon Es Holding AG it is CHF 86.76 per share (as of Sep 23, 2026), against a price of CHF 258.00. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Dottikon Es Holding AG stock overvalued or undervalued in 2026?
As of Sep 23, 2026, DESN trades above its calculated fair value: price CHF 258.00, fair value CHF 86.76, a gap of about −66% (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 DESN?
No. The price is what the market pays today (CHF 258.00); the fair value is what the company's own numbers justify (CHF 86.76). For Dottikon Es Holding AG the two are CHF 171.24 per share apart. That gap is exactly why we show both numbers side by side.
How much is Dottikon Es Holding AG worth?
The market values Dottikon Es Holding AG at about CHF 3.6B (market capitalisation, as of Sep 23, 2026). Per share that is CHF 258.00; our models calculate a fair value of CHF 86.76 per share.
What do the bullish and bearish scenarios say about DESN?
Our models span a range for Dottikon Es Holding AG: cautious scenario CHF 56.15, base CHF 86.76, optimistic CHF 147.65 per share (as of Sep 23, 2026, price CHF 258.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DESN?
Dottikon Es Holding AG trades at a price-to-earnings ratio of 34.4 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 86.76 is built from several models across several years. Other multiples: P/B 3.9, P/S 9.8, EV/EBITDA 28.7.
How solid is the balance sheet of Dottikon Es Holding AG (DESN)?
Balance-sheet figures for Dottikon Es Holding AG (as of Sep 23, 2026): return on equity 9.9%, debt of 0.12 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is DESN from its 52-week high?
Dottikon Es Holding AG trades at CHF 258.00, about 34% below its 52-week high of CHF 392.00 and at the low of CHF 258.00 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 86.76 is for.
Which stocks are comparable to Dottikon Es Holding AG?
From the same area (Basic Materials) we also value BASF SE, Saudi Basic Industries Corporation, Ningxia Baofeng Energy Group, Dow Inc, 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 Dottikon Es Holding AG stock attractive at the current price?
The data as of Sep 23, 2026: price CHF 258.00, calculated fair value CHF 86.76 (−66%), Quality Score 56/100, 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 DESN calculated?
We run Dottikon Es Holding AG through 24 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 86.76, 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 14.1 % above its aggregate fair value. Dottikon Es 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 Dottikon Es Holding AG (DESN)?
The closing price on Sep 23, 2026 was CHF 258.00. Our model-based fair value is CHF 86.76, about −66% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dottikon Es Holding AG right now?
The price sits above even our optimistic bull case (CHF 147.65). The favourable scenario is already priced in. The model range is unusually wide (CHF 56.15 to CHF 147.65). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Dottikon Es Holding AG (DESN) come from?
Earnings per share at Dottikon Es Holding AG grew +24.0 % a year from 2015 to 2026. Broken into its drivers: revenue per share +11.8 %, EBIT margin +8.3 %, tax rate +0.5 %, residual (interest, one-offs) +1.9 %. 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 Dottikon Es Holding AG
How large is the market capitalisation of Dottikon Es Holding AG (DESN)?
The market capitalisation of Dottikon Es Holding AG is CHF 3.6B. 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 Dottikon Es Holding AG (DESN)?
The price-to-sales ratio of Dottikon Es Holding AG is 8.33 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Dottikon Es Holding AG (DESN)?
Earnings per share at Dottikon Es Holding AG are CHF 7.49 (price ÷ EPS = P/E 34.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Dottikon Es Holding AG (DESN)?
The net margin of Dottikon Es Holding AG is 24.2% (fiscal year 2026). 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 Dottikon Es Holding AG (DESN)?
The return on equity (ROE) of Dottikon Es Holding AG is 9.9% (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 Dottikon Es Holding AG (DESN)?
On an EBIT basis the return on assets of Dottikon Es Holding AG is 8.5% (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 Dottikon Es Holding AG (DESN)?
The operating margin of Dottikon Es Holding AG is 27.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dottikon Es Holding AG (DESN)?
Revenue at Dottikon Es Holding AG is growing +3.0% versus a year earlier (3y avg +10.3%). 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 Dottikon Es Holding AG (DESN)?
Earnings per share at Dottikon Es Holding AG are growing −23.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Dottikon Es Holding AG (DESN) carry?
The net debt of Dottikon Es Holding AG is CHF 10.0M (fiscal year 2026, ≈ 0.3 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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