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Dorma Kaba Holding AG (DOKA) Fair Value & Analysis

Industrials · CH · Market cap CHF 2.2B

DK Dorma Kaba Holding AG DOKA · SW
PriceCHF 59.60
Fair ValueCHF 65.91
Upside+10.6%
Quality58/100
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Healthy Growth
Thin margins · 3.1% net margin
High debt · generates free cash flow
1.72% dividend yield
Mixed vs. peers (6/15)
Moderate moat 58/100
Evidence: Medium Range CHF 46.44 – CHF 82.39 Share as image

Fair value as of: Aug 13, 2026

From 25 valuation models · updated 3 days ago

Fair value updated Aug 13, 2026, revised from CHF 47.08 to CHF 65.91 (+40.0%) since Jul 15, 2026. Share price +8.8% over the past month.

A solid business, screening 11% undervalued on our models.

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What matters now

  • Our model range runs from CHF 46.44 (bear) to CHF 82.39 (bull), base CHF 65.91. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 58/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

CHF 78.64 CHF 29.27 Fair Value CHF 65.91 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 29.27 – CHF 78.64 · fair‑value band CHF 46.44 – CHF 82.39 · the CHF 59.60 price screens below the CHF 65.91 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

Dorma Kaba Holding AG (DOKA) currently trades at CHF 59.60, while our model-based Fair Value estimate is CHF 65.91, implying the stock looks roughly 10.6% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Industrials 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, Dorma Kaba Holding AG generated revenue of CHF 2.8B at a net margin of 3.1%. Revenue declined 4.1% year over year. It earns a return on equity of 43.1%. Net debt stands at CHF 355M. Fundamentals as of Aug 13, 2026

Our scenario range runs from CHF 46.44 (bear case) to CHF 82.39 (bull case); at CHF 59.60, the current price sits within 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 last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 24% below its 52-week high and 26% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -60% fair-value upside, at 11%, DOKA 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
Growth DCF CHF 39.18 CHF 55.05 CHF 76.11 80
Residual Income CHF 15.79 CHF 22.23 CHF 179.05 76
Rev-Margin DCF CHF 52.14 CHF 84.45 CHF 119.63 74
All 25 models by family
DCF Models
FCF DCF CHF 38.31 CHF 55.77 CHF 80.12 38
Owner Earnings CHF 22.67 CHF 33.14 CHF 47.74 31
5Y Revenue Exit CHF 52.14 CHF 84.43 CHF 124.89 39
5Y EBITDA Exit CHF 85.45 CHF 144.56 CHF 211.96 41
5Y P/E Exit CHF 41.04 CHF 64.39 CHF 87.95 38
10Y Revenue Exit CHF 44.62 CHF 72.12 CHF 107.42 36
10Y EBITDA Exit CHF 66.91 CHF 112.16 CHF 170.28 37
10Y P/E Exit CHF 39.61 CHF 58.77 CHF 80.74 35
Earnings-Based
Graham-Dodd CHF 16.01 CHF 41.20 CHF 53.65 54
PEG = 1.0 CHF 7.75 CHF 11.06 CHF 14.38 46
EPV CHF 49.80 CHF 57.79 CHF 64.68 59
Dividend Discount
Gordon GGM CHF 7.07 CHF 13.39 CHF 21.35 70
DDM Multi-Stage CHF 7.07 CHF 10.64 CHF 14.33 61
Multiples
P/E Multiple CHF 49.44 CHF 65.91 CHF 82.39 63
P/S Multiple CHF 30.01 CHF 40.02 CHF 50.02 58
P/B Multiple CHF 29.97 CHF 39.96 CHF 49.96 55
EV/EBIT CHF 127.64 CHF 170.45 CHF 213.25 53
EV/EBITDA CHF 129.17 CHF 172.48 CHF 215.80 54
EV/Revenue CHF 64.14 CHF 91.97 CHF 119.79 43
Asset-Based
NCAV (Graham) CHF 3.33 CHF 4.46 CHF 6.66 50
Growth DCF
Growth DCF CHF 39.18 CHF 55.05 CHF 76.11 80
Rev-Margin DCF CHF 52.14 CHF 84.45 CHF 119.63 74
Economic Profit
Residual Income CHF 15.79 CHF 22.23 CHF 179.05 76
ROIC Compounder CHF 51.03 CHF 60.63 CHF 69.85 72
Growth Earnings
Growth-Adj P/E CHF 37.66 CHF 53.80 CHF 69.94 68

Widest divergence: Multiples (CHF 65.91) versus Asset-Based (CHF 4.46). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) CHF 2.8B
Revenue growth (YoY) -4.1%
Net margin 3.1%
Return on equity 43.1%
Free cash flow CHF 157M FY2025
P/E ratio 28.5
More key figures
Operating margin 9.5%
EPS (TTM) CHF 2.09
Dividend yield 1.8%
EPS growth (YoY) -19.3%
Net debt CHF 355M FY2025

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

Quality Score breakdown

Overall quality 58/100

Of which business quality 56 · Market factors (momentum, volatility) 43

Profitability 73
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 54
Earnings quality: real cash, not paper profit
Fin. Strength 39
Balance sheet, leverage, solvency risk
Investment 91
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 23
Distance to the 52-week high (market factor)
Net Issuance 45
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

dormakaba Holding AG provides access and security solutions worldwide. It offers door hardware products, including door closers, locks, fittings, emergency exits, and panic hardware; interior glass systems comprising manual sliding, manual single and double action door, fittings for glass assemblies, and horizontal sliding walls; and entrance systems, such …

Full company description

dormakaba Holding AG provides access and security solutions worldwide. It offers door hardware products, including door closers, locks, fittings, emergency exits, and panic hardware; interior glass systems comprising manual sliding, manual single and double action door, fittings for glass assemblies, and horizontal sliding walls; and entrance systems, such as swing operators, automatic sliding doors, sliding door operators, revolving doors, security revolving doors and interlocks, sensor barriers and speed gates, and turnstiles. The company also provides mechanical key systems, including cylinder locks with reversible keys; electronic access and data comprising electronic cylinders, electronic door locks, digital door locks, card readers and peripherals, and time and attendance; lodging systems that include access management systems, electronic hotel locks, and perimeter access; and safe locks under the Axessor Appex Series, Axxesor, Paxos, Cencon, CenconX, Auditcon, LA GARD electronic, Mauer electronic, Mauer mechanical, LA GARD mechanical, X-0 series brands. In addition, it offers access control, accessibility, fire protection, hygiene and infection prevention, mobile access, people flow and security, touch-free access, and automatic door systems solutions. The company serves the airport, healthcare, hospitality, multihousing, office, residential, and utilities industries. dormakaba Holding AG was founded in 1862 and is headquartered in Rümlang, Switzerland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Dorma Kaba Holding AG reported revenue of CHF 2.9B in FY2025 versus CHF 2.5B in FY2021, a compound +3.5%/yr. Reported net income was CHF 97.9M in FY2025, compounding −0.7%/yr from FY2021.

Growth Quality 63/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
CHF 2.9B
Latest YoY
+1.2%
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.
+1.4%
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.
+2.5%
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.
+4.6%
Revenue +3.5%/yr
FY21 CHF 2.5B
FY22 CHF 2.8B
FY23 CHF 2.8B
FY24 CHF 2.8B
FY25 CHF 2.9B
Net income −0.7%/yr
FY21 CHF 101M
FY22 CHF 19.3M
FY23 CHF 45.7M
FY24 CHF 42.2M
FY25 CHF 97.9M
Character of growth · EPS growth decomposed (2014-2025) −3.3 % p.a.
Revenue per share +7.5 pp

of which total revenue +8.2 pp · buybacks/dilution −0.8 pp

EBIT margin −5.6 pp
Tax rate −2.5 pp
Residual (interest, one-offs) −2.7 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). "Dorma Kaba Holding AG Fair Value". https://www.fairvalue-calculator.com/stock/DOKA

Peer Group

Building Products & Equipment · 245 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 58 · Above median
Fair Value upside +11% · Above median
Return on equity (TTM) 43% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 3% · Below median
Operating margin (TTM) 10% · Above median
Revenue growth -4% · Below median
Dividend yield (TTM) 1.7% · Below median
Debt / equity 1.72× · Higher than 75% of peers

Valuation Multiples vs Building Products & Equipment median · lower = cheaper

P/E (TTM) 28.5× · Pricier than median
P/B 9.95× · Pricier than 75% of peers
P/S (TTM) 0.98× · Pricier than median
P/FCF 17.5× · Pricier than 75% of peers
EV/EBITDA 7.3× · Cheaper than median
PEG 3.56× · Pricier than 75% of peers

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 47 · sector 0
FUTURE 0 · sector 11
PAST 100 · sector 23
HEALTH 14 · sector 94
DIVIDEND 34 · sector 41

Insider activity: 40/100

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 Building Products & Equipment stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Trane Technologies plc TT $483.96 $208.50 -57%
Johnson Controls International plc JCI $152.79 $44.75 -71%
Carrier Global Corporation CARR $63.08 $16.85 -73%
Compagnie de Saint-Gobain S.A SGO €84.24 €97.97 +16%
PT Impack Pratama Industri Tbk, IMPC 1,405 IDR 179.76 IDR -87%
NIBE Industrier AB NIBEB kr 38.91 kr 25.37 -35%
Beijing New Building Materials Public Limited 000786 ¥18.73 ¥31.73 +69%
Moon Environment Technology Co 000811 ¥42.22 ¥11.94 -72%
The Supreme Industries Limited SUPREMEIND ₹3,460 ₹1,376 -60%
Aditya Infotech Limited CPPLUS ₹3,899 ₹763.08 -80%

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Frequently asked questions

Is Dorma Kaba Holding AG (DOKA) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of CHF 65.91 versus a price of CHF 59.60, about +11% (undervalued).
What is the fair value of DOKA?
Our model-based fair value for Dorma Kaba Holding AG is CHF 65.91 (as of Aug 13, 2026), built from audited fundamentals. The current price is CHF 59.60.
What is the quality score of DOKA?
Dorma Kaba Holding AG has a Quality Score of 58/100. 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 Dorma Kaba Holding AG (DOKA)?
Dorma Kaba Holding AG reported trailing-twelve-month revenue of about CHF 2.8B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of DOKA?
The net profit margin of Dorma Kaba Holding AG is about 3.1%, meaning it keeps roughly 3.1% of revenue as net income. Based on the latest reported figures.
Does Dorma Kaba Holding AG pay a dividend?
Dorma Kaba Holding AG currently shows a dividend yield of about 1.77% 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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