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Fenix Outdoor International AG (FOI-B) Fair Value & Analysis

Consumer Cyclical · SE · Market cap 5.6B SEK (≈ $587M) · ISIN CH0242214887

What is Fenix Outdoor International AG really worth?

FO Fenix Outdoor International AG FOI-B · ST
Pricekr 311.00
Fair Valuekr 105.46
Upside−66.1%
Quality59/100

A solid business, but trading 195% above our fair value of kr 105.46.

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Strengths

Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y +4.3 %/yr)
!Thin margins · 1.4% net margin
!Trails peers (4/14)
!Narrow moat 25/100
!Weak on future: 26 out of 100
!Weak on past: 10 out of 100

For context

·9.65% dividend yield
Evidence: High Range kr 79.10 – kr 131.83

Fair value as of: Aug 29, 2026

From 24 valuation models · updated 7 days ago

Fair value updated Aug 29, 2026, revised from kr 85.91 to kr 105.46 (+22.8%) since Aug 13, 2026. Share price −12.6% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (kr 131.83). The favourable scenario is already priced in.
  • Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

kr 1,355 kr 308.00 Fair Value kr 105.46 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.

How to read this chart

60‑month range kr 308.00 – kr 1,355 · fair‑value band kr 79.10 – kr 131.83 · the kr 311.00 price screens above the kr 105.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 29, 2026.

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Analysis

Fenix Outdoor International AG (FOI-B) currently trades at kr 311.00, while our model-based Fair Value estimate is kr 105.46, implying the stock looks roughly 194.9% overvalued today. The Quality Score stands at 59/100 (solid quality), in the Consumer Cyclical sector. Bull case: the DCF Models group reads highest at a median of kr 483.07 per share, and 12 of the 24 models we run sit above the kr 311.00 price. Bear case: the Earnings-Based group reads lowest at kr 35.05, and 12 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Fenix Outdoor International AG generated revenue of €703M at a net margin of 1.4%. Revenue grew 5.2% year over year. It earns a return on equity of 2.4%. Net debt stands at €146M. Fundamentals as of Aug 29, 2026

Our scenario range runs from kr 79.10 (bear case) to kr 131.83 (bull case); at kr 311.00, 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 about 43% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −11% fair-value upside, at −66%, FOI-B screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF kr 385.24 kr 588.43 kr 896.15 77
Growth DCF kr 388.03 kr 562.97 kr 809.35 76
EPV kr 161.75 kr 181.75 kr 198.96 74
All 24 models by family
DCF Models
FCF DCF kr 385.24 kr 588.43 kr 896.15 77
Owner Earnings kr 430.60 kr 660.08 kr 1,008 73
5Y Revenue Exit kr 316.28 kr 476.79 kr 682.04 70
5Y EBITDA Exit kr 590.18 kr 1,002 kr 1,493 72
5Y P/E Exit kr 201.85 kr 257.41 kr 313.39 70
10Y Revenue Exit kr 330.61 kr 483.07 kr 690.39 65
10Y EBITDA Exit kr 510.60 kr 843.99 kr 1,309 65
10Y P/E Exit kr 266.18 kr 332.26 kr 409.16 63
Earnings-Based
Graham-Dodd kr 30.21 kr 105.46 kr 141.75 62
Lynch FV kr 24.54 kr 35.05 kr 45.57 59
PEG = 1.0 kr 24.54 kr 35.05 kr 45.57 55
EPV kr 161.75 kr 181.75 kr 198.96 74
Multiples
P/E Multiple kr 73.40 kr 97.83 kr 122.26 63
P/S Multiple kr 56.70 kr 75.56 kr 94.53 58
P/B Multiple kr 56.70 kr 75.56 kr 94.53 55
EV/EBIT kr 410.91 kr 536.17 kr 661.42 66
EV/EBITDA kr 780.38 kr 1,029 kr 1,277 67
EV/Revenue kr 288.55 kr 397.10 kr 505.55 54
Asset-Based
NCAV (Graham) kr 178.76 kr 239.58 kr 357.62 54
Growth DCF
Growth DCF kr 388.03 kr 562.97 kr 809.35 76
Rev-Margin DCF kr 316.28 kr 477.82 kr 669.98 70
Economic Profit
Residual Income kr 242.05 kr 224.22 kr 163.19 74
ROIC Compounder kr 161.75 kr 181.75 kr 198.96 70
Growth Earnings
Growth-Adj P/E kr 62.88 kr 89.79 kr 116.70 65

Widest divergence: DCF Models (kr 483.07) versus Earnings-Based (kr 35.05). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 94.3 as of Jul 19, 2026
P/S ratio 0.65 P/E × margin
EPS (TTM) kr 4.42 price ÷ EPS = P/E 94.3
Dividend yield 9.6%
Net margin 0.7% FY2025
Return on equity 2.4% TTM
More key figures
Profitability
Return on assets (EBIT) 8.4% avg 5y
Operating margin 4.0% TTM
Growth
Revenue (TTM) €703M TTM
Revenue growth (YoY) +5.2% 3y avg −2.9%
EPS growth (YoY) +23.8%
Balance sheet & cash flow
Free cash flow €33.7M FY2025
Net debt €146M FY2025 · ≈ 4.3 yrs of FCF

Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 59 · Market factors (momentum, volatility) 28

Profitability 45
Margins and returns on capital today
Quality Growth 38
Are margins and returns improving?
Cashflow 52
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 11
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 76
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Fenix Outdoor International AG, together with its subsidiaries, develops and markets outdoor products worldwide. The company operates through three segments: Brands, Global Sales, and Frilufts. It offers apparel, daypacks, backpacks, sleeping bags, tents, bags, outdoor shoes, and boots.

Full company description

Fenix Outdoor International AG, together with its subsidiaries, develops and markets outdoor products worldwide. The company operates through three segments: Brands, Global Sales, and Frilufts. It offers apparel, daypacks, backpacks, sleeping bags, tents, bags, outdoor shoes, and boots. The company also operates outdoor retail chains; brand retail shops; and e-commerce business. It sells its products under the Fjällräven, Hanwag, Royal Robbins, Devold, and Tierra brand names. Fenix Outdoor International AG was founded in 1960 and is based in Zug, Switzerland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Fenix Outdoor International AG reported revenue of €695M in FY2025 versus €650M in FY2021, a compound +1.7%/yr. Reported net income was €4.8M in FY2025, compounding −46.0%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€695M
Latest YoY
+1.3%
Avg. revenue 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.
−2.9%
Avg. revenue 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.
+4.3%
Avg. revenue growth/yr (17Y) 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.
+12.9%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−29.4% (−39.0 + 9.6)
Revenue +1.7%/yr
FY21 €650M
FY22 €759M
FY23 €740M
FY24 €686M
FY25 €695M
Net income −46.0%/yr
FY21 €56.2M
FY22 €60.6M
FY23 €31.6M
FY24 €14.6M
FY25 €4.8M
Character of growth · EPS growth decomposed (2014-2025) −7.4 % p.a.
Revenue per share +6.8 %

of which total revenue +6.8 % · buybacks/dilution +0.0 %

EBIT margin −6.7 %
Tax rate −4.8 %
Residual (interest, one-offs) −2.4 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

FOI-B screens 195% overvalued. Compare with Alimentation Couche-Tard Inc →

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Cite: Fair Value Calculator (2026). "Fenix Outdoor International AG Fair Value". https://www.fairvalue-calculator.com/stock/FOI-B

Peer Group

Specialty Retail · 220 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 59 · Above median
Fair Value upside −66% · Bottom 25%
Return on equity (TTM) 2% · Below median
Return on assets 3% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 4% · Above median
Revenue growth 5% · Above median
Dividend yield (TTM) 9.6% · Top 25%
Debt / equity 0.09× · Higher than median

Valuation Multiples vs Specialty Retail median · lower = cheaper

P/E (TTM) 94.3× · Pricier than 75% of peers
P/B 1.53× · Pricier than median
P/S (TTM) 0.84× · Pricier than median
P/FCF 17.4× · Pricier than 75% of peers
EV/EBITDA 11.2× · Pricier than median

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 31
FUTURE26 · sector 25
PAST10 · sector 27
HEALTH96 · sector 96
DIVIDEND100 · sector 57

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

Similar stocks

10 more Specialty Retail stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).

Stock Price Fair Value vs Fair Value
Alimentation Couche-Tard Inc ATD C$89.93 C$104.32 +16%
Casey's General Stores, Inc CASY $755.47 $398.90 −47%
Williams-Sonoma, Inc WSM $235.09 $162.63 −31%
Ulta Beauty, Inc ULTA $537.10 $475.40 −11%
DICK'S Sporting Goods, Inc DKS $202.66 $181.10 −11%
Best Buy Co BBY $82.44 $108.04 +31%
China Tourism Group 601888 ¥54.97 ¥40.40 −27%
Tractor Supply Company TSCO $34.72 $35.52 +2%
Five Below, Inc FIVE $259.41 $117.29 −55%
Murphy USA Inc MUSA $574.12 $423.35 −26%

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Frequently asked questions

Is Fenix Outdoor International AG (FOI-B) overvalued or undervalued?
As of Aug 29, 2026, our model estimates a fair value of kr 105.46 versus a price of kr 311.00, about −66% upside (overvalued).
What is the fair value of FOI-B?
Our model-based fair value for Fenix Outdoor International AG is kr 105.46 (as of Aug 29, 2026), built from audited fundamentals. The current price: kr 311.00.
What is the quality score of FOI-B?
Fenix Outdoor International AG has a Quality Score of 59/100. 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 Fenix Outdoor International AG (FOI-B)?
Fenix Outdoor International AG reported trailing-twelve-month revenue of about €703M (latest available figure, as of Aug 29, 2026).
What is the net profit margin of FOI-B?
The net profit margin of Fenix Outdoor International AG is about 1.4%, meaning it keeps roughly 1.4% of revenue as net income. Based on the latest reported figures.
Does Fenix Outdoor International AG pay a dividend?
Fenix Outdoor International AG currently shows a dividend yield of about 9.65% relative to its recent price (as of Aug 29, 2026).
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