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HIAG Immobilien Holding (HIAG) Fair Value & Analysis

Real Estate · CH · Market cap CHF 1.4B

HI HIAG Immobilien Holding HIAG · SW
PriceCHF 128.40
Fair ValueCHF 106.46
Upside-17.1%
Quality64/100
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Expensive Growth
Highly profitable · 69.6% net margin
Moderate debt · generates free cash flow
2.73% dividend yield
Mixed vs. peers (7/14)
Wide moat 67/100
Evidence: High Range CHF 66.54 – CHF 133.08 Share as image

Fair value as of: Jul 16, 2026

From 14 valuation models · updated 25 days ago

Share price −6.4% over the past month.

A solid business, but screening 17% overvalued on our models.

What matters now

  • Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (CHF 66.54 to CHF 133.08) leaves room in how you read the outcome.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

CHF 141.95 CHF 65.18 Fair Value CHF 106.46 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range CHF 65.18 – CHF 141.95 · fair‑value band CHF 66.54 – CHF 133.08 · the CHF 128.40 price screens above the CHF 106.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

Full chart & analysis →

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Analysis

HIAG Immobilien Holding (HIAG) currently trades at CHF 128.40, while our model-based Fair Value estimate is CHF 106.46, implying the stock looks roughly 17.1% overvalued today. The Quality Score stands at 64/100 (solid quality), in the Real Estate 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, HIAG Immobilien Holding generated revenue of CHF 165M at a net margin of 69.6%. Revenue grew 79.0% year over year. It earns a return on equity of 9.9%. Net debt stands at CHF 748M. Fundamentals as of Jul 16, 2026

Our scenario range runs from CHF 66.54 (bear case) to CHF 133.08 (bull case); at CHF 128.40, 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 share trades about 11% below its 52-week high and 31% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -30% fair-value upside, at -17%, HIAG 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 BearBaseBull Evidence
Highest evidence
Residual Income CHF 97.38 CHF 104.79 CHF 118.81 76
Rev-Margin DCF CHF 42.68 CHF 102.87 74
Gordon GGM CHF 25.61 CHF 46.14 CHF 63.52 70
All 14 models by family
DCF Models
5Y Revenue Exit CHF 44.74 CHF 113.05 39
5Y EBITDA Exit CHF 10.25 CHF 75.50 CHF 157.81 41
10Y Revenue Exit CHF 18.53 CHF 80.65 36
10Y EBITDA Exit CHF 38.94 CHF 114.35 37
Dividend Discount
Gordon GGM CHF 25.61 CHF 46.14 CHF 63.52 70
DDM Multi-Stage CHF 25.61 CHF 42.15 CHF 49.29 61
Multiples
P/S Multiple CHF 79.85 CHF 106.46 CHF 133.08 58
P/B Multiple CHF 145.09 CHF 193.45 CHF 241.81 55
EV/EBIT CHF 81.37 CHF 128.20 CHF 175.04 53
EV/EBITDA CHF 50.66 CHF 87.25 CHF 123.85 54
EV/Revenue CHF 18.36 CHF 51.56 CHF 84.77 43
Asset-Based
NCAV (Graham) CHF 59.70 CHF 80.00 CHF 119.40 50
Growth DCF
Rev-Margin DCF CHF 42.68 CHF 102.87 74
Economic Profit
Residual Income CHF 97.38 CHF 104.79 CHF 118.81 76

Widest divergence: Multiples (CHF 106.46) versus DCF Models (CHF 38.94). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) CHF 165M
Revenue growth (YoY) +79.0%
Net margin 69.6%
Return on equity 9.9%
Free cash flow CHF 18.7M FY2025
P/E ratio 11.8
More key figures
Operating margin 50.2%
EPS (TTM) CHF 11.38
Dividend yield 2.7%
EPS growth (YoY) +80.4%
Net debt CHF 748M FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 59 · Market factors (momentum, volatility) 67

Profitability 39
Margins and returns on capital today
Quality Growth 71
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 50
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 62
Distance to the 52-week high (market factor)
Net Issuance 81
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

HIAG Immobilien Holding AG provides site and project development services in Switzerland. The company operates through three segments: Site Development, Portfolio and Asset Management, and Transaction.

Full company description

HIAG Immobilien Holding AG provides site and project development services in Switzerland. The company operates through three segments: Site Development, Portfolio and Asset Management, and Transaction. It engages in the management and maintenance of properties; site and project development, including interim use, implementation, and transaction management to the investment property portfolio; and implementation of the capital recycling strategy. The company was founded in 1876 and is headquartered in Basel, Switzerland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

HIAG Immobilien Holding reported revenue of CHF 166M in FY2025 versus CHF 90.3M in FY2021, a compound +16.4%/yr. Reported net income was CHF 115M in FY2025, compounding +6.6%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
CHF 166M
Latest YoY
+21.7%
Avg. growth/yr (3Y)
+19.5%
Avg. growth/yr (5Y)
+13.8%
Avg. growth/yr (16Y)
+11.2%
Revenue +16.4%/yr
FY21 CHF 90.3M
FY22 CHF 97.0M
FY23 CHF 135M
FY24 CHF 136M
FY25 CHF 166M
Net income +6.6%/yr
FY21 CHF 89.3M
FY22 CHF 99.4M
FY23 CHF 47.0M
FY24 CHF 75.2M
FY25 CHF 115M

HIAG screens 17% overvalued. Compare with Swiss Prime Site AG →

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

Peer Group

Real Estate - Diversified · 138 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 64 · Top 25%
Fair Value upside −17% · Below median
Return on equity (TTM) 10% · Top 25%
Return on assets 3% · Above median
Net margin (TTM) 70% · Top 25%
Operating margin (TTM) 50% · Top 25%
Revenue growth 79% · Top 25%
Dividend yield (TTM) 2.7% · Above median
Debt / equity 0.52× · Higher than median

Valuation Multiples vs Real Estate - Diversified median · lower = cheaper

P/E (TTM) 11.8× · Pricier than median
P/B 1.39× · Pricier than 75% of peers
P/S (TTM) 10.15× · Pricier than 75% of peers
P/FCF 89.8× · Pricier than 75% of peers
EV/EBITDA 25.7× · 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 11 · sector 46
FUTURE 100 · sector 33
PAST 39 · sector 17
HEALTH 74 · sector 75
DIVIDEND 55 · sector 45

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.

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10 more Real Estate - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

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Frequently asked questions

Is HIAG Immobilien Holding (HIAG) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of CHF 106.46 versus a price of CHF 128.40, about −17% (overvalued).
What is the fair value of HIAG?
Our model-based fair value for HIAG Immobilien Holding is CHF 106.46 (as of Jul 16, 2026), built from audited fundamentals. The current price is CHF 128.40.
What is the quality score of HIAG?
HIAG Immobilien Holding has a Quality Score of 64/100. 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 HIAG Immobilien Holding (HIAG)?
HIAG Immobilien Holding reported trailing-twelve-month revenue of about CHF 165M (latest available figure, as of Jul 16, 2026).
What is the net profit margin of HIAG?
The net profit margin of HIAG Immobilien Holding is about 69.6%, meaning it keeps roughly 69.6% of revenue as net income. Based on the latest reported figures.
Does HIAG Immobilien Holding pay a dividend?
HIAG Immobilien Holding currently shows a dividend yield of about 2.74% relative to its recent price (as of Jul 16, 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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