HIAG Immobilien Holding AG (HIAG) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of HIAG Immobilien Holding AG CHF 57.76, price CHF 129, upside -55.1%, quality 64 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 24, 2026.
How to read this chart
60‑month range CHF 65.18 – CHF 141.95 · fair‑value band CHF 28.64 – CHF 131.37 · the CHF 128.60 price screens above the CHF 57.76 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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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.
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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.
Stock analysis
HIAG Immobilien Holding AG (HIAG) currently trades at CHF 128.60, while our model-based Fair Value estimate is CHF 57.76, implying the stock looks roughly 122.7% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of CHF 106.46 per share, and 1 of the 14 models we run sit above the CHF 128.60 price.
Bear case: the Dividend Discount group reads lowest at CHF 42.15, and 13 of the 14 models stay below the price. Evidence for this calculation is high.
Scenario range: CHF 28.64 (bear) to CHF 131.37 (bull), the price of CHF 128.60 sits inside 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 64/100 (solid quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
HIAG Immobilien Holding AG 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.
Key figures
Market cap CHF 1.3B · P/E ratio 11.3 · P/S ratio 7.85 · EPS (TTM) CHF 11.38 · Dividend yield 2.8% · Net margin 69.5% · Return on equity 9.9% · Return on assets (EBIT) 3.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 0% fair-value upside, at −55%, HIAG screens richer than that median.
Fair Value models
Bear CHF 28.64Fair Value CHF 57.76Bull CHF 131.37
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 2025 figures (about 9 months old). Earnings retained since then (CHF 5.66 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
+21.7%
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.
+19.5%
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.
+13.8%
Start year 2020 (pandemic). Over 10 years: +12.2% a year
Revenue growth 16 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.
+11.2%
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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. Basis: EBIT basis.
≈ +11.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.9%
Dividend (yield on the price)2.8%
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.6% vs 6%, steady
Profit margin 2020 to 2025 ⓘ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.48% → 52%
Start year 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 53% above its own trend.
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).
+42.6%
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 +41.8% a year for the price.
Compare HIAG Immobilien Holding AG with another stock
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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.Real Estate - Diversified · 132 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score64 · Top 25%
Fair Value upside−55% · Bottom 25%
Profitability
Return on equity (TTM)10% · Top 25%
Return on assets3% · Above median
Net margin (TTM)70% · Top 25%
Operating margin (TTM)50% · Top 25%
Growth and dividend
Revenue growth79% · Top 25%
Dividend yield (TTM)2.8% · Above median
Balance sheet
Debt / equity0.52× · Above median
Valuation Multiplesvs Real Estate - Diversified median · lower = cheaper
P/E (TTM)11.3× · Cheaper than median
P/B1.31× · Priciest 25%
P/S (TTM)9.59× · Priciest 25%
P/FCF84.8× · Priciest 25%
EV/EBITDA24.7× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 44
FUTURE (revenue growth)100· sector 31
PAST (return on equity)39· sector 20
HEALTH (low debt)74· sector 75
DIVIDEND (yield)57· sector 55
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). "HIAG Immobilien Holding AG Fair Value". https://www.fairvalue-calculator.com/stock/HIAG
Frequently asked questions
Is HIAG Immobilien Holding AG (HIAG) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of CHF 57.76 versus a price of CHF 128.60, about −55% upside (overvalued).
What is the fair value of HIAG?
Our model-based fair value for HIAG Immobilien Holding AG is CHF 57.76 (as of Sep 24, 2026), built from audited fundamentals. The current price: CHF 128.60.
What is the quality score of HIAG?
HIAG Immobilien Holding AG 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 price target for HIAG Immobilien Holding AG (HIAG)?
Our model-based price target is the fair value of CHF 57.76 (as of Sep 24, 2026) from 16 valuation models. Cautious scenario CHF 28.64, optimistic scenario CHF 131.37. It is a calculation from audited fundamentals, not an analyst target.
What is the HIAG Immobilien Holding AG stock forecast for 2026?
Our models put fair value at CHF 57.76, about −55% upside versus a price of CHF 128.60 (overvalued). Cautious scenario CHF 28.64, optimistic scenario CHF 131.37. The calculation is refreshed regularly with new filings.
What is the revenue of HIAG Immobilien Holding AG (HIAG)?
HIAG Immobilien Holding AG reported trailing-twelve-month revenue of about CHF 165M (latest available figure, as of Sep 24, 2026).
Does HIAG Immobilien Holding AG pay a dividend?
HIAG Immobilien Holding AG currently shows a dividend yield of about 2.83% relative to its recent price (as of Sep 24, 2026).
What growth is priced into HIAG Immobilien Holding AG (HIAG)?
For today's price to be fair in a discounted-cash-flow model, HIAG Immobilien Holding AG would have to grow free cash flow by +42.6 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of HIAG use?
Our models discount HIAG Immobilien Holding AG at 9.6 %: a base by market capitalisation (small), damped by beta 0.34, 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 HIAG Immobilien Holding AG that is +42.6 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has HIAG Immobilien Holding AG (HIAG) delivered so far?
Over the past 5 years revenue at HIAG Immobilien Holding AG grew +13.8 % a year. The price currently implies +42.6 % 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 HIAG Immobilien Holding AG (HIAG) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into HIAG Immobilien Holding AG (+42.6 % 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 HIAG Immobilien Holding AG (HIAG)?
The free-cash-flow yield on the price is 1.44 %: that much free cash flow HIAG Immobilien Holding AG produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of HIAG Immobilien Holding AG (HIAG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HIAG Immobilien Holding AG it is CHF 57.76 per share (as of Sep 24, 2026), against a price of CHF 128.60. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is HIAG Immobilien Holding AG stock overvalued or undervalued in 2026?
As of Sep 24, 2026, HIAG trades above its calculated fair value: price CHF 128.60, fair value CHF 57.76, a gap of about −55% (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 HIAG?
No. The price is what the market pays today (CHF 128.60); the fair value is what the company's own numbers justify (CHF 57.76). For HIAG Immobilien Holding AG the two are CHF 70.84 per share apart. That gap is exactly why we show both numbers side by side.
How much is HIAG Immobilien Holding AG worth?
The market values HIAG Immobilien Holding AG at about CHF 1.3B (market capitalisation, as of Sep 24, 2026). Per share that is CHF 128.60; our models calculate a fair value of CHF 57.76 per share.
What do the bullish and bearish scenarios say about HIAG?
Our models span a range for HIAG Immobilien Holding AG: cautious scenario CHF 28.64, base CHF 57.76, optimistic CHF 131.37 per share (as of Sep 24, 2026, price CHF 128.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HIAG?
HIAG Immobilien Holding AG trades at a price-to-earnings ratio of 11.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 57.76 is built from several models across several years. Other multiples: P/B 1.3, P/S 9.6, EV/EBITDA 24.7.
How solid is the balance sheet of HIAG Immobilien Holding AG (HIAG)?
Balance-sheet figures for HIAG Immobilien Holding AG (as of Sep 24, 2026): return on equity 9.9%, debt of 0.52 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is HIAG from its 52-week high?
HIAG Immobilien Holding AG trades at CHF 128.60, about 9% below its 52-week high of CHF 141.95 and 22% above the low of CHF 105.29 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 57.76 is for.
Which stocks are comparable to HIAG Immobilien Holding AG?
From the same area (Real Estate) we also value Swiss Prime Site AG, Central Pattana Public Company, Prestige Estates Projects Limited, The Phoenix Mills Limited, 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 HIAG Immobilien Holding AG stock attractive at the current price?
The data as of Sep 24, 2026: price CHF 128.60, calculated fair value CHF 57.76 (−55%), Quality Score 64/100, from 16 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 HIAG calculated?
We run HIAG Immobilien Holding AG through 16 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 57.76, 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. HIAG Immobilien 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 HIAG Immobilien Holding AG (HIAG)?
The closing price on Sep 23, 2026 was CHF 128.60. Our model-based fair value is CHF 57.76, about −55% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HIAG Immobilien Holding AG right now?
The model range is unusually wide (CHF 28.64 to CHF 131.37). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of HIAG Immobilien Holding AG (HIAG) come from?
Earnings per share at HIAG Immobilien Holding AG grew +1.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.0 %, EBIT margin −0.3 %, tax rate −0.4 %, residual (interest, one-offs) −5.8 %. 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 HIAG Immobilien Holding AG
How large is the market capitalisation of HIAG Immobilien Holding AG (HIAG)?
The market capitalisation of HIAG Immobilien Holding AG is CHF 1.3B. 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 HIAG Immobilien Holding AG (HIAG)?
The price-to-sales ratio of HIAG Immobilien Holding AG is 7.85 (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 HIAG Immobilien Holding AG (HIAG)?
Earnings per share at HIAG Immobilien Holding AG are CHF 11.38 (price ÷ EPS = P/E 11.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of HIAG Immobilien Holding AG (HIAG)?
The dividend yield of HIAG Immobilien Holding AG is 2.8% (payout 32.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of HIAG Immobilien Holding AG (HIAG)?
The net margin of HIAG Immobilien Holding AG is 69.5% (fiscal year 2025). 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 HIAG Immobilien Holding AG (HIAG)?
The return on equity (ROE) of HIAG Immobilien 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 HIAG Immobilien Holding AG (HIAG)?
On an EBIT basis the return on assets of HIAG Immobilien Holding AG is 3.7% (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 HIAG Immobilien Holding AG (HIAG)?
The operating margin of HIAG Immobilien Holding AG is 50.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HIAG Immobilien Holding AG (HIAG)?
Revenue at HIAG Immobilien Holding AG is growing +79.0% versus a year earlier (3y avg +19.5%). 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 HIAG Immobilien Holding AG (HIAG)?
Earnings per share at HIAG Immobilien Holding AG are growing +80.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does HIAG Immobilien Holding AG (HIAG) carry?
The net debt of HIAG Immobilien Holding AG is CHF 748M (fiscal year 2025, ≈ 40.0 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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