Intershop Holding AG (ISN) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Intershop Holding AG stock CHF 54.73, price CHF 156, that is 64.9% below the price, quality 72 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range CHF 23.00 – CHF 180.40 · fair‑value band CHF 47.77 – CHF 76.66 · the CHF 156.00 price screens above the CHF 54.73 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Intershop Holding AG, a real estate company, focuses on the acquisition, development, management, and disposal of real estate properties in Switzerland. It also engages in the rental of office, education, light industrial, logistics, retail, restaurant, residential, and parking spaces.
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The company was incorporated in 2017 and is headquartered in Zurich, Switzerland.
Stock analysis
Intershop Holding AG (ISN) currently trades at CHF 156.00, while our model-based Fair Value estimate is CHF 54.73, 65% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of CHF 237.91 per share, and 6 of the 16 models we run sit above the CHF 156.00 price.
Bear case: the Growth DCF group reads lowest at CHF 40.44, and 10 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: CHF 47.77 (bear) to CHF 76.66 (bull), the price of CHF 156.00 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 72/100 (solid quality), in the Real Estate sector.
Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
Intershop Holding AG reported revenue of CHF 107M in FY2025 versus CHF 187M in FY2021, a compound −13.0%/yr. Reported net income was CHF 213M in FY2025, compounding +10.2%/yr from FY2021.
Key figures
Market cap CHF 1.4B Small · P/E ratio 13.8 · P/S ratio 12.0 · EPS (TTM) CHF 11.33 · Dividend yield 3.8% · Net margin 87.0% · Return on equity 9.6% · Return on assets (EBIT) 11.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 74 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at −65%, ISN screens richer than that median.
Fair Value models
BearCHF 47.77Fair Value CHF 54.73BullCHF 76.66
Price CHF 156.00 · Downside -64.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (CHF 4.56 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−21.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−25.6%
Dividend (yield on the price)3.8%
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.−11.1% vs −2.5%, slowing
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.80% → 265%
2025 sits 81% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 13.4%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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).
+22.2%
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 +21.5% a year for the price.
News mood ⓘNews mood, the average tone of recent news (13 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
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.Real Estate Services · 472 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score72 · Top 25%
Fair Value upside−64.9% · Bottom 25%
Profitability
Return on equity (12 months)9.6% · Above median
Return on assets11.8% · Top 25%
Net margin (12 months)87.0% · Top 25%
Operating margin (12 months)74.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)1.7% · Below median
Dividend yield (12 months)3.8% · Above median
Balance sheet
Debt / equity0.34× · Below median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
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). "Intershop Holding AG Fair Value". https://www.fairvalue-calculator.com/stock/ISN
Frequently asked questions
Is Intershop Holding AG (ISN) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of CHF 54.73 versus a price of CHF 156.00, about 65% lower (overvalued).
What is the fair value of ISN?
Our model-based fair value for Intershop Holding AG is CHF 54.73 (as of Nov 8, 2026), built from audited fundamentals. The current price: CHF 156.00.
What is the quality score of ISN?
Intershop Holding AG has a Quality Score of 72/100. 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 Intershop Holding AG (ISN)?
Our model-based price target is the fair value of CHF 54.73 (as of Nov 8, 2026) from 16 valuation models. Cautious scenario CHF 47.77, optimistic scenario CHF 76.66. It is a calculation from audited fundamentals, not an analyst target.
What is the Intershop Holding AG stock forecast for 2026?
Our models put fair value at CHF 54.73, about 65% lower versus a price of CHF 156.00 (overvalued). Cautious scenario CHF 47.77, optimistic scenario CHF 76.66. The calculation is refreshed regularly with new filings.
What is the revenue of Intershop Holding AG (ISN)?
Intershop Holding AG reported trailing-twelve-month revenue of about CHF 120M (latest available figure, as of Nov 8, 2026).
Does Intershop Holding AG pay a dividend?
Intershop Holding AG currently shows a dividend yield of 3.85% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Intershop Holding AG (ISN) and when is the ex-dividend date?
Intershop Holding AG pays a dividend of CHF 6.00 per share a year, a dividend yield of 3.8%. The last ex-dividend date was Apr 2, 2026. A dividend has been paid every year since 2004. The payout ratio is 154% of earnings (on adjusted earnings, reported 53.0%). Free cash flow covers the dividend 0.86 times. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What growth is priced into Intershop Holding AG (ISN)?
For today's price to be fair in a discounted-cash-flow model, Intershop Holding AG would have to grow free cash flow by +22.2 % 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 -1.9 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of ISN use?
Our models discount Intershop Holding AG at 9.6 %: a base by market capitalisation (small), damped by beta 0.28, 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 Intershop Holding AG that is +22.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Intershop Holding AG (ISN) delivered so far?
Over the past 5 years revenue at Intershop Holding AG grew -1.9 % a year. The price currently implies free-cash-flow growth of +22.2 % per 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 Intershop Holding AG (ISN) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Intershop Holding AG (+22.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Intershop Holding AG (ISN)?
The free-cash-flow yield on the price is 3.30 %: that much free cash flow Intershop 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 Intershop Holding AG (ISN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Intershop Holding AG it is CHF 54.73 per share (as of Nov 8, 2026), against a price of CHF 156.00. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Intershop Holding AG stock overvalued or undervalued in 2026?
As of Nov 8, 2026, ISN trades above its calculated fair value: price CHF 156.00, fair value CHF 54.73, a gap of about −65% (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 ISN?
No. The price is what the market pays today (CHF 156.00); the fair value is what the company's own numbers justify (CHF 54.73). For Intershop Holding AG the two are CHF 101.27 per share apart. That gap is exactly why we show both numbers side by side.
How much is Intershop Holding AG worth?
The market values Intershop Holding AG at about CHF 1.4B (market capitalisation, as of Nov 8, 2026). Per share that is CHF 156.00; our models calculate a fair value of CHF 54.73 per share.
What do the bullish and bearish scenarios say about ISN?
Our models span a range for Intershop Holding AG: cautious scenario CHF 47.77, base CHF 54.73, optimistic CHF 76.66 per share (as of Nov 8, 2026, price CHF 156.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ISN?
Intershop Holding AG trades at a price-to-earnings ratio of 13.8 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 54.73 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 19.6 (reported for FY2025: 6.8). Other multiples: PEG 6.6, P/B 1.3, P/S 12.0, EV/EBITDA 18.3.
What is the PEG ratio of ISN?
The PEG ratio of Intershop Holding AG is 6.57 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Intershop Holding AG (ISN)?
Balance-sheet figures for Intershop Holding AG (as of Nov 8, 2026): return on equity 9.6%, debt of 0.34 per unit of equity. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is ISN from its 52-week high?
Intershop Holding AG trades at CHF 156.00, about 14% below its 52-week high of CHF 180.40 and 4% above the low of CHF 150.35 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 54.73 is for.
Which stocks are comparable to Intershop Holding AG?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties 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 Intershop Holding AG stock attractive at the current price?
The data as of Nov 8, 2026: price CHF 156.00, calculated fair value CHF 54.73 (−65%), Quality Score 72/100, 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 ISN calculated?
We run Intershop Holding AG through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of CHF 54.73 builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. Intershop 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 Intershop Holding AG (ISN)?
The closing price on Nov 6, 2026 was CHF 156.00. Our model-based fair value is CHF 54.73, about 65% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Intershop Holding AG right now?
The price sits above even our optimistic bull case (CHF 76.66). The favourable scenario is already priced in. Solid but not exceptional quality (72/100) 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 Intershop Holding AG (ISN) come from?
Earnings per share at Intershop Holding AG grew −7.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share −13.4 %, EBIT margin +6.4 %, tax rate −0.4 %, residual (interest, one-offs) +1.1 %. 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 Intershop Holding AG
How large is the market capitalisation of Intershop Holding AG (ISN)?
The market capitalisation of Intershop Holding AG is CHF 1.4B. 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 Intershop Holding AG (ISN)?
The price-to-sales ratio of Intershop Holding AG is 12.0 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Intershop Holding AG (ISN)?
Earnings per share at Intershop Holding AG are CHF 11.33 (price ÷ EPS = P/E 13.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Intershop Holding AG (ISN)?
The dividend yield of Intershop Holding AG is 3.8% (payout 154%, on adjusted earnings, reported 53.0%). 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 Intershop Holding AG (ISN)?
The net margin of Intershop Holding AG is 87.0% (last twelve months). 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 Intershop Holding AG (ISN)?
The return on equity (ROE) of Intershop Holding AG is 9.6% (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 Intershop Holding AG (ISN)?
On an EBIT basis the return on assets of Intershop Holding AG is 11.4% (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 Intershop Holding AG (ISN)?
The operating margin of Intershop Holding AG is 74.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Intershop Holding AG (ISN)?
Revenue at Intershop Holding AG is growing +1.7% versus a year earlier (3y avg −23.0%). 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 Intershop Holding AG (ISN)?
Earnings per share at Intershop Holding AG are growing −61.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Intershop Holding AG (ISN) carry?
The net debt of Intershop Holding AG is CHF 444M (fiscal year 2025, ≈ 9.4 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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Broad data
Nov 8, 2026