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Intershop Holding (ISN) Fair Value & Analysis

Real Estate · CH · Market cap CHF 1.6B

IH Intershop Holding ISN · SW
PriceCHF 168.60
Fair ValueCHF 193.18
Upside+14.6%
Quality62/100
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Mixed Growth
Highly profitable · 178.7% net margin
Low debt · generates free cash flow
3.41% dividend yield
Ranks above peers (9/15)
Moderate moat 58/100
Evidence: High Range CHF 144.37 – CHF 297.55 Share as image

Fair value as of: Jul 12, 2026

From 16 valuation models · updated 28 days ago

Share price −3.1% over the past month.

A solid business, screening 15% undervalued on our models.

What matters now

  • A fairly wide model range (CHF 144.37 to CHF 297.55) 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 180.40 CHF 23.00 Fair Value CHF 193.18 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range CHF 23.00 – CHF 180.40 · fair‑value band CHF 144.37 – CHF 297.55 · the CHF 168.60 price screens below the CHF 193.18 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

Intershop Holding (ISN) currently trades at CHF 168.60, while our model-based Fair Value estimate is CHF 193.18, implying the stock looks roughly 14.6% undervalued today. The Quality Score stands at 62/100 (solid quality), in the Real Estate 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: high), always confirm before acting.

Trailing-twelve-month revenue stands at CHF 119M. Revenue grew 6.3% year over year. It earns a return on equity of 20.9%. Net debt stands at CHF 444M. Fundamentals as of Jul 12, 2026

Our scenario range runs from CHF 144.37 (bear case) to CHF 297.55 (bull case); at CHF 168.60, 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 share trades about 7% below its 52-week high and 29% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -2% fair-value upside, at 15%, ISN 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
Growth DCF CHF 8.93 CHF 20.17 CHF 38.79 80
Residual Income CHF 130.94 CHF 174.98 CHF 549.83 76
Rev-Margin DCF CHF 13.21 CHF 36.29 CHF 65.20 74
All 16 models by family
DCF Models
FCF DCF CHF 7.71 CHF 19.48 CHF 40.75 38
5Y Revenue Exit CHF 13.21 CHF 35.19 CHF 68.00 39
5Y EBITDA Exit CHF 174.93 CHF 310.76 CHF 494.41 41
10Y Revenue Exit CHF 9.20 CHF 25.94 CHF 44.61 36
10Y EBITDA Exit CHF 100.88 CHF 188.54 CHF 288.56 37
Dividend Discount
Gordon GGM CHF 42.73 CHF 48.21 CHF 54.47 70
DDM Multi-Stage CHF 42.73 CHF 52.97 CHF 64.78 61
Multiples
P/S Multiple CHF 56.48 CHF 75.31 CHF 94.14 58
P/B Multiple CHF 178.53 CHF 238.04 CHF 297.55 55
EV/EBIT CHF 472.18 CHF 641.22 CHF 810.27 53
EV/EBITDA CHF 357.24 CHF 487.97 CHF 618.70 54
EV/Revenue CHF 21.83 CHF 46.16 CHF 70.49 43
Asset-Based
NCAV (Graham) CHF 59.51 CHF 79.74 CHF 119.02 50
Growth DCF
Growth DCF CHF 8.93 CHF 20.17 CHF 38.79 80
Rev-Margin DCF CHF 13.21 CHF 36.29 CHF 65.20 74
Economic Profit
Residual Income CHF 130.94 CHF 174.98 CHF 549.83 76

Widest divergence: Multiples (CHF 238.04) versus Growth DCF (CHF 20.17). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) CHF 119M
Revenue growth (YoY) +6.3%
Net margin 179%
Return on equity 20.9%
Free cash flow CHF 47.4M FY2025
P/E ratio 7.8
More key figures
Operating margin 83.4%
EPS (TTM) CHF 23.09
Dividend yield 3.4%
EPS growth (YoY) -43.0%
Net debt CHF 444M FY2025

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 62 · Market factors (momentum, volatility) 67

Profitability 51
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 70
Balance sheet, leverage, solvency risk
Investment 75
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 61
Distance to the 52-week high (market factor)
Net Issuance 40
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

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.

Full company description

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. The company was incorporated in 2017 and is headquartered in Zurich, Switzerland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Intershop Holding 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.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
CHF 107M
Latest YoY
−2.1%
Avg. growth/yr (3Y)
−23.0%
Avg. growth/yr (5Y)
−1.9%
Avg. growth/yr (21Y)
+1.8%
Revenue −13.0%/yr
FY21 CHF 187M
FY22 CHF 234M
FY23 CHF 168M
FY24 CHF 109M
FY25 CHF 107M
Net income +10.2%/yr
FY21 CHF 144M
FY22 CHF 145M
FY23 CHF 82.5M
FY24 CHF 117M
FY25 CHF 213M

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

Peer Group

Real Estate Services · 521 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 62 · Above median
Fair Value upside +15% · Above median
Return on equity (TTM) 21% · Top 25%
Return on assets 3% · Top 25%
Net margin (TTM) 179% · Top 25%
Operating margin (TTM) 83% · Top 25%
Revenue growth 6% · Above median
Dividend yield (TTM) 3.4% · Above median
Debt / equity 0.34× · Higher than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 7.5× · Cheaper than median
P/B 1.81× · Pricier than 75% of peers
P/S (TTM) 16.64× · Pricier than 75% of peers
P/FCF 41.8× · Pricier than 75% of peers
EV/EBITDA 24.2× · Pricier than 75% of peers
PEG 6.57× · 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 53 · sector 37
FUTURE 32 · sector 10
PAST 84 · sector 16
HEALTH 83 · sector 85
DIVIDEND 68 · sector 49

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 Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
Vingroup Joint Stock Company VIC 223,000 VND 25,731 VND -88%
KE Holdings 2423 HK$44.76 HK$18.03 -60%
Swire Properties Limited 1972 HK$23.90 HK$18.75 -22%
Plaza S.A MALLPLAZA 3,725 CLP 5,571 CLP +50%
SAGAA SAGAA kr 170.00 kr 75.55 -56%
Cencosud Shopping S.A CENCOMALLS 2,324 CLP 2,976 CLP +28%
PT Sarana Menara Nusantara Tbk. owns and TOWR 372.00 IDR 1,208 IDR +225%
PT Metropolitan Kentjana Tbk MKPI 20,975 IDR 19,160 IDR -9%
PT Bangun Kosambi Sukses Tbk, CBDK 3,530 IDR 3,464 IDR -2%
IRSA Inversiones y Representaciones Sociedad Anónima, IRSA 2,495 ARS 3,998 ARS +60%

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Frequently asked questions

Is Intershop Holding (ISN) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of CHF 193.18 versus a price of CHF 168.60, about +15% (undervalued).
What is the fair value of ISN?
Our model-based fair value for Intershop Holding is CHF 193.18 (as of Jul 12, 2026), built from audited fundamentals. The current price is CHF 168.60.
What is the quality score of ISN?
Intershop Holding has a Quality Score of 62/100. 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 Intershop Holding (ISN)?
Intershop Holding reported trailing-twelve-month revenue of about CHF 119M (latest available figure, as of Jul 12, 2026).
What is the net profit margin of ISN?
The net profit margin of Intershop Holding is about 178.7%, meaning it keeps roughly 178.7% of revenue as net income. Based on the latest reported figures.
Does Intershop Holding pay a dividend?
Intershop Holding currently shows a dividend yield of about 3.40% relative to its recent price (as of Jul 12, 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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