IVF Hartmann Holding AG (VBSN) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of IVF Hartmann Holding AG CHF 134, price CHF 124, upside +8.3%, quality 67 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 23, 2026.
How to read this chart
60‑month range CHF 91.49 – CHF 158.98 · fair‑value band CHF 111.39 – CHF 170.18 · the CHF 124.00 price screens below the CHF 134.27 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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IVF Hartmann Holding AG provides medical consumer goods in Switzerland and internationally. The company offers medical devices; hygiene products, body care, hair care, and breast feeding aids; and disinfectants.
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IVF Hartmann Holding AG provides medical consumer goods in Switzerland and internationally. The company offers medical devices; hygiene products, body care, hair care, and breast feeding aids; and disinfectants. It also provides household items, including film products, hygiene papers, catering supplies, cleaning papers and textiles, and other household items. The company was formerly known as IVF and changed its name to IVF Hartmann Holding AG in 1993. The company was founded in 1870 and is headquartered in Neuhausen am Rheinfall, Switzerland. IVF Hartmann Holding AG operates as a subsidiary of Paul Hartmann Finance B.V.
Stock analysis
IVF Hartmann Holding AG (VBSN) currently trades at CHF 124.00, while our model-based Fair Value estimate is CHF 134.27, implying the stock looks roughly 7.6% fairly valued today.
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Valuation
Bull case: the Multiples group reads highest at a median of CHF 131.68 per share, and 14 of the 24 models we run sit above the CHF 124.00 price.
Bear case: the Asset-Based group reads lowest at CHF 43.73, and 10 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: CHF 111.39 (bear) to CHF 170.18 (bull), the price of CHF 124.00 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 67/100 (solid quality), in the Healthcare sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
IVF Hartmann Holding AG reported revenue of CHF 162M in FY2025 versus CHF 144M in FY2021, a compound +2.9%/yr. Reported net income was CHF 18.3M in FY2025, compounding +31.0%/yr from FY2021.
Key figures
Market cap CHF 298M · P/E ratio 16.3 · P/S ratio 1.84 · EPS (TTM) CHF 7.62 · Dividend yield 3.1% · Net margin 11.3% · Return on equity 11.9% · Return on assets (EBIT) 7.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −13% fair-value upside, at 8%, VBSN screens cheaper than that median.
Fair Value models
Bear CHF 111.39Fair Value CHF 134.27Bull CHF 170.18
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 2.80 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.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+1.8%
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.
+2.4%
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.
−1.3%
Start year 2020 (pandemic). Over 10 years: +2.0% a year
Revenue growth 23 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.
+2.0%
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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.
+11.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.3%
Dividend (yield on the price)3.1%
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.8% vs 1%, picking up
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.10% → 11%
Start year 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
−2.1%
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 −2.7% a year for the price.
Compare IVF Hartmann 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.Medical Instruments & Supplies · 204 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside+8% · Above median
Profitability
Return on equity (TTM)12% · Above median
Return on assets7% · Top 25%
Net margin (TTM)11% · Above median
Operating margin (TTM)14% · Above median
Growth and dividend
Revenue growth3% · Below median
Dividend yield (TTM)3.1% · Above median
Valuation Multiplesvs Medical Instruments & Supplies median · lower = cheaper
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Cite: Fair Value Calculator (2026). "IVF Hartmann Holding AG Fair Value". https://www.fairvalue-calculator.com/stock/VBSN
Frequently asked questions
Is IVF Hartmann Holding AG (VBSN) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of CHF 134.27 versus a price of CHF 124.00, about +8% upside (fairly valued).
What is the fair value of VBSN?
Our model-based fair value for IVF Hartmann Holding AG is CHF 134.27 (as of Sep 23, 2026), built from audited fundamentals. The current price: CHF 124.00.
What is the quality score of VBSN?
IVF Hartmann Holding AG has a Quality Score of 67/100. 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 IVF Hartmann Holding AG (VBSN)?
Our model-based price target is the fair value of CHF 134.27 (as of Sep 23, 2026) from 24 valuation models. Cautious scenario CHF 111.39, optimistic scenario CHF 170.18. It is a calculation from audited fundamentals, not an analyst target.
What is the IVF Hartmann Holding AG stock forecast for 2026?
Our models put fair value at CHF 134.27, about +8% upside versus a price of CHF 124.00 (fairly valued). Cautious scenario CHF 111.39, optimistic scenario CHF 170.18. The calculation is refreshed regularly with new filings.
What is the revenue of IVF Hartmann Holding AG (VBSN)?
IVF Hartmann Holding AG reported trailing-twelve-month revenue of about CHF 162M (latest available figure, as of Sep 23, 2026).
Does IVF Hartmann Holding AG pay a dividend?
IVF Hartmann Holding AG currently shows a dividend yield of about 3.06% relative to its recent price (as of Sep 23, 2026).
What growth is priced into IVF Hartmann Holding AG (VBSN)?
For today's price to be fair in a discounted-cash-flow model, IVF Hartmann Holding AG would have to grow free cash flow by -2.1 % 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 -1.3 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of VBSN use?
Our models discount IVF Hartmann Holding AG at 9.6 %: a base by market capitalisation (small), damped by beta 0.23, 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 IVF Hartmann Holding AG that is -2.1 % 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 IVF Hartmann Holding AG (VBSN) delivered so far?
Over the past 5 years revenue at IVF Hartmann Holding AG grew -1.3 % a year. The price currently implies -2.1 % 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 IVF Hartmann Holding AG (VBSN) growing?
The median revenue growth in the sector is +4.2 % a year. That is the yardstick for the growth priced into IVF Hartmann Holding AG (-2.1 % 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 IVF Hartmann Holding AG (VBSN)?
The free-cash-flow yield on the price is 5.87 %: that much free cash flow IVF Hartmann 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 IVF Hartmann Holding AG (VBSN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For IVF Hartmann Holding AG it is CHF 134.27 per share (as of Sep 23, 2026), against a price of CHF 124.00. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is IVF Hartmann Holding AG stock overvalued or undervalued in 2026?
As of Sep 23, 2026, VBSN trades below its calculated fair value: price CHF 124.00, fair value CHF 134.27, a gap of about +8% (fairly valued). 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 VBSN?
No. The price is what the market pays today (CHF 124.00); the fair value is what the company's own numbers justify (CHF 134.27). For IVF Hartmann Holding AG the two are CHF 10.27 per share apart. That gap is exactly why we show both numbers side by side.
How much is IVF Hartmann Holding AG worth?
The market values IVF Hartmann Holding AG at about CHF 298M (market capitalisation, as of Sep 23, 2026). Per share that is CHF 124.00; our models calculate a fair value of CHF 134.27 per share.
What do the bullish and bearish scenarios say about VBSN?
Our models span a range for IVF Hartmann Holding AG: cautious scenario CHF 111.39, base CHF 134.27, optimistic CHF 170.18 per share (as of Sep 23, 2026, price CHF 124.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VBSN?
IVF Hartmann Holding AG trades at a price-to-earnings ratio of 16.3 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 134.27 is built from several models across several years. Other multiples: PEG 3.5, P/B 2.3, P/S 2.2, EV/EBITDA 10.7.
What is the PEG ratio of VBSN?
The PEG ratio of IVF Hartmann Holding AG is 3.47 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of IVF Hartmann Holding AG (VBSN)?
Balance-sheet figures for IVF Hartmann Holding AG (as of Sep 23, 2026): return on equity 11.9%. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is VBSN from its 52-week high?
IVF Hartmann Holding AG trades at CHF 124.00, about 15% below its 52-week high of CHF 145.90 and 3% above the low of CHF 120.50 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 134.27 is for.
Which stocks are comparable to IVF Hartmann Holding AG?
From the same area (Healthcare) we also value Intuitive Surgical, Inc, EssilorLuxottica Société anonyme, Medline Inc, Becton, Dickinson and Company, 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 IVF Hartmann Holding AG stock attractive at the current price?
The data as of Sep 23, 2026: price CHF 124.00, calculated fair value CHF 134.27 (+8%), Quality Score 67/100, from 24 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 VBSN calculated?
We run IVF Hartmann Holding AG through 24 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 134.27, 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 14.0 % above its aggregate fair value. IVF Hartmann Holding AG currently trades 8 % below its own fair value, and the market average says nothing about that. 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 IVF Hartmann Holding AG (VBSN)?
The closing price on Sep 24, 2026 was CHF 124.00. Our model-based fair value is CHF 134.27, about +8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with IVF Hartmann Holding AG right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of IVF Hartmann Holding AG (VBSN) come from?
Earnings per share at IVF Hartmann Holding AG grew +1.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.7 %, EBIT margin −1.7 %, tax rate +0.1 %, 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 IVF Hartmann Holding AG
How large is the market capitalisation of IVF Hartmann Holding AG (VBSN)?
The market capitalisation of IVF Hartmann Holding AG is CHF 298M. 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 IVF Hartmann Holding AG (VBSN)?
The price-to-sales ratio of IVF Hartmann Holding AG is 1.84 (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 IVF Hartmann Holding AG (VBSN)?
Earnings per share at IVF Hartmann Holding AG are CHF 7.62 (price ÷ EPS = P/E 16.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of IVF Hartmann Holding AG (VBSN)?
The dividend yield of IVF Hartmann Holding AG is 3.1% (payout 49.9%). 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 IVF Hartmann Holding AG (VBSN)?
The net margin of IVF Hartmann Holding AG is 11.3% (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 IVF Hartmann Holding AG (VBSN)?
The return on equity (ROE) of IVF Hartmann Holding AG is 11.9% (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 IVF Hartmann Holding AG (VBSN)?
On an EBIT basis the return on assets of IVF Hartmann Holding AG is 7.7% (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 IVF Hartmann Holding AG (VBSN)?
The operating margin of IVF Hartmann Holding AG is 13.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at IVF Hartmann Holding AG (VBSN)?
Revenue at IVF Hartmann Holding AG is growing +2.6% versus a year earlier (3y avg +2.4%). 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 IVF Hartmann Holding AG (VBSN)?
Earnings per share at IVF Hartmann Holding AG are growing −6.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does IVF Hartmann Holding AG (VBSN) hold?
IVF Hartmann Holding AG holds more cash than debt, CHF 90.4M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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