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Dottikon Es Holding AG (DESN) Fair Value & Analysis

Basic Materials · CH · Market cap CHF 3.7B · ISIN CH0582581713

What is Dottikon Es Holding AG really worth?

DE Dottikon Es Holding AG DESN · SW
PriceCHF 266.50
Fair ValueCHF 86.03
Upside−67.7%
Quality56/100

A solid business, but trading 210% above our fair value of CHF 86.03.

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Strengths

Highly profitable · 23.6% net margin
Low debt · generates free cash flow
Wide moat 66/100

Risks

!Expensive Growth (revenue 5y +14.4 %/yr)
!Mixed vs. peers (6/13)
!Weak on future: 15 out of 100
Evidence: High Range CHF 67.67 – CHF 147.65

Fair value as of: Aug 30, 2026

From 24 valuation models · updated 6 days ago

Share price −4.5% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (CHF 147.65). The favourable scenario is already priced in.
  • Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (CHF 67.67 to CHF 147.65) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

CHF 392.00 CHF 170.00 Fair Value CHF 86.03 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.

How to read this chart

60‑month range CHF 170.00 – CHF 392.00 · fair‑value band CHF 67.67 – CHF 147.65 · the CHF 266.50 price screens above the CHF 86.03 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.

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Analysis

Dottikon Es Holding AG (DESN) currently trades at CHF 266.50, while our model-based Fair Value estimate is CHF 86.03, implying the stock looks roughly 209.8% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Basic Materials sector. Bull case: the Growth Earnings group reads highest at a median of CHF 119.64 per share, and 0 of the 24 models we run sit above the CHF 266.50 price. Bear case: the Growth DCF group reads lowest at CHF 40.92, and 24 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Dottikon Es Holding AG generated revenue of CHF 433M at a net margin of 27.9%. Revenue grew 25.0% year over year. It earns a return on equity of 12.4%. Net debt stands at CHF 10.0M. Fundamentals as of Aug 30, 2026

Our scenario range runs from CHF 67.67 (bear case) to CHF 147.65 (bull case); at CHF 266.50, the current price sits above 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 33% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −48% fair-value upside, at −68%, DESN screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly CHF 3.22 per share, which is 3.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

Model 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
Highest evidence
FCF DCF best evidence CHF 24.49 CHF 42.40 CHF 71.51 78
Growth DCF CHF 24.38 CHF 40.92 CHF 66.96 76
Residual Income CHF 67.67 CHF 74.06 CHF 100.74 76
All 24 models by family
DCF Models
FCF DCF best evidence CHF 24.49 CHF 42.40 CHF 71.51 78
Owner Earnings CHF 41.98 CHF 72.31 CHF 121.61 74
5Y Revenue Exit CHF 28.85 CHF 51.70 CHF 82.52 71
5Y EBITDA Exit CHF 56.37 CHF 107.23 CHF 170.87 73
5Y P/E Exit CHF 65.42 CHF 125.47 CHF 193.70 69
10Y Revenue Exit CHF 26.00 CHF 46.73 CHF 77.98 65
10Y EBITDA Exit CHF 44.72 CHF 86.03 CHF 148.79 66
10Y P/E Exit CHF 50.54 CHF 98.94 CHF 167.09 61
Earnings-Based
Graham-Dodd CHF 50.98 CHF 219.16 CHF 299.50 64
Lynch FV CHF 56.15 CHF 80.21 CHF 104.28 61
PEG = 1.0 CHF 56.15 CHF 80.21 CHF 104.28 57
EPV CHF 66.86 CHF 77.54 CHF 86.74 74
Multiples
P/E Multiple CHF 95.58 CHF 127.44 CHF 159.30 63
P/S Multiple CHF 34.88 CHF 46.50 CHF 58.13 58
P/B Multiple CHF 95.58 CHF 127.44 CHF 159.30 55
EV/EBIT CHF 88.30 CHF 117.97 CHF 147.65 66
EV/EBITDA CHF 79.85 CHF 106.70 CHF 133.56 67
EV/Revenue CHF 31.83 CHF 45.78 CHF 59.73 53
Asset-Based
NCAV (Graham) CHF 39.68 CHF 53.17 CHF 79.36 54
Growth DCF
Growth DCF CHF 24.38 CHF 40.92 CHF 66.96 76
Rev-Margin DCF CHF 28.85 CHF 51.09 CHF 79.09 71
Economic Profit
Residual Income CHF 67.67 CHF 74.06 CHF 100.74 76
ROIC Compounder CHF 66.86 CHF 77.54 CHF 97.01 72
Growth Earnings
Growth-Adj P/E CHF 83.75 CHF 119.64 CHF 155.53 67

Widest divergence: Growth Earnings (CHF 119.64) versus Growth DCF (CHF 40.92). Highest evidence: FCF DCF (78).

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Key figures & financial health

P/E ratio 35.5
P/S ratio 8.59 P/E × margin
EPS (TTM) CHF 7.50 price ÷ EPS = P/E 35.5
Net margin 24.2% FY2026
Return on equity 12.4% TTM
Return on assets (EBIT) 8.5% avg 5y
More key figures
Profitability
Operating margin 27.8% TTM
Growth
Revenue (TTM) CHF 440M TTM
Revenue growth (YoY) +3.0% 3y avg +10.3%
EPS growth (YoY) −23.7%
Balance sheet & cash flow
Free cash flow CHF 29.3M FY2026
Net debt CHF 10.0M FY2026 · ≈ 0.3 yrs of FCF

Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 56 · Market factors (momentum, volatility) 33

Profitability 48
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 43
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 32
Disciplined investing over empire-building
Low Volatility 59
Calm price path (market factor)
Momentum 27
Price trend over the last 3–12 months (market factor)
52W Momentum 15
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Dottikon ES Holding AG manufactures and sells performance chemicals, intermediates, and active pharmaceutical ingredients for the chemical, biotech, and pharmaceutical maceutic industries in Europe, Switzerland, the United States, and Asia.

Full company description

Dottikon ES Holding AG manufactures and sells performance chemicals, intermediates, and active pharmaceutical ingredients for the chemical, biotech, and pharmaceutical maceutic industries in Europe, Switzerland, the United States, and Asia. The company's chemicals and intermediates include amines, anilines, azaindoles, benzimidazoles, benzoic acid derivatives, benzyl compounds, boron building blocks, chiral compounds, cyclohexane derivatives, cyclopropyl building blocks, indazoles, indoles, N-heterocycles, nitrate esters, nitroaromatic compounds, O-heterocycles, phenols and anisoles, and pyridine building blocks. It also offers Dottisol, an isosorbide dimethyl ether for application as a solubility enhancer in cosmetic, pharma, and agro products, as well as a performance additive in various industries. In addition, the company is involved in recycling and waste treatment which includes the recycling, thermal recovery, and high-temperature incineration of waste streams, as well as wastewater treatment and purification activities. Further, it offers chemical custom manufacturing, nitrosamine risk assessment, and containment services; and performance chemicals, including aromatic and alicyclic diamines, bio-based organosilanes, and phlegmatized azides. The company was founded in 1913 and is headquartered in Dottikon, Switzerland. Dottikon ES Holding AG is a subsidiary of EVOLMA Holding AG.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Dottikon Es Holding AG reported revenue of CHF 428M in FY2026 versus CHF 252M in FY2022, a compound +14.2%/yr. Reported net income was CHF 104M in FY2026, compounding +15.0%/yr from FY2022.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
CHF 428M
Latest YoY
+11.2%
Avg. revenue growth/yr (3Y) 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.
+10.3%
Avg. revenue growth/yr (5Y) 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.
+14.4%
Avg. revenue growth/yr (21Y) 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.
+5.7%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+12.5% (12.5 + 0.0)
Revenue +14.2%/yr
FY22 CHF 252M
FY23 CHF 319M
FY24 CHF 326M
FY25 CHF 385M
FY26 CHF 428M
Net income +15.0%/yr
FY22 CHF 59.3M
FY23 CHF 87.7M
FY24 CHF 80.6M
FY25 CHF 106M
FY26 CHF 104M
Character of growth · EPS growth decomposed (2015-2026) +24.0 % p.a.
Revenue per share +11.8 %

of which total revenue +13.1 % · buybacks/dilution −1.1 %

EBIT margin +8.3 %
Tax rate +0.5 %
Residual (interest, one-offs) +1.9 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

DESN screens 210% overvalued. Compare with Saudi Basic Industries Corporation →

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Cite: Fair Value Calculator (2026). "Dottikon Es Holding AG Fair Value". https://www.fairvalue-calculator.com/stock/DESN

Peer Group

Chemicals · 339 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 56 · Above median
Fair Value upside −68% · Bottom 25%
Return on equity (TTM) 10% · Above median
Return on assets 5% · Top 25%
Net margin (TTM) 24% · Top 25%
Operating margin (TTM) 27% · Top 25%
Revenue growth 3% · Below median
Debt / equity 0.12× · Lower than median

Valuation Multiples vs Chemicals median · lower = cheaper

P/E (TTM) 35.5× · Pricier than median
P/B 4.15× · Pricier than 75% of peers
P/S (TTM) 10.34× · Pricier than 75% of peers
P/FCF 155.2× · Pricier than 75% of peers
EV/EBITDA 30.2× · Pricier than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE15 · sector 22
PAST40 · sector 20
HEALTH94 · sector 94
DIVIDEND0 · sector 32

VALUE 0: the price sits above our fair-value range.

Insider activity: 42/100

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

Similar stocks

10 more Chemicals stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).

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Saudi Basic Industries Corporation 2010 49.50 SAR 18.13 SAR −63%
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Ningxia Baofeng Energy Group 600989 ¥24.49 ¥20.17 −18%
Dow Inc DOW $30.51 $21.03 −31%
Zhejiang Juhua Co 600160 ¥41.32 ¥21.62 −48%
Rongsheng Petrochemical Co 002493 ¥13.76 ¥2.39 −83%
Zangge Mining Company 000408 ¥78.04 ¥20.99 −73%
Ganfeng Lithium Group 002460 ¥52.53 ¥16.17 −69%
PT Barito Pacific Tbk, BRPT 1,855 IDR 1,584 IDR −15%
Hengli Petrochemical Co 600346 ¥18.87 ¥17.09 −9%

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Frequently asked questions

Is Dottikon Es Holding AG (DESN) overvalued or undervalued?
As of Aug 30, 2026, our model estimates a fair value of CHF 86.03 versus a price of CHF 266.50, about −68% upside (overvalued).
What is the fair value of DESN?
Our model-based fair value for Dottikon Es Holding AG is CHF 86.03 (as of Aug 30, 2026), built from audited fundamentals. The current price: CHF 266.50.
What is the quality score of DESN?
Dottikon Es Holding AG has a Quality Score of 56/100. 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 Dottikon Es Holding AG (DESN)?
Dottikon Es Holding AG reported trailing-twelve-month revenue of about CHF 433M (latest available figure, as of Aug 30, 2026).
What is the net profit margin of DESN?
The net profit margin of Dottikon Es Holding AG is about 27.9%, meaning it keeps roughly 27.9% of revenue as net income. Based on the latest reported figures.
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