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EMS-CHEMIE HOLDING AG (EMSN) Fair Value & Analysis

Basic Materials · CH · Market cap CHF 17.2B · ISIN CH0016440353

What is EMS-CHEMIE HOLDING AG really worth?

EC EMS-CHEMIE HOLDING AG EMSN · SW
PriceCHF 789.00
Fair ValueCHF 284.63
Upside−63.9%
Quality82/100

A strong business, but trading 177% above our fair value of CHF 284.63.

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Strengths

✓Highly profitable · 23.7% net margin
✓Low debt · generates free cash flow
✓Wide moat 84/100

Risks

!Weak Growth (revenue 5y +1.6 %/yr)
!Mixed vs. peers (7/15)

For context

·2.33% dividend yield
Evidence: High Range CHF 219.57 – CHF 349.68

Fair value as of: Sep 1, 2026

From 24 valuation models · updated 4 days ago

Share price −3.7% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

What matters now

  • A high-quality business (quality 82/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (CHF 349.68). The favourable scenario is already priced in.

Price vs Fair Value (5 years)

CHF 953.44 CHF 531.50 Fair Value CHF 284.63 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.

How to read this chart

60‑month range CHF 531.50 – CHF 953.44 · fair‑value band CHF 219.57 – CHF 349.68 · the CHF 789.00 price screens above the CHF 284.63 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.

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Analysis

EMS-CHEMIE HOLDING AG (EMSN) currently trades at CHF 789.00, while our model-based Fair Value estimate is CHF 284.63, implying the stock looks roughly 177.2% overvalued today. The Quality Score stands at 82/100 (high quality), in the Basic Materials sector. Bull case: the DCF Models group reads highest at a median of CHF 296.54 per share, and 0 of the 24 models we run sit above the CHF 789.00 price. Bear case: the Asset-Based group reads lowest at CHF 53.14, and 24 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, EMS-CHEMIE HOLDING AG generated revenue of CHF 2.0B at a net margin of 23.7%. Revenue declined 5.4% year over year. It earns a return on equity of 25.3%. The balance sheet holds a net cash position of CHF 571M. Fundamentals as of Sep 1, 2026

Our scenario range runs from CHF 219.57 (bear case) to CHF 349.68 (bull case); at CHF 789.00, 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 near its 52-week high and 49% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −58% fair-value upside, at −64%, EMSN screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly CHF 1.07 per share, which is 0.4 % 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 248.43 CHF 331.90 CHF 474.23 81
Growth DCF CHF 256.67 CHF 337.18 CHF 465.70 79
Owner Earnings CHF 241.89 CHF 322.92 CHF 461.07 77
All 24 models by family
DCF Models
FCF DCF best evidence CHF 248.43 CHF 331.90 CHF 474.23 81
Owner Earnings CHF 241.89 CHF 322.92 CHF 461.07 77
5Y Revenue Exit CHF 159.73 CHF 201.81 CHF 258.55 74
5Y EBITDA Exit CHF 214.82 CHF 296.54 CHF 397.59 76
5Y P/E Exit CHF 247.10 CHF 352.05 CHF 468.56 71
10Y Revenue Exit CHF 189.34 CHF 231.64 CHF 278.43 68
10Y EBITDA Exit CHF 225.75 CHF 294.56 CHF 372.82 70
10Y P/E Exit CHF 245.66 CHF 331.43 CHF 421.00 65
Earnings-Based
Graham-Dodd CHF 135.77 CHF 250.67 CHF 310.60 66
EPV CHF 213.25 CHF 244.49 CHF 271.83 74
Dividend Discount
Gordon GGM CHF 158.39 CHF 211.58 CHF 265.56 69
DDM Multi-Stage CHF 158.39 CHF 217.96 CHF 288.92 67
Multiples
P/E Multiple CHF 254.57 CHF 339.43 CHF 424.29 63
P/S Multiple CHF 93.79 CHF 125.06 CHF 156.32 58
P/B Multiple CHF 178.44 CHF 237.92 CHF 297.40 55
EV/EBIT CHF 274.21 CHF 357.02 CHF 439.83 66
EV/EBITDA CHF 220.96 CHF 286.01 CHF 351.07 67
EV/Revenue CHF 113.33 CHF 150.84 CHF 188.36 54
Asset-Based
NCAV (Graham) CHF 39.65 CHF 53.14 CHF 79.31 54
Growth DCF
Growth DCF CHF 256.67 CHF 337.18 CHF 465.70 79
Rev-Margin DCF CHF 159.73 CHF 206.11 CHF 262.43 74
Economic Profit
Residual Income CHF 118.66 CHF 141.83 CHF 379.95 68
ROIC Compounder CHF 216.88 CHF 253.26 CHF 288.35 72
Growth Earnings
Growth-Adj P/E CHF 182.64 CHF 260.91 CHF 339.19 67

Widest divergence: DCF Models (CHF 296.54) versus Asset-Based (CHF 53.14). Highest evidence: FCF DCF (81).

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Key figures & financial health

P/E ratio 39.5
P/S ratio 9.46 P/E × margin
EPS (TTM) CHF 19.98 price ÷ EPS = P/E 39.5
Dividend yield 2.3% payout 92.1%
Net margin 23.9% FY2025
Return on equity 25.3% TTM
More key figures
Profitability
Return on assets (EBIT) 25.1% avg 5y
Operating margin 28.6% TTM
Growth
Revenue (TTM) CHF 2.0B TTM
Revenue growth (YoY) −5.4% 3y avg −7.2%
EPS growth (YoY) +2.2%
Balance sheet & cash flow
Free cash flow CHF 509M FY2025
Net cash CHF 571M FY2025

Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 82/100

Of which business quality 80 · Market factors (momentum, volatility) 78

Profitability 80
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 84
Earnings quality: real cash, not paper profit
Fin. Strength 98
Balance sheet, leverage, solvency risk
Investment 99
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 71
Price trend over the last 3–12 months (market factor)
52W Momentum 84
Distance to the 52-week high (market factor)
Net Issuance 82
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

EMS-CHEMIE HOLDING AG engages in the polymers and specialty chemicals businesses in the Americas, Europe, Asia, and internationally.

Full company description

EMS-CHEMIE HOLDING AG engages in the polymers and specialty chemicals businesses in the Americas, Europe, Asia, and internationally. It is involved in the manufacturing and supply of high-performance polyamide granulate, as well as develops, produces, and sells fibers, fusible adhesives, and adhesive yarns for technical and textile applications, powder coatings, and reactive diluents. The company also offers bonding, coating, sealing, and damping systems; and hotmelt adhesives, crosslinkers, epoxy systems, technical fibers, adhesion promoters, and fusible bonding yarns and granules. It serves automotive, electro and electronic, industry and consumer goods, optic, and packaging markets. EMS-CHEMIE HOLDING AG was founded in 1936 and is based in Domat/Ems, Switzerland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

EMS-CHEMIE HOLDING AG reported revenue of CHF 2.0B in FY2025 versus CHF 2.3B in FY2021, a compound −3.6%/yr. Reported net income was CHF 467M in FY2025, compounding −4.0%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
CHF 2.0B
Latest YoY
−5.8%
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.
−7.2%
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.
+1.6%
Avg. revenue growth/yr (23Y) ⓘ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.
+1.7%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−0.1% (−2.4 + 2.3)
Revenue −3.6%/yr
FY21 CHF 2.3B
FY22 CHF 2.4B
FY23 CHF 2.2B
FY24 CHF 2.1B
FY25 CHF 2.0B
Net income −4.0%/yr
FY21 CHF 550M
FY22 CHF 532M
FY23 CHF 458M
FY24 CHF 461M
FY25 CHF 467M
Character of growth · EPS growth decomposed (2014-2025) +1.9 % p.a.
Revenue per share +0.5 %

of which total revenue +0.5 % · buybacks/dilution +0.0 %

EBIT margin +0.5 %
Tax rate +0.4 %
Residual (interest, one-offs) +0.5 %

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).

EMSN screens 177% overvalued. Compare with Linde plc →

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EMS-CHEMIE HOLDING AG · Fair Value
CHF 284.63 −177%Fair Value
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Cite: Fair Value Calculator (2026). "EMS-CHEMIE HOLDING AG Fair Value". https://www.fairvalue-calculator.com/stock/EMSN

Peer Group

Specialty Chemicals · 695 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 82 · Top 25%
Fair Value upside −64% · Bottom 25%
Return on equity (TTM) 25% · Top 25%
Return on assets 16% · Top 25%
Net margin (TTM) 24% · Top 25%
Operating margin (TTM) 29% · Top 25%
Revenue growth −5% · Below median
Dividend yield (TTM) 2.3% · Above median

Valuation Multiples vs Specialty Chemicals median · lower = cheaper

P/E (TTM) 39.5× · Pricier than median
P/B 11.42× · Pricier than 75% of peers
P/S (TTM) 10.76× · Pricier than 75% of peers
P/FCF 41.6× · Pricier than 75% of peers
EV/EBITDA 33.3× · Pricier than 75% of peers
PEG 7.69× · 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
FUTURE0 · sector 20
PAST100 · sector 23
HEALTH100 · sector 95
DIVIDEND47 · sector 28

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

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

Similar stocks

10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).

Stock Price Fair Value vs Fair Value
Linde plc LIN $485.35 $222.03 −54%
The Sherwin-Williams Company SHW $344.86 $143.38 −58%
Ecolab Inc ECL $286.75 $96.18 −66%
Air Products and Chemicals, Inc APD $308.09 $122.14 −60%
Givaudan SA GIVN CHF 3,282 CHF 1,498 −54%
Wanhua Chemical Group 600309 ¥77.66 ¥68.03 −12%
500820 500820 ₹2,757 ₹557.43 −80%
Novozymes A/S NSISB kr 456.40 kr 169.99 −63%
Asian Paints Limited ASIANPAINT ₹2,630 ₹696.23 −74%
PPG Industries, Inc PPG $114.22 $71.31 −38%

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Frequently asked questions

Is EMS-CHEMIE HOLDING AG (EMSN) overvalued or undervalued?
As of Sep 1, 2026, our model estimates a fair value of CHF 284.63 versus a price of CHF 789.00, about −64% upside (overvalued).
What is the fair value of EMSN?
Our model-based fair value for EMS-CHEMIE HOLDING AG is CHF 284.63 (as of Sep 1, 2026), built from audited fundamentals. The current price: CHF 789.00.
What is the quality score of EMSN?
EMS-CHEMIE HOLDING AG has a Quality Score of 82/100. 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 EMS-CHEMIE HOLDING AG (EMSN)?
EMS-CHEMIE HOLDING AG reported trailing-twelve-month revenue of about CHF 2.0B (latest available figure, as of Sep 1, 2026).
What is the net profit margin of EMSN?
The net profit margin of EMS-CHEMIE HOLDING AG is about 23.7%, meaning it keeps roughly 23.7% of revenue as net income. Based on the latest reported figures.
Does EMS-CHEMIE HOLDING AG pay a dividend?
EMS-CHEMIE HOLDING AG currently shows a dividend yield of about 2.33% relative to its recent price (as of Sep 1, 2026).
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