HBM Healthcare Investments (HBMN) Fair Value & Analysis
Financial Services · CH · Market cap CHF 1.7B · ISIN CH0012627250
What is HBM Healthcare Investments really worth?
A strong business, trading 50% below our fair value of CHF 468.00.
Strengths
Risks
For context
Fair value as of: Aug 30, 2026
From 8 valuation models · updated 6 days ago
Fair value updated Aug 30, 2026, revised from CHF 470.00 to CHF 468.00 (−0.4%) since Aug 27, 2026. Share price −7.5% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The rarer combination: high quality (79/100) AND below fair value. That earns a closer look rather than a quick verdict.
- The price is below even our cautious bear case (CHF 244.80). The market is more pessimistic than our downside scenario.
- A fairly wide model range (CHF 244.80 to CHF 585.00) leaves room in how you read the outcome.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
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 129.20 – CHF 298.16 · fair‑value band CHF 244.80 – CHF 585.00 · the CHF 233.00 price screens below the CHF 468.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.
Analysis
HBM Healthcare Investments (HBMN) currently trades at CHF 233.00, while our model-based Fair Value estimate is CHF 468.00, implying the stock looks roughly 50.2% undervalued today. The Quality Score stands at 79/100 (high quality), in the Financial Services sector. Bull case: the Earnings-Based group reads highest at a median of CHF 1,439 per share, and 5 of the 8 models we run sit above the CHF 233.00 price. Bear case: the Dividend Discount group reads lowest at CHF 62.91, and 3 of the 8 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, HBM Healthcare Investments generated revenue of CHF 276M at a net margin of 98.6%. It earns a return on equity of 15.6%. Net debt stands at CHF 94.3M. The stock trades on a trailing P/E of 5.7. Fundamentals as of Aug 30, 2026
Our scenario range runs from CHF 244.80 (bear case) to CHF 585.00 (bull case); at CHF 233.00, the current price sits below 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 5% below its 52-week high and 48% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 101%, HBMN screens cheaper 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 13.66 per share, which is 2.9 % 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.
All 8 models by family
Widest divergence: Earnings-Based (CHF 1,439) versus Dividend Discount (CHF 62.91). Highest evidence: Residual Income (65).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 69 · Market factors (momentum, volatility) 72
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
HBM Healthcare Investments AG specializes in fund of funds and direct investments in middle market and mature companies.
Full company description
HBM Healthcare Investments AG specializes in fund of funds and direct investments in middle market and mature companies. The fund prefers to invest in start up, early stage, mid stage, mid venture, late venture, and late stage private companies, unlisted emerging companies, small cap public companies, buyouts, growth capital, and private investment in public equities (PIPES). Within fund of funds, it invests in venture capital funds. It also seeks to finance spin-offs of product lines or departments from larger corporations and the expansion or restructuring of established companies, seed stages, venture capital, expansion capital stages, spin-offs, and buyouts. The fund prefers to invest in the private and public companies in the healthcare sector with a focus on human medicine, drugs, pharma , biopharma, biotechnology, diagnostics, medical technology, and related industries. It seeks to make initial investments in companies whose primary products are in clinical development or the immediately preceding stage. The fund typically invests globally with a focus on Asia Pacific, Asia, North America, and Europe. In case of public companies, it focuses on those which originate from its private portfolio. The fund increases its investment in portfolio companies by participating in a follow-on financing or after the portfolio company's IPO. It may acquire majority participations in portfolio companies, usually takes a seat on the portfolio company's Board of Directors, and largely makes equity investments but may also invest through other instruments including convertible bonds, debt securities, structured products, and derivatives. The fund exits its portfolio companies through trade sale or IPO.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
HBM Healthcare Investments reported revenue of CHF 274M in FY2026 versus −CHF 76.5M in FY2022. Reported net income was CHF 272M in FY2026.
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Peer Group
Asset Management · 697 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.
Valuation Multiples vs Asset Management median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Blackstone Inc BX | $142.39 | $52.88 | −63% |
| Investor AB INVEB | kr 417.20 | kr 824.66 | +98% |
| Brookfield Corporation BN | C$55.74 | C$10.67 | −81% |
| KKR & Co KKR | $108.68 | $19.97 | −82% |
| Apollo Global Management, Inc APO | $135.04 | $101.04 | −25% |
| State Street Corporation STT | $193.33 | $138.33 | −28% |
| Ameriprise Financial, Inc AMP | $559.32 | $515.24 | −8% |
| Ares Management Corporation ARES | $143.10 | $30.88 | −78% |
| Northern Trust Corporation NTRS | $186.79 | $122.02 | −35% |
| Raymond James Financial, Inc RJF | $181.10 | $142.42 | −21% |
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