AlphaMadera's AlphaVal page classifies On Holding AG as a Stable Earnings Power business and values it using P/Adj-EPS × Normalized Multiple, then compares the result to the current market price to flag ONON as undervalued, fairly valued, or overvalued.

What is On Holding AG's fair value?

Fair value for ONON comes from a P/Adj-EPS × Normalized Multiple model -- the approach AlphaVal selected for this company's Stable Earnings Power classification. The live AlphaVal page shows bear, base, and bull scenarios alongside the key assumption behind each.

How does AlphaMadera value ONON?

AlphaVal routes each company to one of ten valuation archetypes based on its business model. ONON was classified as Stable Earnings Power and is valued using P/Adj-EPS × Normalized Multiple, built from ONON's most recent reported fundamentals.

ONON - On Holding AG

Price: -- -- | CONSENSUS: Buy DETAILS | PRICE TARGET: $46.17 DETAILS

AlphaVal

Deterministic, archetype-aware fair value

Stable Earnings Power 80% confidence

Primary model: P/Adj-EPS × Normalized Multiple

Valuation Signal Overvalued Strong

Trading 67.5% above fair value

Current Price $28.85

Bear Case $15.07 47.8% downside ($15.07 - $28.85) / $28.85 = -47.8% $0.72 × 21x P/E

Fair Value $17.22 40.3% downside ($17.22 - $28.85) / $28.85 = -40.3% $0.72 × 24x P/E

Bull Case $19.37 32.9% downside ($19.37 - $28.85) / $28.85 = -32.9% $0.72 × 27x P/E

Adjust Assumptions

P/E Multiple

24.0x

Adjusted EPS

0.72$

Key Value Driver

Normalized P/E multiple (24x base case)

Terminal Value % of EV

Implied Market Multiple 40.2x

Market is pricing in (growth)

Plain-Language Summary

Applying a 24x P/E to adjusted EPS of $0.72, the base-case value is $17.22 per share.

Analyst Consensus (External Reference)

Never blended into the bear/base/bull estimates above -- shown only as an outside comparison.

Average Target (26 analysts) $46.17

Analyst Range $20.00 – $82.00

Divergence from AlphaVal 63%

Warnings

ℹ Wall Street's average price target is $46.17 (from 26 analysts). Our estimate is 63% below the consensus -- consider that gap carefully.

ℹ Financial statements were converted from CHF into USD using USDCHF at 1.2371 USD per CHF.

Key Risks

Growth DCF inappropriate — terminal value assumptions dominate
EV/EBITDA misleading for regulated businesses where capex is mandated
Regulatory risk is a fat tail not visible in normal multiples