AlphaMadera's AlphaVal page computes On Holding AG's fair value using a multi-method blend (DCF, comparable-multiples, and Graham-style intrinsic value), then compares it 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 is a model output combining discounted cash flow projections, peer-group multiples, and a Graham number floor. The live AlphaVal page shows the blended fair value alongside each method's individual estimate.

How does AlphaMadera value ONON?

AlphaVal uses three primary techniques: a five-year discounted-cash-flow projection with terminal multiple, peer-group multiple analysis (P/E, EV/EBITDA, P/S), and Graham's defensive-investor intrinsic-value formula. Inputs come from ONON's most recent reported fundamentals.

ONON - On Holding AG

Price: -- -- | CONSENSUS: Buy DETAILS | PRICE TARGET: $51.78 DETAILS

AlphaVal

Deterministic, archetype-aware fair value

Stable Earnings Power 80% confidence

Primary model: P/Adj-EPS × Normalized Multiple

Valuation Signal Overvalued Strong

Trading 47.3% above fair value

Current Price $38.54

Bear Case $22.89 40.6% downside ($22.89 - $38.54) / $38.54 = -40.6% $0.73 × 21x P/E

Fair Value $26.16 32.1% downside ($26.16 - $38.54) / $38.54 = -32.1% $0.73 × 24x P/E

Bull Case $29.44 23.6% downside ($29.44 - $38.54) / $38.54 = -23.6% $0.73 × 27x P/E

Adjust Assumptions

P/E Multiple

24.0x

Adjusted EPS

0.73$

Key Value Driver

Normalized P/E multiple (24x base case)

Implied Market Multiple 52.5x

Plain-Language Summary

Our base-case estimate uses a valuation based on adjusted earnings per share and a normalized price-to-earnings multiple. We then blend that result with the average analyst price target of $51.78 from 26 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $26.16 per share.

Warnings

ℹ Wall Street's average price target is $51.78 (from 26 analysts). Our estimate is 66% below the consensus -- consider that gap carefully.

ℹ Financial statements were converted from CHF into USD using USDCHF at 1.2317 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