IVF Hartmann Holding stock: fair value
VBSN.SWThe fair value of IVF Hartmann Holding under our model is $333.51, the price is 56% below.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Significantly undervaluedIn our model the price counts as cheap below $256.55 and expensive above $476.44 (uncertainty medium, based on the price swings of the past year).
The two parts of the fair value come to $392.33 (cash-flow model) and $274.69 (industry comparison), and the gap between them shows how uncertain the estimate is. The price is below both.
Calculated with a cost of equity of 5.6%. At 6.6% the fair value would be $298.96, at 4.6% it would be $385.48.
Where the number comes from
Half from the cash-flow model, half from earnings times the sector P/E (26.8).
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 0.6%. Discounted at 5.6% (floor: government bond yield 0.6% plus 5 percentage points, since beta 1.04 times the risk premium would give less); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $392.33 per share: free cash flow for the next ten years, each year discounted to today at 5.6%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 5.6%) |
|---|---|---|---|---|
| 2026 | $28.26M | extrapolated at 27.5% | 0.9470 | $26.76M |
| 2027 | $33.75M | extrapolated at 19.4% | 0.8968 | $30.26M |
| 2028 | $38.4M | extrapolated at 13.8% | 0.8492 | $32.61M |
| 2029 | $42.17M | extrapolated at 9.8% | 0.8042 | $33.91M |
| 2030 | $45.14M | extrapolated at 7.1% | 0.7615 | $34.38M |
| 2031 | $47.46M | extrapolated at 5.1% | 0.7211 | $34.22M |
| 2032 | $49.24M | extrapolated at 3.8% | 0.6829 | $33.63M |
| 2033 | $50.63M | extrapolated at 2.8% | 0.6467 | $32.74M |
| 2034 | $51.72M | extrapolated at 2.2% | 0.6124 | $31.67M |
| 2035 | $52.59M | extrapolated at 1.7% | 0.5799 | $30.5M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $320.67M |
| Terminal value: cash flow 2035 × (1 + 0.6%) / (5.6% − 0.6%) | $1.06B |
| Present value of terminal value (× 0.5799) | $613.61M |
| Equity value (sum plus present value of terminal value) | $934.28M |
| Shares (diluted) | 2.38M |
| Value per share (equity value divided by shares) | $392.33 |
| Earnings per share, last twelve months | $10.25 |
| × 26.8 (sector P/E) | $274.69 |
| Fair value (average of both parts) | $333.51 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = CHF 0.8331)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 1 May 2026)
- Valuation signal Undervalued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.