No. of Recommendations: 6
Since no one asked for my investment thesis, I’ll share it anyway. :-)
Assuming the company can reach CHF 1 billion in revenue and improve its EBITDA margin to 20% in 2030, I estimate future net income could reach CHF 135 million. Assuming a P/E compression to 20, I expect the share price to grow by about 11.1% per year. The dividend yield is currently just 0.54%, as most earnings are reinvested to drive further growth, but I expect the yield to rise somewhat over time.
Overall, I anticipate a total annual return of roughly 12% over the next five years — better than the Swiss Performance Index (SPI), though with higher risk. If your expenses are in USD or EUR, you could potentially gain an additional 1–2% per year, since I also expect the Swiss franc to appreciate in the coming years.
SKAN is certainly not a Palantir, nor even a Fortinet or any other "hot" Silicon Valley stock. However, the company appears solid, with competent management and operates in the healthcare sector — a market benefiting from long-term demographic trends (aging population, especially in Europe) and the fact that a growing number of people in emerging markets can now afford healthcare.
Again: Before investing, consider the risk. President Trump in April has announced that Switzerland will be subject to an additional import duty of 31%. I most definitely think that SKAN could not simply "eat" these tariffs, revenues in the US would most probably collapse. I believe that Swiss governement can negotiate much better conditions with the US administration. But I could be wrong.
