Added to YB: 2026-09-10
Pitch date: 2026-09-07
ONON [bullish]
On Holding AG
-4.14%
current return
Author Info
No bio for this author
Company Info
On Holding AG, together with its subsidiaries, develops and distributes performance sports products under the On brand in Switzerland, the rest of Europe, the Middle East, Africa, the United States, the rest of the Americas, and the Asia-Pacific.
Market Cap
$7.6B
Pitch Price
$28.00
Price Target
47.00 (+72%)
Dividend
N/A
EV/EBITDA
11.93
P/E
19.14
EV/Sales
2.14
Sector
Textiles, Apparel and Luxury Goods
Category
growth
On Holding $ONON: I Bought the Shoes First, Then the Stock
ONON: On Holding pairs a six-to-twelve-month footwear replacement cycle with increasing direct channel ownership and full-price discipline; Q2 constant-currency sales rose 21.6%, gross margin reached 65.4%, and the balance sheet holds CHF 1.2B of cash with no financial debt. At $27.99, 19x estimated owner earnings, the $47 base-case value implies ~19% annual returns. Key risks are persistent weak US wholesale sell-through and competitor promotions that could force a choice between volume and price discipline.
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