LISP.SW
LINDT PSClosedLISP.SW discounted cash flow valuation
LISP.SW Fair Value
Reverse DCF: today's price implies 16.6% a year of FCF growth for years 1–5, against 3.9% in this model.
Model: 3.9% from analyst next-year revenue growth. Fades linearly to terminal growth by year 10.
Model: 7.80% (CAPM, see the build-up).
Long-run growth after year 10; keep it at or below nominal GDP.
Value Bridge
| PV of free cash flow, years 1–10 | CHF 1.55B |
|---|---|
| PV of terminal value (64% of EV) | CHF 2.75B |
| Enterprise value | CHF 4.30B |
| + Cash & investments | CHF 410.70M |
| − Total debt | −CHF 1.85B |
| Equity value | CHF 2.86B |
| ÷ Shares outstanding | 949.73K |
| Value per share | CHF 3,013.53 |
| Market cap | CHF 17.91B |
Discount Rate Build-up
| Risk-free rate (10-yr Treasury) | 5.19% |
|---|---|
| Beta (adjusted toward 1) | 0.67 |
| Equity risk premium | 4.50% |
| Cost of equity (CAPM) | 8.18% |
| Pre-tax cost of debt | 5.19% |
| Tax rate | 21.3% |
| Debt / (equity + debt) | 9.3% |
| WACC | 7.80% |
Beta is Yahoo's, held between 0.5 and 2.5, then moved a third of the way toward 1. Cost of debt is interest expense ÷ total debt, held between the risk-free rate and 12%. WACC is at least the risk-free rate plus 2%.
Free Cash Flow: History and Projection
Sensitivity: Value per Share
| WACC ↓ / g → | 2.00% | 2.50% | 3.00% | 3.50% | 4.00% |
|---|---|---|---|---|---|
| 5.80% | 4,516.32 | 5,259.93 | 6,268.94 | 7,716.43 | 9,967.80 |
| 6.80% | 3,245.86 | 3,673.11 | 4,212.67 | 4,915.59 | 5,869.38 |
| 7.80% | 2,414.11 | 2,685.59 | 3,013.53 | 3,417.64 | 3,927.98 |
| 8.80% | 1,827.49 | 2,011.96 | 2,228.17 | 2,485.09 | 2,795.45 |
| 9.80% | 1,391.68 | 1,523.21 | 1,674.01 | 1,848.69 | 2,053.42 |
Green is above today's price, red below (full colour at ±30%). The outlined centre cell is the current inputs.
Projected Cash Flows
| Year | Growth | Free cash flow | Discount factor | Present value |
|---|---|---|---|---|
| Base (FY2025) | — | CHF 189.90M | — | — |
| Year 1 | 3.9% | CHF 197.31M | 0.928 | CHF 183.03M |
| Year 2 | 3.9% | CHF 205.00M | 0.861 | CHF 176.41M |
| Year 3 | 3.9% | CHF 213.00M | 0.798 | CHF 170.03M |
| Year 4 | 3.9% | CHF 221.30M | 0.740 | CHF 163.87M |
| Year 5 | 3.9% | CHF 229.93M | 0.687 | CHF 157.95M |
| Year 6 | 3.7% | CHF 238.49M | 0.637 | CHF 151.97M |
| Year 7 | 3.5% | CHF 246.93M | 0.591 | CHF 145.96M |
| Year 8 | 3.4% | CHF 255.23M | 0.548 | CHF 139.95M |
| Year 9 | 3.2% | CHF 263.34M | 0.509 | CHF 133.95M |
| Year 10 | 3.0% | CHF 271.24M | 0.472 | CHF 127.99M |
Method
Two-stage free-cash-flow model, the same as the bot's lgf dcf: five years at the chosen growth rate, a straight-line fade to terminal growth by year ten, then a Gordon-growth terminal value. Everything is discounted at WACC.
Base cash flow is the trailing four quarters of operating cash flow minus capital expenditure (the latest fiscal year when quarters are missing). Default growth uses analyst long-term growth when Yahoo publishes it, else next year's revenue growth (steadier than one year's EPS), else next year's EPS growth, else revenue CAGR, held between −2% and 25%. Terminal growth defaults to 3%.
A DCF is only as good as its inputs. The terminal value is usually most of the answer, so read the sensitivity grid before the headline number. This is a model, not investment advice.