Added to YB: 2026-10-09
Pitch date: 2026-10-07
ONON [bullish]
On Holding AG
+7.12%
current return
Author Info
Aurelion Research is a research analyst with a passion for markets, specializing in high‑conviction ideas across shipping, offshore drilling, and thematic equity research. Sign up for the newsletter.
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
$9.2B
Pitch Price
$32.85
Price Target
63.00 (+79%)
Dividend
N/A
EV/EBITDA
14.74
P/E
23.25
EV/Sales
2.65
Sector
Textiles, Apparel and Luxury Goods
Category
growth
New Position (ONON): Game is On
ONON: On is an established premium sportswear brand with substantial runway across wholesale, stores, apparel, China and soccer. At 10x EBITDA, the shares underprice a forecast 16% five-year sales CAGR and 19.4% EBITDA CAGR through 2030; a 14x multiple supports a $63 year-end 2027 target. The main near-term risk is weaker consumer spending pressuring demand, inventory and margins.
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