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CPH Chemie + Papier Holding AG

CPHN.SW
52
Paper, Lumber & Forest Products · Basic Materials
Also trades as: 0QNZ.L GBP 0.57 (+1.78%)
Price
CHF 57.00
+0.00 (+0.00%)
Market Cap
CHF 341.7M
Exchange
SIX Swiss Exchange
Winston Score
52
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
9/30
Growth
Weak
4/20
Cash Flow
Strong
8/10
Stability
Exceptional
10/10
Valuation
Strong
7/10
Ownership
Good
10/15
Dividends
Strong
4/5

52 of 100 counted points = Winston Score 52.

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§Winston Score History

The full picture

CPH Chemie + Papier Holding AG is a Swiss industrial company that operates in two main businesses: specialty chemicals and paper. The chemicals division makes ingredients used in products like detergents, lubricants, and pharmaceuticals. The paper division produces lightweight publication paper, mainly used in magazines, catalogs, and advertising materials.

The company earns revenue by selling chemical products and paper to industrial customers and publishers, primarily across Europe. With a market cap of around $0.3 billion, CPH is a small, focused conglomerate headquartered in Perlen, Switzerland. Its chemicals business carries a stronger competitive position due to specialty formulations that are harder to copy, while the paper division faces a structural headwind as print advertising and physical catalogs continue to decline with the shift to digital media. That ongoing decline in print demand is the central long-term risk for the business.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+0.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-16.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

CHF 0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

53.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 33M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

CPH Chemie + Papier Holding AG is growing revenue at 0% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 6.0M (2021) → 6.0M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
19.9%
Thin — 19.9% gross margin
Profit after running costs
Operating Margin
10.8%
Modest — 10.8% operating margin
Return on the money invested
ROCE
11.1%
Below par — 11.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+3.7%
Slow sales growth (+3.7% YoY)
Profit growth
EPS YoY
-32.3%
Earnings shrinking (-32.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
246%
Turns 246% of profit into real cash
Spare cash per sale
FCF Margin
9.0%
Modest free cash flow (9.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.28
Conservative — low debt load (0.28)
Covers its interest
Interest Cover
16.01x
Comfortably covers interest (16.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
16.6x
Fair value — P/E 16.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+5.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (16.6 → 11.6)

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Dividends

Dividend
Dividend Yield
3.51%
Moderate income — 3.51% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+131.5%
Dividend growing fast (131.5% YoY)
Payout Ratio
59%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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