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HIAG Immobilien Holding AG

HIAG.SW
64
Real Estate - Diversified · Real Estate
Also trades as: 0QU6.L GBP 1.27 (+1.27%)
Price
CHF 127.20
+1.40 (+1.11%)
Market Cap
CHF 1.29B
Exchange
SIX Swiss Exchange
Winston Score
64
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 8, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
19/30
Growth
Exceptional
19/20
Cash Flow
Weak
2/10
Stability
Good
6/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Mixed
2/5

64 of 100 counted points = Winston Score 64.

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Share count rising — dilution

+17.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 8.6M (2021) → 10.1M (2025)

§Winston Score History

The full picture

HIAG Immobilien Holding AG is a Swiss real estate company that owns and develops properties across Switzerland. It focuses on large former industrial sites — old factory and warehouse land — and transforms them into modern spaces for businesses, retailers, and residents. The company manages a portfolio of commercial, industrial, and residential properties, making it one of the notable redevelopment-focused landlords in the Swiss market.

HIAG earns money primarily through rental income from its tenants, which provides steady, recurring cash flow. It operates entirely within Switzerland, with properties spread across several cantons, and its portfolio was valued at roughly CHF 2 billion. Its competitive edge comes from owning large, hard-to-replicate land reserves in locations that can be gradually redeveloped over many years. The key growth driver is successfully converting its remaining industrial land into higher-value mixed-use developments, though rising construction costs and higher interest rates in Switzerland could pressure profit margins and slow that process.

Growth Profile

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

Revenue Growth

+122.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+90.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

CHF 0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

55.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 2.1B cash & investments

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

Revenue accelerating

HIAG Immobilien Holding AG grew revenue 122% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
61.1%
Premium pricing power — 61.1% gross margin
Profit after running costs
Operating Margin
49.5%
Excellent — 49.5% operating margin
Return on the money invested
ROCE
4.9%
Weak — 4.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+97.2%
Fast-growing sales (+97.2% YoY)
Profit growth
EPS YoY
+85.6%
Earnings growing fast (+85.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
13%
Weak — only 13% of profit becomes cash
Spare cash per sale
FCF Margin
8.4%
Modest free cash flow (8.4%)

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
0.66
Moderate — manageable debt (0.66)
Covers its interest
Interest Cover
6.21x
Adequate interest coverage (6.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
8.3x
Attractive valuation — P/E 8.3

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-7.5
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
2.86%
Moderate income — 2.86% yield

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

Dividend record
Dividend Growth
+2.4%
Dividend flat

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