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Nebag Ag

NBEN.SW
52
Asset Management · Financial Services
Price
CHF 6.60
+0.05 (+0.76%)
Market Cap
CHF 60.2M
Exchange
SIX Swiss Exchange
Winston Score
52
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Strong
Growth
Weak
Cash Flow
Good
Stability
Good
Valuation
Mixed
Dividends
Good

Winston Score History

The full picture

Nebag AG is a Swiss investment holding company based in Switzerland. It owns stakes in other businesses and manages a portfolio of financial assets on behalf of its shareholders. The company operates in the asset management and investment sector, focusing primarily on Swiss and European markets.

Nebag makes money by earning returns on its investments — through dividends, interest, and gains when it sells assets. It is a small company with a market value of around 100 million Swiss francs, and its 100% gross margin reflects the nature of holding company income, which carries little direct cost. Its competitive position depends heavily on the quality of its investment decisions and the relationships of its management team, which is a common challenge for small holding companies. The main risk is that poor investment choices or a downturn in European financial markets could significantly reduce the value of its portfolio and hurt shareholder returns.

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: 9.1M (2021) → 9.1M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
100.0%
Premium pricing power — 100.0% gross margin
Profit after running costs
Operating Margin
233.9%
Excellent — 233.9% operating margin
Return on the money invested
ROCE
7.1%
Weak — 7.1% 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
N/A
Data not available
Profit growth
EPS YoY
N/A
Data not available
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
49%
Weak — only 49% of profit becomes cash
Spare cash per sale
FCF Margin
62.5%
Converts sales into free cash efficiently (62.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
18.9x
Fair value — P/E 18.9

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
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
4.55%
Healthy income — 4.55% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
-21.6%
Dividend cut (-21.6% YoY) — warning sign

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