CPH Group AG Class A (CPHN) AI Stock Analysis

• Market Cap: CHF386.38M
• Dividend Yield: 2.98%
• Average Volume (3M): 1.00K
• Price to Earnings (P/E): 17.8
• Beta (1Y): 0.44
• Revenue Growth: -45.71%
• EPS Growth: 215.99%
• Country: CH
• Employees: 959
• Sector: Services
• Sector Strength: N/A
• Industry: Paper, Lumber & Forest Products
• EPS (TTM): N/A
• Shares Outstanding: 6,000,000
• 10 Day Avg. Volume: 835
• 30 Day Avg. Volume: 1,003
• PEG Ratio: 0.04
• Price to Book (P/B): 2.04
• Price to Sales (P/S): 1.24
• P/FCF Ratio: 32.36
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 5.45
• Revenue Forecast (FY): CHF356.38M

• Rating: 59 Neutral
• Price Target: CHF68.00 ▲(4.29% Upside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

The score is driven primarily by improving 2025 profitability and a relatively solid balance sheet, but constrained by volatile revenues and weaker cash conversion. Technicals are a notable headwind with the stock trading below major moving averages and negative momentum, while valuation is moderately supportive due to a reasonable P/E and ~3.1% dividend yield.

Positive Factors

Conservative balance sheet

Low reported leverage (debt/equity ~0.26) and sizable equity provide a durable financial cushion. This supports capital spending for packaging and property upkeep, preserves access to credit, and reduces bankruptcy risk during cyclical downturns over the next several months.

Profitability recovery

Rebound to healthy gross margins and improved net margin/ROE indicates restoration of pricing power and operational control. Sustained mid-single-digit net margins and stronger returns allow reinvestment, support dividends, and improve resilience versus prior weak years.

Diversified business model

Having two distinct cash engines—industrial packaging (including regulated pharma end-markets) and Swiss rental income—smooths revenue cyclicality. Real estate rental cash flows offset manufacturing cycles, improving medium-term stability and cash predictability.

Negative Factors

Volatile, shrinking revenue

Marked multi-year revenue volatility and a steep decline from the 2022 peak signal structural demand or mix pressures. Persistently lower top-line hampers scale economics, raises execution risk, and limits ability to sustainably fund margins or growth investments.

Weak cash conversion

Earnings are not fully converting to cash (FCF ~38% of net income), reducing usable internal capital for capex, rents, or dividends. This increases reliance on external financing and heightens vulnerability if earnings fluctuate again, weakening long-term financial flexibility.

Rising absolute debt

Although leverage remains moderate, the recent increase in absolute debt can compress headroom for new investments or absorb shocks. If revenue or cash flow weakens, higher debt levels would limit management's ability to respond without cutting capex or dividends.

CPH Group AG Class A Business Overview & Revenue Model

Company Description

CPH Chemie + Papier Holding AG, together with its subsidiaries, engages in the developing, manufacturing, and distributing chemicals, printing paper, and pharmaceutical packaging films. The Chemistry division manufactures and distributes molecular, chromatography gels, and deuterated products under the Zeochem brand. The Paper division manufactures newsprint and magazine paper products under the Perlen Papier brand; and recycles domestically recovered paper. The Packaging division provides a range of PVC mono films and coated PVdC high-barrier films for pharmaceutical industry under the Perlen Packaging brand name. It operates in Switzerland, rest of Europe, the Americas, Asia, and internationally. The company was founded in 1818 and is headquartered in Root, Switzerland.

How the Company Makes Money

CPH Group AG generates revenue through the sale of its specialty chemicals and materials to a wide range of industries. The company's revenue model is based on direct sales to customers, as well as through strategic partnerships and collaborations with other firms in the manufacturing and industrial sectors. Key revenue streams include the production and sale of high-performance resins, adhesives, and coatings, which are essential for various applications. Additionally, CPHN benefits from long-term contracts with major clients that provide a stable income stream, while ongoing investments in research and development help to innovate and expand its product offerings, ultimately driving growth and profitability.

CPH Group AG Class A Financial Statement Overview

Summary

Earnings and margins rebounded in 2025 versus 2024, and the balance sheet remains a strength with moderate leverage (debt-to-equity ~0.26). Offsetting this, revenue has been volatile and below the 2022 peak, cash-flow consistency is uneven, and cash conversion in 2025 is weaker than ideal (free cash flow ~38% of net income).

Income Statement

Profitability rebounded in 2025 with solid margins (about 48% gross margin and ~7% net margin) after a weak 2024 (~1% net margin). However, revenue has been volatile and generally down from the 2022 peak (2023 and 2024 declines, followed by modest 2025 growth), and earnings power is not yet back to the strong 2022–2023 levels. The multi-year history includes a major loss year in 2021, highlighting cyclicality and execution risk.

Balance Sheet

Leverage looks manageable, with 2025 debt-to-equity around 0.26 and equity remaining sizable relative to assets. Returns on equity improved in 2025 (~11%) from 2024 (~2%), though still below the very strong 2022–2023 levels and with a notable negative year in 2021. A key watch item is the increase in absolute debt in 2025 versus 2024, which reduces balance-sheet flexibility if operating conditions soften.

Cash Flow

Cash generation is positive in 2025 (operating cash flow ~34M; free cash flow ~13M) with strong free-cash-flow growth versus 2024, but cash conversion is weaker than ideal: free cash flow is only ~38% of net income in 2025, indicating earnings are not fully translating into cash. Cash flow was very strong in 2022–2023, weakened in 2024, and is improving again in 2025—suggesting a more volatile cash profile than the latest profit recovery alone would imply.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	334.06M	447.86M	623.98M	725.35M	496.69M
Gross Profit	159.50M	162.31M	224.67M	125.21M	-2.92M
EBITDA	49.06M	30.90M	113.06M	131.09M	-117.87M
Net Income	23.36M	4.65M	78.89M	100.95M	-151.56M
Balance Sheet
Total Assets	368.86M	332.61M	598.19M	666.19M	560.40M
Cash, Cash Equivalents and Short-Term Investments	27.04M	31.60M	107.64M	143.61M	95.12M
Total Debt	53.23M	18.94M	723.00K	98.85M	109.82M
Total Liabilities	164.99M	123.16M	161.92M	266.62M	249.90M
Stockholders Equity	203.50M	209.45M	436.27M	398.21M	309.13M
Cash Flow
Free Cash Flow	12.82M	22.69M	75.22M	63.72M	-8.76M
Operating Cash Flow	34.07M	45.68M	109.86M	97.63M	15.83M
Investing Cash Flow	-50.89M	-46.74M	-18.00M	-29.62M	-19.22M
Financing Cash Flow	13.52M	-75.52M	-125.66M	-18.99M	-17.98M

CPH Group AG Class A Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 65.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:CPHN, the sentiment is Negative. The current price of 65.2 is above the 20-day moving average (MA) of 64.57, below the 50-day MA of 65.64, and below the 200-day MA of 69.87, indicating a bearish trend. The MACD of -0.44 indicates Negative momentum. The RSI at 47.56 is Neutral, neither overbought nor oversold. The STOCH value of 75.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CH:CPHN.

CPH Group AG Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VILN	60 Neutral	CHF62.12M	12.33	―	1.40%	-4.53%	43.42%
CPHN	59 Neutral	CHF386.38M	17.77	―	2.98%	-45.71%	215.99%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
ZWM	52 Neutral	CHF10.11M	-0.75	―	―	-13.04%	-1151.20%
COTN	50 Neutral	CHF2.04B	143.14	―	0.68%	27.24%	122.39%
PEDU	46 Neutral	CHF5.55M	-2.80	―	―	―	―
AEVS	44 Neutral	CHF1.15B	66.21	―	―	9.72%	―

CPH Group AG Class A Corporate Events

CPH Group Expands Portfolio as Profit Slips but Dividend Held Steady

CPH Group AG reported 2025 net sales of CHF 334 million, up 3.3% year-on-year, but profitability declined as EBITDA fell 6.5% to CHF 50.3 million and net income dropped 32% to CHF 23.4 million amid currency headwinds, price pressure and overcapacity in pharmaceutical blister packaging. Despite the earnings decline and a slightly higher cost base after the Paper division spin-off, the board will propose an unchanged dividend of CHF 2.00 per share, signaling confidence in the group’s strategic direction and balance sheet strength.

The company pressed ahead with its expansion strategy, acquiring LOG Pharma and SiliCycle to broaden its pharmaceutical primary packaging and chromatography portfolios and reinforce positions in niche markets. Zeochem delivered record EBITDA and a margin above 20%, while Perlen Packaging grew sales but saw margins squeezed, prompting cost reductions, targeted investments and a focus on safeguarding profitability as management expects higher sales and earnings across both divisions in 2026.

The most recent analyst rating on (CH:CPHN) stock is a Hold with a CHF70.00 price target. To see the full list of analyst forecasts on CPH Group AG Class A stock, see the CH:CPHN Stock Forecast page.