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AEVIS VICTORIA SA
(AEVS)
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Rating:52Neutral
Price Target:
CHF16.00
▲(18.08% Upside)
Action:Reiterated
Date:09/23/26
The score is held back most by weak and inconsistent profitability and high leverage despite strong revenue growth and improving operating cash flow. Technicals are supportive with a clear uptrend, but momentum is overheated (very high RSI/Stoch), raising near-term pullback risk. Valuation is pressured by a negative P/E, while the latest earnings call adds support through upbeat guidance, margin expansion, and deleveraging progress.
Positive Factors
Strong revenue and operating cash flow growth
Sustained revenue expansion alongside consistently positive, improving operating cash flow indicates growing activity across the healthcare portfolio. This supports reinvestment and provides an operating stabilizer, although stronger cash conversion is still needed to translate growth into durable returns.
Negative Factors
High leverage limits financial flexibility
Debt materially exceeds the equity base, increasing financial risk and reducing flexibility to absorb operational setbacks or fund new investments. Although management reported deleveraging and lower interest expense, the overall balance sheet remains highly leveraged.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue and operating cash flow growth
Sustained revenue expansion alongside consistently positive, improving operating cash flow indicates growing activity across the healthcare portfolio. This supports reinvestment and provides an operating stabilizer, although stronger cash conversion is still needed to translate growth into durable returns.
Read all positive factors
AEVIS VICTORIA SA (AEVS) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF1.35B
Dividend Yield4.01%
Average Volume (3M)73.49K
Price to Earnings (P/E)―
Beta (1Y)-0.27
Revenue Growth14.88%
EPS Growth-1004.05%
CountryCH
Employees4,870
SectorGeneral
Sector StrengthN/A
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)-0.23
Shares Outstanding85,151,470
10 Day Avg. Volume15,784
30 Day Avg. Volume73,487
Financial Highlights & Ratios
PEG Ratio-0.09
Price to Book (P/B)2.21
Price to Sales (P/S)0.99
P/FCF Ratio230.88
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.12
Revenue Forecast (FY)CHF1.12B
AEVIS VICTORIA SA Business Overview & Revenue Model
Company Description
Aevis Victoria SA is a Swiss holding company with diversified interests spanning the healthcare, hospitality, lifestyle, and infrastructure sectors. Its operational structure is divided into key segments: Hospitals, Hospitality, Telemedicine, and ...
How the Company Makes Money
AEVIS VICTORIA SA makes money primarily through the operating performance and value creation of its healthcare portfolio companies. Its economic model generally consists of: (1) Operating income generated by its healthcare services holdings (e.g.,...
AEVIS VICTORIA SA Earnings Call Summary
Earnings Call Date:Sep 17, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Apr 07, 2027
Earnings Call Sentiment Positive
The call was predominantly positive. Management reported NAV growth, stronger profitability, significant margin expansion at Swiss Medical Network and ambulatory services, lower interest expense, deleveraging, progress in integrated care, and confidence in Viva's membership and breakeven targets. The main challenges were the more-than-50% NAV discount, geopolitical and regional hospitality pressures, loss-making ventures, and short-term profitability declines at turnaround hospitals and Réseau de l'Arc.Positive Updates
Healthcare-Focused Investment Portfolio
Around 60% of AEVIS VICTORIA's investments are in healthcare, with hospitality representing 20% and infrastructure representing a bit more. The portfolio also includes Viva for integrated care, Genolier Innovation Hub for innovation, and Nescens for longevity.
Negative Updates
Historically High NAV Discount
The shares traded at a discount to NAV of more than 50%, described as unprecedented in the group's history.
Read all updates
Q2-2026 Updates
Positive
Negative
Healthcare-Focused Investment Portfolio
Around 60% of AEVIS VICTORIA's investments are in healthcare, with hospitality representing 20% and infrastructure representing a bit more. The portfolio also includes Viva for integrated care, Genolier Innovation Hub for innovation, and Nescens for longevity.
Read all positive updates
Company Guidance
Management said healthcare profitability could improve from 16% to more than 20%, with a goal of reaching 23% margin and organic growth of 2%-3% a year; more than 50% of hospitals could and can reach more than the 25%-26% EBITDA margin, while ramp-up hospitals are around an EBITDA of 10%-20%. For integrated care, the medium-term goal is 15%-20%, the long-run potential is 25%-30%, and the aim is to double the amount of members every year; management was very confident of reaching the breakeven point of 10,000 members by the end of 2026 or early 2027. In hospitality, there is no occupancy target, occupancy is roughly 55%, and pricing is more important than occupancy at this stage, with confidence that the seasonal gap will be smaller. Réseau de l'Arc is expected to be in the positive field at the end of this year, Lindberg’s positive effects are expected next year, and Swiss Medical Network is expected to improve performance compared to the second half year of 2025, although the second part of the year is a bit weaker and not expected to be better than the first half.AEVIS VICTORIA SA Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
38
Negative
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.20B | 1.13B | 1.01B | 914.36M | 1.03B | 823.26M |
| Gross Profit | 196.07M | 193.03M | 789.90M | 170.09M | 185.41M | 137.56M |
| EBITDA | 9.10M | 24.91M | 92.49M | 49.06M | 128.29M | 83.47M |
| Net Income | -18.85M | -20.11M | -2.87M | -39.30M | 58.81M | -4.26M |
Balance Sheet | ||||||
| Total Assets | 1.97B | 1.91B | 2.00B | 1.86B | 1.79B | 1.73B |
| Cash, Cash Equivalents and Short-Term Investments | 63.09M | 28.98M | 36.92M | 80.71M | 75.43M | 63.42M |
| Total Debt | 1.00B | 949.83M | 1.07B | 1.01B | 970.03M | 841.27M |
| Total Liabilities | 1.41B | 1.35B | 1.42B | 1.32B | 1.28B | 1.14B |
| Stockholders Equity | 509.39M | 509.75M | 530.85M | 491.89M | 469.34M | 485.92M |
Cash Flow | ||||||
| Free Cash Flow | 22.46M | 4.87M | -18.80M | -66.06M | 40.28M | -24.07M |
| Operating Cash Flow | 89.81M | 72.56M | 46.50M | 42.67M | 114.30M | 33.53M |
| Investing Cash Flow | -81.34M | 56.05M | -62.28M | 35.56M | -56.82M | 21.63M |
| Financing Cash Flow | 31.13M | -136.51M | -28.06M | -72.95M | -45.46M | -57.31M |
AEVIS VICTORIA SA Technical Analysis
Positive
13.55
Price Trends
13.20
Positive
13.03
Positive
13.25
Positive
Market Momentum
0.80
Negative
82.82
Negative
96.18
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:AEVS, the sentiment is Positive. The current price of 13.55 is below the 20-day moving average (MA) of 13.64, above the 50-day MA of 13.20, and above the 200-day MA of 13.25, indicating a bullish trend. The MACD of 0.80 indicates Negative momentum. The RSI at 82.82 is Negative, neither overbought nor oversold. The STOCH value of 96.18 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:AEVS.
AEVIS VICTORIA SA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | CHF850.10M | 16.13 | ― | 8.99% | 4.74% | -28.96% | |
66 Neutral | CHF4.10B | 25.88 | ― | 3.03% | 6.48% | -17.25% | |
64 Neutral | CHF2.25B | 31.04 | 16.40% | 0.96% | 7.51% | -20.13% | |
62 Neutral | CHF1.15B | 71.83 | ― | ― | 29.92% | ― | |
60 Neutral | CHF539.65M | -7.24 | ― | ― | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | CHF1.35B | -70.67 | ― | 4.01% | 14.88% | -1004.05% |
* General Sector Average
CH:AEVS
AEVIS VICTORIA SA
15.95
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AEVIS VICTORIA SA Corporate Events
AEVIS VICTORIA Rejoins SIX ESG Indices After Rating Upgrade
Sep 23, 2026
AEVIS VICTORIA SA has been reinstated into five ESG indices of SIX Swiss Exchange following the latest review, reflecting improved transparency and sustainability reporting that also led to an upgraded ESG rating from Inrate, rising from B- to B. ...
Swiss Medical Network lifts profitability sharply in first half of 2026
Sep 7, 2026
Swiss Medical Network, majority-owned by AEVIS VICTORIA SA, reported a sharp improvement in profitability in the first half of 2026, supported by operational efficiencies and the expansion of outpatient and primary healthcare services. In its heal...
AEVIS VICTORIA broadens shareholder base with CHF 12.4m share placement
Sep 4, 2026
AEVIS VICTORIA SA has placed two share blocks of 500,000 shares each, totalling 1,000,000 shares or about 1.4% of its capital, with a long‑term institutional fund at CHF 12.40 per share for a value of CHF 12.4 million. The shares originate f...
AEVIS VICTORIA boosts free float with CHF 12.4m share placement
Aug 25, 2026
AEVIS VICTORIA SA has placed a package of 1,000,000 existing shares, representing about 1.2% of its share capital, with the Demole family’s Family Office via a stock exchange transaction at CHF 12.40 per share. The move brings a new long-ter...
MRH Switzerland Outperforms Soft Swiss Hotel Market with Higher Rates and Stable Margins
Aug 3, 2026
MRH Switzerland AG, the hotel arm of AEVIS VICTORIA, posted a 1.0% revenue increase to CHF 104.9 million in the first half of 2026, despite a slightly contracting Swiss hotel market. Accommodation and restaurant revenues both edged higher, with av...
AEVIS VICTORIA Backs Infracore’s CHF 200 Million IPO as Strategic Milestone
Jul 8, 2026
AEVIS VICTORIA SA has welcomed the confirmation of the final volume of the initial public offering of its strategic holding Infracore SA, a Swiss real estate company specializing in hospital and healthcare infrastructure. The IPO, which raises aro...
AEVIS VICTORIA Backs Infracore IPO to Highlight Healthcare Real Estate Value
Jun 30, 2026
AEVIS VICTORIA SA, a Swiss investment company listed on SIX Swiss Exchange, holds significant stakes in healthcare, lifestyle and infrastructure businesses, including Swiss Medical Network clinics, hotel chains and hospital real estate specialist ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.