| Valuation method | Value, CHF | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 42.92 | 253 |
| Intrinsic value (DCF) | 8.40 | -31 |
| Graham-Dodd Method | n/a | |
| Graham Formula | 0.25 | -98 |
CALIDA Holding AG is a Swiss-based apparel manufacturer specializing in premium underwear, lingerie, and outdoor clothing. Founded in 1941 and headquartered in Sursee, Switzerland, the company operates through three key segments: CALIDA (underwear, sleepwear, and swimwear), AUBADE (luxury lingerie), and LAFUMA MOBILIER (outdoor and leisure equipment). CALIDA serves markets across Europe, Asia, and the U.S., leveraging a mix of direct-to-consumer e-commerce and traditional retail channels. The company’s diversified brand portfolio allows it to cater to different consumer segments, from everyday essentials (CALIDA) to high-end lingerie (AUBADE) and outdoor enthusiasts (LAFUMA Outdoor). With a market cap of CHF 120.5 million, CALIDA competes in the global apparel sector, emphasizing Swiss craftsmanship, sustainability, and digital sales growth. Its presence in both luxury and functional apparel positions it uniquely in the consumer cyclical industry.
CALIDA Holding AG presents a mixed investment profile. On the positive side, the company maintains a diversified brand portfolio with strong niche positioning in luxury lingerie (AUBADE) and outdoor apparel (LAFUMA). Its low beta (0.56) suggests relative stability compared to broader markets, and it generated CHF 37.1 million in operating cash flow in its latest fiscal year. However, challenges include modest net income (CHF 14.9 million) and a diluted EPS of just CHF 0.063, reflecting tight margins in the competitive apparel sector. The dividend yield (~1.4% based on current data) is modest, and the company’s small market cap may limit liquidity. Investors should weigh its brand equity against exposure to cyclical consumer demand and rising input costs.
CALIDA Holding AG’s competitive advantage lies in its multi-brand strategy, combining luxury (AUBADE), everyday essentials (CALIDA), and outdoor performance (LAFUMA). This diversification mitigates reliance on any single segment. AUBADE’s high-end lingerie niche offers pricing power and brand loyalty, while LAFUMA’s outdoor segment benefits from growing demand for sustainable and functional apparel. However, CALIDA faces intense competition from global apparel giants and digital-native brands. Its Swiss heritage and craftsmanship differentiate it in Europe, but scalability in North America and Asia remains a challenge. The company’s direct e-commerce channels (~20% of revenue) are a strength but lag behind pure-play online competitors. Supply chain efficiency is critical given its modest operating margins (6.5% in FY2023). CALIDA’s smaller size limits economies of scale compared to rivals like Triumph or Hanesbrands, but its focus on premium segments helps avoid direct price wars with fast-fashion players.