| Valuation method | Value, CHF | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 103.17 | 69 |
| Intrinsic value (DCF) | 32.47 | -47 |
| Graham-Dodd Method | 70.76 | 16 |
| Graham Formula | 49.24 | -19 |
Bergbahnen Engelberg-Trübsee-Titlis AG (TIBN.SW) is a leading Swiss cableway and tourism company, operating in the picturesque Engelberg region. Founded in 1913, the company manages a diverse portfolio of winter and summer activities, including ski lifts, mountain excursions, hotels, restaurants, and retail shops. As a key player in Switzerland's leisure sector, Bergbahnen Engelberg-Trübsee-Titlis AG capitalizes on the country's robust tourism industry, attracting both domestic and international visitors. The company's integrated business model—combining transportation, hospitality, and retail—ensures multiple revenue streams while enhancing the visitor experience. With a strong presence in the Swiss Alps, the company benefits from Engelberg's reputation as a premier destination for skiing, hiking, and adventure tourism. Its strategic investments in infrastructure and sustainability further solidify its market position in the competitive European leisure market.
Bergbahnen Engelberg-Trübsee-Titlis AG presents a stable investment opportunity within the leisure sector, supported by Switzerland's resilient tourism industry. The company's diversified revenue streams—spanning cableway operations, hospitality, and retail—provide financial stability. With a market cap of CHF 140.4M, diluted EPS of CHF 4.48, and a dividend yield of ~1.8%, the stock offers moderate growth potential. However, its heavy reliance on seasonal tourism and high capital expenditures (CHF -41.4M in FY 2024) pose risks, particularly in adverse weather conditions or economic downturns. The low beta (0.544) suggests lower volatility compared to the broader market, making it a defensive play in the consumer cyclical sector. Investors should weigh its steady cash flow (CHF 20.6M operating cash flow) against its debt levels (CHF 28M total debt).
Bergbahnen Engelberg-Trübsee-Titlis AG holds a strong regional competitive advantage due to its prime location in Engelberg, a well-known Swiss alpine destination. Unlike larger international ski resort operators, the company benefits from a loyal customer base and a vertically integrated business model that includes transportation, lodging, and retail. However, its regional focus limits scalability compared to global competitors. The company's investments in modern cableway infrastructure enhance efficiency and visitor capacity, but it faces competition from other Swiss ski resorts such as Zermatt and St. Moritz, which have stronger international branding. Additionally, climate change poses a long-term risk to winter sports tourism, potentially affecting demand. The company's ability to diversify into year-round activities (e.g., summer hiking, events) mitigates some seasonality risks. Its financials indicate solid profitability (CHF 15M net income), but competitors with larger footprints may have better economies of scale. Overall, Bergbahnen Engelberg-Trübsee-Titlis AG is well-positioned in the Swiss market but lacks the global reach of major ski resort operators.