Golden Tip
On Holding Ag (ONON)
Expected Upside: 24.9%
Target period: 6 Months
Publication Price
35.4
Target Price
44.2
- Premium direct-to-consumer growth, expanding margins and a new buyback could drive a rerating as execution validates On's 2029 targets.
- Main Risk: A sustained slowdown in American demand that forces discounting would undermine the revenue growth and premium-margin assumptions.
- Q2 constant-currency sales rose 21.6%, DTC sales grew 34.3% and gross margin reached 65.4%. Management reiterated low-20% 2026 growth and introduced 2029 targets of at least CHF 5.6 billion in sales and a 22% adjusted EBITDA margin. Weighted forward-P/E and EV/EBITDA valuations support the $44.20 target.
The Golden Tip is a general investment recommendation, not personalized investment advice. Past performance and forecasts do not guarantee future results. It was prepared with the assistance of a third-party provider, subject to review and validation by the 50K Research Team. It does not take into account your portfolio, financial situation, investment objectives, risk tolerance, investment knowledge or experience, ability to bear losses, or trading history. Please always do your own research. Your capital is at risk.
