$ONON (+1.42%) Listing before GTA VI is definitely wild. In fact, the stock has now been tradable on Scalable since July 25 after my ticket from 2021 was found in the support spam folder. So folks, get in there, you can sink a few euros here too.
Discussion about ONON
Posts
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2Mon·
On Holding, the Swiss answer to Nike? 👟
On Holding is one of the most exciting sports and lifestyle stocks in Europe.
The company was founded in Zurich in 2010 and has made a name for itself worldwide with innovative running shoes.
Roger Federer is not only an investor, but also a brand ambassador and the namesake of his own collection.
📈 Growth
Turnover in 2024 was around 2.5 billion euros with growth of 30% compared to the previous year.
The USA is currently the most important market, but Europe and Asia are also gaining in importance.
The gross margin is over 49%.
The company is not yet consistently profitable, but is investing heavily in expansion and brand development.
🛍️ Products and strategy
On combines performance shoes such as the Cloudmonster with lifestyle products and textiles. In addition to online sales and its own stores, On also works with major partners such as Foot Locker and Zalando.
💡 Strengths
Strong brand identity, modern designs, growing direct-to-consumer business and focus on innovation and sustainability.
⚠️ Risks
Strong competition from Nike, Adidas and other brands.
Dependence on growth in the USA is also a risk.
📊 My conclusion
Anyone who believes in the next big global sports brand should take a closer look at the company.
For me $ONON (+1.42%) currently "only" on the watchlist, an exciting stock, but not (yet) a buy.
Source:
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2 Comments2Mon
Isn't there the same problem with Vietnam at Nike (US tariffs)?
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2Mon·
On Holding Q1'25 Earnings Highlights
🔹 Revenue: CHF 726.6M (Est. CHF 680.5M) 🟢; +43.0% YoY
🔹 Adj. EPS: CHF 0.21 (Est. CHF 0.15) 🟢
🔹 Gross Margin: 59.9% vs. 59.7% YoY
🔹 Adj. EBITDA: CHF 119.9M; +54.8% YoY
Segment & Regional Performance
🔹 DTC Sales: CHF 276.9M; +45.3% YoY
🔹 Wholesale Sales: CHF 449.7M; +41.5% YoY
🔹 DTC Share: 38.1% of total revenue
🔹 EMEA Revenue: CHF 168.6M; +33.6% YoY
🔹 Americas Revenue: CHF 437.4M; +32.7% YoY
🔹 Asia-Pacific Revenue: CHF 120.6M; +130.1% YoY
🔹 Shoes: CHF 680.9M; +40.5% YoY
🔹 Apparel: CHF 38.1M; +93.1% YoY
🔹 Accessories: CHF 7.6M; +99.2% YoY
Guidance (FY25)
🔹 Revenue Growth: +28% constant currency → at least CHF 2.86B
🔹 Gross Margin: 60.0% – 60.5%
🔹 Adj. EBITDA Margin: 16.5% – 17.5%
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3Mon·
🇨🇭 Swiss Dividend & Defensive Growth Stocks – Ranked
I screened 7 global blue chips with a value/growth balance using my PASS and Buffett-style filters. Here’s the verdict:
🔝 1. Chocoladefabriken Lindt & Sprüngli ($LISP (-0.79%) )
🟩 Score: 89 – Excellent
📈 WB Score: 7 (Grade B)
📌 Insider-led, durable moat, elite brand.
🚨 BUT: Price per share (CHF 12,210!) makes it impractical for my strategy.
🥈 2. Nestlé ($NESN (+0.02%) )
🟨 Score: 75 – Strong
📈 WB Score: 4 (Grade D)
⚖️ Balanced income with global stability. Mildly overvalued but still attractive.
🥉 3. Mondelez ($MDLZ (-0.62%) )
🟨 Score: 70 – Strong
📈 WB Score: 4 (Grade D)
🍫 Snack leader with consistent cash flows. Mildly overvalued, but solid anchor.
⚖️ Honorable Mentions
- Roche ($ROG (-0.98%) ) – ⚖️ Fairly priced, insider-led, great pipeline, but slight value trap warning.
- Zurich Insurance ($ZURN (-1.32%) ) – Stable, shareholder-friendly.
- UBS ($UBSG (+1.41%) ) – Riskier financial play, some trap signals.
- On Holding ($ONON (+1.42%)) – Growth potential, but overvalued; needs close monitoring.
🧠 Strategy Notes
✅ Favoring undervalued or stable-yield stocks with clear rotation plans.
❌ LISP is a dream stock, but high entry price makes it unsuitable for my dividend + compounding approach.
But I’m convinced it would make a fine addition to a portfolio and I will keep an eye on it and have it as one of my white whales!
5Mon·
On Holding Q4 Earnings Highlights
🔹 EPS: CHF 0.27 (Est. CHF 0.18) 🟢; UP +50% YoY
🔹 Revenue: CHF 606.6M (Est. CHF 594.5M) 🟢; UP +35.7% YoY
Q4 Key Metrics:
🔹 Gross Profit: CHF 376.8M (Est. CHF 367M) 🟢; UP +39.5% YoY
🔹 Gross Margin: 62.1% (Est. 61.7%) 🟢; UP +171 bps YoY
🔹 EBITDA: CHF 99.4M (Est. CHF 97M) 🟢; UP +38.3% YoY
🔹 EBITDA Margin: 16.4% (Est. 16.3%) 🟢; UP +28 bps YoY
🔹 Net Income: CHF 89.5M (Prior CHF -26.8M) 🟢
🔹 Inventory: CHF 419M (Est. CHF 417M) 🟡; UP +17.6% YoY
Segment Performance:
🔹 Wholesale: CHF 310M (Est. CHF 303M) 🟢; UP +28.8% YoY
🔹 Direct-to-Consumer (DTC): CHF 296M (Est. CHF 291M) 🟢; UP +43.1% YoY
Regional Breakdown:
🔹 EMEA: CHF 147M (Est. CHF 137M) 🟢; UP +31.6% YoY
🔹 Americas: CHF 365M (Est. CHF 396M) 🔴; UP +27.9% YoY
🔹 APAC: CHF 74M (Est. CHF 61M) 🟢; UP +117.9% YoY
FY25 Guidance:
🔹 Revenue Growth: 27%+ (Est. 28.2%) 🔴
🔹 Gross Margin: 60.5% (Est. 60.9%) 🔴; DOWN -13 bps YoY
🔹 EBITDA Margin: 17.3% (Est. 17.3%) 🔴; UP +55 bps YoY
🔹 FY25 Revenue Outlook: CHF 2.94B (Est. CHF 2.96B) 🟡
Strategic & Business Updates:
🔹 DTC Growth: Record 48.8% of Q4 Revenue
🔹 Global Expansion: Nearly 50 Own Stores Opened
🔹 Milestone: CHF 100M+ in Apparel Sales
🔹 New Tech: Launched LightSpray™ Innovation
🔹 Brand Momentum: Strengthened via Roger Federer, Zendaya, & FKA twigs Partnerships
CEO David Allemann’s Commentary:
🔸 "2024 was a defining year, elevating On’s presence globally. Our partnerships and continued innovation have made On a beloved brand. Looking ahead, we are confident in sustaining long-term brand love and growth.”
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5Mon·
What are you watching this week?
- Monday: $GTLB (+0.42%) , $OKTA (-2.12%) .
- Tuesday: $CRWD (-0.03%) , $FLTR (-7.99%) , $ONON (+1.42%) , $TGT (+0.32%) , $SE-ED .
- Wednesday: $MDB (-7.49%) , $MRVL (+2.6%) , $VEEV (+1.08%) , $ZS (-0.28%) .
- Thursday: $AVGO (+0.57%) , $COST (+0.81%) , $HCP , $HPE (+2.39%) , $27C , $JD. (+2.26%)
5Mon·
Nike is still "King of the Hill" (by far)
Sales of selected competitors of Nike $NKE (+0.08%) :
Nike(USA): $49.0 billion, -8% in the last quarter compared to the previous year, $NKE (+0.08%)
Adidas*(Germany): $24.6 billion, +7%, $ADS (+0.85%)
Lululemon**(USA): $10.2 billion, +9%, $LULU (-0.52%)
VF Corporation**(USA): $9.9 billion, +2%, $VFC (-1.93%)
Anta Sports*(China): $9.7 billion, +14%, $2020 (-0.07%)
Puma*(Germany): $9.3 billion, +0%, $PUM (+1.44%)
Skechers**(USA): $8.7 billion, +13%, $SKX (+0.04%)
New Balance*(USA): $7.8 bn, unlisted
Under Armour*(USA): $5.4 billion, -6%, $UAA (-18.36%)
Deckers Brands**(USA): $4.6 billion, +17%, $DECK (+0.03%)
ASICS*(Japan): $4.1 billion , +16%, $7936 (-1.85%)
Li Ning*(China): $3.9 bn, +2%, $2331 (-0.08%)
On Holding**(Switzerland): $2.5 billion, +32%, $ONON (+1.42%)
Despite all its problems, Nike is still twice as big as Adidas and somewhat as big as its four main competitors (Adidas, Anta Sports, Puma, New Balance) combined. together.
The Nike share is currently in a 60% drawdown (the worst in 25 years) and is roughly at the level of the COVID-19 low in March 2020.
Attractive risk-reward ratio?
Is Nike a buy, hold or sell for you?
*Main competitor
**Competitor in certain segments
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3 Comments
5Mon
I'm thinking back and forth. Since my investment horizon is > 10 years, I'm leaning towards an initial entry in the near future and I'm convinced of Nike in the long term.
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•6Mon·
Congratulations to all shareholders: new all-time highs for these companies!
The following companies reached new all-time highs yesterday:
Amazon $AMZN (-0.2%)
Meta (formerly Facebook) $META (+1.11%)
Mastercard $MA (+2.06%)
Visa $V (+1.63%)
Crowdstrike $CRWD (-0.03%)
Raytheon $RTX (+0.91%)
Deere $DE (+0.74%)
Spotify $SPOT (+3.25%)
ServiceNow $NOW
On Holding $ONON (+1.42%)
Congratulations to all who are invested!
Which of these shares do you have in your portfolio and do you enjoy? Or are you invested in these companies via ETF?
77
6 Comments
Why don't you actually take part in the discussions under your posts?
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8Mon·
Huge fan of $ONON (+1.42%) On running shoes. We think the brand is strong and lends to the stock having great long-term potential.
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