Added to YB: 2026-08-19
Pitch date: 2026-08-18
ONON [bullish]
On Holding AG
Author Info
No bio for this author
Company Info
On Holding AG, together with its subsidiaries, develops and distributes performance sports products under the On brand in Switzerland, the rest of Europe, the Middle East, Africa, the United States, the rest of the Americas, and the Asia-Pacific.
Market Cap
$8.7B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
13.94
P/E
22.09
EV/Sales
2.50
Sector
Textiles, Apparel and Luxury Goods
Category
growth
Our bullish positioning in athletic footwear and apparel into one position: $ONON
ONON: Concentrated bullish athletic footwear bet. Retailer checks show strong 2026/27 pull, below-desired allocations. Gaining share as NKE cedes shelf space (DKS/FL pull-in potential). 65% GM new floor = luxury-like economics; GM expansion funds growth w/o EBIT sacrifice (vs DECK negative leverage). Wholesale rationalization sets up easy H2'27 comps + reaccel. Investor Day likely base case 20%+ rev growth 3yrs. Path to higher rev, margin, EPS revisions + multiple re-rate.
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