ON Holding’s ONON Rises 0.47% with $210M Volume Slump to 490th Rank as DCF Undervaluation and 87.4x P/E Spark Analyst Divide

On Holding's stock (ONON) rose 0.47% on August 20, 2025, with a trading volume of $210 million, marking a 27.53% decline from the previous day's volume and ranking 490th in market activity. The stock's recent performance has drawn mixed signals from valuation analyses, highlighting diverging perspectives on its fair value.

Discounted cash flow (DCF) modeling suggests the stock is undervalued by 16.5%, with an estimated intrinsic value of $53.91 per share. This calculation assumes free cash flows will more than double to $977.4 million by 2035. However, the price-to-earnings ratio of 87.4x starkly contrasts with the luxury industry average of 19.9x, indicating the market is pricing in aggressive growth expectations not fully supported by current fundamentals. Analyst-derived fair value estimates suggest the stock remains 46% below consensus targets.

Investor narratives further complicate the valuation picture. Some models predict price targets as high as CHF79.07 if global demand sustains momentum, while bearish scenarios project declines to CHF40.11 amid growth slowdowns. These diverging views underscore the stock's sensitivity to macroeconomic shifts and evolving consumer preferences in the athletic footwear sector.

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