Intershop Holding AG (ISN.XSWX) DCF Valuation

Intrinsiqq's two-stage discounted cash flow (DCF) model estimates an intrinsic value of about CHF 74.71 per share for ISN.XSWX. It projects recent free cash flow forward at a growth rate that fades toward a long-run rate, then discounts those cash flows back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around CHF 56.03. The output moves with the growth and discount-rate inputs, so it is best read as a range, not a single number. You can change every assumption with the sliders on this tab.

At CHF 152.60, ISN.XSWX trades above the base-case intrinsic value of about CHF 74.71, a 51.0% premium over that estimate, so on this model it looks overvalued. A DCF is only one lens: a premium can be justified if the business grows faster or is higher quality than the base case assumes, which is exactly what the sliders let you test.

The base case grows ISN.XSWX's free cash flow at about 7.3% a year before fading, against roughly 7.3% historical free-cash-flow growth. If the price implies growth well above what the company has actually delivered, the market is paying for optimism; if below, expectations are modest. Adjust the growth assumption on this tab to see what the current price is really betting on.

A margin of safety is the discount to intrinsic value you demand before buying, to protect against being wrong on the inputs. Intrinsiqq applies 25% by default, which turns ISN.XSWX's CHF 74.71 intrinsic estimate into a CHF 56.03 entry. Wider margins suit less predictable businesses; you can set your own on this tab. This is analysis from company filings, not investment advice.