{"id":1444964,"date":"2026-04-20T11:20:47","date_gmt":"2026-04-20T09:20:47","guid":{"rendered":"https:\/\/www.payoff.ch\/news\/the-week-doubts"},"modified":"2026-04-20T11:31:53","modified_gmt":"2026-04-20T09:31:53","slug":"the-week-doubts","status":"publish","type":"post","link":"https:\/\/www.payoff.ch\/en\/news\/the-week-doubts","title":{"rendered":"&#8220;The Week&#8221;: Doubts"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Switzerland<\/h3>\n\n\n\n<p>The papers of <strong><a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/CH1431598916\" target=\"_blank\" rel=\"noreferrer noopener\">Inficon<\/a><\/strong> (stock market symbol: IFCN SW) are showing clear strength with a price increase of 27.33% since the beginning of the year. <em>The book value per share could increase from CHF 13.91 to CHF 26.22 in the period from 2022 to 2027. At the same time, the dividend payout could increase from CHF 2.264 to CHF 2.924. It would make sense to reinvest the dividends annually in additional shares. <\/em><br><strong>Trading strategy:<\/strong> Reloading<\/p>\n\n\n\n<p>The shares of the medical technology company <strong><a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/CH0468525222\" target=\"_blank\" rel=\"noreferrer noopener\">Medacta<\/a><\/strong> (stock market symbol: MOVE SW) are performing very strongly. <em>The operating result (EBIT) could increase from EUR 75.72 million to EUR 170.1 million in the period from 2023 to 2028. Sales should also increase in the same period: from EUR 510.8 million to EUR 958.4 million. The dividend payout could be comparatively moderate and not be the decisive factor overall. <\/em><br><strong>Trading strategy:<\/strong> Reloading<\/p>\n\n\n\n<p>The share of <strong><a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/CH0528751586\" target=\"_blank\" rel=\"noreferrer noopener\">VZ Holding<\/a><\/strong> (stock exchange symbol: VZN SW) continues to perform very solidly, but remains rather under the radar in a broad market comparison. <em>EBIT could increase from CHF 218.9 million to CHF 356.5 million in the period from 2023 to 2028. With a market capitalization of CHF 35.1 billion, this would result in a strong financial key figure profile. The expected dividend yield for 2027 is likely to be around 2.23%. <\/em><br><strong>Trading strategy:<\/strong> Reloading<\/p>\n\n\n\n<p>I am a big fan of the <strong><a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/CH0225173167\" target=\"_blank\" rel=\"noreferrer noopener\">Cembra Money Bank<\/a><\/strong> (stock exchange symbol: CMBN SW) and see considerable potential. <em>The book value per share could improve from CHF 42.60 to CHF 52.15. This would reduce the price\/earnings ratio to below 14 by 2028, which could represent an additional opportunity, particularly in connection with the attractive dividend yield. The expected dividend yield for 2027 is likely to be around 5.31%. <\/em><br><strong>Trading strategy:<\/strong> Reloading<\/p>\n\n\n\n<p>The shares of <strong><a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/CH0014786500\" target=\"_blank\" rel=\"noreferrer noopener\">Valiant<\/a><\/strong> (stock exchange symbol: VATN SW) are increasingly the focus of foreign financial investors. <em>This could be reflected in the potential development of the book value per share. An increase from CHF 163 to CHF 191.90 would be possible between 2023 and 2028. This could reduce the price\/earnings ratio to below 13.4 by 2028. The valuation of the share would appear significantly more attractive. <\/em><br><strong>Trading strategy:<\/strong> Reloading<\/p>\n\n\n\n<p>A commitment to <strong><a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/CH0011108872\" target=\"_blank\" rel=\"noreferrer noopener\">Mobimo<\/a><\/strong> (stock exchange symbol: MOBN SW) could be an attractive option for long-term investors.<em>The operating result (EBIT) is expected to increase from CHF 77 million to CHF 159.7 million between 2023 and 2028, which would correspond to significant growth. In order to take advantage of the compound interest effect, it would make sense to reinvest the dividends annually in additional shares. <\/em><br><strong>Trading strategy:<\/strong> Reloading<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Europe<\/h3>\n\n\n\n<p>The shares of <strong><a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/IT0000062957\" target=\"_blank\" rel=\"noreferrer noopener\">Mediobanca<\/a><\/strong> (stock exchange symbol: MB IM) have recently gained considerable momentum on the Milan stock exchange, rising by 16.22% since the beginning of the year. <em>According to the underlying analysis, earnings per share could improve from EUR 1.21 to EUR 2.054 in the period between 2023 and 2028. The potentially further increasing dividend payments in particular could remain attractive for investors over several years. <\/em><br><strong>Trading strategy:<\/strong> Reloading<\/p>\n\n\n\n<p>The shares of <strong><strong><strong><a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/FR0000121972\" target=\"_blank\" rel=\"noreferrer noopener\">Schneider Electric<\/a><\/strong><\/strong><\/strong> (stock exchange symbol: SU FP) are extremely promising. <em>The book value per share could increase from EUR 46.79 to EUR 59.89 in the period from 2023 to 2028. With an expected EBIT margin of 20.20% in 2028, this would result in a robust operating profile overall, which would indicate stable earnings power. In addition, a dividend yield of around 2.05% is expected for 2028. <\/em><br><strong>Trading strategy:<\/strong> Reloading<\/p>\n\n\n\n<p>In future, you could enjoy the shares of the French company <strong><a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/FR0000124141\" target=\"_blank\" rel=\"noreferrer noopener\">Veolia<\/a><\/strong> (stock exchange symbol: VIE FP) in the future. <em>An improvement in earnings per share is forecast between 2023 and 2028, namely from EUR 1.31 to EUR 2.492. An EBIT margin of 9.18% is also expected for the EUR 269 billion stock in 2028. The forecast dividend yield would then be 5.41%. <\/em><br><strong>Trading strategy:<\/strong> Reloading<\/p>\n\n\n\n<p>The shares of the Belgian <strong><a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/BE0003565737\" target=\"_blank\" rel=\"noreferrer noopener\">KBC<\/a><\/strong> (stock exchange symbol: KBC BB) appear attractive. <em>It is hoped that the upward trend will continue until the end of 2028. In the same period, the operating result (EBIT) should increase significantly from EUR 4.398 billion to EUR 6.771 billion. <\/em><br><strong>Trading strategy:<\/strong> Reloading<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">US\/CAN<\/h3>\n\n\n\n<p>I am currently extremely impressed by the US financial specialist <strong><a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/US45841N1072\" target=\"_blank\" rel=\"noreferrer noopener\">Interactive Brokers<\/a><\/strong> (stock market symbol: IBKR US), which is making a very strong showing on the stock market. <em>I expect the operating result (EBIT) to grow from USD 3.096 billion to USD 6.355 billion between 2023 and 2028. In my opinion, this would represent an exceptionally strong development. <\/em><br><strong>Trading strategy:<\/strong> Reloading<\/p>\n\n\n\n<p>The shares of <strong><a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/US0079031078\" target=\"_blank\" rel=\"noreferrer noopener\">AMD<\/a><\/strong> (stock market symbol: AMD US) are up and away.<em>Between 2023 and 2028, the operating result (EBIT) is expected to increase significantly from USD 4.854 billion to USD 29.0256 billion. The return on equity is expected to be 33.51% in 2028. This would be a very strong figure for this sector. <\/em><br><strong>Trading strategy:<\/strong> Reloading<\/p>\n\n\n\n<p>May I introduce <strong><strong><strong><a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/IE00BKVD2N49\" target=\"_blank\" rel=\"noreferrer noopener\">Seagate Technology<\/a><\/strong><\/strong><\/strong> (stock symbol: STX US), an established provider in the storage sector. <em>The operating result (EBIT) is expected to increase significantly from USD 413 million to USD 6.796 billion between 2023 and 2028. The EBIT margin could reach 41.21% by 2028, reflecting the memory chip component manufacturer&#8217;s strong margin profile. <\/em><br><strong>Trading strategy:<\/strong> Reloading<\/p>\n\n\n\n<p>The technology company <strong><a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/US19247G1076\" target=\"_blank\" rel=\"noreferrer noopener\">Coherent<\/a><\/strong> (stock market symbol: COHR US). <em>The operating result (EBIT) is expected to increase from USD 966.5 million to USD 2.571 billion between 2023 and 2028, based on an enterprise value of USD 67.37 billion. The EBIT margin could reach 45.03% in 2028, underlining the company&#8217;s strong margin profile. <\/em><br><strong>Trading strategy:<\/strong> Reloading<\/p>\n\n\n\n<p>Yours sincerely,<br><strong>Fran\u00e7ois Bloch<\/strong><\/p>\n\n\n\n<div style=\"height:22px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-small-font-size\">____<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Investment idea of the week<\/h3>\n\n\n\n<p class=\"wp-embed-aspect-4-3 wp-has-aspect-ratio\">It is important to us to provide you with a concrete investment idea. This week, Fran\u00e7ois Bloch has opted for an implementation with <strong><a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/US0231351067\" target=\"_blank\" rel=\"noreferrer noopener\">Amazon<\/a><\/strong>, <strong><a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/US0378331005\" target=\"_blank\" rel=\"noreferrer noopener\">Apple<\/a><\/strong> and <strong><a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/US67066G1040\" target=\"_blank\" rel=\"noreferrer noopener\">Nvidia<\/a><\/strong> pronounced.<\/p>\n\n\n\n<p class=\"wp-embed-aspect-4-3 wp-has-aspect-ratio\">A <strong>Barrier Reverse Convertible with <\/strong><a href=\"https:\/\/structuredproducts.lukb.ch\/product\/detail\/isin\/ch1530883375\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><strong>ISIN<\/strong> <strong>CH1530883375<\/strong><\/a> on the three shares offers an <strong>attractive coupon of 12.40%<\/strong>, with a barrier at 59.00% and a term of 12 months as a stabilizer in any portfolio.<\/p>\n\n\n\n<div class=\"_df_book df-lite\" id=\"df_1444960\"  _slug=\"multi-barrier-reverse-convertible-on-amazon-apple-nvidia\" data-title=\"multi-barrier-reverse-convertible-on-amazon-apple-nvidia\" wpoptions=\"true\" thumbtype=\"\" ><\/div><script class=\"df-shortcode-script\" nowprocket type=\"application\/javascript\">window.option_df_1444960 = {\"outline\":[],\"autoEnableOutline\":\"false\",\"autoEnableThumbnail\":\"false\",\"overwritePDFOutline\":\"false\",\"direction\":\"1\",\"pageSize\":\"0\",\"source\":\"https:\\\/\\\/www.payoff.ch\\\/wp-content\\\/uploads\\\/2026\\\/04\\\/Termsheet-en-153088337.pdf\",\"wpOptions\":\"true\"}; if(window.DFLIP && window.DFLIP.parseBooks){window.DFLIP.parseBooks();}<\/script>\n\n\n\n<p class=\"wp-embed-aspect-4-3 wp-has-aspect-ratio has-small-font-size\"><\/p>\n\n\n\n<div style=\"height:67px\" aria-hidden=\"true\" class=\"wp-block-spacer wp-embed-aspect-4-3 wp-has-aspect-ratio\"><\/div>\n\n\n\n<p class=\"has-small-font-size\">____<\/p>\n\n\n\n<p class=\"wp-embed-aspect-4-3 wp-has-aspect-ratio has-small-font-size\"><strong>Disclaimer<\/strong><br>payoff Media AG and Fran\u00e7ois Bloch receive neither payments nor commissions from the products mentioned.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>VZ Holding with solid performance &#8211; Mediobanca gains momentum &#8211; AMD clearly sets itself apart<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ngg_post_thumbnail":0,"footnotes":""},"categories":[222],"tags":[229],"class_list":["post-1444964","post","type-post","status-publish","format-standard","hentry","category-trading-desk-en","tag-the-week"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/posts\/1444964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/comments?post=1444964"}],"version-history":[{"count":5,"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/posts\/1444964\/revisions"}],"predecessor-version":[{"id":1444970,"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/posts\/1444964\/revisions\/1444970"}],"wp:attachment":[{"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/media?parent=1444964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/categories?post=1444964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/tags?post=1444964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}