{"id":1447876,"date":"2026-09-21T09:04:01","date_gmt":"2026-09-21T07:04:01","guid":{"rendered":"https:\/\/www.payoff.ch\/?p=1447876"},"modified":"2026-09-21T09:08:44","modified_gmt":"2026-09-21T07:08:44","slug":"the-week","status":"publish","type":"post","link":"https:\/\/www.payoff.ch\/en\/news\/the-week","title":{"rendered":"&#8220;The Week&#8221;: Interest Rate Path in Focus"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Switzerland<\/h3>\n\n\n\n<p>Shares of&nbsp;<a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/CH0011484067?show_back=1\"><strong>St. Galler Kantonalbank<\/strong><\/a>&nbsp;(Ticker: SGKN SW) have taken off on the Swiss stock exchange: up 20.14% since the turn of the year. Step by step, the financial metrics of the CHF 4.1 billion stock continue to improve.&nbsp;<em>According to the underlying models, book value per share could improve from CHF 485.1 to CHF 583 between 2023 and 2028. The payout per share could rise from CHF 19 to CHF 22, which would make an annual reinvestment of the dividend into new shares worthwhile.<\/em><strong><br>Trading strategy:&nbsp;<\/strong>Reload<\/p>\n\n\n\n<p>Basel-based pharmaceutical stock&nbsp;<a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/CH1499059983?show_back=1\"><strong>Roche<\/strong><\/a>&nbsp;(Ticker: ROP SW) has gained 8.71% since the turn of the year, with no end to the upward movement in sight.&nbsp;<em>Book value per share could rise from CHF 41.37 to CHF 71.18 between 2023 and 2028. The dividend payout could increase from CHF 9.6 to CHF 10.52 over the same period, which would make a reinvestment of the dividend into new shares worthwhile.<\/em><strong><br>Trading strategy:&nbsp;<\/strong>Reload<\/p>\n\n\n\n<p>Thanks to significantly improved positioning, shares of&nbsp;<a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/CH1243598427?show_back=1\"><strong>Sandoz<\/strong><\/a>&nbsp;(Ticker: SNDZ SW), which recently advanced into the SMI, are once again gaining investor confidence, a development attributed to the company&#8217;s clearer focus on generic products.&nbsp;<em>Operating income (EBIT) could rise from USD 1.488 billion to USD 2.979 billion between 2023 and 2028, which would make an annual reinvestment of the dividend into new shares worthwhile.<\/em><strong><br>Trading strategy:&nbsp;<\/strong>Reload<\/p>\n\n\n\n<p>Shares of&nbsp;<a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/LI0355147575?show_back=1\"><strong>Liechtensteinische Landesbank<\/strong><\/a>&nbsp;(Ticker: LLBN SW) have picked up further pace in recent days: up 39.14% since the turn of the year.&nbsp;<em>The background would be a marked improvement in the expected book value per share from CHF 66.05 to CHF 84.4 between 2023 and 2028, which would make the share price development of recent months at this CHF 3.55 billion stock more comprehensible.<\/em><strong><br>Trading strategy:&nbsp;<\/strong>Reload<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Europe<\/h3>\n\n\n\n<p>Shares of French bioanalysis specialist&nbsp;<a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/FR0014000MR3?show_back=1\"><strong>Eurofins Scientific<\/strong><\/a>&nbsp;(Ticker: ERF FP) are seeing a marked upswing: since the start of the year, the stock has risen 22.50%, a strong result by European standards.&nbsp;<em>According to current analyses, operating income could rise from EUR 842 million to EUR 1.387 billion between 2023 and 2028, which would be highly significant. Dividend per share could also improve from EUR 0.5 to EUR 0.96, which would make an investment more attractive going forward.<\/em><strong><br>Trading strategy:&nbsp;<\/strong>Reload<\/p>\n\n\n\n<p>The long-term price development of Finland&#8217;s&nbsp;<a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/FI0009013296?show_back=1\"><strong>Neste Oyj<\/strong><\/a>&nbsp;(Ticker: NESTE FH) can be described as exceptional: despite a gain of 79.34% since the turn of the year, the stock is still considered promising.&nbsp;<em>Book value per share could rise from EUR 11.02 to EUR 15.77 between 2023 and 2028. Earnings per share could increase from EUR 1.87 to EUR 2.452 over the same period, which would suggest an increase in positioning.<\/em><strong><br>Trading strategy:&nbsp;<\/strong>Reload<\/p>\n\n\n\n<p>Spain&#8217;s&nbsp;<a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/ES0118594417?show_back=1\"><strong>Indra Sistemas<\/strong><\/a>&nbsp;(Ticker: IDR SM) currently presents itself as an excellently positioned stock: in the current year 2026 alone, the share has gained 27.32%, a strong result compared with the return of its home market index.&nbsp;<em>Book value per share could improve from EUR 6.413 to EUR 18.6 between 2023 and 2028. The expected EBIT margin would stand at 11.28% in 2028, which would be an excellent figure for the company by historical comparison, with an annual reinvestment of the dividend into new shares also worth considering, given that this strategy has proven very successful for this stock in the past.<\/em><strong><br>Trading strategy:&nbsp;<\/strong>Reload<\/p>\n\n\n\n<p>Shares of Finnish pharmaceutical group&nbsp;<a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/FI0009014377?show_back=1\"><strong>Orion Oyj<\/strong><\/a>&nbsp;(Ticker: ORNBV FH) currently qualify as an attractive stock.&nbsp;<em>Dividend per share could rise from EUR 1.62 to EUR 2.47 between 2023 and 2028. With an EBIT margin of 36.49% by 2028 and an expected dividend yield of 2.89% in 2028, the overall picture would support a position.<\/em><strong><br>Trading strategy:&nbsp;<\/strong>Reload<\/p>\n\n\n\n<p>Shares of Italy-based&nbsp;<a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/IT0003796171?show_back=1\"><strong>Poste Italiane<\/strong><\/a>&nbsp;(Ticker: PST IM) gained 25.19% since the turn of the year.&nbsp;<em>An improvement in earnings per share is projected between 2023 and 2028, from EUR 1.483 to EUR 2.141.&nbsp;<\/em><em>By 2028, a record dividend payout per share of EUR 1.533 is projected (dividend yield: 5.7%). The EBIT margin could reach a record 26.41% in 2028.<\/em><strong><br>Trading strategy:&nbsp;<\/strong>Reload<\/p>\n\n\n\n<p>Shares of Germany&#8217;s&nbsp;<a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/DE000SYM9999?show_back=1\"><strong>Symrise<\/strong><\/a>&nbsp;(Ticker: SY1 GY) continue to trend steadily upward: up 29.24% since the turn of the year.&nbsp;<em>Book value per share could grow from EUR 25.41 to EUR 33.47 between 2023 and 2028. The EBIT margin could reach a new record of 16.83% in 2028, which would represent a strong figure for the company by historical standards.<\/em><strong><br>Trading strategy:&nbsp;<\/strong>Reload<\/p>\n\n\n\n<p>Shares of Swedish pharmaceutical stock&nbsp;<a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/SE0000872095?show_back=1\"><strong>Swedish Orphan Biovitrum<\/strong><\/a>&nbsp;(Ticker: SOBI SS) are considered attractive, with the upward trend expected to continue through the end of 2029.&nbsp;<em>Book value per share at this EUR 13.75 billion stock could rise significantly from SEK 95.6 to SEK 179.2 between 2023 and 2028.<\/em><strong><br>Trading strategy:&nbsp;<\/strong>Reload<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">US\/CAN<\/h3>\n\n\n\n<p>US DNA sequencing specialist&nbsp;<a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/US4523271090?show_back=1\"><strong>Illumina<\/strong><\/a>&nbsp;(Ticker: ILMN US) is considered a stock with major potential on the more speculative side.&nbsp;<em>Operating income could improve from USD 247 million to USD 1.391 billion between 2023 and 2028, which would represent an enormous increase.<\/em><strong><br>Trading strategy:&nbsp;<\/strong>Reload<\/p>\n\n\n\n<p>Conservatively oriented investors are backing cybersecurity specialist&nbsp;<a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/US34959E1091?show_back=1\"><strong>Fortinet<\/strong><\/a>&nbsp;(Ticker: FTNT US).&nbsp;<em>At this globally active sector champion, book value per share could improve from USD -0.595 to USD 10.67 between 2023 and 2028.&nbsp;<\/em><em>Return on equity (ROE) could reach a peak of 48.25% in 2028.<\/em><strong><br>Trading strategy:&nbsp;<\/strong>Reload<\/p>\n\n\n\n<p>Commodity exploration stock&nbsp;<a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/US56585A1025?show_back=1\"><strong>Marathon Petroleum<\/strong><\/a>&nbsp;(Ticker: MPC US) currently presents a very strong chart picture.&nbsp;<em>Book value per share could grow from USD 66.32 to USD 110.2 between 2023 and 2028, which would represent an exceptionally strong increase.<\/em><strong><br>Trading strategy:&nbsp;<\/strong>Reload<\/p>\n\n\n\n<p>Shares of semiconductor stock&nbsp;<a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/IL0010823792?show_back=1\"><strong>Tower Semiconductor<\/strong><\/a>&nbsp;(Ticker: TSEM US) are developing dynamically on the stock market.&nbsp;<em>An increase in operating income from USD 201.3 million to USD 1.270 billion is projected between 2023 and 2028. The EBIT margin could reach a new record of 35.54% in 2028, which would represent a very good figure for this sector.<\/em><strong><br>Trading strategy:&nbsp;<\/strong>Reload<\/p>\n\n\n\n<p><a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/US3156161024?show_back=1\"><strong>F5<\/strong><\/a>&nbsp;(Ticker: FFIV US) ranks among the particularly interesting stocks on the market.&nbsp;<em>Book value per share at this USD 24.46 billion stock could rise from USD 46.46 to USD 96.78 between 2023 and 2028, which would underpin the company&#8217;s successful strategic direction.&nbsp;<\/em><em>However, no dividend payout is expected for the foreseeable future.<\/em><strong><br>Trading strategy:&nbsp;<\/strong>Reload<\/p>\n\n\n\n<p><a href=\"https:\/\/www.payoff.ch\/en\/basiswerte\/US9553061055?show_back=1\"><strong>West Pharmaceutical Services<\/strong><\/a>&nbsp;(Ticker: WST US) ranks among the particularly interesting stocks on the market.&nbsp;<em>Book value per share at this USD 25.5 billion stock could rise from USD 39.2 to USD 57.11 between 2023 and 2028. With a record EBIT margin of 24.67% in 2028, the overall picture would appear compelling \u2013 a stock with a multi-year outlook.<\/em><strong><br>Trading strategy:&nbsp;<\/strong>Reload<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Warmest regards,<br><strong>Fran\u00e7ois Bloch<\/strong><\/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<h3 class=\"wp-block-heading\">Long-Term Returns with Fran\u00e7ois Bloch and the Coupon Collector<\/h3>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group has-weiss-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-8cf370e7 wp-block-group-is-layout-flex\">\n<div class=\"wp-block-media-text has-media-on-the-right is-stacked-on-mobile is-vertically-aligned-center\" style=\"grid-template-columns:auto 28%\"><div class=\"wp-block-media-text__content\">\n<h3 class=\"wp-block-heading\"><strong>The Coupon Collector Gains Momentum<\/strong><\/h3>\n\n\n\n<p>Selected stock ideas from Fran\u00e7ois Bloch, implemented through Barrier Reverse Convertibles and bundled in the&nbsp;<a href=\"https:\/\/amc.mavx.com\/en\/products\/details\/CH1272476933\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><strong>&#8220;The Week \u2013 Coupon Collector Index.<\/strong>&#8220;<\/a><\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-orange-background-color has-background wp-element-button\" href=\"https:\/\/amc.mavx.com\/en\/products\/details\/CH1272476933\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><strong><strong><strong>Discover the Portfolio and Products Now<\/strong><\/strong><\/strong><\/a><\/div>\n<\/div>\n<\/div><\/div>\n<\/div><figure class=\"wp-block-media-text__media\"><a href=\"https:\/\/amc.mavx.com\/en\/products\/details\/CH1272476933\" target=\"_blank\" rel=\" noreferrer noopener nofollow\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/www.payoff.ch\/wp-content\/uploads\/2026\/08\/shutterstock_2137530247_q-1024x1024.jpg\" alt=\"\" class=\"wp-image-1447305 size-full\" srcset=\"https:\/\/www.payoff.ch\/wp-content\/uploads\/2026\/08\/shutterstock_2137530247_q-1024x1024.jpg 1024w, https:\/\/www.payoff.ch\/wp-content\/uploads\/2026\/08\/shutterstock_2137530247_q-750x750.jpg 750w, https:\/\/www.payoff.ch\/wp-content\/uploads\/2026\/08\/shutterstock_2137530247_q-150x150.jpg 150w, https:\/\/www.payoff.ch\/wp-content\/uploads\/2026\/08\/shutterstock_2137530247_q-768x768.jpg 768w, https:\/\/www.payoff.ch\/wp-content\/uploads\/2026\/08\/shutterstock_2137530247_q-1536x1536.jpg 1536w, https:\/\/www.payoff.ch\/wp-content\/uploads\/2026\/08\/shutterstock_2137530247_q-2048x2048.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure><\/div>\n<\/div>\n<\/div><\/div>\n<\/div><\/div>\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<h3 class=\"wp-block-heading\">Tomorrow, Tuesday, at 17:00: \u201cBloch live\u201d<\/h3>\n\n\n\n<p>Look forward to a lively discussion between two experts, engaging topics and candid opinions.&nbsp;<strong>Don\u2019t miss it!<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-4-3 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-responsive embed-responsive-16by9\"><iframe title=\"Top-Aktien mit Fran\u00e7ois Bloch\" src=\"https:\/\/www.youtube.com\/embed\/bznpfC3Pd8k?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<p class=\"has-small-font-size\">___<\/p>\n\n\n\n<p class=\"has-small-font-size\"><strong>Disclaimer<\/strong><br>Lucht Probst Associates AG and Fran\u00e7ois Bloch receive neither payments nor commissions in connection with the products mentioned.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>St. Galler Kantonalbank off to a strong start on the stock market \u2013 Eurofins Scientific outperforming by European standards \u2013 Illumina traded as a high-potential stock on the speculative side<\/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-1447876","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\/1447876","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=1447876"}],"version-history":[{"count":8,"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/posts\/1447876\/revisions"}],"predecessor-version":[{"id":1447892,"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/posts\/1447876\/revisions\/1447892"}],"wp:attachment":[{"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/media?parent=1447876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/categories?post=1447876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/tags?post=1447876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}