Equity Morning Note

Latest edition · September 28, 2026

VON32628298

Calida Group has reset its capital allocation framework by doubling its dividend payout ratio target to 40–60% and initiating a 2% share buyback program. Vontobel maintains a Hold rating with a CHF 14.0 price target, emphasizing that shareholder returns cannot substitute for resolving organic growth challenges across core brands.

In its morning note, Vontobel assesses Calida Group's updated capital allocation strategy, which lifts the target dividend payout ratio to 40–60% of adjusted net profit and re-launches a share buyback program of up to 2% running through June 2027. This brings the expected FY26E dividend to CHF 0.55 per share (4.3% yield) and total shareholder yield to 6.3%. While welcoming the more disciplined and shareholder-friendly capital deployment following past portfolio restructuring, Vontobel retains a Hold recommendation and CHF 14.0 price target, arguing that stock upside remains constrained until planned investments in Calida and Aubade visibly revive organic revenue growth and expand margins.

Key takeaways from the latest edition

• 1.Calida Group doubled its target dividend payout ratio to 40–60% of adjusted net profit (from 20–30%), leading Vontobel to lift FY26E DPS to CHF 0.55 (4.3% yield).
• 2.Calida re-launched a share buyback of up to 2% of share capital from October 2, 2026 until June 2027, bringing total shareholder yield to 6.3%.
• 3.Vontobel maintains a Hold rating with a CHF 14.0 price target, noting cash returns do not solve the fundamental challenge of reviving organic brand growth and improving margins.

What this series covers

• Summary
• What's New? - Calida Group
• Facts & Comment
• Our Conclusion
• Event Calendar

Edition archive

• VON32628298

  September 28, 2026

• VON32625570

  August 28, 2026

• VON32624555

  August 17, 2026