Aevis Victoria (AO) | Buy | CMD feedback

研报英文原文证据摘录

Aevis Victoria (AO) | Buy | CMD feedback

Aevis Victoria Buy | Target Price: CHF17.00

The Mont Cervin Palace in Zermatt is next in the pipeline, with management targeting revenues of CHF 43m post-renovation (vs. CHF

30m today), underpinned by an expected 60% uplift in average rate and RevPAR.

Swiss Hotel Properties (Hospitality Real Estate):With 55,000 sqm in the heart of Zermatt, the group holds a dominant real estate

position it is actively monetising through a retail upgrade programme (renovation, curated tenant selection and new experiential

concepts) targeting rent uplifts from CHF 700-900/sqm to CHF 1,200-1,500/sqm.

Land reserves further differentiate the group, enabling staff housing development in proximity to operations (400+ beds in the pipeline),

an increasingly scarce resource in alpine destinations.

Management reaffirmed its owner-operator model as a core strategic choice, arguing it eliminates the incentive misalignment inherent in

asset-light structures.

Nescens (Longevity & Preventive Medicine): Management positioned Nescens at the intersection of a USD 5trn longevity market and

luxury hospitality, with ambitions to build the first institutional platform bridging frontier medicine and high-end wellness.

The repositioning rests on three pillars: scientific reinforcement, brand elevation and scalable longevity programmes, with the "Nescens

Essential Reset" as the first commercial product.

The segment remains loss-making (EBITDA of CHF -7.2m in 2025 on CHF 10.2m revenues), with no explicit breakeven timeline provided.

We treat Nescens as option value at this stage.

Financial framework and valuation

Valuation: Management flagged what it considers an unjustified discount to NAV. The group's SOTP as of 19 May 2026 yields CHF 26.15

per share vs.