CALN.SW Stock Today: January 15 Activist Seeks 10% Buyback, Asset Sale
Calida buyback is back in the spotlight after 3% shareholder Bernhard Signorell filed four AGM motions. He seeks a 10% repurchase, a review of the group structure including a potential Cosabella sale, lower board fees, and a clear payout policy. Shares of CALN.SW gained after the news, while the board said it will evaluate the proposals for long-term value. With earnings on 26 February and the AGM on 15 April, Swiss investors now have clear catalysts to watch for capital returns and portfolio simplification.
Activist push and board response
Signorell’s four motions target capital returns and governance. He asks for a 10% Calida buyback, a structured review of assets including loss-making Cosabella, cuts to director fees, and a transparent distribution roadmap. The goal is to lift confidence, set clear capital priorities, and simplify the portfolio. The move raises pressure on management ahead of the 15 April AGM.
Calida Group confirmed receipt of the proposals and said the board will evaluate them to protect long-term shareholder value. Local reports said the stock rose as much as 3.9% on the news, signaling investor interest in change. See coverage on cash.ch.
What a 10% buyback could mean
In Switzerland, companies typically execute repurchases on a second trading line for cancellation, with treasury stock limits around 10%. For Calida, 10% equals about 698,845 shares out of 6,988,453. At CHF 12.90, that implies roughly CHF 9.0 million. With free cash flow per share near CHF 3.14 and net debt to EBITDA around 1.37x, funding looks manageable if cash generation holds.
At a price-to-book of about 0.72, buybacks can be accretive to book value. The indicated free cash flow yield near 17.1% supports the case, although EPS is negative and the PE is not meaningful. The dividend yield is about 1.34%. A 10% program reduces float and may tighten liquidity, so execution pace and pricing discipline matter.
Portfolio simplification: Cosabella debate
The shareholder activist argues that Cosabella is loss-making and distracts from core brands CALIDA and AUBADE, plus Lafuma Mobilier. A review, including a possible sale, could cut complexity and improve margins. Management has not committed to a sale, but said it will assess options. See added context in FuW.
If management exits non-core or loss-making units, proceeds could support a Calida buyback, selective reinvestment in core labels, or modest deleveraging. Debt to equity is about 0.36 and interest coverage is near 6.8x, so the balance sheet is serviceable. The priority should be improved returns and simpler reporting that investors can track.
Key dates, risks, and trading setup in CH
Two near-term dates stand out. FY results are due on 26 February 2026, then shareholders vote at the 15 April 2026 AGM. The Company Rating stands at B- with a Neutral stance, and our Stock Grade is C+ with a Hold suggestion. Clarity on the Calida buyback, payout policy, and the Cosabella review are the main drivers.
Momentum is mixed. RSI is 41.8, ADX 22.3 shows a modest trend, and MACD histogram is slightly positive. Price is near CHF 12.90, above the 50-day average CHF 12.26 but below the 200-day CHF 14.44. Bollinger bands sit around CHF 11.50 to CHF 12.16. ATR of 0.42 implies moderate daily swings.
Final Thoughts
For Swiss investors, the Calida buyback proposal is a clear, near-term path to value if executed at current valuation levels. A 10% program near book value could lift per-share metrics and signal discipline. The parallel call to review Cosabella aims to cut losses and focus on core brands, which could free cash for either repurchases or debt reduction. We will watch 26 February for guidance on cash generation, inventory, and 2026 outlook, then 15 April for the AGM vote and any board-endorsed actions. Position sizing matters given liquidity. If the board backs a measured buyback and a credible portfolio plan, sentiment can improve. This article is informational only and not investment advice.
FAQs
What exactly did the activist propose at Calida’s AGM?
Bernhard Signorell, a 3% holder, filed four motions: a 10% Calida buyback, a review of the group structure including a potential sale of loss-making Cosabella, a clearer payout policy, and cuts to board fees. The aim is to boost capital returns, simplify the portfolio, and improve governance.
Is a 10% share buyback allowed in Switzerland?
Yes. Swiss companies often run repurchases on a second trading line for cancellation, typically around the 10% treasury share limit. Such programs require proper disclosures and adherence to Swiss rules. Execution pace, pricing discipline, and funding are key to ensuring the buyback adds value for remaining shareholders.
How could a Cosabella sale affect Calida Group?
If Cosabella is loss-making, a sale could reduce the earnings drag and free cash for a Calida buyback, reinvestment in core brands, or modest deleveraging. The financial impact depends on price and terms. Management has only said it will evaluate options in shareholders’ long-term interests.
What near-term dates should investors in Switzerland track?
Two catalysts matter most. Full-year results are due on 26 February 2026, which should update cash flow, margins, and guidance. The AGM on 15 April 2026 will determine support for the 10% Calida buyback, payout policy changes, and any portfolio decisions, including the Cosabella review.
Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.
