Independent equity research
Is Galderma Group (GALD) a Buy, Hold or Sell?
Galderma Group — our independent, AI-built valuation and rating, in brief.
SELL (trim into strength)
12-mo fair value
CHF 134.00
To fair value
−14%
By · report dated 2026-09-05 · fair value derived independently of the market price.
The thesis, in brief
Galderma's 24.6% constant-currency growth is one drug: strip Nemluvio out and the other 86% compounds at roughly 13%, yet the shares carry 32.6x trailing core EBITDA on a market-implied 7.7% discount rate. We are wrong if FY2027 net sales exceed USD 7.6bn or core EBITDA margin clears 28.6%
How we value it
We value Galderma Group using 10-yr USD unlevered DCF, WACC 8.65% (beta 0.95), g 3.0%; 70/30 blend with 21x FY2027E core EBITDA. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Galderma Group report
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