This story was originally published on CFO.com. To receive daily news and insights, subscribe to our free daily CFO.com newsletter. John Sauerland | Progressive Progressive CFO John Sauerland will retire from the insurance company on July 3. Sauerland started at Progressive in 1990 as a summer intern and then became an assistant product manager in 1991. He has been its finance chief since 2015. Andrew Quigg, the company’s chief strategy officer, was named to succeed Sauerland. Quigg joined the company in 2 ...

On Holding AG (NYSE:ONON) ranks among the best high growth European stocks to buy. KeyBanc reduced its price target for On Holding AG (NYSE:ONON) to $58 from $68 on January 22, while maintaining an Overweight rating on the company’s shares. The cut came in spite of KeyBanc naming On Holding AG (NYSE:ONON) as one of the “best growth stories” for 2026. KeyBanc continues to be optimistic about On Holding’s core strengths, citing its “strong growth setup” fueled by global momentum, product pipeline strength, ...

Core Viewpoint - On Holding AG has announced the appointment of Frank Sluis as Chief Financial Officer (CFO), effective May 1, 2026, to support the company's global ambitions and rapid expansion [1][5]. Group 1: Leadership Background - Frank Sluis previously served as CFO for Europe & Indonesia at Ahold Delhaize, managing financial operations for over EUR 30 billion in annual net sales and leading a team of approximately 800 professionals [2]. - With over 25 years of experience in finance leadership roles at major consumer companies like Reckitt Benckiser and Unilever, Sluis possesses a strong understanding of consumer behavior and brand management [3]. Group 2: Company Vision and Strategy - The leadership at On believes that Sluis's experience aligns with the company's long-term vision and financial leadership needs, especially as the brand continues to resonate globally and achieve record results [6]. - Sluis expressed enthusiasm for joining On, highlighting the company's unique brand, strong values, and ambitious growth trajectory in the sportswear market [6]. Group 3: Transition and Continuity - Sluis will succeed Martin Hoffmann, who has expanded his role as CEO while continuing to oversee the Finance organization until Sluis's start date to ensure a smooth transition [5].

Company Overview - On Holding AG (NYSE:ONON) is a Swiss company recognized for its innovative sportswear, particularly its running shoes featuring CloudTec technology, which offers a cushioned yet responsive running experience [1] Market Performance - Goldman Sachs has set a price target of $59 for ONON, indicating a potential increase of about 31% from its current price of $45.05 [2][6] - The stock has recently declined by 2.07%, underperforming broader market indices such as the S&P 500, Dow, and Nasdaq [2][6] - Over the past month, ONON's stock has decreased by 5.08%, while the Retail-Wholesale sector gained 5.39% and the S&P 500 increased by 1.99% [3] Earnings Expectations - The investment community is anticipating On Holding's earnings per share (EPS) to be $0.26, which would represent a 31.58% decrease from the same quarter last year [3] - Despite the expected drop in EPS, revenue is projected to rise by 29.41% to $894.52 million compared to the same quarter last year, indicating strong demand for the company's products [4] Trading Activity - Today's trading volume for ONON is 3,898,642 shares, with the stock trading between a low of $44.99 and a high of $46.21 [5] - Over the past year, ONON has experienced significant volatility, reaching a high of $64.05 and a low of $34.38 [5]

Group 1: Manufacturing Sector - The report highlights a positive outlook for the textile manufacturing sector as tariff impacts are easing, leading to improved export conditions. The demand side shows a mixed performance in global apparel retail, with domestic recovery being weak while overseas apparel demand remains stable. The export decline has narrowed following progress in US-China trade negotiations, and manufacturing orders are expected to improve in 2026 due to a healthy inventory level among downstream brand clients [3][6][13]. - Key companies to watch include Shenzhou International, which has a lower exposure to the US market and is expected to see marginal improvements from major clients, and Huayi Group, which is experiencing strong growth from new clients and is ramping up production capacity [3][21][29]. Group 2: Sportswear Sector - The domestic sportswear market is showing signs of weak recovery, with high-end brands like Li Ning and Tebu International demonstrating resilience. The report anticipates a recovery in 2026 driven by macroeconomic improvements and policy catalysts, particularly with the upcoming Olympic events [3][6][19]. - Internationally, high-end sports brands are experiencing differentiated growth dynamics. ON is maintaining a strong brand image and expanding in the Asia-Pacific market, while Amer Sports is benefiting from its multi-brand strategy. However, brands like Lululemon and Deckers are facing short-term pressures in the North American market [3][6][19]. Group 3: Luxury Goods Sector - The luxury goods market in China is showing signs of gradual recovery, driven by wealth effects from the capital market and stabilization in the real estate market. Sales from luxury groups like LVMH and Richemont have improved significantly in Q3 2025, indicating a positive trend in the luxury sector [3][7]. - The report notes a shift in consumer behavior, with a loss of "aspirational consumers" and an increase in the importance of top-tier customers. This shift is leading to a focus on value, experience, and cost-effectiveness in luxury consumption, which is benefiting local high-end brands [4][7].

Core Thesis - On Holding AG (ONON) is positioned as a rapidly growing premium sportswear company with a strong focus on innovation and sustainability, projected to achieve approximately $3.3 billion in revenue by 2025, reflecting a 29% year-over-year growth [2] Company Overview - Founded by Olivier Bernhard, Caspar Coppetti, and David Allemann, On Holding AG specializes in performance and lifestyle footwear, leveraging proprietary technologies like CloudTec® cushioning and Speedboard® propulsion [2] - The company operates under a dual-CEO model, providing operational and strategic balance, with founder control ensuring long-term alignment with shareholders [3] Financial Performance - ONON's trailing and forward P/E ratios are 58.52 and 30.49 respectively, indicating a premium valuation in the market [1] - The company has achieved EBITDA margins near 18% and is expected to generate free cash flow exceeding $140 million in 2025, with a net cash position of over $750 million [5] Business Model and Growth Strategy - On's hybrid business model consists of 59% wholesale and 41% direct-to-consumer (DTC) sales, with a strategic shift towards higher-margin DTC, driving gross margins above 61% [4] - The company invests 7% of revenue in R&D and 12% in marketing, focusing on innovation and community engagement rather than traditional advertising [4] Market Position and Brand Strategy - Partnerships with high-profile athletes like Roger Federer and grassroots initiatives through the On Athletics Club enhance brand authenticity and consumer engagement [5] - The company is experiencing rapid expansion in the Asia-Pacific region, with sales growth of 85% year-over-year, reinforcing its scalability in the premium sportswear market [4]

Core Insights - Financial giants have shown a bearish sentiment towards On Holding, with 68% of traders exhibiting bearish tendencies and only 25% being bullish [1] - The average target price from industry analysts for On Holding is set at $47.0, with a downward revision from Williams Trading [13] Options Activity - A total of 16 unusual trades were identified for On Holding, with 14 puts valued at $547,732 and 2 calls valued at $79,590 [1] - The average open interest for options stands at 8,880.83, with total volume reaching 8,020.00 [3] - Whales have targeted a price range from $37.5 to $60.0 for On Holding over the last 3 months [2] Company Overview - On Holding AG is a premium performance sports brand focused on technology, design, and impact, primarily offering shoes, apparel, and accessories for athletic and leisure use [11] - The company relies on third-party suppliers and contract manufacturers for its products and derives most of its revenue from the Americas, with additional revenue from Europe, the Middle East, Africa, and Asia-Pacific [11] Current Market Position - On Holding's trading volume is at 1,902,669, with its stock price down by 0.72% at $48.56 [14] - RSI indicators suggest that the stock is currently neutral, positioned between overbought and oversold [14] - An earnings announcement is expected in 49 days [14]

Core Insights - On Holding AG has experienced a 29% increase in stock price since May 2024, which is comparable to the S&P 500's gain of 31% [1] Group 1: Company Performance - The performance of On Holding AG aligns closely with the broader market, indicating strong market sentiment towards the brand [1] Group 2: Analyst Perspective - The analysis emphasizes a value-oriented approach to investment, suggesting that valuation is more indicative of long-term opportunities rather than short- to mid-term timing [1]

Core Viewpoint - On Holding AG has experienced a 29% increase since May 2024, which is comparable to the S&P 500's 31% gain, indicating strong performance in the premium sports brand sector [1]. Group 1: Company Performance - On Holding AG's stock performance aligns closely with the broader market, suggesting robust investor confidence and market positioning [1]. Group 2: Analyst Perspective - The analysis emphasizes a value-oriented approach to investment, highlighting that valuation is more indicative of long-term opportunities or risks rather than short- to mid-term timing [1].

Question-and-Answer SessionAneesha ShermanBernstein Institutional Services LLC, Research Division Lot of cool products in that video. I'm eager to ask you a little bit more about the pipeline in 2026. But maybe to start with, one of the things that really stands out about the On brand relative to most of the other sportswear brands that you compete with is the premiumness. And this is something you're really passionate about. You recently described it as On super power. So let's start with that. Maybe you ...