Strong 1H numbers with 14.5% organic growth, but turn-around in Power Magnetics weighting on group result
– EBIT above expectations, supported by market share gains in EMC division
– Broad-based growth across segments lifts top-line
– Estimate adjustments
– Valuation attractive based on discount to peers
Guidance confirmed despite special effects
– Key data guidance
– Valuation looks attractive
Markedly improved profitability amid pricing pressure
– Increased profitability and strong order pipeline ensures sustainable growth
– Revenue growth and considerable progress across segments
– Optimistic outlook
– Valuation looks attractive based on discount to peers on 2018 estimates
Marching Towards Higher Profitability
Mixed FY 2015/16 results; Automotive the bright spot
– Revenue above guidance, EBIT tops our estimate
– Segmental performance
– Unchanged mid-term targets
– Regional diversification
– Impact of changeover to Swiss GAAP FER
– Board recommends zero dividend
– New board and management composition
– Discount to peers on 2017 estimates
Acquisition target omitted, organic growth guidance confirmed under “Strategy 2020”
– Management maintains Strategy 2020 targets
– Switch from IFRS to Swiss GAAP FER
Interim management to guide through challenging times
Uncertain scenario weighing on outlook
Difficult market environment persists
