Research Dynamics
23
Jul

2021

CPH – HY21 Results

Capex plans in place to tap emerging opportunities    

– Chemistry and Packaging divisions continue to perform well  
– Cautious outlook for 2021
– Valuation and conclusion

5
Jul

2021

CPH – Event Update

CPH to undertake expansion at Chemistry division

– Expansion in lithium molecular sieves capacity to tap the demand for portable oxygen concentrators
– Purmol capacity expansion to tap new and existing growing applications
– Investment program
– Valuation and conclusion

18
Jun

2021

CPH-Investor Day Update

Packaging division at the forefront of the way forward  
– Packaging Division to provide the next leg of growth
– Reaping benefits from the successful implementation of the long-term strategy
– Outlook
– Valuation and conclusion

25
Feb

2021

CPH – FY2020 Results

Diversification helped tide over adversities 

– Sound operating performance amidst a harsh environment
– Segmental performance
– Estimate changes
– Valuation and conclusion

25
Jan

2021

CPH – Event Update

CPH to merge with Uetikon Industrieholding AG

– Higher free float may aid rerating
– Estimates unchanged
– Valuation and conclusion

27
Oct

2020

CPH – Event Update

Adjustments to FY20 earnings outlook

– CPH Group to benefit from significant one-off effects
– Valuation and conclusion

17
Sep

2020

CPH – Investor Day Update

At the forefront of the sustainability

–  Strategy 2020-2024 – Implementation progressing well
– Paper Division well placed to mitigate challenges
– The lynchpin in reducing carbon footprint and sustainable production
– Domestically produced paper essential for sustainability
– Digital media lacks print in sustainability
– Valuation and conclusion

26
Aug

2020

CPH – Event Update

Tapping into growing packaging market

– Perlen Packaging to set-up a film coating plant in Brazil
– Expansion is key to tapping high growth emerging markets like Brazil
– Valuation and conclusion

23
Jul

2020

CPH – HY20 Results

Navigating a challenging environment

– Muted 1H/20 results, with cautious short-term outlook
– Segmental performance
– Estimate change
– Valuation and conclusion

28
Feb

2020

CPH – FY19 Results

Resilient performance despite global slowdown

-2019: Unprecedented EBIT margin reflects disciplined execution
-Focus on divisional balancing and expansion of planned activities
-Valuation: significant discount compared to peers

1
Sep

2019

The coverage on Swissquote has been suspended as of September 2019

9
Aug

2019

Swissquote – HY2019 Results

Stable revenue despite demanding markets

-Flat YoY growth at operating revenues levels and positive outlook over the medium-term
-Sustained investments and innovation aimed at long-term growth
-Internaxx Bank SA, integrated in “Securities trading”
-Valuation

22
Jul

2019

CPH – HY2019 Results

Execution on track despite macroeconomic challenges

– Healthy 1H2019 results, with all time high EBIT margins
– Full-year guidance maintained
– Refinancing to reduce financial burden
– Valuation and conclusion

21
Jun

2019

CPH – Investor Day Update

Diversification: Key to profitable growth

– Chemistry division: Innovation and integration
– Valuation

14
Mar

2019

Swissquote – FY2018 results

Operating revenue above the CHF 200mn mark

-Record high results as revenue surpassed the CHF 200mn mark for the first time

-Sustained investments in technology and geographical expansion to drive growth

-Current valuation level offers a good entry opportunity

28
Feb

2019

CPH – FY2018 results

CPH marks bicentenary with record results

–  2018: Record operating performance across segments

–  Integration coupled with cost efficiencies, the key to growth

– Valuation: outperformed the benchmark by a wide margin

10
Jan

2019

Swissquote – Guidance Update

The group delivers as guided

– Valuation

1
Jan

2019

The coverage on Schaffner has been suspended as of January 2019

24
Oct

2018

Swissquote – News update

Another feather in the cap

-Swissquote continues to augment its offerings
-Valuation

15
Oct

2018

CPH – Guidance Update

Growth momentum continues

-FY2018 guidance is in line with our estimates
-Public bond issue increased to CHF 100mn from CHF 85mn
-Valuation and conclusion

17
Sep

2018

CPH – Investor Day Update

On the road to a diversified industrial group

-Packaging division: Multiple growth levers
-Product innovation
-Diversification into growth markets
-Refinancing of CHF 85 mn via bond issue
-Valuation and conclusion

 

9
Aug

2018

Swissquote – HY2018 Results

Robust 1H 2018 results, growth in all areas and a very sensible strategic acquisition in the EU

-Healthy 1st half 2018 numbers; positive outlook over the medium-term
-Sustained investments in technology, providing an edge
-Internaxx Bank acquisition to provide reach across Europe
-Valuation

24
Jul

2018

CPH – HY2018 Results

Profitability soared on turnaround in the Paper division and strong results in Packaging

-Robust 1H2018 results, with top line growing in double digits
-Increase of full-year guidance
-Valuation and conclusion

 

9
Jul

2018

Swissquote – Initiation of Coverage

Technological expertise providing an edge in Digital Banking

– Global exposure, wide range of products and innovation to drive growth
– Investments in technology to increase range of services
– Healthy 2017 numbers; positive outlook over the medium-term
– Current valuation level offers an entry opportunity

14
May

2018

Schaffner – 1H 2018 Results

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

30
Apr

2018

The coverage on Airopack has been suspended as of April 2018

11
Apr

2018

Airopack – FY2017 results

Performance improvements with an eye on future

– Sales growth backed by strong volume growth
– Net loss contracts slightly
– Guidance
– Valuation

26
Feb

2018

CPH – FY2017 results

The fruits of execution are coming through

– 2017: Revenue growth across segments
– Internationalization and cost efficiencies, the key to growth
– Chemistry and Packaging divisions to offset Paper underperformance
– Valuation: outperformed the benchmark by a wide margin

 

 

 

5
Feb

2018

Schaffner – Guidance Update

Guidance confirmed despite special effects

– Key data guidance
– Valuation looks attractive

23
Jan

2018

CPH – Acquisition Sekoya

CPH strengthens its Packaging Division with Sekoya acquisition

– Sekoya Indústria e Comércio Ltda. will be integrated in CPH’s Packaging Division
–  Valuation and conclusion

11
Dec

2017

Schaffner – FY17 results

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

3
Nov

2017

CPH – Acquisition Armar AG

CPH strengthens its chemicals’ position

– Armar AG will be integrated in CPH’s Chemistry Division
– 
Valuation and conclusion

1
Oct

2017

The coverage on Relief has been suspended as of October 2017

30
Sep

2017

The coverage on Wisekey has been suspended as of September 2017

26
Jul

2017

CPH – 1H2017 earnings update

Execution on track, but higher recycling paper prices erode margins

– Strong 1H 2017 sales, with top line growth in all divisions
– Segmental performance
– Guidance
– Zeochem merges its Swiss-based companies
– CPH Group’s Packaging and Chemistry division sharpens brand profile
– Paper Division to acquire Papierfabrik Utzenstorf AG’s paper recycling business
– Valuation and conclusion

27
Jun

2017

Airopack – News Update

Upscaling to 200 million Airopack dispensers annually

– Manufacturing capacity set to be doubled
– New financing secured
– New financing secured
– Conclusion
– Valuation

17
May

2017

WISeKey – FY2016 results update

Vertical integration to fuel top line

– FY2016 Result in line with expectation
– Credit Facility to help leverage IP and Patent Portfolio
– Strategic acquisitions in 2016-17 to improve topline
– Blockchain as a Service for US enterprises
– Opportunities ahead

12
May

2017

Schaffner – 1H2017 earnings update

Marching Towards Higher Profitability 

  • Revenue growth returns, EBIT margin tops our estimate
  • Segmental performance
  • Maintains medium-term goals
  • Restructuring process continues to cut cost
  • Measures for growth
  • Discount to peers on 2017 estimates
29
Mar

2017

Airopack – Initiation of Coverage

Airopack a game changer in the packaging industry as a planet friendly alternative to traditional aerosol dispensers

– A better and effective product for consumers and manufacturers
– Addressing the rising environmental concerns
– Financing backed by Apollo
– Valuation

28
Feb

2017

CPH – FY2016 results

On the road to profitable growth

– 2016: moderate revenue growth with positive EBIT
– Efforts should start yielding results
– An encouraging year ahead
– Valuation: market is yet to price in the operational improvements

22
Feb

2017

Relief Therapeutics – Company Update

Key changes in Group Dynamics

– Changes in the leadership team
– New financing from GEM
– Conclusion
– Valuation

10
Feb

2017

WISeKey – news update

Taking further strides towards consolidation

– Agreement to acquire QuoVadis
– Secured line of credit for acquisitions and other key developments
– Outlook
– Valuation

7
Dec

2016

Schaffner – FY15/16 results

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

5
Dec

2016

WISeKey – news update

Poised for international growth

– Establishment of Indian Joint Venture complete
– Agreement to acquire QuoVadis
– WISeKey Argentina and Feitian Technologies deals signal geographic diversification focus
– Strategic partnership with WTPF
– Valuation

26
Oct

2016

Relief Therapeutics – Company Update

Advancing the development of atexakin alfa

–  Strategic collaboration agreement with PX’Therapeutics
–  Strategic collaboration agreement with FirstString
–  Conclusion
–  Valuation

18
Oct

2016

CPH – Company Update

Site for new European manufacturing unit acquired

– Land acquisition to diversify manufacturing base
– Sale of Uetikon facility
– In line with the Chemistry segment’s strategy
– Valuation and conclusion

10
Oct

2016

WISeKey – news update

Expanding vertical cybersecurity IoT platform in India

– Partnership with Indian Potash Limited (IPL)
– Intention to create a partnership with Bajaj Electricals
– Conclusion
– Valuation

 

4
Oct

2016

WISeKey – 1H2016 results update

Solid outlook post H1 results; INSIDE Secure’s semiconductor unit acquisition complete

– H1 2016 operating loss widens
– Strong guidance
– Other key developments
– Valuation

26
Sep

2016

Relief Therapeutics – Initiation of Coverage

Addressing diabetes and respiratory disease

– Attractive potential in underserved markets
– Commercial exclusivity through proprietary patents and orphan drug designations
– Strengthening the pipeline through acquisitions
– Valuation

20
Sep

2016

Schaffner – Guidance Update

Acquisition target omitted, organic growth guidance confirmed under “Strategy 2020”

– Management maintains Strategy 2020 targets
– Switch from IFRS to Swiss GAAP FER

22
Aug

2016

WISeKey – Initiation of Coverage

Monetizing on substantial opportunities

– Vertically Integrated Platform, potential operational synergies and domicile in a neutral location
– Buying growth and applications through acquisitions and partnerships
– High-growth target markets and expansion in the IoT space to drive future revenue growth
– Valuation

25
Jul

2016

CPH – 1H 2016 earnings update

On road to recovery

  • Strong 1H 2016 results: Posting an operating profit
  • Segmental performance
  • Guidance
  • Changes to our forecast
  • Valuation and conclusion
18
Jul

2016

Schaffner – Management Change

Interim management to guide through challenging times

  • CEO Alexander Hagemann leaving with immediate effect
  • Resignation not a total surprise
  • “Strategy 2020” maintained, but short-term focus on internal projects
10
Jun

2016

Schaffner – Investor day update

Uncertain scenario weighing on outlook

  • Management maintains “Strategy 2020” targets
  • Automotive and Power Quality to drive growth
  • Management’ priority for the next twelve months
  • Valuation
13
May

2016

Schaffner – 1H2016 earnings update

Difficult market environment persists

  • Strategy 2020 targets seems increasingly difficult to achieve
  • Revenues in-line, EBIT margins ahead of guidance
  • Segmental performance
  • Optimistic outlook
22
Mar

2016

CPH – Company Update

Sale of Uetikon site to Canton of Zurich
–  Successful conclusion of lengthy negotiations
–  Implications for CPH’s Chemistry division
–  Strategically sensible move
–  Valuation

10
Mar

2016

Schaffner – Company Update

Accelerated implementation of strategy measures
– Expected loss in H1 – Performance to improve from 2017 onwards
– Estimates lowered on announcement
– Power Magnetics: Management change
– Valuation

1
Mar

2016

CPH – FY2015 results

Currency hits 2015 results, recovery seen in 2016
– 2015: Volumes increase, but strong currency depresses earnings
– Strategically important 2016: Entry into China market
– Performance likely to improve
– Valuation

10
Dec

2015

Schaffner – FY14/15 results

Headwinds affected performance, strategy 2020 enters execution phase

– Strategy 2020 enters execution phase
– Power Magnetics and Automotive divisions to drive growth
– North American growth story continues
– Valuation

16
Oct

2015

Schaffner – Company update

Weaker sales and EBIT margin

– Weaker sales due to market conditions
– Strategy review costs weigh on EBIT margin

28
Sep

2015

Schaffner – Investor day update

Strategy 2020: Strengthening leadership with acquisitions

– Strategy 2020 unveiled
– Power Magnetics and Power Quality as growth drivers
– Recommitting itself to expand in North America
– Segmental analysis
– Profitability analysis
– Solid financials to cover inorganic growth; decent shareholder returns
– Valuation

 

23
Jul

2015

CPH – 1H 2015 earnings update

Currency headwind shadows growth

  • CHF/EUR floor abolishment weighs on 1H 2015 result
  • Segmental performance
  • Guidance
  • Changes to our forecasts
  • Valuation and conclusion
13
May

2015

Schaffner – 1H 2015 earnings update

A mixed-set of numbers

  • Revenues in-line, EBIT margins ahead of guidance
  • Geographical revenue distribution more balanced now
  • Outlook unchanged for FY2015
  • China PV market – A near-term struggle
  • Unwarranted discount to its peers
5
Mar

2015

Schaffner – Guidance Update

Demand slump in key markets, FX to affect FY2015

– Uninspiring demand scenario to impede top-line growth in FY2015
– Guidance on 1H and full FY2015 results
– CHF de-peg to impact FY2015
– Stock weakens post guidance
– Compelling valuation vs. peers

3
Mar

2015

CPH – FY2014 results

Gratifying 2014 results, challenging outlook

– FY2014 numbers in line with guidance
– Execution of plans yield solid results
– A shift to high-growth markets to reduce dependency on Europe
– De-peg of CHF vs. EUR to be a near-term headwind
– Attractive entry point at current valuations

3
Mar

2015

CPH – 2014 Ergebnisse und Update

Erfreuliche Ergebnisse 2014, Ausblick herausfordernd

– Ergebnisse für das Geschäftsjahr 2014 im Einklang mit Guidance
– Projekt-Umsetzung führt zu soliden Ergebnissen
– Expansion in Wachstumsmärkte reduziert Abhängigkeit von Europa
– Aufhebung der Mindestgrenze zum EUR als kurzfristiger Gegenwind
– Attraktiver Einstiegszeitpunk bei aktueller Bewertung

11
Dec

2014

Schaffner – FY2014 results

Strategy Execution Yields Solid Results

– Cost optimization and enhanced utilization to bolster margins
– Robust demand for automotive products to boost top-line growth
– Healthy FY2014 results; outlook positive
– Multiples at discount; attractive entry point

29
Sep

2014

CPH – Initiation of Coverage

Recovering its footing

– Exposure to high-growth markets to bolster revenues
– Investments in technology to boost margin expansion over long-term
– Healthy H1 2014; positive outlook over the medium-term
– Current valuation level offers an entry opportunity

29
Sep

2014

CPH – Aufnahme der Coverage

Rückkehr zu Stabilität und Wachstum

– Fokus auf schnell wachsende Märkte
– Investitionen in Technologie zur langfristigen Verbesserung der Margen
– Robustes 1. Halbjahr 2014; mittelfristig positiver Ausblick
– Derzeitige Bewertung bietet Einstiegsmöglichkeiten

16
Jun

2014

Schaffner – Investor day update

Confidence boost to execution capabilities

– Rolling out new strategies
– Focus shift to North America
– New Power Quality business unit to increase speed of growth
– Emphasis on cross-selling opportunities between business divisions
– Consolidating growth and margin-enhancing products
– Investor day update boosts confidence in the company’s execution capabilities

14
May

2014

Schaffner – 1H 2014 earnings update

Strategy implementation bearing fruit

– Comprehensive guidance beat
– Solid execution leads to improved operating performance
– No changes to our forecasts
– Trading at a significant discount to its peers

2
Apr

2014

Schaffner – Acquisition update

Schaffner strengthens its position in the US with the acquisition of Trenco

– Acquisition details
– Changes to the model
– Our view

21
Feb

2014

Schaffner – Guidance update

Guidance confirms positive trend

– 1HFY2014 key data guidance
– Still trading at a discount to its peers

12
Dec

2013

Schaffner – Initiation of Coverage

Embarking on profitable growth

– Demand for Automotive products to spur revenue growth
– Improved utilization coupled with cost rationalization to boost margins
– Robust FY2013 results and positive outlook
– Trading at a significant discount to peers