CPH Chemie + Papier Holding AG (CPH) announces plan to separate Paper business from Chemistry and Packaging activities

– Deal Overview
– Deal Rationale
– Focus on high growth and superior margin business
– Strategic focus and prospects for Perlen Industrieholding AG post-separation
– Valuation and conclusion

Resilient performance amidst challenges

– Segmental performance
– Outlook for FY2024
– Valuation and conclusion

FY 2023 targets reaffirmed amidst uncertain markets and focus on implementation of sustainability strategy

– Investor Day summary
– Sustainability
– Other highlights
– Valuation and conclusion

Mixed performance amid challenging market    

– Profitability remains intact
– Outlook for FY2023e
– Valuation and conclusion

Broad-based growth across all divisions   

– Elevated levels of profitability  
– Outlook for FY2023
– Valuation and conclusion

Strong volumes and higher realizations lifts CPH’s profitability

– FY2022 guidance raised again with group EBIT guided above CHF 100 million

– Valuation and conclusion

Rising demand for products in the Chemistry division to drive future growth  

• Chemistry division to provide the next leg of growth
• Structural megatrends to drive long-term growth
• Broad-based revenue growth across all divisions in 1H2022
• Valuation and conclusion

Broad-based growth across all divisions 

– Better volumes and realizations of price increases lift profitability
– Segmental performance
– Cautious outlook for FY2022
– Valuation and conclusion

Recovery in all divisions led by higher price realization

• Profit guidance raised for FY2022

• Valuation and conclusion

Recovery in all divisions to drive overall growth    

• The top-line performance was weighed by impairment charges    

• Segmental performance

• Encouraging outlook for FY2022

• Valuation and conclusion

Capex plans in place to tap emerging opportunities    

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

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

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

Diversification helped tide over adversities 

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

CPH to merge with Uetikon Industrieholding AG

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

Adjustments to FY20 earnings outlook

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

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

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

Navigating a challenging environment

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

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

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

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

Diversification: Key to profitable growth

– Chemistry division: Innovation and integration
– Valuation

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

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

The group delivers as guided

– Valuation

Another feather in the cap

-Swissquote continues to augment its offerings
-Valuation

Growth momentum continues

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

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

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

-Healthy 1^st 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

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

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

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

Performance improvements with an eye on future

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

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

Guidance confirmed despite special effects

– Key data guidance
– Valuation looks attractive

CPH strengthens its Packaging Division with Sekoya acquisition

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

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

CPH strengthens its chemicals’ position

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

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

Upscaling to 200 million Airopack dispensers annually

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

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

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

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

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

Key changes in Group Dynamics

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

Taking further strides towards consolidation

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

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

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

Advancing the development of atexakin alfa

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

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

Expanding vertical cybersecurity IoT platform in India

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

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

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

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

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

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

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

On road to recovery

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

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

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

Difficult market environment persists

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

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

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

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

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

Weaker sales and EBIT margin

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

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

Currency headwind shadows growth

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

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

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

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

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

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

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

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

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

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

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

– Acquisition details
– Changes to the model
– Our view

Guidance confirms positive trend

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

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