Research Dynamics
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