Research Dynamics

Schaffner Holding AG

Schaffner is a market leader in the areas of electromagnetic compatibility (EMC) and power quality and manufactures products such as filters, transformers, and chokes that help remove electrical distortions, thereby enhancing the reliability of electronic equipments and stabilizing power grids. Schaffner also manufactures components for keyless entry antennas used in automobiles.

For more information please refer to our research reports below:

5
Feb

2018

Schaffner – Guidance Update

Guidance confirmed despite special effects

– Key data guidance
– Valuation looks attractive

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

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
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

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

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
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

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

 

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

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

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



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