Implenia (AO) | Buy | Building for the future

Research evidence excerpt

Implenia (AO) | Buy | Building for the future

ains difficult to assess from outside (event risk).

owner than SPS. Wincasa is margin-accretive and lifts group Improvements have been made in integrity, ethics, the supply

EPS. chain, and risk control in recent years. The new organisation will

Catalysts now have to prove itself (risk management, culture change),

Lower interest rates and improving financial conditions are which will take time (long-cycle business).

supportive to construction markets. There is room to raise the tangible equity ratio and generate

The Ina Invest - Cham Group merger is a positive catalyst. much steadier cashflows. Solid execution should help support

Wincasa adds high-margin recurring revenues. the multiples expansion.

Key data charts

Price performance Sales split by region Sales split by division

SWOT analysis

Strengths Weaknesses

Expertise and track record in infrastructure (tunnels, bridges, etc.). Still needs to replenish land bank, recently volatile cash flows.

Leading market shares in home market of Switzerland. Culture change needs time to lead to improved earnings quality.

High order backlog. Civil Engineering unit still underperforming on margins.

Vertical integration in Buildings and Real Estate. New CEO since April 2025, but former BU head.

Opportunities Threats

Lift hidden value in land bank through real estate development. Equity ratio should be higher, net cash in part unavailable.

Win market share in the infrastructure construction markets. Difficult project risk management (standard industry feature).

Huge pent-up infrastructure investment needs (German stimulus). Interest rate sensitivity (also with respect to FCF).

Grow modernisation and renovation businesses. Loss of key human capital, especially in case of a market rebound.