First Read: Huber+Suhner "Feedback from the UBS Infrastructure Day in Munich"

Research evidence excerpt

First Read: Huber+Suhner "Feedback from the UBS Infrastructure Day in Munich"

Global Research

20 May 2026ab

First Read

EquitiesHuber+Suhner

Feedback from the UBS Infrastructure Day in Switzerland

Munich Communications Technology

12-month rating Buy

12m price target CHF320.00

New radio frequency standard enabling runaway for growth

At our UBS Infrastructure Day in Munich we hosted various corporates and visited the

Marienhof subway station construction site, at ~45m depth Germany's deepest Price (20 May 2026) CHF257.50

construction site. From H+S we met Juergen Walter, head of the Communications RIC: HUBN.S BBG: HUBN SE

division. Focus was on the introduction of a new RF standard used for train to ground

Trading data and key metrics

communication. The new FRMCS (Future Railway Mobile Communication Standard)

replaces the GSM standard with higher bandwidth, moving from around 900 MHz to 52-wk range CHF287.00-78.30

1900 MHz. The higher bandwidth leads to shorter range, and an according need for Market cap. CHF5.01b/US$6.36b

more antennas to be installed. The limiting factor here is not so much the funding, but Shares o/s 19.5m (ORD)

high complexity in replacing existing infrastructure across borders and operators. Free float 68%

Avg. daily volume ('000) 49.4

Wifi antennas more relevant Avg. daily value (m) CHF10.5

The more relevant growth driver for HUBN however, is the portfolio around Wifi Common s/h equity (12/26E) CHF0.73b

antennas for trains. Here, HUBN claims clear market leadership, supported by the 2019 P/BV (12/26E) 6.5x

acquisition of Kathrein. These rooftop antennas are used translating signals from 5G Net debt to EBITDA (12/26E) NM

into Wifi, and need to withstand harsh environments as they operate in close proximity

EPS (UBS, diluted) (CHF)