First Read: Bossard "EMU manufacturing PMI tracker - sequentially down..."

Research evidence excerpt

First Read: Bossard "EMU manufacturing PMI tracker - sequentially down..."

Global Research

21 May 2026ab

First Read

EquitiesBossard

EMU manufacturing PMI tracker - sequentially Switzerland

down overall with momentum also softer Industrial Services

12-month rating Neutral

12m price target CHF156.00

Remaining above 50 but sequentially down

We expect Bossard’s demand to closely track the EMU Purchasing Managers’ Index

(PMI), as the surveyed managers likely make up much of its core customer base. The Price (20 May 2026) CHF169.00

historically strong correlation between EMU PMIs and Bossard’s organic revenue growth RIC: BOS.S BBG: BOSN SW

reinforces this view. Consequently, we closely observe the EMU manufacturing PMI,

Trading data and key metrics

which stood at 51.4 (April: 52.2),and reflects a decline. The index, which is above the

pivotal 50 threshold, typically suggests a gradual shift toward expansionary conditions 52-wk range CHF197.20-136.40

within the European manufacturing sector. However, we see the growth mainly as a Market cap. CHF1.13b/US$1.44b

result of safety stockpiling, higher inflation, and longer delivery times (likely due to the Shares o/s 6.65m (BEAR)

Middle East conflict), while business sentiment and employment fell. We also track the Free float 87%

y/y changes in the PMI, given its typically greater responsiveness to variations. The most Avg. daily volume ('000) 16.5

recent figure is 4%, representing a decline from the 7% recorded in April. Our rating for Avg. daily value (m) CHF2.5

Bossard remains Neutral. Common s/h equity (12/26E) CHF0.43b

P/BV (12/26E) 3.0x

Recent EMU PMI data indicates potential EPS support for Bossard Net debt to EBITDA (12/26E) 1.9x

Historically, y/y changes in EMU manufacturing PMIs saw a robust correlation with