Dormakaba (AO) | Buy | Transformation ahead of plan, minor impacts from war in Middle East

研报英文原文证据摘录

Dormakaba (AO) | Buy | Transformation ahead of plan, minor impacts from war in Middle East

Dormakaba Buy | Target Price: CHF75.00

Company description Management

The merger between former Dorma and Kaba and the subsequent acquisition of Till Reuter (CEO)

Stanley's Mechanical Security businesses have turned Dormakaba into a global René Peter (CFO)

top-three player in the worldwide market for security and access solutions. The Svein Richard Brandtzæg (Chairman)

combined businesses are highly complementary, enabling the group to offer a

comprehensive portfolio of products and services from a single supplier. With Key shareholders

more than 15,000 employees and numerous cooperation partners, Dormakaba is Free float 72.00% Pool shareholders 27.96%

present in over 130 countries.

Investment case Valuation methodology

Dormakaba is a global leader in the commercial access We use a 13x EV/EBITDA 2026/27E target multiple, which

solutions market, enjoying strong market positions in many represents a 10% discount vs global market leader Assa Abloy.

regions. Based on the group's transformation programme, we We also use a three-stage DCF model with a ten-year time

expect the company to be able to accelerate its profitable horizon using a constant WACC of 7.5% and a perpetual growth

growth. rate of 2%.

Based on the continuously robust expected market We weight our target-multiple- and our DCF-based fair values

environment and the company's disciplined execution of its and round the average.

strategic initiatives, driving further cost savings, we expect the Risks to our rating

adjusted EBITDA margin to rise above 18% by 2027/28E. Slower- or faster-than-expected strategy execution of

We expect the stock to again outperform going forward, thanks transformation programme.