Arbonia AG (AO) | Buy | Market leader in continental Europe

研报英文原文证据摘录

Arbonia AG (AO) | Buy | Market leader in continental Europe

Arbonia AG Buy | Target Price: CHF5.40

Company description Management

Following the sale of its Climate division in February 2025, Arbonia will be a Claudius Moor (CEO)

focused door company, aiming to become the leader in the European door Uwe Schiller (CFO)

market. The company manufactures and sells a comprehensive product range Christoph Ganz (Chairman)

from standard doors to complex functional doors, as well as shower solutions. Its Key shareholders

production sites are located in Switzerland, Germany, Poland, the Czech Free float 74.40%

Republic, France, Spain, and Portugal. The Doors division employs a total Artemis Beteiligungen I AG (Michael Pieper) 22.58%

workforce of more than 3,000 (FTEs). UBS Fund Management AG 6.47% Leo Looser 3.03%

Investment case Valuation methodology

Following a comprehensive capex programme for capacity and We use a 6x EV/EBITDA 2027E target multiple for Arbonia's Doors

productivity increases and aiming to increase market shares in business and holding company, discounted back to 12 months

its domestic and neighbouring target markets, the Doors from now.

business strives for above-average market growth in the future, Risks to our rating

both organically and through acquisitions. Renewed inflation impacting mortgage rates.

Moreover, the Doors business is positioning itself as an A rapid increase in raw material prices could put our short-term

innovative full-range supplier with the aid of digital solutions. earnings estimates at risk.

Although building permits in Europe remained encouraging at We estimate that a 10% change to the EUR/CHF rate would

the beginning of 2026, again rising mortgage rates and the fall in impact EPS by 8%.