Landis+Gyr Group Attractive medium-term story but FY2026 will be another transition year

研报英文原文证据摘录

Landis+Gyr Group Attractive medium-term story but FY2026 will be another transition year

J P M O R G A N Europe Equity Research

13 May 2026

Landis+Gyr Group Neutral

LANDI.S, LAND SW

Attractive medium-term story but FY2026 will be Price (12 May 26):CHF48.20

another transition year ▼Price Target (Jun-27):CHF55.00 Prior (Jun-27):CHF59.00

We have updated our Landis+Gyr model incorporating full year results, FY2026

guidance, medium-term targets and feedback from the group meeting we hosted European Capital Goods

with management. The medium-term targets show value creation opportunity, as Akash Gupta AC

we believe achieving the FY2028 targets would imply upside to ~CHF80 per share (44-20) 7742-7978

by Apr 2028, but in the interim, FY2026 will be another transition year due to akash.z.gupta@jpmorgan.com

J.P. Morgan Securities plc

phasing of large projects impacting revenues towards the middle of the financial

Jeremy Casparyear. We expect the upcoming CMD on June 1 in NYC to lay out how the portfolio

(44-20) 3493-5188

simplification through divestment of EMEA will help Landis+Gyr to become a jeremy.caspar@jpmorgan.com

more focused company with attractive end market fundamentals and significant J.P. Morgan Securities plc

cash flow generation potential. We cut our FY26/FY27 Adj EBITDA estimates by Phil Buller

11%/1%. As a result, our Jun’27 price target falls to CHF55 from CHF59, (44-20) 3493-9403

reflecting lower estimates to account for FY26 guidance. We maintain our Neutral phil.buller@jpmorgan.com

rating. J.P. Morgan Securities plc

Chitrita C Sinha

(44-20) 7742-7176• Takeaway from management meeting: We hosted Landis+Gyr management

for a roadshow in London. Management believes that the divestment of EMEA chitrita.sinha@jpmorgan.com